Document:

Membership Interest Purchase Agreement

 Exhibit 10.1 
 MEMBERSHIP INTEREST PURCHASE AGREEMENT 
 THIS
MEMBERSHIP INTEREST PURCHASE AGREEMENT (“Agreement”) is dated as of the 14th day of May, 2012, and entered into by and between Inergy, L.P., a Delaware limited partnership (“Seller”), and Inergy Midstream, L.P., a Delaware limited partnership
(“Buyer”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.” 

R E C I T A L S: 
 WHEREAS, on August 25, 2008 (the “Cutoff Date”), Buyer purchased from Demetree Salt, LLC all of the issued and outstanding membership interests (the
“Interest”) in US Salt, LLC, a Delaware limited liability company (the “Company”); 
 WHEREAS, on November 25, 2011, Buyer transferred, assigned and conveyed the Interest to Seller in connection with Buyer’s initial public offering; 

WHEREAS, subsequent to Buyer’s acquisition of the Interest (including the period of time following Buyer’s conveyance thereof
to Seller), the personnel responsible for managing the business and affairs of Buyer have also been responsible for managing the business and affairs of the Company, and the financial results of both Buyer and the Company have been included in
Seller’s consolidated financial statements; 
 WHEREAS, Seller desires to sell the Interest to Buyer, and Buyer is willing
to purchase the Interest from Seller, for the consideration and on the terms and conditions set forth in this Agreement; and 

NOW, THEREFORE, in consideration of the foregoing premises, the mutual agreements made herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, represent, warrant and agree as follows: 
 1. Certain Terms Defined. In addition to terms defined elsewhere in this Agreement, the following capitalized terms have the meanings assigned to them in this Section 1: 

“1060 Forms” has the meaning set forth in Section 2.3. 

“Action” has the meaning set forth in Section 3.7. 

“Affiliate” has the meaning assigned to such term in Rule 405 of the Securities Act and the rules and regulations
of the SEC promulgated thereunder. 
 “Agreement” has the meaning set forth in the Preamble. 

“Amendment to the Omnibus Agreement” means that certain amendment to the Omnibus Agreement, in the form attached
hereto as Exhibit A. 

 “Assignment and Transfer of Membership Interest” means that certain
Assignment and Transfer of Membership Interest, in the form attached hereto as Exhibit B, transferring the Interest to Buyer. 
 “Associated Employees” has the meaning set forth in Section 3.15(b). 
 “Balance Sheet Date” has the meaning set forth in Section 3.8(a). 
 “Basket” has the meaning set forth in Section 6.5(a). 
 “Business” means the actual lines of business conducted by the Company. 
 “Buyer” has the meaning set forth in the Preamble. 

“Buyer Units” means common units representing limited partnership interests in Buyer. 

“Capital Lease” means, with respect to any Person, any lease of, or other arrangement conveying the right to use,
property by such Person as lessee that would be accounted for as a capital lease on a balance sheet of such Person prepared in accordance with GAAP. 
 “Cash Price” has the meaning set forth in Section 2.1. 
 “Claim Notice” has the meaning set forth in Section 6.3(a). 
 “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 

“Company” has the meaning set forth in the Recitals. 

“Consideration Units” means the Buyer Common Units constituting the Equity Consideration. 

“Contracts” means any agreement of any kind or nature whatsoever by which any Person is legally bound, including
all contracts, agreements, notes, bonds, instruments, leases, subleases, mortgages, Capital Leases, or other binding commitments or arrangements, express or implied, oral or written, and all amendments thereto. 

“Cutoff Date” has the meaning set forth in the Preamble. 

“Damages” has the meaning set forth in Section 6.1. 

“Encumbrance” means any hypothecation, security interest, pledge, mortgage, lien, charge, defect of title, claim,
community property interest, easement, equitable interest, option, right of first refusal, order, other encumbrance or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute
of ownership. 
 “Environment” means any water or water vapor, any land, including land surface or
subsurface, air, fish, storm water, wildlife, flora, fauna, biota, and all other natural resources. 
 “Environmental
Laws” means all federal, state and local environmental, chemical use, safety and sanitation Laws governing the use, presence, recycling, transfer, distribution, storage, treatment, generation, transportation, processing, handling,
management, production, spill control, remediation, removal, discharge, Release, threatened Release or disposal of Hazardous Substances and the rules, regulations, policies, decisions, orders and directives of Governmental Authorities with respect
thereto, but excluding Laws pertaining to the health and safety of the Company’s employees including, without limitation, the Occupational Safety and Health Act of 1970 (29 U.S.C. 651 et. seq.) and New York Labor Law Sections 27 and 27A.

  
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 “Environmental Permits” means all permits, licenses, approvals,
authorizations, consents or registrations required by any applicable Environmental Law for the operation of the Business or occupation of the Real Property. 
 “Equity Consideration” has the meaning set forth in Section 2.1. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. 

“Financial Statements” has the meaning set forth in Section 3.8(a). 

“GAAP” means United States generally accepted accounting principles consistently applied. 

“Governmental Authority” means any court, tribunal, arbitrator, authority, agency, commission, official or other
instrumentality of the United States or any state, county, city or other political subdivision or similar governing entity, and including any governmental or quasi- governmental body administering, regulating or having general oversight over the
Business of the Company or any of the assets associated with the Business of the Company. 
 “Hazardous
Substance” means, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation, chlorinated solvents, polychlorinated biphenyls, petroleum and petroleum products, methane,
hazardous materials, hazardous wastes, hazardous or toxic substances or related materials as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601, et seq.), the Resource Conservation and
Recovery Act (42 U.S.C. § 6901, et seq.), the Clean Water Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401, et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 1801, et seq.), the Toxic Substances
Control Act (15 U.S.C. § 2601, et seq.), Articles 17, 27 and 37 of the New York State Environmental Conservation Law or any other applicable Environmental Law and the regulations promulgated thereunder. 

“Indebtedness” means, with respect to a Person, all indebtedness, liabilities and obligations (including interest
accrued on such indebtedness, liabilities and obligations), for money borrowed (including any Capital Lease) by the Person, or any contingent liability for any guaranty by the Person of any obligation of any other Person for money borrowed
(including the pledge of any collateral or grant of any security interest by a Person and any property as security for any such liability, guaranty or obligation) whether or not any of the foregoing is evidenced by any note, indenture, guaranty or
agreement. Indebtedness does not include trade accounts payable, accrued liabilities or expenses (except for interest accrued on indebtedness, liabilities or obligations (including make-whole, prepayment and other similar obligations) relating to
money borrowed) or customer deposits. 
 “Indemnified Party” has the meaning set forth in Section
6.3. 
 “Indemnifying Party” has the meaning set forth in Section 6.3. 

“Interest” has the meaning set forth in the Recitals. 

“IRS” means the United States Internal Revenue Service. 

  
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 “Laws” means all laws, statutes, rules, regulations, ordinances and
other pronouncements having the effect of law of any Governmental Authority. 
 “March 31 Financials”
has the meaning set forth in Section 3.8(a). 
 “Material Adverse Effect” means with respect to
the consequences of any event, fact or circumstance (including the occurrence or non-occurrence of any event, fact or circumstance) applicable to the Business, that such event, fact or circumstance has caused or is reasonably likely to cause,
directly, indirectly or consequentially, singularly or in the aggregate with all such events, facts and circumstances, a material adverse effect on the assets, liabilities, financial condition, operating results or operations of the Business, all
taken as a whole; provided, however, to the extent such effect results from any of the following, such effect will not be considered a Material Adverse Effect: (a) changes in general business or economic conditions, including such conditions
related to the Business; (b) changes in industry conditions that do not disproportionately affect the Company; (c) national or international political or social conditions, including the engagement by the United States in hostilities,
whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon the United States, or any of its territories, possessions, or diplomatic or consular offices or upon any military
installation, equipment or personnel of the United States; (d) general economic conditions or events affecting the financial, banking, or securities markets generally; (e) changes in United States generally accepted accounting principles;
or (f) changes in law, rules, regulations, orders and other binding directives issued by any Governmental Authority. 

“Material Contract” has the meaning set forth in Section 3.4. 

“Notice Period” has the meaning set forth in Section 6.3(a). 

“Omnibus Agreement” means the Omnibus Agreement dated effective as of December 15, 2011, among Inergy GP,
LLC, Seller, NRGM GP, LLC and Buyer. 
 “Party” and “Parties” have the meaning
set forth in the Preamble. 
 “Permits” has the meaning set forth in Section 3.5(b). 

“Permitted Encumbrances” means: (i) liens for Taxes not yet due, or that are being contested in good faith
by appropriate proceedings; (ii) statutory liens of mechanics, materialmen, warehousemen and other similar statutory liens for labor, materials or supplies, and which individually or in aggregate, do not materially detract from the value of the
assets subject thereto or materially impair the operation of such assets as currently conducted or as proposed to be conducted; and (iii) with respect to the Real Property, (a) zoning, entitlement, restriction, and other land use and
environmental regulations by Governmental Authorities that do not in any material respect interfere with the present use by the Company of the Real Property and as to which there is no material default on the part of the Company, (b) all
Encumbrances set forth in the Title Policy (other than any security interests or mortgages set forth therein in favor of Merrill Lynch Business Financial Services, Inc. or its assignees), (c) other Encumbrances arising in the ordinary course of
business that do not have a materially adversely impact on the Company’s operations, and (d) landlord liens. 

“Person” has the meaning set forth in Section 3.1(b). 

“Plans” has the meaning set forth in Section 3.15(d). 

“Purchase Price” has the meaning set forth in Section 2.1. 

  
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 “Real Property” has the meaning set forth in Section 3.11(a).

 “Refinery” means the Company’s Watkins Glen salt refinery located on the shore of Seneca Lake in
the State of New York. 
 “Release” has the meaning given to that term in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601, et seq.), and the regulations promulgated thereunder. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Seller” has the meaning set forth in the Preamble. 

“Steelworkers Agreement” means the Agreement, dated November 1, 2009 between the Company and the
Steelworkers Union on behalf of Local Union 12460-4. 
 “Steelworkers Union” means, collectively, the
United Steelworkers Union, AFL-CIO, CLC and United Steelworkers Union Local 12460-4. 
 “Taxes” means
all taxes, levies or other similar governmental charges including all federal, state, local and foreign income, corporation, gross receipts, value-added, goods and services, license, franchise, profits, capital gains, capital stock, transfer, sales,
use, occupation, property, ad valorem, excise, severance, unclaimed property (escheat) liability, windfall profits, stamp, license, payroll, withholding, social security and other taxes (whether payable directly or by withholding and whether or not
requiring the filing of a Tax Return), and all estimated taxes, additions to tax, and penalties and interest imposed thereon or with respect thereto. 
 “Tax Partnership” has the meaning set forth in Section 3.10(k). 
 “Tax Return” means any return, declaration, report, claim for refund, information return or other document (including any related or supporting estimates, elections, schedules,
statements or information) filed in connection with the determination, assessment or collection of any Tax or the administration of any Laws or administrative requirements relating to any Tax. 

“Title Policy” shall mean that certain Owner’s Policy of Title Insurance No. 5608-25021, dated
August 22, 2008, in the amount of $15,000,000.00, insuring fee simple title to the Real Property (and certain other interests) in and to the Company, together with all endorsements, schedules and exhibits appended thereto. 

“Transaction Documents” has the meaning set forth in Section 3.3. 

2. Sale and Purchase of Interest. 
 2.1 Purchase of Interest. Seller contemporaneously herewith sells, assigns and transfers to Buyer, and Buyer contemporaneously herewith purchases from Seller all of Seller’s right, title and
interest in and to the Interest, for aggregate consideration consisting of (i) $182,500,000 in cash (the “Cash Price”) and (ii) 473,707 Buyer Units (the “Equity Consideration” and, together
with the Cash Price, the “Purchase Price”). 

  
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 2.2 Deliveries; Closing Obligations. Contemporaneously herewith: 

(a) Buyer is: (i) delivering to Seller by wire transfer an amount equal to the Cash Price to the order of Seller, and
(ii) causing the Equity Consideration to be issued to Seller. 
 (b) Seller is: (i) delivering to Buyer
(A) a fully executed copy of the Assignment and Transfer of Membership Interest, and (B) a “Certificate of Non-Foreign Status” with regards to Section 1445 of the Code, in the form attached hereto as Exhibit C;
and (ii) causing any Encumbrances (other than Permitted Encumbrances) on the assets of the Company not released prior to the date hereof to be released. 
 (c) The Amendment to the Omnibus Agreement was signed by all parties thereto. 
 2.3
Allocation of Purchase Price. The Purchase Price will for all Tax purposes be allocated in the manner set forth in Schedule 2.3. Unless otherwise required by Law, Buyer and Seller will act, and Buyer will cause the Company to act, in
accordance with the relevant Tax Returns or similar filings (including any forms or reports required to be filed pursuant to Section 1060 of the Code (the “1060 Forms”)), to cooperate in the preparation of any 1060
Forms, to file such 1060 Forms in the manner required by Law and not to take any position inconsistent with Schedule 2.3 on any Tax Return unless otherwise required by a final determination applicable to the relevant Tax jurisdiction
resulting from an audit, subsequent proceedings or the expiration of the applicable statute of limitations. 
 3.
Representations and Warranties of Seller. Seller hereby makes the following representations and warranties to Buyer, solely (in the case of representations and warranties relating to the Company) with respect to the period commencing as of
the Cutoff Date, each of which is true and correct on the date hereof, each of which shall be unaffected by any investigation heretofore or hereafter made by Buyer and each of which shall survive the transactions contemplated hereby. Notwithstanding
anything to the contrary herein, Seller is not providing any representation or warranty to Buyer (in the case of representations and warranties relating to the Company) with respect to the period prior to the Cutoff Date: 

3.1 Organization; Capitalization. 
 (a) Seller is a limited partnership duly formed, validly existing and in good standing under the Laws of the State of Delaware, and has all requisite power and authority to own, operate and lease its
assets and to conduct its business as and where such business is now conducted. Seller is the only member of the Company and is record and beneficial owner of all of the Interest. 

(b) The Company is a limited liability company validly existing and in good standing under the Laws of Delaware, and has
all requisite limited liability company power and authority to own, operate and lease its assets and to conduct its business as and where such business is now conducted. The Company has no subsidiaries and does not hold any equity or other ownership
interest in any partnership, limited partnership, joint venture, corporation, limited liability company, trust, Governmental Authority and any other legal entity (together with an individual, a “Person”). 

  
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 (c) Other than the Interest, there are no outstanding options, preemptive or
other rights, warrants, agreements, voting trusts, proxies, contracts, calls, commitments or demands of any character relating to any limited liability company interests or other equity interests in the Company. Other than the Interest, there are no
other securities of the Company, whether or not issued, including any securities convertible into or evidencing the right to purchase any limited liability company interest or other equity securities of the Company. 

(d) Sections 3.1(a)-(c) accurately and completely describe the capitalization and ownership of the Company.

 (e) All right, title and interest in and to the Interest is owned by Seller beneficially and of record free
and clear of all Encumbrances and without any condition or restriction on transferability, except for restrictions under federal and state securities Laws, and, except for such restrictions, is being transferred to Buyer free and clear of all
Encumbrances and without any condition or restriction on transferability. 
 3.2 Due Qualification. The Company is duly
qualified to do business and is in good standing as a foreign limited liability company under the Laws of the States of Kansas, Missouri, New York and Pennsylvania. 
 3.3 Authority; Binding Effect. Seller has the requisite limited partnership right, power, authority and capacity to execute and deliver this Agreement and all other agreements contemplated hereby
to be entered into by it, to perform its obligations hereunder and thereunder on its part to be performed and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Seller of this Agreement and all other
agreements and documents contemplated hereby (the “Transaction Documents”) to be entered into by Seller and the performance of its obligations hereunder and thereunder have been duly approved by all necessary limited
partnership action, and no further approvals are required by the officers, directors, partners, managers, members, or equity holders of Seller in connection therewith. This Agreement and each of the Transaction Documents contemplated hereby to be
entered into by Seller constitute (or, when executed, will constitute) the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium, or other similar Laws relating to or affecting creditors’ rights generally and to general equity principles (whether such enforceability is considered in a proceeding at Law or in equity). 

3.4 No Creation of Violation, Default, Breach or Encumbrance. The execution, delivery and performance of this Agreement by Seller,
and the execution, delivery and performance of the Transaction Documents by Seller, do not (i) violate (A) any applicable Law in any material respect or (B) any applicable order, writ, injunction, decree, judgment or ruling of any
Governmental Authority, (ii) conflict with or violate any provision of the certificate of limited partnership or the agreement of limited partnership of Seller, (iii) conflict with or violate any provision of the certificate of
organization or the limited liability company agreement of the 

  
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Company, or (iv) require the consent of any Person or result in the material breach of or constitute a material default (or an event that, with notice or lapse of time or both, would
constitute a material default) under, violate, conflict with, materially breach or give rise to any right of termination, cancellation, modification or acceleration, or to a loss of material benefit to which the Company is entitled, under
(A) any contract to which the Company is a party and that (I) involves, or may reasonably be expected to involve, the payment or receipt of $100,000 or more (whether in cash or in goods or services of an equivalent value) over its term,
including extension and renewal rights that are at the option of the counterparty (i.e., not the Company) to such Contract, or $50,000 during any one year; (II) imposes any restriction on the conduct of the Business (including noncompetition
and similar restrictions); (III) was not made in the ordinary course of business of the Company consistent with past practice; (IV) burdens, benefits, or imposes liabilities upon, or otherwise with respect to, any Real Property; (V) the
continued conduct of the Business is dependent upon; (VI) is a partnership, joint venture or other similar contract; or (VII) is a collective bargaining or other labor union contract (each, a “Material Contract”), or
(B) any licenses, authorizations, permits, consents or approvals of any Governmental Authority required for the Company to own, license or lease and operate its properties or to conduct the Business in substantially the same manner as conducted
by the Company on the date hereof. 
 3.5 Approvals, Licenses, Permits and Authorizations. 

(a) To the knowledge of Seller, no (i) order, license, consent, waiver, authorization or approval of, or
(ii) giving of notice to, or (iii) filing, recording, publication, registration or other action with or by, any Governmental Authority is necessary on behalf of Seller or the Company (y) to authorize Seller’s execution, delivery
and performance of this Agreement or any other Transaction Document, or (z) for the legality, validity, binding effect or enforceability with respect to Seller or the Company of this Agreement or any other Transaction Document. 

(b) The Company has all permits, licenses, approvals, authorizations, consents or registrations (collectively,
“Permits”) issued or granted by Governmental Authorities that are necessary for the conduct of the Business as currently conducted, except as would not, individually or in the aggregate, have a Material Adverse Effect. All
such Permits are validly held by the Company and are in all material respects in full force and effect. The Company has complied in all material respects with the terms and conditions of such Permits and such Permits will not be subject to
suspension, modification, revocation or non-renewal as a result of the execution, delivery and performance by Seller of this Agreement or any other Transaction Document or the consummation by Seller of the transactions contemplated hereby or
thereby, except as would not, individually or in the aggregate, have a Material Adverse Effect. No proceeding is pending or, to the knowledge of Seller, threatened with respect to any alleged failure by the Company to have any material Permit
necessary for the operation of any of the Company’s assets or the conduct of the Business or to be in compliance therewith. This Section 3.5(b) does not include any matters with respect to Environmental Permits or Environmental Laws;
such matters are being addressed exclusively by Section 3.13. 

  
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 3.6 Compliance With Laws. The Company is not in violation of any Law, or any order, writ,
injunction or decree of any Governmental Authority to which it or any of its assets is subject, except for a violation that would not, individually or in the aggregate, have a Material Adverse Effect. 

3.7 No Litigation. Except as set forth on Schedule 3.7 attached hereto, there is no lawsuit, claim, demand, action, investigation,
hearing, charge, condemnation or other proceeding, complaint or notice of noncompliance, whether or not such matter is by or before any Governmental Authority, mediator or arbitrator (an “Action”) or other proceeding or
governmental investigation or examination or any change in any zoning or building ordinance adversely affecting the property of the Company, pending or, to the knowledge of Seller, threatened, or any injunctions or orders entered, pending or, to the
knowledge of Seller, threatened, against the Company or any of its properties or assets, at Law or in equity, and, to the knowledge of Seller, there exists no basis for the commencement and successful prosecution of any of the foregoing. 

3.8 Financial Statements. 
 (a) Attached as Schedule 3.8(a) are accurate and complete copies of: (i) the unaudited balance sheet of the Company as of September 30, 2011 and the related unaudited statements of
operations and cash flows of the Company for the fiscal year ending September 30, 2011 (the “Balance Sheet Date”) (collectively, the “Financial Statements “), and (ii) the unaudited balance
sheet of the Company as of March 31, 2012 and unaudited statements of operations and cash flows for the six months ended March 31, 2012 (the “March 31 Financials”); all of which have been previously delivered to
Buyer. The Financial Statements fairly present the financial position of the Company as of the Balance Sheet Date and the March 31 Financials fairly present the financial position of the Company as of March 31, 2012, in all material
respects, and the results of the Company’s operations as of the dates and for the periods indicated above, and have been prepared in conformity with GAAP (with the exception that the Financial Statements and March 31 Financials do not
include both a statement of stockholders equity and footnotes), applied on a consistent basis throughout the periods covered thereby, and no event has occurred after the Balance Sheet Date that would be required to be set forth in the Financial
Statements under GAAP (or in footnotes thereto, if footnotes were prepared). 
 (b) The Company has no
liabilities or obligations, whether accrued, absolute, contingent or otherwise, that are required to be reflected or reserved against on its balance sheet under GAAP that is part of the Financial Statements other than (i) those which are fully
and adequately reflected or reserved against in the Company’s balance sheet included in the Financial Statements, and (ii) liabilities (other than non-current liabilities and Indebtedness for borrowed money) incurred since the Balance
Sheet Date in the ordinary course of business consistent with past practice. 
 3.9 Absence of Certain Events. Since the
Balance Sheet Date, the Business has been operated only in the ordinary course of business consistent with past practice and in particular: 

  
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 (a) there has not been any Material Adverse Effect; 

(b) except in the ordinary course of business consistent with past practice, there has not been (i) any damage,
destruction or loss, whether covered by insurance or not, adversely affecting the Company’s assets or the Business or (ii) any cancellation, modification or settlement for less than the full amount thereof of any debt or claim by or owing
to the Company; 
 (c) the Company has not (i) incurred any non-current obligation or liability (including
any Capital Lease) or assumed, guaranteed, endorsed or otherwise become responsible for any non-current liabilities or obligations of any other Person (including any Capital Lease) (whether absolute, accrued, contingent or otherwise),
(ii) transferred or granted any rights under any Material Contract other than in the ordinary course of business consistent with past practice, (iii) modified or changed any Material Contract other than in the ordinary course of business
consistent with past practice, (iv) entered into any transaction, contract or commitment that by reason of its size or otherwise was material to the Business or financial condition of the Company or that was not in the ordinary course of
business consistent with past practice, (v) declared or paid any dividend or made any distribution or payment, (vi) delayed or postponed the payment of any non-current liabilities, or (vii) made any capital investments in, any loan to
or any acquisition of the securities or assets of any other Person that was material to the Business or financial condition of the Company or other than in the ordinary course of business consistent with past practice; 

(d) except for the replacement of obsolete materials or in the ordinary course of business, the Company has not
terminated, discontinued, closed or disposed of any plant, facility or any other portion of its assets; 
 (e)
except for the Omnibus Agreement and the Contracts disclosed in the Financial Statements, the Company is not currently a party to any Contract between the Company, on the one hand, and Seller or any of its Affiliates (other than the Company, the
Buyer and the Buyer’s subsidiaries), on the other hand; and 
 (f) the Company has not entered into a
Contract to do any of the foregoing. 
 3.10 Tax Returns and Tax Audits. 

(a) Seller and the Company have timely filed with all appropriate Governmental Authorities all Tax Returns required to be
filed by or with respect to the Company or its assets for all years and periods starting with the Cutoff Date for which such Tax Returns have become due. All such Tax Returns are correct and complete in all material respects. All such Tax Returns
that are based on income have been prepared on the same basis as those of previous years; and, since the Cutoff Date, all Taxes of Seller and the Company (whether or not shown to be due on any Tax Returns) have been fully paid prior to the date on
which such Taxes would otherwise be delinquent. 
 (b) Seller and the Company have made adequate accruals for the
payment of all Taxes payable in respect of the periods starting with the Cutoff Date and ending prior to the date hereof and any period subsequent to the last period for which such Taxes were paid, and, to the knowledge of Seller, the Company has no
liability for such Taxes in excess of the amounts so paid or accruals so made. 

  
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 (c) There are no Liens for Taxes with respect to the assets of the Company
(except for statutory Encumbrances for current Taxes not yet due). 
 (d) Neither Seller nor the Company is a
party to any pending Action by any Governmental Authority nor, to the knowledge of Seller, is any Action threatened or contemplated by any Governmental Authority, for assessment or collection of Taxes or any other governmental charges with respect
to the Company or its assets, and no claim for assessment or collection of Taxes or any other governmental charges has been asserted against either Seller or the Company with respect to the Company or its assets, nor, to the knowledge of Seller, is
the assertion of any such Action pending or contemplated nor, to the knowledge of Seller, is there any basis for any such Action with respect to the period beginning as of the Cutoff Date. To the knowledge of Seller, since the Cutoff Date, there has
been no adverse reports prepared by any agent of the IRS with respect to any Tax matter involving with respect to the Company or its assets. 
 (e) Each of Seller and the Company is not and, since the Cutoff Date, has not been required to file any Tax Returns with, or pay any Taxes to, any foreign countries or political subdivisions thereof with
respect to the Company or its assets. Neither Seller nor the Company has in effect any powers of attorney with respect to any Tax matters involving the Company or its assets. Since the Cutoff Date, no consent been filed by Seller or the Company to
have the provisions of Section 341(f)(2) of the Code apply to the Company or its assets, nor has any agreement under Section 341(f)(3) of the Code been filed following the Cutoff Date by Seller or the Company with respect to the Company or
its assets. 
 (f) The Company has, since the Cutoff Date, been treated as a partnership or a disregarded entity
for federal income tax purposes and no election has been made that is inconsistent with such treatment, 
 (g)
The Company is not, and since the Cutoff Date has never been, a party to any Tax sharing or allocation Contracts, arrangements or understandings, whether written or oral. 

(h) Since the Cutoff Date, the Company has complied with all applicable Laws relating to the withholding of Taxes
(including withholding of Taxes pursuant to Sections 1441 and 1442 of the Code) and has, since the Cutoff Date and within the time and within the manner prescribed by Law, withheld and paid over to the proper taxing authorities all amounts required
to be withheld and paid over under all applicable Laws in connection with amounts paid or owing to any employee, independent contractor, creditor, member and other third party. 

(i) No written notice has been received, nor to the knowledge of Seller has any oral notice been received, by the Company
from any Governmental Authority, since the Cutoff Date, in a jurisdiction where the Company does not file Tax Returns stating that the Company is required to file Tax Returns with that jurisdiction, 

  
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 (j) Seller has no knowledge of any fact or circumstance that arose following
the Cutoff Date that would give rise to a claim by a state in which Seller or the Company is not currently filing income tax returns that either Seller or the Company has such an income tax filing responsibility with respect to the operations or
assets of the Company. 
 (k) The Company has not been at any time since the Cutoff Date a member of any
partnership, joint venture or other arrangement or Contract that is treated as a partnership for federal, state, local or foreign tax purposes (a “Tax Partnership”) or the holder of a beneficial interest in any trust for any
period for which the statute of limitations for any Tax has not expired. 
 3.11 Real Property. 

(a) The Title Policy lists all of the real property in which the Company has any ownership and other interests and which
is necessary for the conduct of the Business as currently conducted (except as would not, individually or in the aggregate, have a Material Adverse Effect) (collectively, the “Real Property”). The Company does not lease, as
lessee, landlord, sublandlord, licensor or otherwise, or otherwise make available, any interest in real or mixed property including, without limitation, the Real Property. The Company has good and indefeasible fee simple title to all real property
in which the Company has any ownership free and clear of all Encumbrances except for Permitted Encumbrances. 

(b) Neither Seller nor the Company has received notice of any threatened or pending actions, orders, or forbearances in
effect as to the Real Property, and to the knowledge of Seller and the Company, no action, order or forbearance is currently in effect or threatened with respect to the Real Property including, without limitation, any condemnation or similar
proceeding, special assessment or change in zoning. 
 3.12 Other Property and Inventory. 

(a) The Company has good and indefeasible title to all tangible personal property (other than construction in process) of
the Company necessary for the conduct of the Business as currently conducted (except as would not, individually or in the aggregate, have a Material Adverse Effect), free and clear of all Encumbrances except Permitted Encumbrances. The Company has
good and indefeasible title to all of the tangible personal property reflected in the balance sheets included in the Financial Statements. 
 (b) The material machinery and equipment (including automobiles, trucks and heavy machinery) regularly used by the Company in the Business are in an operating condition and repair as of the date of this
Agreement that is adequate for such uses. 
 (c) All product inventories of the Company are of a quality and
quantity usable in the ordinary course of its business. The values at which product inventories of the Company are carried on its books of account reflect the normal inventory valuation policy of the Company on a first-in-first-out basis at the
lower of cost or market. 

  
 12 

 (d) The trade accounts receivable of the Company as shown on its books and
records have arisen in the ordinary course of business, represent valid obligations owed to the Company and are recorded as accounts receivable on the books of the Company in accordance with GAAP. 

(e) The Company has (and, after the consummation of the transactions contemplated hereby, will have) a level of working
capital that is adequate for the continuing operation of the Business, consistent with past practice. 
 3.13
Environmental. 
 (a) Except as provided in Schedule 3.13(a), as of the Cutoff Date and through the
date hereof, the Company has complied and is in compliance with all Environmental Laws. 
 (b) All Environmental
Permits necessary for the construction, equipping, ownership, use or operation of the Business as currently conducted or occupation of the Real Property has been obtained and Seller has, in all material respects, complied and is in material
compliance with such Environmental Permits. The Environmental Permits are in full force and effect, and the transactions will not materially adversely affect them. 

(c) Except as provided in Schedule 3.13(a), there are no actions pending or, to the knowledge of Seller,
threatened, that could reasonably be expected to cause the incurrence of material expenses or costs or that seek material money damages, injunctive relief, investigatory, corrective or remedial action or remedy that arise out of, relate to or result
from (i) conditions of the Environment on the Real Property, (ii) a violation or alleged violation of any applicable Environmental Law or non-compliance or alleged non-compliance with any Environmental Permit, (iii) the presence of
any Hazardous Substances or a Release or the threat of a Release of any Hazardous Substances, (iv) arrangement for treatment or disposal of any Hazardous Substances at any location other than the Real Property, or (v) human exposure to any
Hazardous Substance (excluding exposure by Company employees, which is governed by Section 3.15) to the extent the same arise from the condition of the Real Property since the Cutoff Date. 

(d) As of the Cutoff Date and through the date hereof, Seller has not received any form of notice or inquiry, notice of
violation or enforcement notice from any Governmental Authority, any operator, tenant, subtenant, licensee or occupant of the Real Property or any property adjacent to or within one half mile of the Real Property or any other Person with regard to a
Release or the threat of a Release of any Hazardous Substances on, under, at or from the Real Property, or any property adjacent to or within the immediate vicinity of the Real Property in violation of any applicable Law; and to Seller’s actual
knowledge there has been no Release or threat of Release of any Hazardous Substances by the Company on, under, at, from or in the vicinity of the Real Property that requires or may require reporting, investigation, assessment, cleanup or remediation
by the Company pursuant to any Environmental Law. 

  
 13 

 3.14 Contracts and Commitments. 

(a) Each Material Contract is in full force and effect as to the Company and embodies the Company’s complete
understanding of the parties agreement with respect to the subject matter thereof. There exists no material default or claim thereof by the Company, or, to the knowledge of Seller, any other party to any Material Contract. There are no facts or
conditions that, if continued or noticed, would result in a material default by the Company under any Material Contract. The Company has not received any notice that any other Person intends to cancel, modify or terminate any Material Contract, or
to exercise or not to exercise any options thereunder. The Company has not given any notice of cancellation, modification or termination of any Material Contract or of exercise or non-exercise of any options thereunder. Each Material Contract is a
valid and binding agreement with respect to the Company and enforceable against the Company in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar Laws relating to
or affecting creditors’ rights generally and to general equity principles (whether such enforceability is considered in a proceeding at Law or in equity). No consent or approval of the other parties to any Material Contract or any Person
pursuant to any Material Contract is required for the consummation of the transactions contemplated herein. 

(b) The Company is not a party to any contract for goods or services or any lease with Seller, or any officer, director,
manager or other senior employee of Seller or the Company or any Affiliate of any such Person nor are there any loans or advances to any such Persons from the Company that are presently outstanding. 

(c) After the date hereof, none of Seller or its Affiliates (excluding Buyer, its subsidiaries and its general partner)
will have any legal rights with respect to the use, operation or maintenance of the Business or its assets. 
 3.15 Labor
Matters. 
 (a) The Company employs employees, some of which are covered by the Steelworkers Agreement.
Except for the Steelworkers Union: (i) the Company has not agreed to recognize any union or other collective bargaining representative; and (ii) no union or other collective bargaining representative has been certified as the exclusive
bargaining representative of any of the Company’s employees. None of the Company’s employees are covered by any collective bargaining agreement, other than the Steelworkers Agreement. The Steelworkers Agreement has been duly ratified,
certified and approved by the parties having authority to ratify, certify or approve it. 
 (b) None of the
following are pending or, to the knowledge of Seller, threatened against or affecting the Company or the Refinery: 
 (i) labor strikes, slowdowns, lockouts, representation or certification campaigns, or work stoppages with respect to the Company’s employees or any of the Seller’s employees who provide
exclusive or shared services to the Company (the “Associated Employees”); 

  
 14 

 (ii) material claims, grievances or arbitration proceedings, written
decisions, letter agreements or settlement agreements arising out of collective bargaining agreements, including the Steelworkers Agreement, to which any of the Company, Seller or Affiliates of Seller is a party; 

(iii) unfair labor practices or unfair labor practice charges or complaints before the National Labor Relations Board or
other Governmental Authority responsible for regulating labor relations; or 
 (iv) charges, complaints or
proceedings before the Equal Employment Opportunity Commission, Department of Labor or any other Governmental Authority responsible for regulating employment practices. 

(c) Since the Cutoff Date, there have not been any plant closings, mass layoffs or other terminations of the
Company’s employees or of the Associated Employees that would create any liabilities for the Company under the Worker Adjustment and Retraining Notification Act or similar Laws. 

(d) The Company does not sponsor, maintain or contribute to or have or could reasonably be expected, directly or
indirectly, to have any actual or contingent liability with respect to, nor does it have any legal or equitable obligation to establish, maintain or contribute to any compensation or benefit plan, agreement, program or policy (whether written or
oral, formal or informal) for the benefit of any present or former directors, officers, employees, agents, consultants or other similar representatives, including, but not limited to, any “employee benefit plan” as defined in
Section 3(3) of ERISA (any of the foregoing arrangements for the benefit of such persons are hereinafter collectively referred to as “Plans”). All Plans in which Associated Employees participate are sponsored or
maintained by Seller or an Affiliate (other than the Company). 
 3.16 Investment Representations. 

(a) Seller is an “accredited investor” (as such term is used in Rule 501 under the Securities Act, as amended by
the Dodd-Frank Wall Street Reform and Consumer Protection Act) and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in Buyer Units, and it is able to bear the
economic risk of such an investment for an indefinite period of time. Seller was not formed for the specific purpose of acquiring Buyer Units. 
 (b) The Consideration Units are being acquired (i) solely for investment for the account of Seller and not as nominee or agent or otherwise on behalf of any other Person, and (ii) not with a
view to or with any present intention to reoffer, resell, fractionalize, assign, grant any participating interest in, transfer or otherwise distribute the Consideration Units in violation of the Securities Act. 

  
 15 

 (c) Seller understands that the transfer of the Consideration Units to
Seller has not been registered under the Securities Act or any applicable state securities Laws by reason of a specified exemption from the registration provisions of the Securities Act and applicable state securities Laws, which depends upon, among
other things, the bona fide nature of Seller’s investment intent as expressed herein. 
 (d) Seller
understands that Buyer is under no obligation to register the Consideration Units for sale on Seller’s behalf or to assist Seller in complying with any exemption from registration under the Securities Act or under applicable state securities
Laws. 
 (e) Seller agrees that the certificates evidencing the Consideration Units will be stamped or otherwise
imprinted with a conspicuous legend in substantially the following form: 
 The Units represented by this certificate have not
been registered under the Securities Act of 1933, as amended (the “Act”) or any state securities laws. These Units have been acquired for investment and not with a view to distribution or resale, and may not be sold, pledged, hypothecated,
donated or otherwise transferred, whether or not for consideration, without an effective registration statement under the Act and any applicable state securities laws, or an opinion of counsel satisfactory to Inergy Midstream, L.P. that such
registration is not required with respect to the proposed disposition thereof and that such disposition will not cause the loss of the exemption(s) upon which Inergy Midstream, L.P. relied in issuing these Units to the original purchaser thereof.

 (f) Seller agrees that a stop transfer order that gives effect to the foregoing restrictive legend will be
placed on the transfer books maintained with respect to the Consideration Units for so long as transfers are restricted under the Securities Act. 
 3.17 No Other Warranties. Except for the specific representations and warranties of Seller expressly set forth in this Section 3, there are no other representations or warranties (including
any warranty of merchantability or warranty of fitness for a particular purpose), express or implied, made by Seller, the Company or any of their employees, agents, members, partners, managers or representatives relating to or concerning any assets,
properties, liabilities, obligations, financial condition, operations, or other aspects or prospects of the Company and its business (including the physical condition, structural integrity, suitability or usability of any salt caverns for gas
storage purposes), and all assets, properties and business of the Company are being acquired by Buyer in AS IS, WHERE IS CONDITION AND WITH ALL FAULTS. 
 3.18 Reliance. Seller has been actively involved in the management of the Company and, in connection with its decision to sell the Interest pursuant to this Agreement, is not relying upon any
representation or warranty of Buyer or the Company regarding the Company or its business, financial condition or results of operations, except as expressly set forth herein. 

  
 16 

 4. Representations and Warranties of Buyer. Buyer hereby makes the following
representations and warranties to Seller, each of which is true and correct on the date hereof, each of which shall be unaffected by any investigation heretofore or hereafter made by Seller and each of which shall survive the transactions
contemplated hereby: 
 4.1 Organization. Buyer is a limited partnership duly formed, validly existing and in good
standing under the Laws of the State of Delaware, and has all requisite power and authority to own, operate and lease its assets and to conduct its business as and where such business is now conducted. 

4.2 Due Qualification. Buyer is duly qualified to do business and is in good standing under the Laws of the States of Missouri,
New York and Texas. 
 4.3 Authority; Binding Effect. Buyer has the requisite limited partnership right, power, authority
and capacity to execute and deliver this Agreement and all other agreements contemplated hereby to be entered into by it, and to perform its obligations hereunder and thereunder on its part to be performed and to consummate the transactions
contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and the Transaction Documents and the performance of its obligations hereunder and thereunder have been duly approved by all necessary limited liability company
action, and no further approvals are required by the officers, directors, partners, managers, members or equity holders of Buyer in connection therewith. This Agreement and each of the Transaction Documents contemplated hereby to be entered into by
Buyer constitute (or, when executed, will constitute) the legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium, or other similar Laws relating to or affecting creditors’ rights generally and to general equity principles (whether such enforceability is considered in a proceeding at Law or in equity). 

4.4 No Creation of Violation, Default, Breach or Encumbrance. The execution, delivery and performance by Buyer of this Agreement
and the Transaction Documents do not, (i) violate (A) any applicable Law in any material respect, or (B) any order, writ, injunction, decree, judgment or ruling of any Governmental Authority, or (ii) conflict with or violate any
provision of the certificate of limited partnership or the agreement of limited partnership of Buyer. 
 4.5 Approvals,
Licenses and Authorizations. No (i) order, license, consent, waiver, authorization or approval of, or (ii) giving of notice to, or (iii) filing, recording, publication, registration or other action is necessary on behalf of Buyer
(y) to authorize Buyer’s execution, delivery and performance of this Agreement or any other Transaction Document, or (z) for the legality, validity, binding effect or enforceability with respect to Buyer of any of the foregoing.

 4.6 Reliance. Buyer has been actively involved in the management of the Company and, in connection with its decision
to purchase the Interest pursuant to this Agreement, is not relying upon any representation or warranty of Seller or the Company regarding the Company or its business, financial condition or results of operations, except as expressly set forth
herein. 

  
 17 

 5. Covenants and Acknowledgements. 

5.1 Proration of Taxes. All ad valorem Taxes (including real property, personal property and inventory) against or in respect of
the assets of the Company for the taxable period which includes the day before the date hereof will be prorated between Seller and Buyer as of the end of the day before the date hereof based on the ratio of the number of days in the portion of any
taxable period that includes the day before the date hereof and the number of days in the entire Tax period. If the amount of such Taxes or assessments cannot be ascertained as of the day before the date hereof, proration will be made on the basis
of the preceding year and to the extent that such proration may be inaccurate Buyer and Seller agree to make such payment to the other within ten business days after the Tax statements have been received which are necessary to allocate such Taxes
properly between Buyer and Seller as of the end of the day before the date hereof; provided, however, that Seller will have no responsibility for any increase in ad valorem Taxes resulting from any increase in valuation assessments of property
resulting from the transactions contemplated by this Agreement. Buyer will cause the Company to pay such Taxes when due and Buyer’s and Seller’s prorated portions thereof will be paid by Buyer and Seller upon the Company’s request to
the extent not already paid by such Person. Ad valorem Taxes include payments to be made by the Company in lieu of ad valorem Taxes under any PILOT program. 
 5.2 Cooperation with Tax Filings. Buyer and Seller will reasonably cooperate, as and to the extent reasonably requested by the other party, in connection with the filing of Tax Returns and any
audit, litigation or other proceeding with respect to Taxes relating to the Company or its assets, Buyer and Seller acknowledge that the transfer of the Interest (other than the proportionate share contributed in exchange for Buyer Units) will be
treated as an asset purchase for Federal and state income tax purposes. Accordingly, Seller will file all Tax Returns for the period ending at the effective time of the transfer of the Interest. Such cooperation includes the retention and (upon the
other party’s request) the provision of records and information reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide additional information and
explanation of any material provided under this Section 5.2. Buyer and Seller will (A) retain (or cause the Company to retain) all books and records with respect to Tax matters relating to the Company relating to any taxable period
beginning before the date hereof until the expiration of the statute of limitations (and, to the extent notified by Seller, any extensions thereof) of the respective taxable periods, and abide by all record retention agreements entered into with any
taxing authority, and (B) give the other party reasonable written notice prior to destroying or discarding any such books and records and, if the other Party so requests, allow the other party to take possession of such books and records. For
those Taxes for which the Company is deemed to continue as the same state Law entity after the consummation of the transactions contemplated by this Agreement, the Company will not, and Buyer will not cause or allow the Company to, file any amended
Tax Returns for periods ending on or before the date hereof unless required by Law; and if required by Law, Buyer will provide advance notice to Seller of such filing and at least ten days to review and comment on (but not approve) such filing.

  
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 5.3 Cash Tax Refunds for Certain Periods. Buyer will promptly pay to Seller any cash
Tax refund received by Buyer (or any Affiliate of Buyer) or the Company directly related to the operations, activities or assets of the Company for any taxable period or any portion of any taxable period ending prior to the date hereof, that
includes the date hereof. 
 5.4 Audited Financials. Seller shall use commercially reasonable efforts to provide or to
cooperate with Buyer as it may reasonably request from Seller in Buyer’s preparation of the financial statements necessary for Buyer to timely meet its disclosure and filing requirements pursuant to the Securities Act and the Securities
Exchange Act of 1934, as amended, and to provide direct access to the data required to prepare such financial statements for auditing purposes. Data provided will be limited to such information that Seller has readily available for up to three years
prior to the year in which the request is made and within the periods 2009 to 2012. All expenses for this process, including the preparation of such financial statements, shall be borne by Buyer; provided that Seller shall bear its internal costs
concerning the allocation of personnel to abide by its undertaking made in this Section 5.4. 
 5.5 Expenses. Each
Party agrees to pay, without right of reimbursement from any other Person (including the Company), the costs incurred by such party incident to the preparation and execution of this Agreement and performance of their respective obligations
hereunder, including the fees and disbursements of legal counsel, accountants and consultants employed by the respective parties in connection with the transactions contemplated by this Agreement. Buyer will be responsible for paying any and all
sales taxes, transfer taxes, stamp taxes and similar transfer (issuance) taxes that may be imposed by any Governmental Authority as a result of the purchase and sale of the Interest and issuance of the Consideration Units. 

6. Indemnification. 
 6.1 Seller’s Indemnity. Subject to the provisions of this Section 6, Seller, from and after the date hereof, will indemnify, defend and hold Buyer and its partners, members, directors,
officers, agents, employees, representatives, successors and assigns, harmless from and against all damage, loss, cost, obligation, claims, demands, assessments, judgments or liability (whether based on contract, tort, product liability, strict
liability or otherwise), including taxes, and all expenses (including interest, penalties and attorneys’ and accountants’ fees and disbursements) (collectively “Damages”) incurred in litigation or otherwise, and any
investigation relating thereto, by any of the above-named Persons, directly or indirectly, resulting from or in connection with: 
 (a) any representation or warranty made by Seller in this Agreement or in any Transaction Document not having been accurate and complete; 

(b) any breach by Seller of any covenant or obligation made or undertaken in this Agreement or in any Transaction
Document; and 
 (c) any Action incident to any of the foregoing. 

6.2 Buyer’s Indemnity. Subject to the provisions of this Section 6, Buyer, from and after the date hereof, will
indemnify, defend and hold Seller and its partners, members, directors, officers, agents, employees, representatives, successors and assigns, harmless from and against all Damages incurred in litigation or otherwise, and any investigation relating
thereto, by any of the above-named Persons, directly or indirectly, resulting from or in connection with: 

  
 19 

 (a) any representation or warranty made by Buyer in this Agreement or in any
Transaction Document not having been accurate and complete; 
 (b) any breach by Buyer of any covenant or
obligation made or undertaken in this Agreement or in any Transaction Document; and 
 (c) any Action incident to
any of the foregoing. 
 6.3 Procedure. All claims for indemnification by Buyer or Seller under this Section 6 (the Party
claiming indemnification and the Party against whom such claims are asserted being the “Indemnified Party” and the “Indemnifying Party,” respectively) must be asserted and resolved as follows:

 (a) If any claim or demand for which an Indemnifying Party would be liable to an Indemnified Party hereunder
is asserted against or sought to be collected from such Indemnified Party by a third party, such Indemnified Party will with reasonable promptness give notice (the “Claim Notice”) to the Indemnifying Party of such claim or
demand, specifying the nature of and specific basis for such claim or demand and the amount or the estimated amount thereof to the extent then feasible (which estimate will not be conclusive of the final amount of such claim and demand). The
Indemnifying Party will not be obligated to indemnify the Indemnified Party under this Agreement with respect to any such claim or demand if the Indemnified Party fails to notify the Indemnifying Party thereof in accordance with the provisions of
this Agreement, and, as a result of such failure, the Indemnifying Party’s ability to defend against the claim or demand is materially prejudiced. The Indemnifying Party will have ten days from the delivery or mailing of the Claim Notice (the
“Notice Period”) to notify the Indemnified Party (i) whether or not it disputes the liability of the Indemnifying Party to the Indemnified Party hereunder with respect to such claim or demand, and (ii) whether or
not it desires, at the cost and expense of the Indemnifying Party, to defend the Indemnified Party against such claim or demand; provided, however, that any Indemnified Party is hereby authorized, but is not obligated, prior to and during the Notice
Period, to file any motion, answer or other pleading that it deems necessary or appropriate to protect its interests or those of the Indemnifying Party, subject to providing reasonable advance notice to the Indemnifying Party of such action and a
copy of any documentation to be provided or submitted in connection therewith; provided, that failure to deliver any such notice shall not be deemed a breach hereunder except to the extent the Indemnifying Party’s ability to defend against the
claim or demand is materially prejudiced. If the Indemnifying Party notifies the Indemnified Party within the Notice Period that it desires to defend the Indemnified Party against such claim or demand, the Indemnifying Party will, subject to the
last sentence of this paragraph, have the right to control the defense against the claim by all appropriate proceedings and any settlement negotiations and the Indemnified Party shall not compromise or settle the claim without the Indemnifying
Party’s prior written consent. If the Indemnified Party desires to participate in, but not control, any such defense or settlement, it may do so at its sole cost 

  
 20 

 
and expense. If the Indemnifying Party fails to respond to the Indemnified Party within the Notice Period, elects not to defend the Indemnified Party, or after electing to defend fails to
commence or reasonably pursue such defense, then the Indemnified Party may, but is not required to, undertake or continue the defense of, and compromise or settle (exercising reasonable business judgment), the claim or other matter all on behalf,
for the account and at the risk of the Indemnifying Party. 
 (b) If requested by the Indemnifying Party, the
Indemnified Party agrees, at the Indemnifying Party’s expense, to cooperate with the Indemnifying Party and its counsel in contesting any claim or demand that the Indemnifying Party elects to contest. 

(c) If any Indemnified Party has a claim against the Indemnifying Party hereunder that does not involve a claim or demand
being asserted against or sought to be collected from it by a third party, the Indemnified Party will send a Claim Notice with respect to such claim to the Indemnifying Party. If the Indemnifying Party disputes such claim, such dispute will be
resolved by litigation in an appropriate court of competent jurisdiction. 
 6.4 Time Limitations on Certain Obligations.

 (a) Seller will have no liability for indemnification under this Agreement pursuant to Section 6.1(a),
except for the representations and warranties set forth in Sections 3.1 (Organization; Capitalization), 3.2 (Due Qualification), 3.3 (Authority; Binding Effect), and 3.10 (Tax Returns and Tax Audits), unless on or before the end
of the 12th month following the date hereof Buyer notifies Seller of a claim specifying the factual basis of that claim in reasonable detail to the extent then known by Buyer. A claim with respect to Sections 3.1 (Organization;
Capitalization), 3.2 (Due Qualification), 3.3 (Authority; Binding Effect), and 3.10 (Tax Returns and Tax Audits), may be made at any time. 
 (b) Buyer will have no liability for indemnification under this Agreement pursuant to Section 6.2(a), except for the representations and warranties set forth in Sections 4.1 (Organization),
4.2 (Due Qualification) and 4.3 (Authority; Binding Effect), unless on or before the end of the 12th month following the date hereof Seller notifies Buyer of a claim specifying the factual basis of that claim in reasonable detail to
the extent then known by Seller. A claim with respect to Sections 4.1 (Organization), 4.2 (Due Qualification) and 4.3 (Authority; Binding Effect), may be made at any time. 

6.5 Limitations on Amount. 
 (a) Subject to the last sentence of this Section 6.5(a), Seller will have no liability for indemnification under Section 6.1(a) until the total of all Damages with respect to such matters
exceeds $1,750,000 (this amount, the “Basket”), and once such amount has been exceeded, Seller will be liable for indemnification for the total of all Damages in excess of the Basket. Subject to the last sentence of this
Section 6.5(a), Seller’s aggregate liability under Section 6.1(a) (but excluding any liability for breach of any of Seller’s representations and warranties contained in Sections 3.1 (Organization;

  
 21 

 
Capitalization), 3.2 (Due Qualification), 3.3 (Authority; Binding Effect), and 3.10 (Tax Returns and Tax Audits)) is limited to $15,750,000. Notwithstanding the foregoing,
this Section 6.5(a) will not apply to any breach of any of Seller’s representations and warranties contained in Sections 3.1 (Organization; Capitalization), 3.2 (Due Qualification), 3.3 (Authority; Binding Effect),
and 3.10 (Tax Returns and Tax Audits); provided that the first sentence of this Section 6.5(a) shall apply with respect to any breach of any of Seller’s representations and warranties contained in Section 3.10 (Tax Returns and Tax
Audits). 
 (b) Subject to the last sentence of this Section 6.5(b), Buyer will have no liability for
indemnification under Section 6.2(a) until the total of all Damages with respect to such matters exceeds the Basket, and once such amount has been exceeded, Buyer will be liable for indemnification for the total of all Damages in excess of
the Basket. Subject to the last sentence of this Section 6.5(b), Buyer’s aggregate liability under Section 6.2(a) (but excluding any liability for breach of any of Buyer’s representations and warranties contained in
Sections 4.1 (Organization), 4.2 (Due Qualification) and 4.3 (Authority; Binding Effect)) is limited to $15,750,000. Notwithstanding the foregoing, this Section 6.5(b) will not apply to any breach of any of Buyer’s
representations and warranties contained in Sections 4.1 (Organization), 4.2 (Due Qualification) and 4.3 (Authority; Binding Effect). 
 (c) The Parties have agreed upon the amount of the Basket as a means of applying a materiality standard to the amount of any claim that Buyer may have against Seller, or that Seller may have against
Buyer, resulting from a breach of Seller’s or Buyer’s representations and warranties, as the case may be. Therefore, for purposes of determining whether any breach of the representations or warranties of Seller or Buyer, as the case may
be, has occurred and for purposes of calculating the dollar amount of Damages to which Buyer or Seller, as the case may be, is entitled to indemnification (including the amounts needed to reach the Basket), each of Seller’s and Buyer’s
representations and warranties that contain any qualification as to materiality will be deemed and interpreted to be a representation or warranty as to such items made without such qualification. 

6.6 Waiver of Punitive Damages. No Party will be liable to another party for any consequential, indirect, incidental, punitive,
exemplary, special or other similar damages or lost profits resulting from or arising out of this Agreement or the transactions contemplated by this Agreement. 
 6.7 Costs. If any Action is brought for the enforcement or interpretation of any of the rights or provisions of this Agreement (including the indemnification provision), or because of an alleged dispute,
breach, default or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party will be entitled to recover reasonable attorneys’ fees and all other costs and expenses incurred in that Action,
in addition to any other relief to which it may be entitled. 

  
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 6.8 Exclusive Remedy. Each Party’s sole and exclusive remedy with respect to all
claims relating to the subject matter of this Agreement will be pursuant to the indemnification provisions set forth in this Section 6. 
 7. Miscellaneous. 
 7.1 Choice of Law; Submission to Jurisdiction.
This Agreement shall be subject to and governed by the Laws of the State of Delaware, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the Laws of another state. Each Party
hereby submits to the jurisdiction of the state and federal courts in the State of Delaware and to venue in Delaware. 
 7.2
Notice. All notices or requests or consents provided for by, or permitted to be given pursuant to, this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the Person to be notified,
postpaid, and registered or certified with return receipt requested or by delivering such notice in person or by telecopier or telegram to such Party. Notice given by personal delivery or mail shall be effective upon actual receipt. Notice given by
telegram or telecopier shall be effective upon actual receipt if received during the recipient’s normal business hours or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s
normal business hours. All notices to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below or at such other address as such Party may stipulate to the other Parties in the manner provided in this
Section 7.2. 
 For notice to Seller: 
 Inergy, L.P. 
 Two Brush Creek Boulevard, Suite 200 

Kansas City, Missouri 64112 
 Attention: General Counsel 
 Fax: (816) 842-8181 

For notice to Buyer: 
 Inergy
Midstream, L.P. 
 Two Brush Creek Boulevard, Suite 200 
 Kansas City, Missouri 64112 
 Attention: General Counsel 

Fax: (877) 506-3359 
 7.3 Entire Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or
written, relating to the matters contained herein. 
 7.4 Effect of Waiver or Consent. No waiver or consent, express or
implied, by any Party to or of any breach or default by any Party in the performance by such Party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such
Party of the same or any other obligations of such Party hereunder. Failure on the part of a Party to complain of any act of the other Party or to declare the other Party in default, irrespective of how long such failure continues, shall not
constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations period has run. 

  
 23 

 7.5 Amendment or Modification. This Agreement may be amended or modified from time to
time only by the written agreement of both Parties. Each such instrument shall be reduced to writing and shall be designated on its face an “Amendment” or an “Addendum” to this Agreement. 

7.6 Assignment; Third-Party Beneficiaries. No Party shall have the right to assign any of its rights or obligations under this
Agreement without the consent of the other Parties hereto. This Agreement does not create any rights or benefits for any entity or individual other than the Parties. 
 7.7 Successors. This Agreement shall bind and inure to the benefit of the Parties and to their respective successors and assigns. 

7.8 Counterparts. This Agreement may be executed in any number of counterparts, including facsimile counterparts, with the same
effect as if all signatory Parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
 7.9 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable by a court or regulatory body of competent
jurisdiction, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by Law. 

7.10 Rules of Construction. Whenever the context requires, the gender of all words used in this Agreement shall include the
masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Section numbers refer to Sections of this Agreement. Unless otherwise specifically indicated or the context otherwise requires, the
terms “include,” “includes” and “including” as used in this Agreement shall be deemed to be followed by the words “without limitation.” 
 7.11 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each Party agrees to execute and deliver such additional documents and instruments
and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 

7.12 Laws and Regulations. Notwithstanding any provision of this Agreement to the contrary, no Party shall take any act, or fail
to take any act, under this Agreement which would violate any applicable Law. 
 7.13 Negation of Rights of Limited Partners,
Assignees and Third Parties. The provisions of this Agreement are enforceable solely by the Parties, and no stockholder, limited partner, member or assignee of either Party or other Person shall have the right, separate and apart from Seller or
Buyer, to enforce any provision of this Agreement or to compel any Party to comply with the terms of this Agreement. 

  
 24 

 7.14 No Recourse Against Officers or Directors. For the avoidance of doubt, the
provisions of this Agreement shall not give rise to any right of recourse against any officer, director or manager of Seller, Buyer or their respective general partners. 
 7.15 Legal Compliance. The Parties acknowledge and agree that this Agreement, and all services provided under this Agreement, are intended to comply with any and all Laws and legal obligations and
that this Agreement should be construed and interpreted with this purpose in mind. 
 [Signature Page Follows] 

  
 25 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of
the day and year first above written. 
  

			
	INERGY, L.P.
		
	By:	 	Inergy GP, LLC, its general partner
		
	By:	 	/s/ John J. Sherman
	Name:	 	John J. Sherman
	Title:	 	President and Chief Executive Officer

  

			
	INERGY MIDSTREAM, L.P.
		
	By:	 	NRGM GP, LLC, its general partner
		
	By:	 	/s/ R. Brooks Sherman, Jr.
	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	 Executive Vice President and

Chief Financial Officer

 [Signature Page to Membership Interest Purchase Agrrement] 

 EXHIBIT A 

ASSIGNMENT AND TRANSFER OF MEMBERSHIP INTERESTS 
 For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Inergy, L.P., a Delaware limited partnership (hereinafter referred to as “Assignor”),
hereby assigns, sets over and transfers to Inergy Midstream, L.P., a Delaware limited partnership (hereinafter referred to as “Assignee”), effective as of the date hereof, all of Assignor’s membership interests in US Salt, LLC,
a Delaware limited liability company, being a 100% membership interest, leaving Assignor without an interest in US Salt, LLC and Assignee hereby accepts such assignment and transfer. 

TO HAVE AND TO HOLD the same unto Assignee, its respective successors and assigns forever. 

IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be executed as of May 14, 2012. 

 

							
	ASSIGNOR	  	ASSIGNEE
		
	INERGY, L.P.	  	INERGY MIDSTREAM, L.P.
				
	By:	 	INERGY GP, LLC, its general partner	  	By:	  	NRGM GP, LLC, its general partner
				
	By:	 	/s/ John J. Sherman	  	By:	  	/s/ R. Brooks Sherman, Jr.
				
		 	Name: John J. Sherman	  	Name:	  	R. Brooks Sherman, Jr.
				
		 	Title: President and Chief Executive Officer	  	Title:	  	Executive Vice President and Chief Financial Officer
				
		 		  		  	

 EXHIBIT B 

AMENDMENT TO OMNIBUS AGREEMENT 
 This AMENDMENT TO THE OMNIBUS AGREEMENT (“Amendment”) is entered into on, and effective as of May 14, 2012, among Inergy GP, LLC, a Delaware limited liability company (“NRGY
GP”), Inergy, L.P., a Delaware limited partnership (“NRGY”), NRGM GP, LLC, a Delaware limited liability company (the “General Partner”), and Inergy Midstream, L.P., a Delaware limited partnership (the
“Partnership”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.” 

WHEREAS, the Parties entered into the Omnibus Agreement effective as of December 15, 2011 (the “Agreement”)

 WHEREAS, the Parties desire to amend the Agreement as set forth in this Amendment and the Conflicts Committee of the
Partnership has provided its prior approval to this Amendment; 
 NOW THEREFORE, in consideration of the respective agreements
of the parties set forth herein, the Parties hereby agree as follows: 
  

	 	1.	The provisions of Article III of the Agreement shall not apply, and no Party shall have any indemnity right or obligation towards any other Party under the Agreement
with respect to US Salt, LLC and its operations. 

  

	 	2.	The provisions of this Amendment shall not affect the rights of the Partnership or NRGY under that certain Membership Interest Purchase Agreement between them dated the
date hereof. 

  

	 	3.	This Amendment represents the complete and entire understanding of the Parties on the subject matter hereof and supersedes and replaces all prior understandings,
agreements or commitments of the parties. Except as expressly modified herein, the Agreement shall remain in full force and effect in accordance with its terms. 

 

	 	4.	The provisions of Article VI of the Agreement shall apply to this Amendment, mutatis mutandis. 

[remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the date above.

  

			
	INERGY GP, LLC
		
	 By:
	 	/s/ John J. Sherman
		 	  

	 Name:
	 	John J. Sherman
	 Title:
	 	 President and Chief

Executive Officer

  

			
	INERGY, L.P.
		
	 By:
	 	 Inergy GP, LLC, its
 general
partner

		
	 By:
	 	/s/ John J. Sherman
		 	  

	 Name:
	 	John J. Sherman
	 Title:
	 	 President and Chief

Executive Officer

  

			
	NRGM GP, LLC
		
	By:	 	/s/ R. Brooks Sherman, Jr.
		 	  

	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	 Executive Vice President and

Chief Financial Officer

  

			
	INERGY MIDSTREAM, L.P.
		
	By:	 	 NRGM GP, LLC, its
 general
partner

		
	By:	 	/s/ R. Brooks Sherman, Jr.
		 	  

	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	 Executive Vice
 President
and
 Chief Financial Officer

 EXHIBIT C 

FORM OF CERTIFICATE OF NON-FOREIGN STATUS 
 MAY 14, 2012 
 Section 1445 of the Internal Revenue Code of 1986
provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property
interest under local law) will be the transferor of the property and not the disregarded entity. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by Inergy, L.P., a Delaware
limited partnership (“Transferor”), the undersigned hereby certifies the following on behalf of Transferor: 
  

	 	(i)	Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code of 1986 and
Income Tax Regulations); 

  

	 	(ii)	Transferor is not a disregarded entity as defined in Sec. 1.1445-2(b)(2)(iii); 

 

	 	(iii)	Transferor’s U.S. Employer Identification Number is 43-1918951; and 

  

	 	(iv)	Transferor’s office address is Two Brush Creek Boulevard, Suite 200, Kansas City, Missouri 64112. 

Transferor understands that this certificate may be disclosed to the Internal Revenue Service by the transferee and that any false
statement contained herein could be punished by fine, imprisonment or both. 
 Under penalties of perjury I declare that I have
examined this certificate and to the best of my knowledge and belief it is true, correct, and complete, and I further declare that I have authority to sign this certificate on behalf of Transferor. 

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Non-Foreign Status as of the date first written above.

  

							
		 		 	INERGY, L.P.
			
		 		 	By: Inergy GP, LLC, its general partner
				
		 		 	By:	 	 /s/ R. Brooks Sherman, Jr.

		 		 	Name:	 	R. Brooks Sherman, Jr.
		 		 	Title:	 	Executive Vice President and Chief Financial OfficerForm of Senior Indenture

 EXHIBIT 4.17 
 FORM OF SENIOR INDENTURE 
 SYNTROLEUM CORPORATION 

as Issuer 

and 
  

 
 as Trustee

             ,
         
 Senior Debt Securities 

 SYNTROLEUM CORPORATION 
 Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of
                     
  

					
	 Section of Trust Indenture Act of 1939
	 	 Section(s) of
Indenture

			
	 310
	 	 (a)(1)
	 	7.10
		 	 (a)(2)
	 	7.10
		 	 (a)(3)
	 	Not Applicable
		 	 (a)(4)
	 	Not Applicable
		 	 (a)(5)
	 	7.10
		 	 (b)
	 	7.08, 7.10
			
	 311
	 	 (a)
	 	7.11
		 	 (b)
	 	7.11
		 	 (c)
	 	Not Applicable
			
	 312
	 	 (a)
	 	2.07
		 	 (b)
	 	10.03
		 	 (c)
	 	10.03
			
	 313
	 	 (a)
	 	7.06
		 	 (b)
	 	7.06
		 	 (c)
	 	7.06
		 	 (d)
	 	7.06
			
	 314
	 	 (a)
	 	4.03, 4.04
		 	 (b)
	 	Not Applicable
		 	 (c)(1)
	 	10.04
		 	 (c)(2)
	 	10.04
		 	 (c)(3)
	 	Not Applicable
		 	 (d)
	 	Not Applicable
		 	 (e)
	 	10.05
			
	 315
	 	 (a)
	 	7.01(b)
		 	 (b)
	 	7.05
		 	 (c)
	 	7.01(a)
		 	 (d)
	 	7.01(c)
		 	 (d)(1)
	 	7.01(c)(1)
		 	 (d)(2)
	 	7.01(c)(2)
		 	 (d)(3)
	 	7.01(c)(3)
		 	 (e)
	 	6.11
			
	 316
	 	 (a)(1)(A)
	 	6.05
		 	 (a)(1)(B)
	 	6.04
		 	 (a)(2)
	 	Not Applicable
		 	 (a)(last sentence)
	 	2.11
		 	 (b)
	 	6.07
			
	 317
	 	 (a)(1)
	 	6.08
		 	 (a)(2)
	 	6.09
		 	 (b)
	 	2.06
			
	 318
	 	 (a)
	 	10.01

  
 i 

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I               DEFINITIONS AND
INCORPORATION BY REFERENCE
	  	 	1	  
			
	 SECTION 1.01
	    	 Definitions
	  	 	1	  
			
	 SECTION 1.02
	    	 Other Definitions
	  	 	5	  
			
	 SECTION 1.03
	    	 Incorporation by Reference of Trust Indenture Act
	  	 	5	  
			
	 SECTION 1.04
	    	 Rules of Construction
	  	 	6	  
		
	 ARTICLE II              THE
SECURITIES
	  	 	6	  
			
	 SECTION 2.01
	    	 Amount Unlimited; Issuable in Series
	  	 	6	  
			
	 SECTION 2.02
	    	 Denominations
	  	 	9	  
			
	 SECTION 2.03
	    	 Forms Generally
	  	 	9	  
			
	 SECTION 2.04
	    	 Execution, Authentication, Delivery and Dating
	  	 	9	  
			
	 SECTION 2.05
	    	 Registrar and Paying Agent
	  	 	11	  
			
	 SECTION 2.06
	    	 Paying Agent to Hold Money in Trust
	  	 	12	  
			
	 SECTION 2.07
	    	 Holder Lists
	  	 	12	  
			
	 SECTION 2.08
	    	 Transfer and Exchange
	  	 	12	  
			
	 SECTION 2.09
	    	 Replacement Securities
	  	 	13	  
			
	 SECTION 2.10
	    	 Outstanding Securities
	  	 	13	  
			
	 SECTION 2.11
	    	 Original Issue Discount, Foreign-Currency Denominated and Treasury Securities
	  	 	14	  
			
	 SECTION 2.12
	    	 Temporary Securities
	  	 	14	  
			
	 SECTION 2.13
	    	 Cancellation
	  	 	14	  
			
	 SECTION 2.14
	    	 Payments; Defaulted Interest
	  	 	14	  
			
	 SECTION 2.15
	    	 Persons Deemed Owners
	  	 	15	  
			
	 SECTION 2.16
	    	 Computation of Interest
	  	 	15	  
			
	 SECTION 2.17
	    	 Global Securities; Book-Entry Provisions
	  	 	15	  
		
	 ARTICLE III            REDEMPTION
	  	 	17	  
			
	 SECTION 3.01
	    	 Applicability of Article
	  	 	17	  
			
	 SECTION 3.02
	    	 Notice to the Trustee
	  	 	17	  
			
	 SECTION 3.03
	    	 Selection of Securities To Be Redeemed
	  	 	18	  
			
	 SECTION 3.04
	    	 Notice of Redemption
	  	 	18	  
			
	 SECTION 3.05
	    	 Effect of Notice of Redemption
	  	 	19	  

  
 iii

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 SECTION 3.06
	    	 Deposit of Redemption Price
	  	 	19	  
			
	 SECTION 3.07
	    	 Securities Redeemed or Purchased in Part
	  	 	20	  
			
	 SECTION 3.08
	    	 Purchase of Securities
	  	 	20	  
			
	 SECTION 3.09
	    	 Mandatory and Optional Sinking Funds
	  	 	20	  
			
	 SECTION 3.10
	    	 Satisfaction of Sinking Fund Payments with Securities
	  	 	20	  
			
	 SECTION 3.11
	    	 Redemption of Securities for Sinking Fund
	  	 	20	  
		
	 ARTICLE IV            COVENANTS
	  	 	21	  
			
	 SECTION 4.01
	    	 Payment of Securities
	  	 	21	  
			
	 SECTION 4.02
	    	 Maintenance of Office or Agency
	  	 	22	  
			
	 SECTION 4.03
	    	 SEC Reports; Financial Statements
	  	 	22	  
			
	 SECTION 4.04
	    	 Compliance Certificate
	  	 	22	  
			
	 SECTION 4.05
	    	 Existence
	  	 	23	  
			
	 SECTION 4.06
	    	 Waiver of Stay, Extension or Usury Laws
	  	 	23	  
			
	 SECTION 4.07
	    	 Additional Amounts
	  	 	23	  
		
	 ARTICLE V             SUCCESSORS
	  	 	24	  
			
	 SECTION 5.01
	    	 Limitations on Mergers, Consolidations and Other Transactions
	  	 	24	  
			
	 SECTION 5.02
	    	 Successor Person Substituted
	  	 	25	  
		
	 ARTICLE VI            DEFAULTS AND
REMEDIES
	  	 	25	  
			
	 SECTION 6.01
	    	 Events of Default
	  	 	25	  
			
	 SECTION 6.02
	    	 Acceleration
	  	 	27	  
			
	 SECTION 6.03
	    	 Other Remedies
	  	 	27	  
			
	 SECTION 6.04
	    	 Waiver of Defaults
	  	 	28	  
			
	 SECTION 6.05
	    	 Control by Majority
	  	 	28	  
			
	 SECTION 6.06
	    	 Limitations on Suits
	  	 	29	  
			
	 SECTION 6.07
	    	 Rights of Holders to Receive Payment
	  	 	29	  
			
	 SECTION 6.08
	    	 Collection Suit by Trustee
	  	 	29	  
			
	 SECTION 6.09
	    	 Trustee May File Proofs of Claim
	  	 	29	  
			
	 SECTION 6.10
	    	 Priorities
	  	 	30	  
			
	 SECTION 6.11
	    	 Undertaking for Costs
	  	 	31	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE VII         TRUSTEE
	  	 	31	  
			
	 SECTION 7.01
	    	 Duties of Trustee
	  	 	31	  
			
	 SECTION 7.02
	    	 Rights of Trustee
	  	 	32	  
			
	 SECTION 7.03
	    	 May Hold Securities
	  	 	33	  
			
	 SECTION 7.04
	    	 Trustee’s Disclaimer
	  	 	33	  
			
	 SECTION 7.05
	    	 Notice of Defaults
	  	 	33	  
			
	 SECTION 7.06
	    	 Reports by Trustee to Holders
	  	 	33	  
			
	 SECTION 7.07
	    	 Compensation and Indemnity
	  	 	33	  
			
	 SECTION 7.08
	    	 Replacement of Trustee
	  	 	34	  
			
	 SECTION 7.09
	    	 Successor Trustee by Merger, etc
	  	 	36	  
			
	 SECTION 7.10
	    	 Eligibility; Disqualification
	  	 	36	  
			
	 SECTION 7.11
	    	 Preferential Collection of Claims Against Company
	  	 	36	  
		
	 ARTICLE VIII        LEGAL DEFEASANCE AND COVENANT
DEFEASANCE
	  	 	37	  
			
	 SECTION 8.01
	    	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	37	  
			
	 SECTION 8.02
	    	 Legal Defeasance and Discharge
	  	 	37	  
			
	 SECTION 8.03
	    	 Covenant Defeasance
	  	 	38	  
			
	 SECTION 8.04
	    	 Conditions to Legal or Covenant Defeasance
	  	 	38	  
			
	 SECTION 8.05
	    	 Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	 	40	  
			
	 SECTION 8.06
	    	 Repayment to the Issuer
	  	 	40	  
			
	 SECTION 8.07
	    	 Reinstatement
	  	 	41	  
		
	 ARTICLE IX          SUPPLEMENTAL INDENTURES AND
AMENDMENTS
	  	 	41	  
			
	 SECTION 9.01
	    	 Without Consent of Holders
	  	 	41	  
			
	 SECTION 9.02
	    	 With Consent of Holders
	  	 	42	  
			
	 SECTION 9.03
	    	 Compliance with Trust Indenture Act
	  	 	44	  
			
	 SECTION 9.04
	    	 Revocation and Effect of Consents
	  	 	44	  
			
	 SECTION 9.05
	    	 Notation on or Exchange of Securities
	  	 	45	  
			
	 SECTION 9.06
	    	 Trustee to Sign Amendments, etc
	  	 	45	  
		
	 ARTICLE X            MISCELLANEOUS
	  	 	45	  
			
	 SECTION 10.01
	    	 Trust Indenture Act Controls
	  	 	45	  

  
 v 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 SECTION 10.02
	    	 Notices
	  	 	45	  
			
	 SECTION 10.03
	    	 Communication by Holders with Other Holders
	  	 	46	  
			
	 SECTION 10.04
	    	 Certificate and Opinion as to Conditions Precedent
	  	 	46	  
			
	 SECTION 10.05
	    	 Statements Required in Certificate or Opinion
	  	 	47	  
			
	 SECTION 10.06
	    	 Rules by Trustee and Agents
	  	 	47	  
			
	 SECTION 10.07
	    	 Legal Holidays
	  	 	47	  
			
	 SECTION 10.08
	    	 No Recourse Against Others
	  	 	47	  
			
	 SECTION 10.09
	    	 Governing Law
	  	 	47	  
			
	 SECTION 10.10
	    	 No Adverse Interpretation of Other Agreements
	  	 	48	  
			
	 SECTION 10.11
	    	 Successors
	  	 	48	  
			
	 SECTION 10.12
	    	 Severability
	  	 	48	  
			
	 SECTION 10.13
	    	 Counterpart Originals
	  	 	48	  
			
	 SECTION 10.14
	    	 Table of Contents, Headings, etc
	  	 	48	  

  
 vi 

 INDENTURE dated as of
                     between SYNTROLEUM CORPORATION, a Delaware corporation (the “Company”), and
                                        , as
trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series as provided in this Indenture: 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01 Definitions. 
 “Additional Amounts” means any
additional amounts required by the express terms of a Security or by or pursuant to a Board Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other
governmental charges imposed on certain Holders and that are owing to those Holders. 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, that specified Person. For purposes of this definition, “control” of a Person shall mean the
power to direct the management and policies of that Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall have meanings
correlative to the foregoing. 
 “Agent” means any Registrar or Paying Agent. 

“Bankruptcy Law” means Title 11 of the United States Code or any similar federal, state or foreign law for the relief of
debtors. 
 “Board of Directors” means the Board of Directors of the Company or any committee thereof duly
authorized, with respect to any particular matter, to act by or on behalf of the Board of Directors of the Company. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of that certification, and delivered to the Trustee. 
 “Business Day” means any day that is not a Legal Holiday. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor
corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean that successor corporation; provided, however, that for purposes of any provision contained herein which is
required by the TIA, “Company” shall also mean each other obligor (if any) on the Securities of a series. 

 “Company Order” and “Company Request” mean, respectively,
a written order or request signed in the name of the Company by two Officers of the Company, and delivered to the Trustee. 

“Corporate Trust Office” of the Trustee means the office of the Trustee located at
                    , and as may be located at such other address as the Trustee may give notice to the Company. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event
of Default. 
 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or
in part in global form, the Person specified pursuant to Section 2.01 hereof as the initial Depositary with respect to the Securities of that series, until a successor shall have been appointed and become such pursuant to the applicable
provision of this Indenture, and thereafter “Depositary” shall mean or include that successor. 

“Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States
as at the time shall be legal tender for the payment of public and private debt. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and any successor statute. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect from time to time, including those principles set forth in (i)the opinion and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants, (ii) statements and pronouncements of the Financial Accounting Standards Board, (iii) such other statements by such other entity as approved by a significant segment of the accounting professional and (iv) the rules and
regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in
staff accounting bulletins and similar written statements from the accounting staff of the SEC. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 

“Global Security” of any series means a Security of that series that is issued in global form in the name of the
Depositary with respect thereto or its nominee. 
 “Government Obligations” means, with respect to a series of
Securities, direct obligations of the government that issues the currency in which the Securities of the series are payable for the payment of which the full faith and credit of that government is pledged, or obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of that government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by that government. 

“Holder” means a Person in whose name a Security is registered. 

  
 2 

 “Indenture” means this Indenture as amended or supplemented from time to
time pursuant to the provisions hereof, and includes the terms of a particular series of Securities established as contemplated by Section 2.01. 
 “Interest” means, with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable after Maturity. 

“Interest Payment Date,” when used with respect to any Security, shall have the meaning assigned to that term in the
Security as contemplated by Section 2.01. 
 “Issue Date” means, with respect to Securities of a series,
the date on which the Securities of that series are originally issued under this Indenture. 
 “Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in any of The City of New York, New York, Tulsa, Oklahoma, Houston, Texas or a Place of Payment are authorized or obligated by law, regulation or executive order to remain closed.

 “Maturity” means, with respect to any Security, the date on which the principal of that Security or an
installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chairman of the Board, the President, any Vice Chairman of the Board, any Vice President, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person. 
 “Officers’ Certificate” means a certificate signed by two Officers of a Person. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. That counsel may be an employee of or counsel to the Company or the Trustee.

 “Original Issue Discount Security” means (i) any Security that provides for an amount less than the
principal amount thereof to be due and payable on a declaration of acceleration of the Maturity thereof pursuant to Section 6.02 and (ii) any other security which is issued with “original issue discount” within the meaning of
Section 1273(a) of the Internal Revenue Code. 
 “Person” means any individual, corporation, partnership,
limited liability company, joint venture, incorporated or unincorporated association, joint stock company, trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind. 

“Place of Payment” means, with respect to the Securities of any series, the place or places where, subject to the
provisions of Section 4.02, the principal of, premium (if any) on and interest on the Securities of that series are payable as specified in accordance with Section 2.01. 

“Principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the
Security. 

  
 3 

 “Redemption Date” means, with respect to any Security to be redeemed, the
date fixed for that redemption by or pursuant to this Indenture. 
 “Redemption Price” means, with respect to
any Security to be redeemed, the price at which it is to be redeemed pursuant to this Indenture. 
 “Rule 144A
Securities” means Securities of a series designated pursuant to Section 2.01 as entitled to the benefits of Section 4.03(b). 
 “SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning stated in the preamble of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Security Custodian” means, with respect to Securities of
a series issued in global form, the Trustee for Securities of that series, as custodian with respect to the Securities of that series, or any successor entity thereto. 
 “Stated Maturity” means, when used with respect to any Security or any installment of principal thereof or interest thereon, the date specified in that Security as the fixed date on which
the principal of that Security or that installment of principal or interest is due and payable. 
 “Subsidiary”
means a corporation or other entity more than 50% of the outstanding voting stock or equity of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the
purposes of this definition, “voting stock” means stock that ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has that voting power by reason of any contingency.

 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections 77aaa-77bbbb), as in effect on
the date hereof. 
 “Trust Officer” means any officer or assistant officer of the Trustee assigned by the
Trustee to administer its corporate trust matters. 
 “Trustee” means the Person named as such above until a
successor replaces it in accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series means the Trustee with respect to Securities of that series. 

“United States” means the United States of America (including the States and the District of Columbia) and its
territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 
 “United States Alien” means any Person who, for United States federal income tax purposes, is a foreign corporation, a nonresident alien individual, a nonresident alien or foreign
fiduciary of an estate or trust, or a foreign partnership. 

  
 4 

 “U.S. Government Obligations” means Government Obligations with respect to
Securities payable in Dollars. 
 SECTION 1.02 Other Definitions. 

 

			
	Term in Section	  	Defined
	 “Bankruptcy Custodian”
	  	6.01
	 “Conversion Event”
	  	6.01
	 “Covenant Defeasance”
	  	8.03
	 “Event of Default”
	  	6.01
	 “Exchange Rate”
	  	2.11
	 “Judgment Currency”
	  	6.10
	 “Legal Defeasance”
	  	8.02
	 “mandatory sinking fund payment”
	  	3.09
	 “optional sinking fund payment”
	  	3.09
	 “Paying Agent”
	  	2.05
	 “Registrar”
	  	2.05
	 “Required Currency”
	  	6.10
	 “Successor”
	  	5.01

 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC.

 “indenture securities” means the Securities. 

“indenture security holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 
 “indenture
trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means
the Company or any other obligor on the Securities. 
 All terms used in this Indenture that are defined by the TIA, defined by
a TIA reference to another statute or defined by an SEC rule under the TIA have the meanings so assigned to them. 

  
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 SECTION 1.04 Rules of Construction. 

Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise
defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) provisions apply to successive events and transactions; and 
 (6) all references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this instrument. 

ARTICLE II 

THE SECURITIES 
 SECTION
2.01 Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established
in or pursuant to a Board Resolution, and set forth, or determined in the manner provided, in an Officers’ Certificate or in a Company Order, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of
any series: 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from the
Securities of all other series); 
 (2) if there is to be a limit, the limit on the aggregate principal amount of the Securities
of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered on registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 and except for any Securities that, pursuant to Section 2.04 or 2.17, are deemed never to have been authenticated and delivered hereunder); provided, however, that unless otherwise provided in
the terms of the series, the authorized aggregate principal amount of that series may be increased before or after the issuance of any Securities of the series by a Board Resolution (or action pursuant to a Board Resolution) to that effect;

 (3) whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of
the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if so, whether beneficial owners of interests in any such Global Security may exchange those interests for Securities of that series and of like tenor of
any authorized form and denomination and the circumstances under which those exchanges may occur, if other than in the manner provided in Section 2.17, and the initial Depositary and Security Custodian, if any, for any Global Security or
Securities of that series; 

  
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 (4) (i) if other than provided herein, the Person to whom any interest on Securities of
the series shall be payable, and (ii) the manner in which any interest payable on a temporary Global Security on any Interest Payment Date will be paid if other than in the manner provided in Section 2.14; 

(5) the date or dates on which the principal of (and premium, if any, on) the Securities of the series is payable or the method of
determination thereof; 
 (6) the rate or rates, or the method of determination thereof, at which the Securities of the series
shall bear interest, if any, whether and under what circumstances Additional Amounts with respect to those Securities shall be payable, the date or dates from which that interest shall accrue, the Interest Payment Dates on which that interest shall
be payable and the record date for the interest payable on any Securities on any Interest Payment Date; 
 (7) the place or
places where, subject to the provisions of Section 4.02, the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series shall be payable; 

(8) the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms
and conditions on which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option, and the manner in which the Company may exercise any such option, if different from those set
forth herein; 
 (9) the obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any
sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions on which Securities of
the series shall be redeemed, purchased or repaid in whole or in part pursuant to that obligation; 
 (10) if other than
denominations of $1,000 and any integral multiple thereof, the denomination in which any Securities of that series shall be issuable; 
 (11) if other than Dollars, the currency or currencies (including composite currencies) or the form, including equity securities, other debt securities (including Securities), warrants or any other
securities or property of the Company or any other Person, in which payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series shall be payable; 

(12) if the principal of, premium (if any) or interest on or any Additional Amounts with respect to the Securities of the series are to be
payable, at the election of the Company or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which the Securities are stated to be payable, the currency

  
 7 

 
or currencies (including composite currencies) in which payment of the principal, premium (if any), interest and any Additional Amounts with respect to Securities of that series as to which that
election is made shall be payable, and the periods within which and the terms and conditions on which that election is to be made; 
 (13) if the amount of payments of principal, premium (if any), interest and any Additional Amounts with respect to the Securities of the series may be determined with reference to any commodities,
currencies or indices, values, rates or prices or any other index or formula, the manner in which those amounts shall be determined; 
 (14) if other than the entire principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable on declaration of acceleration of the Maturity thereof
pursuant to Section 6.02; 
 (15) any additional means of satisfaction and discharge of this Indenture and any additional
conditions or limitations to discharge with respect to Securities of the series pursuant to Article VIII or any modifications of or deletions from those conditions or limitations; 

(16) any deletions or modifications of or additions to the Events of Default set forth in Section 6.01 or covenants of the Company
set forth in Article IV pertaining to the Securities of the series; 
 (17) any restrictions or other provisions with respect to
the transfer or exchange of Securities of the series, which may amend, supplement, modify or supersede those contained in this Article II; 
 (18) if the Securities of the series are to be convertible into or exchangeable for Capital Stock, other debt securities (including Securities), warrants, other equity securities or any other securities
or property of the Company or any other Person, at the option of the Company or the Holder or on the occurrence of any condition or event, the terms and conditions for that conversion or exchange; 

(19) if the Securities of the series are to be entitled to the benefit of Section 4.03(b) (and accordingly constitute Rule 144A
Securities); and 
 (20) any other terms of the series (which terms shall not be prohibited by the provisions of this Indenture).

 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be
provided in or pursuant to the Board Resolution referred to above and (subject to Section 2.03) set forth, or determined in the manner provided, in the Officers’ Certificate or Company Order referred to above or in any such indenture
supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of that action together with that Board Resolution shall be set forth in an Officers’ Certificate or certified by the Secretary or an 

  
 8 

 
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or Company Order setting forth the terms of the series. 

SECTION 2.02 Denominations. 
 The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 2.01. In the absence of any such provisions with respect to the Securities of
any series, the Securities of that series denominated in Dollars shall be issuable in denominations of $1,000 and any integral multiples thereof. 
 SECTION 2.03 Forms Generally. 
 The Securities of each series shall be in
fully registered form and in substantially the form or forms (including temporary or permanent global form) established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. The Securities may have notations, legends
or endorsement required by law, securities exchange rule, the Company’s certificate of incorporation, bylaws or other similar governing documents, agreements to which the Company is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Company). A copy of the Board Resolution establishing the form or forms of Securities of any series shall be delivered to the Trustee at or prior to the delivery of the Company Order contemplated
by Section 2.04 for the authentication and delivery of those Securities. 
 The definitive Securities of each series shall
be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officers executing those Securities, as evidenced by their execution thereof. 

The Trustee’s certificate of authentication shall be in substantially the following form: 

“This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

					
	  
	 	, as Trustee

 
					
			
	 By:
	 	  
	 	Authorized Officer”.

 SECTION 2.04 Execution, Authentication, Delivery and Dating. 

Two Officers of the Company shall sign the Securities of each series on behalf of the Company by manual or facsimile signature. The
Company’s seal, if any, shall be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form. 
 If an Officer of the Company whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 

A Security shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the Security has been 

  
 9 

 
authenticated under this Indenture. Notwithstanding the foregoing, if any Security has been authenticated and delivered hereunder but never issued and sold by the Company, and the Company
delivers that Security to the Trustee for cancellation as provided in Section 2.13 together with a written statement (which need not comply with Section 10.05 and need not be accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Company, for all purposes of this Indenture that Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, and the Trustee shall authenticate and deliver those Securities for original issue on a Company Order for the authentication and delivery of those Securities or pursuant to such procedures
reasonably acceptable to the Trustee as may be specified from time to time by Company Order. That order shall specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to be authenticated, the
name or names of the initial Holder or Holders and any other terms of the Securities of that series not otherwise determined. If provided for in those procedures, that Company Order may authorize (1) authentication and delivery of Securities of
that series for original issue from time to time, with certain terms (including, without limitation, the Maturity date or dates, original issue date or dates and interest rate or rates) that differ from Security to Security and (2) may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. 

If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted
by Section 2.01, in authenticating those Securities, and accepting the additional responsibilities under this Indenture in relation to those Securities, the Trustee shall be entitled to receive (in addition to the Company Order referred to
above and the other documents required by Section 10.04), and (subject to Section 7.01) shall be fully protected in relying on, 
 (a) an Officers’ Certificate setting forth the Board Resolution and, if applicable, an appropriate record of any action taken pursuant thereto, as contemplated by the last paragraph of
Section 2.01; and 
 (b) an Opinion of Counsel to the effect that: 

(i) if the form of those Securities has been established by or pursuant to Board Resolution, as is permitted by Section 2.01, that
such form has been established in conformity with the provisions of this Indenture; 
 (ii) if the terms of those Securities
have been established by or pursuant to Board Resolution, as is permitted by Section 2.01, that such terms have been established in conformity with the provisions of this Indenture; and 

  
 10 

 (iii) those Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in that Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws in effect from time to time affecting the rights of creditors generally, and the application of general principles
of equity (regardless of whether that enforceability is considered in a proceeding in equity or at law). 
 If all the
Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers’ Certificate and Opinion of Counsel at the time of issuance of each such Security, but that Officers’ Certificate and Opinion of
Counsel shall be delivered at or before the time of issuance of the first Security of the series to be issued. 
 The Trustee
shall not be required to authenticate those Securities if the issuance of those Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner
not reasonably acceptable to the Trustee. 
 The Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. Unless limited by the terms of that appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by that agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 

Each Security shall be dated the date of its authentication. 
 SECTION 2.05 Registrar and Paying Agent. 
 The Company shall maintain an
office or agency for each series of Securities where Securities of that series may be presented for registration of transfer or exchange (“Registrar”) and an office or agency where Securities of that series may be presented for payment
(“Paying Agent”). The Registrar shall keep a register of the Securities of that series and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying agent. 

The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to that Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. The Company may change any Paying Agent or Registrar
without notice to any Holder. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

  
 11 

 The Company initially appoints the Trustee as Registrar and Paying Agent. 

SECTION 2.06 Paying Agent to Hold Money in Trust. 
 With respect to each series of Securities, the Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders of
Securities of that series or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, or interest on or any Additional Amounts with respect to Securities of that series and will notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company or a Subsidiary of the Company)
shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent with respect to a series of Securities, it shall segregate and hold in a separate trust fund for the benefit of the Holders of
Securities of that series all money held by it as Paying Agent. Each Paying Agent shall otherwise comply with TIA Section 317(b). 

SECTION 2.07 Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of each series of Securities and shall otherwise
comply with TIA Section 312(a). If the Trustee is not the Registrar with respect to a series of Securities, the Company shall furnish to the Trustee at least five Business Days before each Interest Payment Date with respect to that series of
Securities, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of the Securities of that series, and the Company shall
otherwise comply with TIA Section 312(a). 
 SECTION 2.08 Transfer and Exchange. 

Except as set forth in Section 2.17 or as may be provided pursuant to Section 2.01, when Securities of any series are presented
to the Registrar with the request to register the transfer of those Securities or to exchange those Securities for an equal principal amount of Securities of the same series of like tenor and of other authorized denominations, the Registrar shall
register the transfer or make the exchange as requested if its requirements and the requirements of this Indenture for those transactions are met; provided, however, that the Securities presented or surrendered for registration of transfer or
exchange shall be duly endorsed or accompanied by a written instruction of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on which instruction the
Registrar can rely. 
 To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Securities at the Registrar’s written request and submission of the Securities (other than Global Securities). No service charge shall be made to a Holder for any registration of transfer or exchange (except as otherwise expressly
permitted herein), but the 

  
 12 

 
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than such transfer tax or similar governmental
charge payable on exchanges pursuant to Section 2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in accordance with the provisions of Section 2.04. Notwithstanding any other provisions of this Indenture to the contrary, the
Company shall not be required to register the transfer or exchange of (a) any Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Security being redeemed in part or (b) any
Security during the period beginning 15 Business Days before the mailing of notice of any offer to repurchase Securities of the series required pursuant to the terms thereof or of redemption of Securities of a series to be redeemed and ending at the
close of business on the date of mailing. 
 SECTION 2.09 Replacement Securities. 

If any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims that the Security has been destroyed, lost
or stolen and the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of that Security, the Company shall issue and the Trustee shall authenticate a replacement Security of the same series if the
Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay that Security. If required by
the Trustee or the Company, the Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any loss that any of them may
suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security. 

Every replacement Security is an additional obligation of the Company. 
 SECTION 2.10 Outstanding Securities. 
 The Securities outstanding at any
time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the Trustee hereunder and those described in this
Section 2.10 as not outstanding. 
 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the
principal amount of any Security is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

  
 13 

 SECTION 2.11 Original Issue Discount, Foreign-Currency Denominated and Treasury Securities.

 In determining whether the Holders of the required principal amount of Securities have concurred in any direction, amendment,
supplement, waiver or consent, (a) the principal amount of an Original Issue Discount Security shall be the principal amount thereof that would be due and payable as of the date of that determination upon acceleration of the Maturity thereof
pursuant to Section 6.02, (b) the principal amount of a Security denominated in a foreign currency shall be the Dollar equivalent, as determined by the Company by reference to the noon buying rate in The City of New York for cable
transfers for that currency, as that rate is certified for customs purposes by the Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of that Security, of the principal amount (or, in the case of an
Original Issue Discount Security, the Dollar equivalent, as determined by the Company by reference to the Exchange Rate on the date of original issuance of that Security, of the amount determined as provided in (a) above), of that Security and,
(c) Securities owned by the Company or any other obligor on the Securities or any Affiliate of the Company or of that other obligor shall be disregarded, except that, for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, amendment, supplement, waiver or consent, only Securities that the Trustee actually knows are so owned shall be so disregarded. 
 SECTION 2.12 Temporary Securities. 
 Until definitive Securities of any
series are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities, but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities. 
 SECTION 2.13 Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange,
payment, redemption, replacement or cancellation or for credit against any sinking fund. Unless the Company shall direct in writing that canceled Securities be returned to it, after written notice to the Company all canceled Securities held by the
Trustee shall be disposed of in accordance with the usual disposal procedures of the Trustee, and the Trustee shall maintain a record of their disposal. The Company may not issue new Securities to replace Securities that have been paid or that have
been delivered to the Trustee for cancellation. 
 SECTION 2.14 Payments; Defaulted Interest. 

Unless otherwise provided as contemplated by Section 2.01 with respect to the Securities of any series, interest (except defaulted
interest) on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Persons who are registered Holders of that Security at the close of business on the record date next preceding
that Interest Payment Date, even if those Securities are canceled after that record date 

  
 14 

 
and on or before that Interest Payment Date. Unless otherwise provided with respect to the Securities of any series, the Company will pay the principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities in Dollars. Those amounts shall be payable at the offices of the Trustee, provided that at the option of the Company, the Company may pay those amounts (1) by wire transfer with respect to
Global Securities or (2) by check payable in that money mailed to a Holder’s registered address with respect to any Securities. 
 If the Company defaults in a payment of interest on the Securities of any series, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest on the defaulted interest,
in each case at the rate provided in the Securities of that series and in Section 4.01. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. At least 15 days before any special record
date selected by the Company, the Company (or the Trustee, in the name of and at the expense of the Company upon 20 days’ prior written notice from the Company setting forth that record date and the interest amount to be paid) shall mail to
Holders of any such series of Securities a notice that states the special record date, the related payment date and the amount of that interest to be paid. 
 SECTION 2.15 Persons Deemed Owners. 
 The Company, the Trustee, any Agent
and any authenticating agent may treat the Person in whose name any Security is registered as the owner of that Security for the purpose of receiving payments of principal of, premium (if any) or interest on, or any Additional Amounts with respect
to that Security and for all other purposes. None of the Company, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary. 
 SECTION 2.16 Computation of Interest. 
 Except as otherwise specified as
contemplated by Section 2.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a year comprising twelve 30-day months. 
 SECTION 2.17 Global Securities; Book-Entry Provisions. 
 If Securities of a
series are issuable in global form as a Global Security, as contemplated by Section 2.01, then, notwithstanding clause (10) of Section 2.01 and the provisions of Section 2.02, any such Global Security shall represent those of the
outstanding Securities of that series as shall be specified therein and may provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges or redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Securities
represented thereby shall be made by the Trustee (i) in such manner and upon instructions given by such Person or Persons as shall be specified in that Security or in a Company Order to be delivered to the Trustee pursuant to Section 2.04
or (ii) otherwise in accordance with written instructions or such other written form of instructions as is customary for the Depositary for that Security, from that Depositary or its nominee on behalf of any Person having a beneficial interest
in that Global Security. Subject to the provisions of Section 2.04 and, if applicable, Section 2.12, 

  
 15 

 
the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in that Security or in the applicable
Company Order. With respect to the Securities of any series that are represented by a Global Security, the Company authorizes the execution and delivery by the Trustee of a letter of representations or other similar agreement or instrument in the
form customarily provided for by the Depositary appointed with respect to that Global Security. Any Global Security may be deposited with the Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian therefor
pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depositary. If a Company Order has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or
redelivery of a Security in global form shall be in writing but need not comply with Section 10.05 and need not be accompanied by an Opinion of Counsel. 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the
Trustee or the Security Custodian as its custodian, or under that Global Security, and the Depositary may be treated by the Company, the Trustee or the Security Custodian and any agent of the Company, the Trustee or the Security Custodian as the
absolute owner of that Global Security for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global Security of any series may grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action that a Holder of Securities of that series is entitled to take under this Indenture or the Securities of that series and (ii) nothing herein shall prevent the Company,
the Trustee or the Security Custodian or any agent of the Company, the Trustee, or the Security Custodian from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall impair, as between the
Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a beneficial owner of any Security. 
 Notwithstanding Section 2.08, and except as otherwise provided pursuant to Section 2.01, transfers of a Global Security shall be limited to transfers of that Global Security in whole, but not in
part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Security may be transferred in accordance with the rules and procedures of the Depositary. Securities of any series shall be transferred
to all beneficial owners of a Global Security of that series in exchange for their beneficial interests in that Global Security if, and only if, either (1) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for that Global Security and a successor Depositary is not appointed by the Company within 90 days of that notice, (2) an Event of Default has occurred with respect to that series and is continuing and the Registrar has received a
request from the Depositary to issue Securities of that series in lieu of all or a portion of that Global Security (in which case the Company shall deliver Securities of that series within 30 days of that request) or (3) the Company determines
not to have the Securities of that series represented by a Global Security. 
 In connection with any transfer of a portion of
the beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.17, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be transferred, and the Company shall execute, and the Trustee on receipt of a Company Order for the authentication and delivery of Securities shall authenticate and deliver,
one or more Securities of the same series of like tenor and amount. 

  
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 In connection with the transfer of all the beneficial interests in a Global Security of any
series to beneficial owners pursuant to this Section 2.17, the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial
owner identified by the Depositary in exchange for its beneficial interest in the Global Security, an equal aggregate principal amount of Securities of that series of authorized denominations. 

Neither the Company nor the Trustee will have any responsibility or liability for any aspect of the records relating to, or payments made
on account of, Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to those Securities. Neither the Company nor the Trustee shall be liable for any delay by the related Global Security
Holder or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from that Global Security Holder or the Depositary for all purposes (including with
respect to the registration and delivery, and the respective principal amounts, of the Securities to be issued). 
 The
provisions of the last sentence of the third paragraph of Section 2.04 shall apply to any Global Security if that Global Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with
written instructions (which need not comply with Section 10.05 and need not be accompanied by an Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of Securities represented thereby, together with the
written statement contemplated by the last sentence of the third paragraph of Section 2.04. 
 Notwithstanding the
provisions of Sections 2.03 and 2.14, unless otherwise specified as contemplated by Section 2.01 with respect to Securities of any series, payment of principal of and premium (if any) and interest on and any Additional Amounts with respect to
any Global Security shall be made to the Person or Persons specified therein. 
 Any Global Security issued hereunder may, at
the discretion of the Company and the Trustee, bear a legend. 
 ARTICLE III 

REDEMPTION 
 SECTION 3.01
Applicability of Article. 
 Securities of any series that are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.01 for Securities of any series) in accordance with this Article III. 
 SECTION 3.02 Notice to the Trustee. 
 If the Company elects to redeem
Securities of any series pursuant to this Indenture, it shall notify the Trustee of the Redemption Date and principal amount of Securities of that series 

  
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to be redeemed. The Company shall so notify the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee) by delivering to the Trustee an
Officers’ Certificate stating that the redemption will comply with the provisions of this Indenture and of the Securities of that series. Any such notice may be canceled at any time prior to the mailing of that notice of redemption to any
Holder of the Securities of that series and shall thereupon be void and of no effect. 
 SECTION 3.03 Selection of Securities To Be
Redeemed. 
 If less than all the Securities of any series are to be redeemed (unless all of the Securities of that series
of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the outstanding Securities of that series (and tenor) not previously called
for redemption, either pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate. That redemption may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of
that series or any integral multiple thereof) of the principal amount of Securities of that series of a denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of Global Securities of
that series. 
 The Trustee shall promptly notify the Company and the Registrar in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Securities of any series
shall relate, in the case of any of the Securities redeemed or to be redeemed only in part, to the portion of the principal amount thereof which has been or is to be redeemed. 
 SECTION 3.04 Notice of Redemption. 
 Notice of redemption shall be given by
first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities of a series to be redeemed, at the address of that Holder appearing in the register of Securities for that
series maintained by the Registrar. 
 All notices of redemption shall identify the Securities to be redeemed and shall state:

 (1) the Redemption Date; 
 (2) the Redemption Price; 
 (3) that, unless the Company defaults in making the
redemption payment, interest on Securities called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of those Securities is to receive payment of the Redemption Price on surrender to the
Paying Agent of the Securities redeemed; 

  
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 (4) if any Security is to be redeemed in part, the portion of the principal amount thereof
to be redeemed and that on and after the Redemption Date, on surrender for cancellation of that Security to the Paying Agent, a new Security or Securities in the aggregate principal amount equal to the unredeemed portion thereof will be issued
without charge to the Holder; 
 (5) that Securities called for redemption must be surrendered to the Paying Agent to collect the
Redemption Price and the name and address of the Paying Agent; 
 (6) that the redemption is for a sinking or analogous fund, if
that is the case; and 
 (7) the CUSIP number, if any, relating to those Securities. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
written request, by the Trustee in the name and at the expense of the Company. 
 SECTION 3.05 Effect of Notice of Redemption.

 Once notice of redemption is mailed, Securities called for redemption become due and payable on the Redemption Date and at
the Redemption Price. Upon surrender to the Paying Agent, those Securities called for redemption shall be paid at the Redemption Price, but interest installments whose maturity is on or prior to that Redemption Date will be payable on the relevant
Interest Payment Dates to the Holders of record at the close of business on the relevant record dates specified pursuant to Section 2.01. 

SECTION 3.06 Deposit of Redemption Price. 
 On or prior to any Redemption Date, the Company shall deposit with the Trustee or the Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 2.06) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect to, the Securities
or portions thereof which are to be redeemed on that date, other than Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation. 

If the Company complies with the preceding paragraph, then, unless the Company defaults in the payment of that Redemption Price, interest
on the Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not those Securities are presented for payment, and the Holders of those Securities shall have no further rights with respect to those
Securities except for the right to receive the Redemption Price on surrender of those Securities. If any Security called for redemption shall not be so paid on surrender thereof for redemption, the principal of and premium, if any, any Additional
Amounts, and, to the extent lawful, accrued interest thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to Section 2.01 or provided in the Securities or, in the case of Original Issue Discount
Securities, their initial yield to maturity. 

  
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 SECTION 3.07 Securities Redeemed or Purchased in Part. 

Upon surrender to the Paying Agent of a Security to be redeemed in part, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of that Security without service charge a new Security or Securities, of the same series and of any authorized denomination as requested by that Holder in aggregate principal amount equal to, and in exchange for, the unredeemed
portion of the principal of the Security so surrendered that is not redeemed. 
 SECTION 3.08 Purchase of Securities. 

Unless otherwise specified as contemplated by Section 2.01, the Company and any Affiliate of the Company may at any time purchase or
otherwise acquire Securities in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented by those Securities. Any Securities purchased or
acquired by the Company may be delivered to the Trustee for cancellation and, on that cancellation, the indebtedness represented thereby shall be deemed to be satisfied. Section 2.13 shall apply to all Securities so delivered. 

SECTION 3.09 Mandatory and Optional Sinking Funds. 
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of the
minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” Unless otherwise provided by the terms of Securities of any series, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of that series and by this Article III.

 SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities. 

The Company may deliver outstanding Securities of a series (other than any previously called for redemption) and may apply as a credit
Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of those Securities or through the application of permitted optional sinking fund payments pursuant to the terms of those Securities, in each
case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of that series required to be made pursuant to the terms of that series of Securities; provided that those Securities have not been previously so
credited. Those Securities shall be received and credited for that purpose by the Trustee at the Redemption Price specified in those Securities for redemption through operation of the sinking fund, and the amount of that sinking fund payment shall
be reduced accordingly. 
 SECTION 3.11 Redemption of Securities for Sinking Fund. 

Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers’ Certificate of the Company specifying the amount of the next ensuing 

  
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sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, that is to be satisfied by payment of cash and the portion thereof, if any, that is to be
satisfied by delivery of or by crediting Securities of that series pursuant to Section 3.10 and will also deliver to the Trustee any Securities to be so delivered. Failure of the Company to timely deliver that Officers’ Certificate and
Securities specified in this paragraph, if any, shall not constitute a default but shall constitute the election of the Company (i) that the mandatory sinking fund payment for that series due on the next succeeding sinking fund payment date
shall be paid entirely in cash without the option to deliver or credit Securities of that series in respect thereof and (ii) that the Company will make no optional sinking fund payment with respect to that series as provided in this Section.

 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking
fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000 (or the Dollar equivalent thereof based on the applicable Exchange Rate on the date of original issue of the applicable Securities)
or a lesser sum if the Company shall so request with respect to the Securities of any particular series, that cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of that series at the sinking fund
redemption price together with accrued interest to the date fixed for redemption. If that amount shall be $100,000 (or the Dollar equivalent thereof as aforesaid) or less and the Company makes no such request, then it shall be carried over until a
sum in excess of $100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities to be redeemed on that sinking fund payment date in the
manner specified in Section 3.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.04. That notice having been duly given, the redemption of those
Securities shall be made on the terms and in the manner stated in Sections 3.05, 3.06 and 3.07. 
 ARTICLE IV 

COVENANTS 
 SECTION 4.01
Payment of Securities. 
 The Company shall pay the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities of each series on the dates and in the manner provided in the Securities of that series and in this Indenture. Principal, premium, interest and any Additional Amounts shall be considered paid on the date due if
the Paying Agent, other than the Company or a Subsidiary of the Company, holds on that date money deposited by the Company designated for and sufficient to pay all principal, premium (if any), interest and any Additional Amounts then due.

 The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal of and premium (if any) on Securities of any series, at a rate equal to the then applicable interest rate on the Securities of that series to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest on and any overdue payments of Additional Amounts with respect to Securities of that series (without regard to any applicable grace period) at the same rate to the extent lawful.

  
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 SECTION 4.02 Maintenance of Office or Agency. 

The Company will maintain in each Place of Payment for any series of Securities an office or agency (which may be an office of the
Trustee, the Registrar or the Paying Agent) where Securities of that series may be presented for registration of transfer or exchange, where Securities of that series may be presented for payment and where notices and demands to or on the Company in
respect of the Securities of that series and this Indenture may be served. Unless otherwise designated by the Company by written notice to the Trustee, that office or agency shall be the office of the Trustee in The City of New York, which on the
date hereof is located at                     . The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of that office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, those presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee. 
 The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented or surrendered for any or all those purposes and may from time to time rescind those designations; provided, however, that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for those purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. 
 SECTION 4.03 SEC Reports; Financial Statements. 

(a) The Company shall file with the Trustee, within 15 days after it files the same with the SEC, copies of the annual reports and the
information, documents and other reports (or copies of those portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act. The Company shall also comply with the provisions of TIA Section 314(a). 
 (b) If the Company is not subject to the
requirements of Section 13 or 15(d) of the Exchange Act, the Company shall furnish to all Holders of Rule 144A Securities and prospective purchasers of Rule 144A Securities designated by the Holders of Rule 144A Securities, promptly on their
request, the information required to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act of 1933, as amended. 

SECTION 4.04 Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, a statement signed by an Officer of the Company, which need not constitute an Officers’
Certificate, complying with TIA Section 314(a)(4) and stating that, in the course of performance by the signing 

  
 22 

 
Officer of the Company of his or her duties as such Officer of the Company, he or she would normally obtain knowledge of the keeping, observing, performing and fulfilling by the Company of its
obligations under this Indenture, and further stating that, to the best of his or her knowledge, the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which that Officer may have knowledge and what action the Company is
taking or proposes to take with respect thereto). 
 (b) The Company shall, so long as Securities of any series are outstanding,
deliver to the Trustee, promptly on any Officer of the Company becoming aware of any Default or Event of Default under this Indenture, an Officers’ Certificate specifying that Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto. 
 SECTION 4.05 Existence. 

Subject to Article V hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
its existence and the existence of each of its Subsidiaries and all rights (charter and statutory) of the Company and its Subsidiaries, provided that the Company shall not be required to preserve the existence of any Subsidiary of the Company or any
such right if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof would not have a material adverse effect on
the business, operations, assets or financial condition of the Company and its Subsidiaries taken as a whole and would not have any material adverse effect on the payment and performance of the obligations of the Company under the Securities and
this Indenture. 
 SECTION 4.06 Waiver of Stay, Extension or Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist on, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company hereby expressly waives all benefit or advantage of
any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 4.07 Additional Amounts. 
 If the Securities of a series expressly provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of that series Additional Amounts as expressly

  
 23 

 
provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the
net proceeds received from the sale or exchange of any Security of any series, that mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 4.07 to the extent that, in that context,
Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section 4.07, and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where that express mention is not made. 
 Unless otherwise provided
pursuant to Section 2.01 with respect to Securities of any series, if the Securities of a series provide for the payment of Additional Amounts, at least ten days prior to the first Interest Payment Date with respect to that series of Securities
(or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least ten days prior to each date of payment of principal and any premium or interest if
there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with
an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether that payment of principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series who
are United States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding shall be required, then that Officers’ Certificate shall
specify by country the amount, if any, required to be withheld on those payments to those Holders of Securities, and the Company will pay to that Paying Agent the Additional Amounts required by this Section. The Company covenants to indemnify the
Trustee and any Paying Agent for and to hold them harmless against any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in
reliance on any Officers’ Certificate furnished pursuant to this Section 4.07. 
 ARTICLE V 

SUCCESSORS 
 SECTION 5.01
Limitations on Mergers, Consolidations and Other Transactions. 
 The Company shall not, in any transaction or series of
related transactions, consolidate with any other Person or merge into any other Person, or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to any Person, unless: 

(1) the Person formed by that consolidation or into which the Company is merged, or to which that sale, lease, conveyance, transfer or
other disposition shall be made (collectively, the “Successor”), expressly assumes by supplemental indenture the due and punctual payment of the principal of (and premium, if any) and interest on and Additional Amounts with respect to all
the Securities and the performance of the Company’s covenants and obligations under this Indenture and the Securities; 

  
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 (2) immediately after giving effect to that transaction or series of related transactions,
no Default or Event of Default shall have occurred and be continuing; and 
 (3) the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and that supplemental indenture comply with this Indenture. 
 SECTION 5.02 Successor Person Substituted. 
 Upon any consolidation or
merger of the Company or any sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, any Successor formed by that consolidation or into or with which the
Company is merged or to which that sale, lease, conveyance, transfer or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of the Company under this Indenture and the Securities with the same
effect as if that Successor had been named as the Company herein and the predecessor Company, in the case of a sale, conveyance, transfer or other disposition, shall be released from all obligations under this Indenture and the Securities.

 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 SECTION 6.01 Events of Default. 

Unless either inapplicable to a particular series or specifically deleted or modified in or pursuant to the supplemental indenture or
Board Resolution establishing that series of Securities or in the form of Security for that series, an “Event of Default,” wherever used herein with respect to Securities of any series, occurs if: 

(1) the Company defaults in the payment of interest on or any Additional Amounts with respect to any Security of that series when the same
becomes due and payable and that default continues for a period of 30 days; 
 (2) the Company defaults in the payment of
(A) the principal of any Security of that series at its Maturity or (B) premium (if any) on any Security of that series when the same becomes due and payable; 
 (3) the Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series, and that default continues for a period of 30 days; 

(4) the Company fails to comply with any of its other covenants or agreements in, or provisions of, the Securities of that series or this
Indenture (other than an agreement, covenant or provision that has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than that series) which shall not have been remedied within the specified
period after written notice, as specified in the last paragraph of this Section 6.01; 

  
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 (5) the Company pursuant to or within the meaning of any Bankruptcy Law: 

(a) commences a voluntary case, 
 (b) consents to the entry of an order for relief against it in an involuntary case, 

(c) consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, or 

(d) makes a general assignment for the benefit of its creditors; 
 (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in effect for 90 days and that: 

(a) is for relief against the Company as debtor in an involuntary case, 

(b) appoints a Bankruptcy Custodian of the Company or a Bankruptcy Custodian for all or substantially all of the property of the Company,
or 
 (c) orders the liquidation of the Company; or 
 (7) any other Event of Default provided with respect to Securities of that series occurs. 
 The term “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

The Trustee shall not be deemed to know or have notice of a Default unless a Trust Officer at the Corporate Trust Office of the Trustee
receives written notice at the Corporate Trust Office of the Trustee of that Default with specific reference to that Default. 

When a Default is cured, it ceases. 
 Notwithstanding the foregoing provisions of this Section 6.01, if the principal of, premium (if any) or interest on or Additional Amounts with respect to any Security is payable in a currency or
currencies (including a composite currency) other than Dollars and such currency or currencies are not available to the Company for making payment thereof due to the imposition of exchange controls or other circumstances beyond the control of the
Company (a “Conversion Event”), the Company will be entitled to satisfy its obligations to Holders of the Securities by making that payment in Dollars in an amount equal to the Dollar equivalent of the amount payable in such other
currency, as determined by the Company by reference to the Exchange Rate on the date of that payment, or, if that rate is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing provisions of this
Section 6.01, any payment made under such circumstances in Dollars where the required payment is in a currency other than Dollars will not constitute an Event of Default under this Indenture. 

  
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 Promptly after the occurrence of a Conversion Event, the Company shall give written notice
thereof to the Trustee; and the Trustee, promptly after receipt of that notice, shall give notice thereof in the manner provided in Section 10.02 to the Holders. Promptly after the making of any payment in Dollars as a result of a Conversion
Event, the Company shall give notice in the manner provided in Section 10.02 to the Holders, setting forth the applicable Exchange Rate and describing the calculation of those payments. 

A Default under clause (4) or (7) of this Section 6.01 is not an Event of Default until the Trustee notifies the Company,
or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by that Default (or, in the case of a Default under clause (4) of this Section 6.01, if outstanding Securities of other series are
affected by that Default, then at least 25% in principal amount of the then outstanding Securities so affected) notify the Company and the Trustee, of the Default, and the Company fails to cure the Default within 90 days after receipt of the notice.
The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 
 SECTION 6.02
Acceleration. 
 If an Event of Default with respect to any Securities of any series at the time outstanding (other than
an Event of Default specified in clause (5) or (6) of Section 6.01 hereof) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of the
series affected by that default (or, in the case of an Event of Default described in clause (4) of Section 6.01, if outstanding Securities of other series are affected by that Default, then at least 25% in principal amount of the then
outstanding Securities so affected) by notice to the Company and the Trustee, may declare the principal of (or, if any of those Securities are Original Issue Discount Securities, that portion of the principal amount as may be specified in the terms
of that series) and all accrued and unpaid interest on all then outstanding Securities of that series or of all series, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable on those Securities shall be
due and payable immediately. If an Event of Default specified in clause (5) or (6) of Section 6.01 hereof occurs, those amounts shall ipso facto become and be immediately due and payable without any declaration, notice or other act on
the part of the Trustee or any Holder. The Holders of a majority in principal amount of the then outstanding Securities of the series affected by that default or all series, as the case may be, by written notice to the Trustee may rescind an
acceleration and its consequences (other than nonpayment of principal of or premium or interest on or any Additional Amounts with respect to the Securities) if the rescission would not conflict with any judgment or decree and if all existing Events
of Default with respect to Securities of that series (or of all series, as the case may be) have been cured or waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become due solely because of the
acceleration. 
 SECTION 6.03 Other Remedies. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, or premium, if any, or
interest on the Securities of that series or to enforce the performance of any provision of the Securities of that series or this Indenture. 

  
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 The Trustee may maintain a proceeding with respect to Securities of any series even if it
does not possess any of the Securities of that series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing on an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 SECTION
6.04 Waiver of Defaults. 
 Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then
outstanding Securities of any series or of all series (acting as one class) by notice to the Trustee may waive an existing or past Default or Event of Default with respect to that series or all series, as the case may be, and its consequences
(including waivers obtained in connection with a tender offer or exchange offer for Securities of that series or all series or a solicitation of consents in respect of Securities of that series or all series, provided that in each case that offer or
solicitation is made to all Holders of then outstanding Securities of that series or all series (but the terms of that offer or solicitation may vary from series to series)), except (1) a continuing Default or Event of Default in the payment of
the principal of, or premium, if any, or interest on or any Additional Amounts with respect to any Security or (2) a continued Default in respect of a provision that under Section 9.02 cannot be amended or supplemented without the consent
of each Holder affected. Upon any such waiver, that Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon. 
 SECTION 6.05 Control by Majority. 

With respect to Securities of any series, the Holders of a majority in principal amount of the then outstanding Securities of that series
may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it relating to or arising under an Event of Default described in clause (1), (2),
(3) or (7) of Section 6.01, and with respect to all Securities, the Holders of a majority in principal amount of all the then outstanding Securities affected may direct in writing the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it not relating to or arising under such an Event of Default. However, the Trustee may refuse to follow any direction that conflicts with applicable law
or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with that direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from Holders directing the Trustee against all losses and expenses
caused by taking or not taking that action. 

  
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 SECTION 6.06 Limitations on Suits. 

Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with respect to this Indenture or the
Securities of that series only if: 
 (1) the Holder gives to the Trustee written notice of a continuing Event of Default with
respect to that series; 
 (2) the Holders of at least 25% in principal amount of the then outstanding Securities of that series
make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of indemnity; and 
 (5) during that 60-day period, the Holders
of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.07 Rights of Holders to Receive Payment. 
 Notwithstanding any
other provision of this Indenture, the right of any Holder of a Security to receive payment of principal of and premium, if any, and interest on and any Additional Amounts with respect to that Security, on or after the respective due dates expressed
in that Security, or to bring suit for the enforcement of any such payment on or after those respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

SECTION 6.08 Collection Suit by Trustee. 
 If an Event of Default specified in clause (1) or (2) of Section 6.01 hereof occurs and is continuing with respect to Securities of any series, the Trustee is authorized to recover judgment
in its own name and as trustee of an express trust against the Company for the amount of principal, premium (if any), interest and any Additional Amounts remaining unpaid on the Securities of that series, and interest on overdue principal and
premium, if any, and, to the extent lawful, interest on overdue interest, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel. 
 SECTION 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating as
a member, voting or otherwise, of any committee of creditors, as may be necessary or advisable to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceeding relative to the Company or its creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any
such claims and any Bankruptcy Custodian in any such judicial proceeding is hereby authorized by each Holder to 

  
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make those payments to the Trustee, and in the event that the Trustee shall consent to the making of those payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to receive in that proceeding whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10
Priorities. 
 If the Trustee collects any money pursuant to this Article VI, it shall pay out the money in the following
order: 
 First: to the Trustee for amounts due under Section 7.07; 

Second: to Holders for amounts due and unpaid on the Securities in respect of which or for the benefit of which that money has been
collected, for principal, premium (if any), interest and any Additional Amounts ratably, without preference or priority of any kind, according to the amounts due and payable on those Securities for principal, premium (if any), interest and any
Additional Amounts, respectively; and 
 Third: to the Company. 

The Trustee, on prior written notice to the Company, may fix record dates and payment dates for any payment to Holders pursuant to this
Article VI. 
 To the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment against the
Company in any court it is necessary to convert the sum due in respect of the principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities of any series (the “Required Currency”) into a currency in
which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the New York Business Day next preceding that on which final judgment is given. Neither the Company nor the Trustee shall be liable for any shortfall nor shall it benefit from any windfall in payments to Holders of
Securities under this Section 6.10 caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to make
payments under this Section to Holders of Securities, but payment of that judgment shall discharge all amounts owed by the Company on the claim or claims underlying that judgment. 

  
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 SECTION 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the then outstanding Securities of any series. 
 ARTICLE VII 
 TRUSTEE 

SECTION 7.01 Duties of Trustee. 
 (a) If an Event of Default with respect to the Securities of any series has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture with respect
to the Securities of that series, and use the same degree of care and skill in that exercise, as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 

(b) Except during the continuance of an Event of Default with respect to the Securities of any series: 

(i) the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, on certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee
shall examine those certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of Section 7.01(b); 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein
expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Section 7.01. 
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity reasonably satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable
for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee
with respect to Securities of any series shall, until applied as herein provided, be held in trust for the payment of the principal of, premium (if any) and interest on and Additional Amounts with respect to the Securities of that series.

 SECTION 7.02 Rights of Trustee. 
 (a) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 (b) Before the Trustee acts or refrains from acting, it may require instruction, an Officers’ Certificate or an Opinion
of Counsel or both to be provided. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on that instruction, Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel, and
the written advice of that counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers conferred on it by this Indenture. 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 

  
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 SECTION 7.03 May Hold Securities. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company
or any of its Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee is subject to Sections 7.10 and 7.11. 

SECTION 7.04 Trustee’s Disclaimer. 
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities; it shall not be accountable for the Company’s use of the proceeds from the Securities or any
money paid to the Company or upon the Company’s direction under any provision hereof; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for
any statement or recital herein or any statement in the Securities other than its certificate of authentication. 
 SECTION 7.05 Notice of
Defaults. 
 If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and it
is known to the Trustee, the Trustee shall mail to Holders of Securities of that series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of,
premium (if any) and interest on and Additional Amounts or any sinking fund installment with respect to the Securities of that series, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines
that withholding the notice is in the interests of Holders of Securities of that series. 
 SECTION 7.06 Reports by Trustee to Holders.

 Within 60 days after each May 15 of each year after the execution of this Indenture, the Trustee shall mail to Holders
of a series and the Company a brief report dated as of that reporting date that complies with TIA Section 313(a); provided, however, that if no event described in TIA Section 313(a) has occurred within the twelve months preceding the
reporting date with respect to a series, no report need be transmitted to Holders of that series. The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports if and as required by TIA Sections
313(c) and 313(d). 
 A copy of each report at the time of its mailing to Holders of a series of Securities shall be filed by
the Company with the SEC and each securities exchange, if any, on which the Securities of that series are listed. The Company shall notify the Trustee if and when any series of Securities is listed on any stock exchange. 

SECTION 7.07 Compensation and Indemnity. 
 The Company agrees to pay to the Trustee from time to time such reasonable compensation for its acceptance of this Indenture and services hereunder as the Company and the Trustee shall from time to time
agree to in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company agrees to reimburse the Trustee on request for all reasonable disbursements, advances and expenses
incurred by it. Those expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

  
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 The Company hereby indemnifies the Trustee against any loss, liability or expense incurred
by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, except as set forth in the next paragraph. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.
The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel, and the Company shall pay the reasonable fees and expenses of that counsel. The Company need not pay for any settlement made
without its consent. 
 The Company shall not be obligated to reimburse any expense or indemnify against any loss or liability
incurred by the Trustee through negligence or bad faith. 
 To secure the payment obligations of the Company in this
Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with
respect to the Securities of any series. That lien shall survive the satisfaction and discharge of this Indenture. 
 When the
Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy
Law. 
 SECTION 7.08 Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only on the successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 The Trustee may resign and be discharged at any time with respect to the Securities of one or more series by so notifying the
Company. The Holders of a majority in principal amount of the then outstanding Securities of any series may remove the Trustee with respect to the Securities of that series by so notifying the Trustee and the Company. The Company may remove the
Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (3) a Bankruptcy Custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to the Securities of one or more series, the Company shall promptly appoint

  
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a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one
or more or all of those series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). Within one year after the successor Trustee with respect to the Securities of any series takes office, the
Holders of a majority in principal amount of the Securities of that series may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the Securities of any series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders
of at least 10% in principal amount of the then outstanding Securities of that series may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of that series. 

If the Trustee with respect to the Securities of a series fails to comply with Section 7.10, any Holder of Securities of that series
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of that series. 
 In case of the appointment of a successor Trustee with respect to all Securities, each such successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

In case of the appointment of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of one or more (but not all) series shall execute and deliver an indenture supplemental hereto in which each successor Trustee shall accept that appointment and that
(1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of that successor Trustee relates, (2) if the retiring
Trustee is not retiring with respect to all Securities, shall confirm that all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee. Nothing
herein or in that supplemental indenture shall constitute those Trustees co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any
other such Trustee. Upon the execution and delivery of that supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, and each such successor Trustee shall have all the rights,
powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of that successor Trustee relates. On the request of the Company or any successor Trustee, that retiring Trustee shall transfer
to that successor Trustee all property held by that retiring Trustee as Trustee with respect to the Securities of that or those series to which the appointment of that successor Trustee relates. 

  
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 Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.08,
the obligations of the Company under Section 7.07 shall continue for the benefit of the retiring Trustee or Trustees. 
 SECTION 7.09
Successor Trustee by Merger, etc. 
 Subject to Section 7.10, if the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided, however, that in the case of a transfer of all or
substantially all of its corporate trust business to another corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities hereunder. 
 In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to that authenticating Trustee may adopt that
authentication and deliver the Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate those Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all those cases those certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 SECTION 7.10 Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States, any State thereof or the District of Columbia and authorized
under those laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of Columbia) authority and shall have, or be a Subsidiary of a bank or bank holding company having, a combined
capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 
 The
Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply with the provisions of TIA Section 310(b) during the period of time required by
this Indenture. Nothing in this Indenture shall prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA Section 310(b). 
 SECTION 7.11 Preferential Collection of Claims Against Company. 
 The
Trustee is subject to and shall comply with the provisions of TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to
the extent indicated therein. 

  
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 ARTICLE VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 8.01 Option to Effect Legal
Defeasance or Covenant Defeasance. 
 The Company may, at the option of its Board of Directors evidenced by resolutions set
forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities of any series upon compliance with the conditions set forth below in this Article VIII. 

Unless otherwise provided for in a Board Resolution, a supplemental indenture or an Officers’ Certificate, when (a) the Company
has delivered to the Trustee for cancellation all Securities of a series or (b) all outstanding Securities of a series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one year, and the Company shall have deposited with the Trustee as trust funds the entire amount sufficient to pay at maturity or upon redemption of all outstanding Securities
of the series, and if, in either case, the Company shall also pay or cause to be paid all other sums payable under the Indenture by the Company, then the Indenture shall cease to be of further effect with respect to such Securities of such series.
The Trustee shall acknowledge satisfaction and discharge of the Indenture on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

SECTION 8.02 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02 with respect to any series of Securities, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities of that series on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of that series, which shall thereafter be deemed
to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Securities and this
Indenture with respect to such Securities of such series (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder: 
 (a) the rights of Holders of outstanding Securities of that series to receive
solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of (or, in the case of Original Issue Discount Securities of that series, the portion thereby
specified in the terms of such Security), premium, if any, and interest on such Securities when such payments are due; 

  
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 (b) the Company’s obligations with respect to such Securities of that series under
Article II; and 
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith; and this Article VIII. 
 Subject to compliance with this Article VIII, the Company may exercise its option
under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 SECTION 8.03 Covenant
Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 with respect to any series of Securities, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in this Indenture as
evidenced by a Board Resolution, a supplemental indenture or an Officers’ Certificate with respect to the outstanding Securities of that series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter,
“Covenant Defeasance”), and the Securities of that series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Securities of that series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an
Event of Default with respect to such Securities under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03 hereof with respect to any series of Securities, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(4) hereof shall not
constitute an Event of Default with respect to such Securities. 
 SECTION 8.04 Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Securities:

 In order to exercise either Legal Defeasance or Covenant Defeasance with respect to any series of Securities: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that series of Securities, cash in
U.S. dollars, non-callable Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized independent registered public accounting firm, to pay the principal amount of (or, in the
case of Original Issue Discount Securities of that series, the portion thereby specified in the terms of such Security), premium, if any, and interest on the outstanding Securities of that series on the stated date for payment thereof or on the
applicable redemption date, as the case may be; 

  
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 (2) in the case of an election under Section 8.02 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
 (a)
the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (b) since the date of
this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of that series will not
recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the case if such legal
Defeasance had not occurred; 
 (3) in the case of an election under Section 8.03 hereof, the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of that series will not recognize income, gain or loss for federal income tax purposes as a
result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default with respect to that series of Securities shall have occurred and be continuing either: 

(a) on the date of such deposit (other than a Default or Event of Default with respect to that series of Securities resulting from the
borrowing of funds to be applied to such deposit); or 
 (b) insofar as Sections 6.01(5) or 6.01(6) hereof are concerned, at any
time in the period ending on the 91st day after the date of deposit; 
 (5) such Legal Defeasance or Covenant Defeasance shall
not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its significant Subsidiaries are a party or by which the Company or any of its
significant Subsidiaries are bound; 
 (6) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that on the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 

(7) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders 

  
 39 

 
of that series of Securities over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and

 (8) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 SECTION 8.05
Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to
Section 8.06 hereof, all money and non-callable Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of any outstanding series of Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Securities of that series. 
 Anything in this
Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Obligations held by it as provided in Section 8.04 hereof
which, in the opinion of a nationally recognized independent registered public accounting firm expressed in a written certificate thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess
of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION
8.06 Repayment to the Issuer. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its
request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice 

  
 40 

 
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company. 
 SECTION 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Obligations in accordance with
Section 8.02 or 8.03 thereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES AND AMENDMENTS 

SECTION 9.01 Without Consent of Holders. 
 The Company and the Trustee may amend or supplement this Indenture or the Securities or waive any provision hereof or thereof without the consent of any Holder: 

(1) to cure any ambiguity, omission, defect or inconsistency; 
 (2) to comply with Section 5.01; 
 (3) to provide for uncertificated
Securities in addition to or in place of certificated Securities, or to provide for the issuance of bearer Securities (with or without coupons); 
 (4) to provide any security for any series of Securities or to add guarantees of any series of Securities; 
 (5) to comply with any requirement in order to effect or maintain the qualification of this Indenture under the TIA; 
 (6) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if those covenants are to be for the benefit of less than all series of Securities,
stating that those covenants are expressly being included solely for the benefit of that series), or to surrender any right or power herein conferred on the Company; 
 (7) to add any additional Events of Default with respect to all or any series of the Securities (and, if any such Event of Default is applicable to less than all series of Securities, specifying the
series to which that Event of Default is applicable); 

  
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 (8) to change or eliminate any of the provisions of this Indenture; provided that any such
change or elimination shall become effective only when there is no outstanding Security of any series created prior to the execution of that amendment or supplemental indenture that is adversely affected in any material respect by that change in or
elimination of that provision; 
 (9) to establish the form or terms of Securities of any series as permitted by
Section 2.01; 
 (10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit
or facilitate the defeasance and discharge of any series of Securities pursuant to Section 8.01; provided, however, that any such action shall not adversely affect the interest of the Holders of Securities of that series or any other series of
Securities in any material respect; or 
 (11) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 7.08. 
 Upon the request of the Company, accompanied by a Board Resolution, and
upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture
and make any further appropriate agreements and stipulations that may be therein contained. 
 SECTION 9.02 With Consent of Holders.

 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture with
the written consent (including consents obtained in connection with a tender offer or exchange offer for Securities of any one or more series or all series or a solicitation of consents in respect of Securities of any one or more series or all
series, provided that in each case that offer or solicitation is made to all Holders of then outstanding Securities of each such series (but the terms of that offer or solicitation may vary from series to series)) of the Holders of at least a
majority in principal amount of the then outstanding Securities of all series affected by that amendment or supplement (acting as one class). 
 Upon the request of the Company, accompanied by a Board Resolution, and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the
documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of that amendment or supplemental indenture. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if that
consent approves the substance thereof. 

  
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 The Holders of a majority in principal amount of the then outstanding Securities of one or
more series or of all series may waive compliance in a particular instance by the Company with any provision of this Indenture with respect to Securities of that series (including waivers obtained in connection with a tender offer or exchange offer
for Securities of that series or a solicitation of consents in respect of Securities of that series, provided that in each case that offer or solicitation is made to all Holders of then outstanding Securities of that series (but the terms of that
offer or solicitation may vary from series to series)). 
 However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not: 
 (1) reduce the amount of Securities whose Holders must consent to
an amendment, supplement or waiver; 
 (2) reduce the rate of or change the time for payment of interest, including default
interest, on any Security; 
 (3) reduce the principal of, premium on or any mandatory sinking fund payment with respect to, or
change the Stated Maturity of, any Security or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable on a declaration of acceleration of the Maturity thereof pursuant to Section 6.02;

 (4) reduce the premium, if any, payable on the redemption of any Security or change the time at which any Security may or
shall be redeemed; 
 (5) change any obligation of the Company to pay Additional Amounts with respect to any Security;

 (6) change the coin or currency or currencies (including composite currencies) in which any Security or any premium, interest
or Additional Amounts with respect thereto are payable; 
 (7) impair the right to institute suit for the enforcement of any
payment of principal of, premium (if any) or interest on or any Additional Amounts with respect to any Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 

(8) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of this
Indenture pursuant to Section 6.04 or 6.07 or make any change in this sentence of Section 9.02; or 
 (9) waive a
continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities. 
 A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of
Securities, or which modifies the rights of the Holders of Securities of that series with respect to that covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

  
 43 

 The right of any Holder to participate in any consent required or sought pursuant to any
provision of this Indenture (and the obligation of the Company to obtain any such consent otherwise required from that Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to
which that consent is required or sought as of a date identified by the Company in a notice furnished to Holders in accordance with the terms of this Indenture. 
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of each Security affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail that notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

SECTION 9.03 Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 
 SECTION 9.04 Revocation and Effect of Consents. 
 Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even
if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his or her Security or portion of a Security if the Trustee receives written notice of revocation before the date the
amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Company may, but shall not be obligated to, fix a record date (which need not comply with Section 316(c) of the TIA) for the purpose of determining the Holders entitled to consent to any
amendment, supplement or waiver or to take any other action under this Indenture. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons who were Holders at that record date (or their
duly designated proxies), and only those Persons, shall be entitled to consent to that amendment, supplement or waiver or to revoke any consent previously given, whether or not those Persons continue to be Holders after that record date. No consent
shall be valid or effective for more than 90 days after that record date unless consents from Holders of the principal amount of Securities required hereunder for that amendment or waiver to be effective shall have also been given and not revoked
within that 90-day period. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it
is of the type described in any of clauses (1) through (9) of Section 9.02 hereof. In that case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the same
debt as the consenting Holder’s Security. 

  
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 SECTION 9.05 Notation on or Exchange of Securities. 

If an amendment or supplement changes the terms of an outstanding Security, the Company may require the Holder of the Security to deliver
it to the Trustee. The Trustee may place an appropriate notation on the Security at the request of the Company regarding the changed terms and return it to the Holder. Alternatively, if the Company so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of that amendment or supplement. 

Securities of any series authenticated and delivered after the execution of any amendment or supplement may, and shall if required by the
Company, bear a notation in form approved by the Company as to any matter provided for in that amendment or supplement. 
 SECTION 9.06
Trustee to Sign Amendments, etc. 
 The Trustee shall sign any amendment or supplement authorized pursuant to this
Article if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign that amendment or supplement, the
Trustee shall be entitled to receive, and, subject to Section 7.01 hereof, shall be fully protected in relying on, an Opinion of Counsel provided at the expense of the Company as conclusive evidence that such amendment or supplement is
authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding on the Company in accordance with its terms. 
 ARTICLE X 
 MISCELLANEOUS 

SECTION 10.01 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by operation of TIA Section 318(c), the imposed duties shall control. 

SECTION 10.02 Notices. 

Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by
first-class mail (registered or certified, return receipt requested), telex, facsimile or overnight air courier guaranteeing next day delivery, to the other’s address: 
 If to the Company: 
 Syntroleum Corporation 

5416 South Yale, Suite 400 
 Tulsa, OK 74135 
 Attention: Principal Financial Officer 

If to the Trustee: 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

  
 45 

 All notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if by facsimile; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder
shall be mailed by first-class mail, postage prepaid, to the Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect
to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly
given, whether or not the addressee receives it, except in the case of notice to the Trustee, it is duly given only when received. 
 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 All notices or communications, including without limitation notices to the Trustee or the Company by Holders, shall be in writing, except as otherwise set forth herein. 

In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice
required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of that notice. 
 SECTION 10.03 Communication by Holders with Other Holders. 
 Holders may
communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).

 SECTION 10.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall, if requested by
the Trustee, furnish to the Trustee at the expense of the Company: 
 (1) an Officers’ Certificate (which shall include the
statements set forth in Section 10.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
 46 

 (2) an Opinion of Counsel (which shall include the statements set forth in
Section 10.05 hereof) stating that, in the opinion of that counsel, all those conditions precedent and covenants have been complied with. 

SECTION 10.05 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply
with the provisions of TIA Section 314(e) and shall include: 
 (1) a statement that the Person making that certificate or
opinion has read that covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or
investigation on which the statements or opinions contained in that certificate or opinion are based; 
 (3) a statement that, in
the opinion of that Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not that covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of that Person, that condition or covenant has been complied with. 

SECTION 10.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

SECTION 10.07 Legal Holidays. 
 If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period. 
 SECTION 10.08 No Recourse Against Others. 
 A director, officer, employee, stockholder, partner or other owner of the Company or the Trustee, as such, shall not have any liability for any obligations of the Company under the Securities or for any
obligations of the Company or the Trustee under this Indenture or for any claim based on, in respect of or by reason of those obligations or their creation. Each Holder by accepting a Security waives and releases all that liability. The waiver and
release shall be part of the consideration for the issue of Securities. 
 SECTION 10.09 Governing Law. 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW

  
 47 

 
YORK, WITHOUT GIVING EFFECT TO ANY PRINCIPLES OF CONFLICTS OF LAWS THEREUNDER TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

SECTION 10.10 No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this
Indenture. 
 SECTION 10.11 Successors. 
 All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 10.12 Severability. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the fullest extent
permitted by applicable law, not in any way be affected or impaired thereby. 
 SECTION 10.13 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. 
 SECTION 10.14 Table of Contents, Headings, etc. 

The table of contents, cross-reference table and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written. 

 

			
	SYNTROLEUM CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		 	as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 48

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