Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 MURPHY OIL CORPORATION 

as Issuer, 
 U.S. BANK NATIONAL
ASSOCIATION 
 as Original Trustee 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Series Trustee 

Fifth Supplemental Indenture 

Dated as of November 27, 2019 

$550,000,000 aggregate principal amount of 5.875% Notes due 2027 
  

 

 FIFTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
November 27, 2019, among MURPHY OIL CORPORATION, a Delaware corporation (the “Issuer”), U.S. BANK NATIONAL ASSOCIATION (the “Original Trustee”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Series Trustee (the
“Series Trustee”). 
 WITNESSETH THAT: 

WHEREAS, the Issuer and the Original Trustee have entered into an Indenture (the “Base Indenture” and, as supplemented by
this Supplemental Indenture, the “Indenture”) dated as of May 18, 2012 providing for the issuance from time to time of series of its Securities (as defined in the Base Indenture); and 

WHEREAS, Section 7.01(e) of the Base Indenture provides for the Issuer and the applicable trustee to enter into an indenture supplemental
to the Base Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03 of the Base Indenture; and 

WHEREAS, pursuant to Section 2.03 of the Base Indenture, the Issuer, for its lawful corporate purposes, desires to create and authorize a
new series of Securities to be known as the 5.875% Notes due 2027 (the “Notes”), initially in an aggregate principal amount of Five Hundred Fifty Million Dollars ($550,000,000), and to be due December 1, 2027; and 

WHEREAS, the Issuer has duly authorized the execution and delivery of this Supplemental Indenture, which sets forth the terms and conditions
upon which the Notes are to be executed, registered, authenticated, issued and delivered; and 
 WHEREAS, the Issuer has elected to appoint
Wells Fargo Bank, National Association as the “Series Trustee” in respect of the Notes to fulfill all duties and responsibilities of the Trustee under the Indenture with respect to the Notes; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement according to its terms have been done, and all things
necessary to make the Notes, when executed by the Issuer and authenticated and delivered by or on behalf of the Series Trustee as in this Supplemental Indenture provided, the valid, binding and legal obligations of the Issuer have been done. 

NOW, THEREFORE: 
 In order to
declare the terms and conditions upon which the Notes are executed, registered, authenticated, issued and delivered, and in consideration of the premises, of the purchase and acceptance of such Notes by the Holders thereof and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Issuer covenants and agrees with 

  
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the Original Trustee and the Series Trustee, for the equal and proportionate benefit of the respective Holders from time to time of such Notes, as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01.    Relation to Base Indenture. This Supplemental Indenture constitutes an integral part of the
Base Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture will govern and be controlling in respect of the Notes.

 Section 1.02.    Definition of Terms. For all purposes of this Supplemental Indenture: 

(a)    capitalized terms used herein without definition shall have the meanings specified in the Base Indenture; and 

(b)    the following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) shall
have the respective meanings as set forth in this Section 1.02: 
 “Affiliate” means, with respect to any specified
Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Aggregate Debt” means the sum of the following as of the date of determination:
(i) the then outstanding aggregate principal amount of Debt secured by mortgages permitted by clauses (d), (e), (n) (to the extent the extension, renewal or replacement relates to Debt secured by mortgages Incurred pursuant to clause
(d) or (e)) and (p) under Section 4.02 of this Supplemental Indenture, (ii) the then outstanding aggregate principal amount of Indebtedness Incurred by the Issuer’s Subsidiaries permitted by clauses (e), (f) and
(m) under Section 4.03 of this Supplemental Indenture and (iii) the then outstanding aggregate principal amount of Attributable Indebtedness of all outstanding Sale and Lease-Back Transactions permitted under Section 4.04 of this
Supplemental Indenture. 
 “Attributable Indebtedness” means, with respect to any particular Sale and Lease-Back
Transaction and at any date as of which the amount thereof is to be determined, the present value of the total net amount of rent required to be paid by such person under the lease during the primary term thereof (including any period for which such
lease has been extended or may, at the option of the lessee, be extended), discounted from the respective due dates thereof at such date at the rate of interest per annum implicit in the terms of the lease (as determined in good faith by the
Issuer). 
 “Calculation Date” has the meaning set forth in the definition of “Treasury Rate” in this
Section 1.02. 
 “Change of Control” means the occurrence of any of the following: 

(1) the consummation of any transaction or series of related transactions (including, without limitation, any merger or
consolidation) the result of which is that any “person” 

  
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(for purposes of this definition, as that term is used in Section 13(d)(3) of the Exchange Act), other than the Issuer, any of its Subsidiaries, any of the Murphy Family or any employee
benefit plan of the Issuer or any of its Subsidiaries (each such person, an “Excluded Party”), becomes the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Issuer’s Voting Stock or other Voting Stock into which the Issuer’s Voting Stock is
reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; provided that the consummation of any such transaction will not be considered to be a Change of Control if (a) the Issuer becomes a
direct or indirect wholly-owned subsidiary of a holding company and (b) immediately following such transaction, (x) the direct or indirect holders of the Voting Stock of the holding company are substantially the same as the holders of the
Issuer’s Voting Stock immediately prior to such transaction or (y) no person (other than the Excluded Parties) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; 

(2)    the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Stock or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Issuer’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person
or any direct or indirect parent company of the surviving Person, measured by voting power rather than number of shares, immediately after giving effect to such transaction; or 

(3)    the adoption by the Board of Directors of the Issuer of a plan relating to the Issuer’s
liquidation or dissolution. 
 “Change of Control Offer” has the meaning set forth in Section 4.01(a) of this
Supplemental Indenture. 
 “Change of Control Payment” has the meaning set forth in Section 4.01(a) of this
Supplemental Indenture. 
 “Change of Control Payment Date” has the meaning set forth in Section 4.01(b) of this
Supplemental Indenture. 
 “Change of Control Triggering Event” means (1) the ratings of the Notes is downgraded by
any two of the Ratings Agencies during the 60-day period (the “Trigger Period”) commencing on the earlier of (i) the occurrence of a Change of Control or (ii) the first public
announcement of the occurrence of a Change of Control or the Issuer’s intention to effect a Change of Control (which Trigger Period will be extended so long as the ratings of the Notes is under publicly announced consideration for possible
downgrade by any of the Ratings Agencies) and (2) the Notes are rated below an Investment Grade rating by any two of the Ratings Agencies on any date during the Trigger Period; provided that a Change of Control Triggering Event will not
be deemed to have occurred in respect of a particular Change of Control if such Ratings Agencies do not publicly announce or confirm or inform the Series Trustee in writing at the Issuer’s request that the

  
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reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change
of Control has occurred at the time of the Change of Control Triggering Event). Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until
such Change of Control has actually been consummated. 
 “Comparable Treasury Issue” means the U.S. Treasury security
selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any date fixed for redemption, (i) the average of four Reference
Treasury Dealer Quotations for the relevant date fixed for redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations. 
 “Corporate Trust Office” means, with respect to, and only with
respect to, the Indenture and the Notes, the office of the Series Trustee at which the corporate trust business of the Series Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this
Supplemental Indenture is dated, located at 125 High Street, 15th Floor, Boston, MA 02110-2704. 
 “Consolidated Net
Assets” means the total of all assets (less depreciation and amortization reserves and other valuation reserves and loss reserves) which, under generally accepted accounting principles, would appear on the asset side of the Issuer’s
consolidated balance sheet, less the aggregate of all liabilities, deferred credits, minority shareholders’ interests in Subsidiaries, reserves and other items which, under such principles, would appear on the liability side of such
consolidated balance sheet, except debt for borrowed money and stockholders’ equity; provided, however, that in determining Consolidated Net Assets, there shall not be included as assets, (a) all assets (other than goodwill, which
shall be included) which would be classified as intangible assets under generally accepted accounting principles, including, without limitation, patents, trademarks, copyrights and unamortized debt discount and expense, (b) any treasury stock
carried as an asset, or (c) any write-ups of capital assets (other than write-ups resulting from the acquisition of stock or assets of another corporation or
business). 
 “Debt” means debt for money borrowed. 

“Default Direction” has the meaning set forth in Section 5.03(a) of this Supplemental Indenture. 

“Derivative Instrument” means, with respect to a Person, any contract, instrument or other right to receive payment or
delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Screened Affiliate) is a party (whether or
not requiring further 

  
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performance by such Person), the value or cash flows of which (or any material portion thereof) are materially affected by the value or performance of the Notes or the creditworthiness of the
Issuer (the “Performance References”). 
 “Directing Holder” has the meaning set forth in
Section 5.03(a) of this Supplemental Indenture. 
 “DTC” means The Depository Trust Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Party” has the meaning set forth in the definition of “Change of Control” in this Section 1.02. 

“Fitch” means Fitch Ratings, Inc. and its successors. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Measurement
Date. 
 “Immediate Family” of a Person means such Person’s spouse, children, siblings, parents, mother-in-law and father-in-law, sons-in-law, daughters-in-law, brothers-in-law
and sisters-in-law. 
 “Incur” means
create, incur, issue, assume or guarantee. The term “Incurrence” when used as a noun shall have a correlative meaning. 

“Indebtedness” means any liability of any person (i) for borrowed money, (ii) evidenced by a bond, note, debenture
or similar instrument (other than a trade payable or liabilities arising in the ordinary course of business), (iii) for the payment of money relating to a capital lease obligation, or (iv) any liability of others described in the preceding
clauses (i), (ii) or (iii) that the person has guaranteed; in each case, solely to the extent such indebtedness would appear as a liability on the balance sheet of such person in accordance with GAAP. For the avoidance of doubt, surety bonds
and similar instruments shall not be deemed Indebtedness. 
 “Independent Investment Banker” means J.P. Morgan Securities
LLC or its successors, as specified by the Issuer, or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Issuer. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of
Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), a rating of BBB- or better by Fitch (or its
equivalent under any successor rating category of Fitch) or an equivalent investment grade rating from any replacement ratings agency appointed by the Issuer. 

“issue date” means November 27, 2019. 

“Long Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, or the payment or
delivery obligations under which generally decrease, with positive changes to the Performance References or (ii) the value of which generally decreases, or the payment or delivery obligations under which generally increase, with negative
changes to the Performance References. 

  
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 “Measurement Date” means August 18, 2017, which is the date of
issuance of the Issuer’s 5.750% senior notes due 2025. 
 “Moody’s” means Moody’s Investors Service Inc. and
its successors. 
 “Murphy Family” means (1) (i) the C.H. Murphy Family Investments Limited Partnership; (ii) the
estate and descendants of C.H. Murphy, Jr.; (iii) the siblings of the late C.H. Murphy, Jr. and their respective estates and descendants; (iv) the respective Immediate Family of, Immediate Family of descendants of and descendants of Immediate
Family of, any individual included in clause (ii) or (iii); (v) any trust established for the benefit of any of the foregoing or any charitable trust or foundation established by any of the foregoing, and the respective trustees, fiduciaries
and beneficiaries of any such trust or foundation; and (vi) any corporation, limited partnership, limited liability company or other entity owned by any of the foregoing, or organized to achieve estate planning objectives of any of the
foregoing; and (2) any affiliate (as defined in Rule 12b-2 under the Exchange Act) or successor of any of the foregoing. 

“Net Short” means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of
its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the
case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives Definitions, as supplemented by the 2019 Narrowly Tailored Credit Event Supplement) to have
occurred with respect to the Issuer immediately prior to such date of determination. 
 “New York Agency” means, with
respect to, and only with respect to, the Indenture and the Notes, the office of Wells Fargo Bank, National Association, serving as agent of the Series Trustee in The City of New York, which office is, at the date as of which this Supplemental
Indenture is dated, located at 150 East 42nd Street, 40th Floor, New York, NY 10017. 
 “Noteholder Direction” has the
meaning set forth in Section 5.03(a) of this Supplemental Indenture. 
 “Notice of Default” has the meaning set forth
in Section 5.03(a) of this Supplemental Indenture. 
 “Performance References” has the meaning set forth for such term
in the definition of “Derivative Instrument” in this Section 1.02. 
 “Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

  
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 “Position Representation” has the meaning set forth in Section 5.03(a)
of this Supplemental Indenture. 
 “Primary Treasury Dealer” has the meaning set forth in the definition of “Reference
Treasury Dealer” in this Section 1.02. 
 “Principal Property” means all property and equipment directly engaged
in the Issuer’s exploration, production and transportation activities. 
 “Project Financing” means any Indebtedness
that is Incurred to finance or refinance the acquisition, improvement, installation, design, engineering, construction, development, completion, maintenance, operation, securitization or monetization, in respect of all or any portion of any project,
any group of projects, or any asset related thereto, and any guaranty with respect thereto, other than such portion of such Indebtedness or guaranty that expressly provides for direct recourse to the Issuer or any of the Issuer’s Subsidiaries
(other than a Project Financing Subsidiary) or any of their respective property other than recourse to the equity in, Indebtedness or other obligations of, or properties of, one or more Project Financing Subsidiaries; provided,
however, that support such as limited guaranties or obligations to provide or guaranty equity contributions or to make subordinated loans that are customary in similar financing arrangements shall not be considered direct recourse for the
purpose of this definition. 
 “Project Financing Subsidiary” means any of the Issuer’s Subsidiaries whose principal
purpose is to Incur Project Financing or to become a direct or indirect partner, member or other equity participant or owner in a person so created, and substantially all the assets of such subsidiary are limited to (i) those assets for which
the acquisition, improvement, installation, design, engineering, construction, development, completion, maintenance, operation, securitization or monetization is being financed in whole or in part by one or more Project Financings, or (ii) the
equity in, indebtedness or other obligations of, one or more other such Subsidiaries or persons. 
 “Ratings Agency” means
each of Fitch, Moody’s and S&P; provided that if any of Fitch, Moody’s and S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, the Issuer
may appoint a replacement for such ratings agency that is a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act with respect to the Notes. 

“Reference Treasury Dealer” means each of (i) J.P. Morgan Securities LLC or its successors, provided,
however, that if the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer and
(ii) any three other Primary Treasury Dealers selected by the Issuer after consultation with an Independent Investment Banker. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date fixed for
redemption, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 5:00 p.m., New York City time, on the Calculation Date. 

  
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 “Refinancing Indebtedness” means, in respect of any Indebtedness (the
“Original Indebtedness”), any extension, renewal or refinancing thereof so long as (a) the principal amount of such Refinancing Indebtedness does not exceed the then existing principal amount of the Original Indebtedness (other
than amounts Incurred to pay accrued and unpaid interest, fees and expenses (including original issue discount and upfront fees) and prepayment premiums on such Original Indebtedness or costs of such extension, renewal or refinancing), (b) the
scheduled maturity date thereof is not shorter than the scheduled maturity date of the Original Indebtedness, (c) any remaining scheduled amortization of principal thereunder prior to the maturity date of the Notes is not shortened,
(d) such Refinancing Indebtedness shall not constitute an obligation (including pursuant to a guarantee) of any of the Issuer’s Subsidiaries that shall not have been an obligor in respect of such Original Indebtedness, (e) if such
Original Indebtedness shall have been subordinated to the Notes, such Refinancing Indebtedness shall also be subordinated to the Notes and (f) such Refinancing Indebtedness shall not be secured by any mortgage on any asset other than the assets
that secured such Original Indebtedness. 
 “Remaining Life” has the meaning set forth in the definition of
“Comparable Treasury Issue” in this Section 1.02. 
 “Remaining Scheduled Payments” means the remaining
scheduled payments of principal of and interest on each Note to be redeemed that would be due after the related date fixed for redemption but for such redemption. If the date fixed for redemption is not an interest payment date with respect to the
Note being redeemed, the amount of the next succeeding scheduled interest payment on the Note will be reduced by the amount of interest accrued thereon to that date fixed for redemption. 

“Revolving Credit Facility” means that certain Credit Agreement, dated as of November 28, 2018, among the Issuer, the
lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, including any related notes, guarantees and collateral documents as the same may be amended, restated, refinanced, replaced, modified or otherwise supplemented from time
to time. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc., and its successors. 
 “Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions
independently from such Holder and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a
Screened Affiliate and such screens prohibit the sharing of information with respect to the Issuer or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in
concert with such Holder in connection with its investment in the Notes and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such
Holders in connection with its investment in the Notes. 
 “Short Derivative Instrument” means a Derivative Instrument
(i) the value of which generally decreases, or the payment or delivery obligations under which generally increase, with positive changes to the Performance References or (ii) the value of which generally increases, or the payment or
delivery obligations under which generally decrease, with negative changes to the Performance References. 

  
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 “Subsidiary” means (a) any corporation of which more than 50% of the
total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is at the time directly or indirectly owned by the Issuer or by one or more of the
Issuer’s Subsidiaries, and (b) any limited partnership in which the Issuer or a subsidiary is a general partner and in which more than 50% of the capital accounts, distribution rights and voting interests thereof is at the time directly or
indirectly owned by the Issuer or by one or more of the Issuer’s Subsidiaries. 
 “Treasury Rate” means, with respect
to any date fixed for redemption, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during
the week preceding the Calculation Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such date fixed for redemption. The Treasury Rate will be calculated on the third business day next preceding the date fixed for redemption (the “Calculation
Date”). 
 “Trigger Period” has the meaning set forth in the definition of “Change of Control Triggering
Event” in this Section 1.02. 
 “Verification Covenant” has the meaning set forth in Section 5.03(a) of this
Supplemental Indenture. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote generally in the election of the board of directors of such Person. 
 The terms “Supplemental
Indenture,” “Issuer,” “Original Trustee,” “Series Trustee,” “Indenture,” “Base Indenture” and “Notes” shall have the respective meanings
set forth in the recitals to this Supplemental Indenture and the paragraph preceding such recitals. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01.    Designation and Principal Amount. There is hereby created and
authorized a series of Notes designated as the “5.875% Notes due 2027”, which shall be a series initially limited to $550,000,000 aggregate principal amount and which shall be initially due on December 1, 2027 

  
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(except, in respect of the aggregate principal amount of the Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to
Sections 2.08, 2.09, 2.11 or 11.03 of the Base Indenture). 
 Section 2.02.    Form of Notes. The Notes and
the Series Trustee’s certificate of authentication to be borne by the Notes are to be substantially in the form attached as Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by the Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of the Indenture, as may be required to comply with any law or with any rules or regulations pursuant
thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing such Notes, as evidenced by their execution of the Notes. The Notes shall be initially issued in the form of one
or more Global Securities in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof at the office or agency of the Issuer in the Borough of Manhattan, The City of New York, and in the manner and subject to the
limitations provided in the Base Indenture, but without the payment of any service charge. 

Section 2.03.    Additional Notes. The Issuer may from time to time, without the consent of the existing
Holders and notwithstanding Section 2.01 of this Supplemental Indenture, create and issue additional Notes hereunder having the same terms and conditions in all respects as the Notes issued on the issue date, except for the date of issuance,
issue price and the date of the first payment of interest on any such additional Notes (if such additional Notes are issued after the first interest payment date immediately following the issue date); provided that if any such additional
Notes are not fungible with the Notes issued on the issue date for U.S. federal income tax purposes, such additional Notes shall have a different CUSIP number. Additional Notes issued pursuant to this Section 2.03 shall be consolidated with and
form a single series with the previously outstanding Notes. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.01.    Optional Redemption. (a) At any time prior to December 1, 2022, the Issuer may
redeem the Notes in accordance with Article 11 of the Base Indenture, as amended by this Supplemental Indenture, in whole or in part, at its option, at a redemption price equal to the greater of: 

(i)    100% of the principal amount of the Notes to be redeemed, or 

(ii)    the sum of the present values of the Remaining Scheduled Payments of principal and interest on the Notes to be
redeemed (not including any portion of such payments of interest accrued and unpaid to the date of redemption), discounted to the date fixed for redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, 
 plus, in either case, accrued and
unpaid interest on the principal amount of the Notes being redeemed to, but not including, the date fixed for redemption. 

  
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 (b)    On or after December 1, 2022, the Issuer may redeem the
Notes, in whole or in part, at its option, at the redemption prices set forth below (expressed in percentages of principal amount of such Notes being redeemed on the date fixed for redemption), plus accrued and unpaid interest on the principal
amount of such Notes being redeemed to, but not including, the date fixed for redemption, if redeemed during the 12-month period commencing on December 1 of the years set forth below: 

 

					
	 Period
	  	Redemption Price	 
	 2022
	  	 	102.938	% 
	 2023
	  	 	101.958	% 
	 2024
	  	 	100.979	% 
	 2025 and thereafter
	  	 	100.000	% 

 (c)    Unless the Issuer defaults on payment of the redemption price, interest will cease
to accrue on the Notes or portions thereof called for redemption on and after the date fixed for redemption. If fewer than all of the Notes are to be redeemed, the Series Trustee will select, not more than 60 days prior to the date fixed for
redemption, the particular Notes or portions thereof for redemption from the outstanding Notes not previously called by such method as the Series Trustee deems fair and appropriate (or, in the case of Notes issued in global form, by such method as
DTC may require). The redemption price pursuant to Section 3.01(a) shall be calculated by the Independent Investment Banker and the Issuer, the Series Trustee and any Paying Agent for the Notes shall be entitled to rely on such calculation.

 Section 3.02.    Notice of Redemption. The Issuer will deliver electronically or, at its option, mail by
first-class mail a notice of redemption to each Holder of Notes to be redeemed at least 15 and not more than 60 days prior to the date fixed for redemption. Notice of any redemption of the Notes in connection with a transaction (including an
Incurrence of Indebtedness, a Change of Control or other transaction) may, at the Issuer’s discretion, be given prior to the completion thereof. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or
more conditions precedent, including completion of a related transaction. If such redemption or purchase is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall
state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was mailed or delivered, including by electronic transmission) as any or all such
conditions shall be satisfied (or waived), or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived) by the redemption date, or by the
redemption date as so delayed. In addition, the Issuer may provide in such notice that payment of the redemption price and performance of its obligations with respect to such redemption may be performed by another Person. 

Section 3.03.    No Other Redemption. Except as set forth in this Article 3, Section 4.01(e) of this
Supplemental Indenture and Article 11 of the Base Indenture, the Notes shall not be redeemable by the Issuer prior to maturity and shall not be entitled to the benefit of any sinking fund. For the avoidance of doubt, Section 11.05 of the Base
Indenture shall not apply to the Notes. 

  
 11 

 ARTICLE 4 

ADDITIONAL COVENANTS 

Section 4.01.    Repurchase Upon a Change of Control Triggering Event. (a) Upon the occurrence of a
Change of Control Triggering Event with respect to the Notes, unless the Issuer has exercised its right to redeem all of the Notes as described under Article 3 of this Supplemental Indenture, each Holder of Notes will have the right to require the
Issuer to purchase all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price in cash (the “Change of Control Payment”) equal to 101% of
the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, provided that any payment of interest becoming due on or prior to the Change of Control Payment Date shall be payable to the Holders of such Notes
registered as such on the relevant record date. 
 (b)    Within 30 days following the date upon which the Change of
Control Triggering Event occurs, or at the Issuer’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Issuer will be required to send electronically or, at its option, by first class
mail, a notice to each Holder of Notes, with a copy to the Series Trustee, which notice will govern the terms of the Change of Control Offer and describe the Change of Control Triggering Event. Such notice will state, among other things, the
purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed or otherwise transmitted, other than as may be required by law (the “Change of Control Payment Date”). The notice, if
mailed or otherwise transmitted prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

(c)    Upon the Change of Control Payment Date, the Issuer will, to the extent lawful: 

(i)    accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to
the Change of Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered; and 
 (iii)    deliver,
or cause to be delivered, to the Series Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased. 

(d)    The Issuer will not be required to make a Change of Control Offer if (i) a third party makes such an offer in
the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under its offer or (ii) a notice of redemption for all
outstanding Notes has been given previous to, or concurrently with, the Change of Control pursuant to Article 3 of this Supplemental Indenture, unless and until there is a default in payment of the applicable redemption price. 

(e)    If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not
withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer, as described in Section 4.01(d), 

  
 12 

 
purchase all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 15 nor more than 60 days’ prior notice,
with such notice given not more than 30 days following the Change of Control Payment Date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not
included in the Change of Control Payment, accrued and unpaid interest, if any, on the Notes that remain outstanding to the date of redemption provided that any payment of interest becoming due on or prior to the redemption date shall be payable to
the Holders of such Notes registered as such on the relevant record date. 
 (f)    The Issuer will comply with the
applicable requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase
of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer will comply with those securities
laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

(g)    Unless the Issuer defaults in the Change of Control Payment, on and after the Change of Control Payment Date,
interest will cease to accrue on the Notes or portions of the Notes tendered for repurchase pursuant to the Change of Control Offer. 

Section 4.02.    Limitation on Liens. With respect to the Notes, Section 3.09 of the Base Indenture is
hereby amended to be replaced with the following: 
 The Issuer will not, nor will it permit any Subsidiary to, issue, assume or guarantee
any Debt secured by a mortgage, lien, pledge or other encumbrance (hereinafter referred to as a “Mortgage”) upon any Principal Property or upon any Debt or Capital Stock of any Subsidiary which owns any Principal Property, without
providing that the Notes will be secured by such Mortgage equally and ratably with (or prior to) any other Debt thereby secured, except that the foregoing provisions shall not apply to: 

 

	(a)	 Mortgages existing on the issue date (other than Mortgages securing Debt outstanding under the Revolving Credit
Facility); 

  

	(b)	 Mortgages existing at the time an entity becomes a Subsidiary of the Issuer or is merged into or consolidated
with the Issuer or a Subsidiary of the Issuer (provided that such Mortgages were not Incurred in contemplation of such transaction); 

  

	(c)	 Mortgages in favor of the Issuer or any Subsidiary; 

 

	(d)	 Mortgages on property to secure Debt Incurred prior to, at the time of or within 180 days after the
construction, development or improvement of the property or after the completion of construction of the property, for the purpose of financing all or part of the cost of construction, development or improvement (provided that such mortgages
are limited to such property and improvements thereon); 

  
 13 

	(e)	 Mortgages on property, shares of stock or Debt to secure Debt Incurred prior to, at the time of or within 180
days after the acquisition of the property, shares of stock or Debt, for the purpose of financing all or part of the purchase price of the property, shares of stock or Debt (provided that such mortgages are limited to such property and
improvements thereon or the shares of stock or Debt so acquired); 

  

	(f)	 Mortgages in favor of the United States of America, any state, any other country or any political subdivision
to secure partial, progress, advance or other payments pursuant to any contract or statute; 

  

	(g)	 Mortgages on property of the Issuer or any Subsidiary securing Debt Incurred in connection with financing all
or part of the cost of operating, constructing or acquiring projects, provided that the Debt is recourse only to such property (other than Debt permitted to be Incurred under clause (o) below); 

 

	(h)	 liens on property or assets of the Issuer or any Subsidiary consisting of marine Mortgages provided for in
Title XI of the Merchant Marine Act of 1936 or foreign equivalents; 

  

	(i)	 Mortgages or easements on property of the Issuer or any Subsidiary Incurred to finance such property on a tax-exempt basis that do not materially detract from the value of property or assets or materially impair the use thereof; 

  

	(j)	 Mortgages on equipment of the Issuer or any Subsidiary granted in the ordinary course of business to the
Issuer’s or such Subsidiary’s client at which such equipment is located; 

  

	(k)	 Mortgages securing Debt Incurred in the ordinary course of business in an aggregate principal amount that, when
taken together with Indebtedness Incurred pursuant to Section 4.03(h) of this Supplemental Indenture, does not exceed $50,000,000 at any one time outstanding; 

 

	(l)	 Mortgages in favor of the Notes; 

 

	(m)	 Mortgages in respect to letters of credit, bank guarantees or similar instruments issued in the ordinary course
of business; 

  

	(n)	 any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in
part, of any Mortgage referred to in the foregoing clauses (a) to (m) inclusive or of any Debt secured thereby, provided that the extension, renewal or replacement secures the same or a lesser principal amount of Debt (plus any premium
or fee payable in connection with such extension, renewal or replacement) and, provided, further, that such Mortgage shall be limited to substantially the same property which secured the Mortgage extended, renewed or replaced (plus
improvements on such property); 

  

	(o)	 Mortgages securing Debt in respect of any Project Financing Incurred by any Project Financing Subsidiary,
provided that such Mortgages may not be on any (i) Principal Property or (ii) proved oil and gas reserves, in each case owned or held by the Issuer or any Subsidiary as of the issue date); and 

  
 14 

	(p)	 other Mortgages on Principal Property or on any Debt or Capital Stock of any Subsidiary securing Debt the
aggregate principal amount of which, when taken together with the aggregate principal amount of all other then outstanding Aggregate Debt, does not exceed the greater of (i) 10% of the Issuer’s Consolidated Net Assets or (ii) $1,750,000,000 at
the time of creation, Incurrence or assumption of such Mortgages after giving effect to the receipt and application of the proceeds of the Debt secured thereby. 

Section 4.03.    Limitation on Subsidiary Indebtedness. With respect to the Notes, the Base Indenture is
hereby modified to add the following covenant in this Section 4.03. The Issuer will not permit any of its Subsidiaries to incur any Indebtedness, except that the foregoing provision shall not apply to: 

 

	(a)	 Indebtedness existing on the issue date (other than Indebtedness outstanding under the Revolving Credit
Facility) and any Refinancing Indebtedness with respect to such Indebtedness; 

  

	(b)	 intercompany loans and advances between the Issuer and its Subsidiaries; provided that (i) if the
obligor on such intercompany loan or advance is the Issuer, then such Indebtedness must be expressly subordinated to the prior payment in full of the Notes; and (ii) at the time of (1) any subsequent issuance or transfer of Capital Stock
that results in any such Indebtedness being held by a person other than the Issuer or one of its Subsidiaries or (2) any sale or other transfer of any such Indebtedness to a person that is neither the Issuer nor a Subsidiary of the Issuer, such
Indebtedness will no longer be permitted to be Incurred under this clause (b); 

  

	(c)	 Indebtedness of an entity existing at the time such entity becomes a Subsidiary of the Issuer or is merged,
consolidated or amalgamated with or into any Subsidiary of the Issuer and not Incurred in contemplation of such transaction, and any Refinancing Indebtedness with respect thereto; 

 

	(d)	 Indebtedness in respect to letters of credit, bank guarantees or similar instruments issued in the ordinary
course of business; 

  

	(e)	 Indebtedness Incurred prior to, at the time of or within 180 days after the construction, development or
improvement of property or after the completion of construction of property, for the purpose of financing all or part of the cost of construction, development or improvement, and any Refinancing Indebtedness with respect to such Indebtedness;

  

	(f)	 Indebtedness Incurred prior to, at the time of or within 180 days after the acquisition of property, shares of
stock or Debt for the purpose of financing all or part of such purchase price of property, shares of stock or Debt, and any Refinancing Indebtedness with respect to such Indebtedness; 

 

	(g)	 Indebtedness in respect of workers’ compensation claims or self-insurance and respect of performance, bid
and surety bonds and completion guarantees provided in the ordinary course of business; 

  
 15 

	(h)	 Indebtedness Incurred in the ordinary course of business in an aggregate principal amount that, when taken
together with Indebtedness secured by Mortgages Incurred pursuant to Section 4.02(k), does not exceed $50,000,000 at any one time outstanding; 

  

	(i)	 Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business; 

  

	(j)	 customer deposits and advance payments received in the ordinary course of business or consistent with past
practice from customers for goods or services purchased in the ordinary course of business or consistent with past practice not to exceed $50,000,000 at any one time outstanding; 

 

	(k)	 cash management obligations, cash management services and other Indebtedness in respect of netting services,
automatic clearing house arrangements, employees’ credit or purchase cards, overdraft protections and similar arrangements and otherwise in connection with depositary accounts and repurchase agreements; 

 

	(l)	 Indebtedness in respect of any Project Financing Incurred by any Project Financing Subsidiary (provided
that such Project Financing Subsidiary may not own or hold (i) any Principal Property or (ii) any proved oil and gas reserves, in each case owned or held by the Issuer or any Subsidiary as of the issue date); and 

 

	(m)	 other Indebtedness the aggregate principal amount of which, when taken together with the aggregate principal
amount of all other then outstanding Aggregate Debt, does not exceed the greater of (i) 10% of the Consolidated Net Assets of the Issuer or (ii) $1,750,000,000 at the time of Incurrence of such Indebtedness after giving effect to the receipt and
application of the proceeds therefrom. 

 Section 4.04.    Limitation on Sale and Lease-Back
Transactions. With respect to the Notes, Section 3.10 of the Base Indenture is hereby amended to be replaced with the following: 

The Issuer will not, nor will it permit any Subsidiary to, lease any Principal Property from the purchaser or transferee of such Principal
Property for more than three years (herein referred to as a “Sale and Lease-Back Transaction”), unless: 
  

	(a)	 the Issuer or the Issuer’s Subsidiary could Incur Debt in a principal amount equal to the Attributable
Indebtedness with respect to such Sale and Lease-Back Transaction secured by a Mortgage on the property subject to such Sale and Lease-Back Transaction (as permitted under Section 4.02(p) of this Supplemental Indenture) without equally and
ratably securing the Notes under Section 4.02; or 

  

	(b)	 the Issuer applies an amount equal to the greater of (i) the proceeds of such sale or transfer or
(ii) the fair value of the property so leased to the defeasance or retirement (other than any mandatory retirement), within 180 days of the effective date of such arrangement, of Senior Funded Indebtedness; provided, however, that
the amount to be so applied to the defeasance or retirement of such Senior Funded Indebtedness will be reduced by an amount (not previously used to reduce the amount of such defeasance or retirement) equal to the

  
 16 

	 	
lesser of (x) the amount expended by the Issuer since the date of this Supplemental Indenture and within twelve months prior to the effective date of any such Sale and Lease-Back Transaction
or within 180 days thereafter for the acquisition by it of unencumbered Principal Properties or (y) the fair value (as determined by the Board of Directors) of unencumbered Principal Properties so acquired by the Issuer during such twelve-month
period and 180-day period. 

 ARTICLE 5 

EVENTS OF DEFAULT 

Section 5.01.    Automatic Acceleration. (a) If an Event of Default occurs under Section 4.01(e) or
Section 4.01(f) of the Base Indenture, then, notwithstanding anything to the contrary in the Indenture, the principal amount of and accrued interest on the Notes shall be immediately due and payable without any declaration or other act by the
Series Trustee or any Holder. 
 (b)    Any time period in the Indenture to cure any actual or alleged default or Event
of Default may be extended or stayed by a court of competent jurisdiction. 
 Section 5.02.    Certificated
Notes. If (i) the Depositary notifies the Issuer that it is no longer willing or able to act as depositary for Notes represented by Global Securities, and the Issuer does not appoint a successor depositary within 90 days of such notice,
(ii) an Event of Default has occurred with respect to the Notes and is continuing, and the Depositary requests the issuance of Notes in definitive registered form or (iii) the Issuer determines not to have the Notes represented by Global
Securities, then the Issuer shall execute, and the Series Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Notes, will authenticate and deliver, Notes in definitive registered form without coupons, in any
authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Global Securities representing such Notes, in exchange for such Global Security or Global Securities. 

Section 5.03.    Noteholder Directions. (a) If an Event of Default with respect to the Notes occurs and
is continuing, then, in each and every such case, unless the principal of the Notes shall have already become due and payable, either the Series Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then Outstanding
by notice in writing to the Issuer (and to the Series Trustee if given by the Holders of Notes) (such notice, “Notice of Default”), may declare the entire principal of the Notes and the interest accrued thereon, if any, to be due
and payable immediately, and upon any such declaration the same shall become immediately due and payable; provided that a Notice of Default under clauses (d) and (g) of Section 4.01 of the Base Indenture must specify the default,
demand that it be remedied and state that such notice is a Notice of Default and may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such Notice of Default. Any Notice of Default,
notice of acceleration or instruction to the Series Trustee to provide a Notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each, a “Directing
Holder”) must be accompanied by a written representation from each such Holder delivered to the Issuer and the Series Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed
solely by beneficial owners that are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to delivery of a Notice of Default (a “Default Direction”)
shall be 

  
 17 

 
deemed a continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of
providing a Noteholder Direction, covenant to provide the Issuer with such other information as the Issuer may reasonably request from time to time in order to verify the accuracy of such Holder’s Position Representation within five Business
Days of request therefor (a “Verification Covenant”). In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the
Notes in lieu of DTC or its nominee. 
 (b)    If, following the delivery of a Noteholder Direction, but prior to
acceleration of the Notes, the Issuer determines in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Series Trustee an Officer’s
Certificate stating that the Issuer has filed papers with a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of
Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a final and non-appealable determination of a court
of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuer provides to the Series Trustee an Officer’s Certificate stating that a Directing Holder failed to
satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification Covenant. Any breach of the
Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such
Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred. 

ARTICLE 6 

APPOINTMENT OF AND ACCEPTANCE BY SERIES
TRUSTEE 
 Section 6.01.    Appointment of Series Trustee. Pursuant to the Base Indenture,
the Issuer hereby appoints the Series Trustee as Trustee under the Indenture with respect to, and only with respect to, the Notes. Pursuant to the Base Indenture, all the rights, powers, trusts and duties of the Original Trustee under the Indenture
shall be vested in the Series Trustee with respect to the Notes and there shall continue to be vested in the Original Trustee all of its rights, powers, trusts and duties as Trustee under the Base Indenture with respect to all of the series of
Securities as to which it has served and continues to serve as Trustee under the Base Indenture. With respect to the Notes, all references to the Trustee in the Base Indenture shall be understood to be references to the Series Trustee, unless the
context requires otherwise. Unless appointed as successor trustee in accordance with the Base Indenture, the Original Trustee shall not be responsible for the enforcement of the Notes under the Indenture or have any other responsibility with respect
to the Notes or this Supplemental Indenture, but, in addition to and not in lieu of its privileges, rights, protections from liability and benefits under the Indenture, the Original Trustee shall be entitled to all privileges, rights, protections
from liability and benefits as the Series Trustee shall have under this Supplemental Indenture. 

  
 18 

 Section 6.02.    Eligibility of Series Trustee. The Series
Trustee hereby represents that it is qualified and eligible under the provisions of Section 5.08 of the Base Indenture and the provisions of the Trust Indenture Act to accept its appointment as Series Trustee with respect to the Notes under the
Indenture and hereby accepts the appointment as such Series Trustee. 
 Section 6.03.    Security Registrar,
Paying Agent and Calculation Agent. Pursuant to the Base Indenture, the Issuer hereby appoints the Series Trustee as Security registrar and paying agent with respect to the Notes. 

ARTICLE 7 

MISCELLANEOUS PROVISIONS 

Section 7.01.    Supplemental Indentures. With respect to the Notes, Section 7.01 of the Base Indenture
is hereby amended to (i) amend and restate clauses (f) and (g) and (ii) add the following as clause (h) thereof: 
  

	(a)	 to make provision with respect to the conversion rights, if any, of Holders of Notes pursuant to the
requirements of Article 13 of the Base Indenture; 

  

	(b)	 to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the
Notes of one or more series and to add to or change any of the provisions of this Supplemental 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 5.10 of the Base Indenture; and 

  

	(c)	 to conform the text hereof to the “Description of the Notes” in the Issuer’s prospectus
supplement related to the Notes to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of the Indenture. 

Section 7.02.    Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental
Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed to be part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 7.03.    Concerning the Original Trustee and the Series Trustee. Neither the Original Trustee nor the
Series Trustee assumes any duties, responsibilities or liabilities by reason of this Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, each shall have all of the rights, powers,
privileges, protections and immunities which it possesses under the Indenture. The Original Trustee shall have no liability for any acts or omissions of the Series Trustee, and the Series Trustee shall have no liability for any acts or omissions of
the Original Trustee. The Original Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture. 

Section 7.04.    New York Law to Govern. This Supplemental Indenture and each Note shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, without regard to conflicts of laws principles thereof, except as may otherwise be required by mandatory provisions
of law. 

  
 19 

 Section 7.05.    Counterparts. This Supplemental Indenture
may be executed in any number of counterparts, each of which shall be deemed to be an original and shall together constitute one and the same instrument. 

Section 7.06.    Effect of Headings. The Article and Section headings herein are for convenience only and
shall not affect the construction hereof. 
 Section 7.07.    Separability Clause. In case any provision of
this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 7.08.    Successors. All agreements of the Issuer in this Supplemental Indenture and the Notes will
bind its successors. All agreements of the Original Trustee and Series Trustee in this Supplemental Indenture will bind their successors. 

Section 7.09.    Limitation on Damages. In no event shall the Series Trustee be responsible or liable for
special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Series Trustee has been advised of the likelihood or such loss or damage and regardless of
the form of action. 
 Section 7.10.    Force Majeure. In no event shall the Series Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Series Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 7.11.    U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326
of the U.S.A. Patriot Act, the Series Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identities each person or legal entity
that establishes a relationship or opens an account with the Series Trustee. The parties to this Supplemental Indenture agree that they will provide the Series Trustee with such information as it may request in order for the Series Trustee to
satisfy the requirements of the U.S.A. Patriot Act. 
 Section 7.12.    Waiver of Jury Trial. EACH OF THE
ISSUER AND THE SERIES TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 [Remainder of Page Intentionally Blank] 

  
 20 

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

					
	MURPHY OIL CORPORATION
		
	By:	 	 /s/ John B. Gardner

		 	Name:	 	John B. Gardner
		 	Title:	 	Vice President and Treasurer
	
	 U.S. BANK NATIONAL ASSOCIATION,
as Original Trustee

		
	By:	 	 /s/ Felicia H. Powell

		 	Name:	 	Felicia H. Powell
		 	Title:	 	Vice President
	
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Series Trustee

		
	By:	 	 /s/ Patrick Giordano

		 	Name:	 	Patrick Giordano
		 	Title:	 	Vice President

  
 [Signature Page to the
Fifth Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF SUCH DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.]1 
  

 

	1 	 Include for a Global Security. 

  
 A-1 

			
	Certificate No.    	  	CUSIP No. 626717 AM4
		
	$        	  	ISIN No. US626717AM42

 MURPHY OIL CORPORATION 

5.875% Notes due 2027 
 MURPHY
OIL CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (the “Issuer”), for value received, hereby promises to pay to [        ]
[CEDE & CO.]2 or registered assigns, the principal sum of [        ] DOLLARS
($[        ]) [as revised on the Schedule of Exchanges of Notes attached hereto]3 on December 1, 2027, at the office or agency of the
Issuer in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually on
June 1 and December 1 of each year, commencing June 1, 2020, on said principal sum at said office or agency, in like coin or currency, at the rate per year specified in the title of this Note; provided that payment of interest
may be made on any Note issued in definitive form, at the option of the Issuer by check mailed to the address of the person entitled thereto as such address shall appear on the security register. Interest on the Note will accrue from the most recent
date to which interest has been paid, or if no interest has been paid, from November 27, 2019. The interest so payable on any June 1 or December 1 will, subject to certain exceptions provided in the Indenture referred to on the
reverse hereof, be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the May 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such
June 1 or December 1. Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been executed by
the Series Trustee under the Indenture referred to on the reverse hereof by manual signature. 
 [Remainder of Page Intentionally
Blank] 
  
  

	2 	 Include for a Global Security. 

	3 	 Include for a Global Security. 

  
 A-2 

 IN WITNESS WHEREOF, Murphy Oil Corporation has caused this instrument to be duly executed.

  

			
	MURPHY OIL CORPORATION
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: November 27, 2019 
 This is one of
the Securities designated herein and referred to in the within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Series Trustee

		
	By:	 	
                     
                    

		 	Authorized Signatory

  
 A-4 

 [FORM OF REVERSE OF NOTE] 

MURPHY OIL CORPORATION 
 5.875%
Notes due 2027 
 This Note is one of a duly authorized issue of unsecured debentures, notes, or other evidences of indebtedness of the
Issuer (the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of May 18, 2012 (the “Base Indenture”), as supplemented by the Fifth
Supplemental Indenture dated as of November 27, 2019 (the “Supplemental Indenture”; the Base Indenture, as so supplemented, the “Indenture”), duly executed and delivered by the Issuer to Wells Fargo Bank,
National Association, as Series Trustee (herein called the “Series Trustee”), to which Indenture and all other indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Series Trustee, the Issuer and the Holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the
Indenture. This Note is one of a series designated as the 5.875% Notes due 2027 (the “Notes”) of the Issuer, initially limited in aggregate principal amount to $550,000,000. 

The Indenture contains provisions permitting the Issuer and the Series Trustee in certain circumstances, without the consent of the Holders of
the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding affected thereby, evidenced as in the Indenture provided, to execute
supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes of this
series at the time outstanding may on behalf of the Holders of all of the Notes of this series waive any past default or Event of Default under the Indenture with respect to this series of Notes and its consequences (other than an Event of Default
with respect to bankruptcy, insolvency or similar proceeding against the Issuer, which can only be waived by the Holders of a majority in aggregate principal amount of all of the Securities outstanding under the Indenture). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Note in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

The Notes are redeemable as a whole at any time or in part from time to time, at the option of the Issuer, as set forth in the Indenture. In
addition, the Issuer may be required to repurchase all outstanding Notes of this series upon the occurrence of a Change of Control Triggering Event, as set forth in the Indenture. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Issuer in the Borough of Manhattan, The City of
New York, a new Note or Notes of this series of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for
any tax or other governmental charge imposed in connection therewith. 

  
 A-5 

 The Issuer, the Series Trustee and any authorized agent of the Issuer or the Series Trustee
may deem and treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on
account of, the principal hereof and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and none of the Issuer, the Series Trustee or any authorized agent of the Issuer or the Series Trustee shall be affected
by any notice to the contrary. 
 This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State
of New York, without regard to conflicts of laws principles thereof, except as may otherwise be required by mandatory provisions of law. 

In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern. 

Terms used herein that are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

[Remainder of Page Intentionally Blank] 

  
 A-6 

 SCHEDULE A4 

SCHEDULE OF EXCHANGES OF NOTES 

MURPHY OIL CORPORATION 
 5.875%
Notes due 2027 
 The initial principal amount of this Global Security is [        ] DOLLARS
($[        ]). The following increases or decreases in this Global Security have been made: 
  

																	
	 Date of exchange
	  	Amount of
decrease in
principal amount
of this Global
Security	 	  	Amount of
increase in
principal amount
of this Global
Security	 	  	Principal amount
of this Global
Security following
such decrease or
increase	 	  	Signature of
authorized
signatory of
Trustee or
Custodian	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	        	  	 	        	 	  	 	        	 	  	 	        	 	  	 	        	 
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	4 	 Include for a Global Security. 

  
 A-7Exhibit 4.4

  

   

  

  
    AMENDMENT No. 3

      to the

      LIMESTONE BANCORP, INC.

      TAX BENEFITS PRESERVATION PLAN

     

    This is Amendment No. 3 to the Limestone Bancorp, Inc. Tax Benefits Preservation Plan (this “Amendment”) between
      Limestone Bancorp, Inc. (formerly known as Porter Bancorp, Inc.), a Kentucky corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”), is dated and effective as of November 25, 2019.

     

    WHEREAS, the Company and the Rights Agent are parties to a Tax Benefits Preservation Plan, originally dated as of June 25, 2015, as amended by Amendment
      No. 1 thereto dated August 5, 2015, and Amendment No. 2 thereto dated May 23, 2018 (the “Plan”),

     

    WHEREAS, the Board of Directors of the Company deems it advisable and in the best interests of the Company to amend certain provisions of the Plan; and

     

    WHEREAS, no Person (as defined in the Plan) has become an Acquiring Person (as defined in the Plan), and no Distribution Date (as defined in the Plan) has
      occurred; and

     

    WHEREAS, pursuant to and in accordance with Section 22 of the Plan, the Company desires to amend the Plan as set forth below.

     

    NOW, THEREFORE, the Plan is hereby amended as follows:

     

    1.            Amendments.

     

    (a)           The
        definition of “Exempt Person” in Section 1 of the Plan is hereby amended to read in its entirety as follows:

     

    “Exempt Person” means (i) the Company, any Subsidiary of the Company (in
      each case including, without limitation, in any fiduciary capacity), any employee benefit plan or compensation arrangement of the Company or any Subsidiary of the Company, or any entity or trustee holding Company Securities to the extent organized,
      appointed or established by the Company or any Subsidiary of the Company for or pursuant to the terms of any such employee benefit plan or compensation arrangement, and (ii) any Person deemed to be an “Exempt Person” in accordance with Section 25(b).

     

    (b)          Section
        25 of the Plan is hereby amended to read in its entirety as follows:

     

    Section 25.       Determinations and Actions by the Board, etc.; Exemptions.

     

     (a)       The Board shall have the exclusive power and authority to administer this Plan and to exercise all rights and powers granted to the Board or to the Company, or as may be necessary or advisable in
        the administration of this Plan, including the right and power to (i) interpret the provisions of this Plan and (ii) make all determinations deemed necessary or advisable for the administration of this Plan (including a determination to redeem or
        exchange or not to redeem or exchange the Rights or to amend the Plan).  All such actions, calculations, interpretations and determinations which are done or made by the Board in good faith shall be final, conclusive and binding on the Company, the
        Rights Agent, the holders of the Rights and all other parties.

     

    
      1

      
        

    

     

     (b)       The Board or a duly authorized committee thereof may, in its sole discretion, approve and exempt an acquisition of Common Stock by a Person who is or upon such acquisition will be a 5% Shareholder
        in the manner and with the effect as provided in this Section 25(b):

     

                (i)       Any approval and exemption granted by the Board under this Section 25(b) must be obtained in writing, may be granted in whole or in part, and may contain and impose such conditions and limitations
        (including a requirement that any Person whose Percentage Stock Ownership increases as a result of the acquisition approved and exempted by the Board agree that it will not acquire Beneficial Ownership of shares of Common Stock in excess of the
        maximum number and percentage of shares approved by the Board) as the Board, in its sole discretion, deems reasonable and appropriate in connection with such approval and exemption.  The Board may grant its approval and exempt an acquisition of
        Common Stock hereunder notwithstanding the effect of such approval and exemption on the Tax Benefits if it determines that the approval is in the best interests of the Company.

     

                (ii)       A Person who acquires Common Stock in an acquisition approved and exempted by the Board pursuant to this Section 25(b) will not become an Acquiring Person as a result of such acquisition and will be
        deemed to be an “Exempt Person” unless and until such Person's Percentage Stock Ownership shall be increased by more than one-tenth of one percentage point over such Person's lowest Percentage Stock Ownership upon completion of the acquisition of
        Common Stock approved and exempted by the Board hereunder or thereafter, other than any increase pursuant to or as a result of (A) the exercise of any option, warrant or convertible instrument to purchase Company Securities that such Person held as
        of immediately prior to the public announcement of this Plan, (B) a stock dividend, stock split, reverse stock split or similar transaction effected by the Company, (C) any redemption or repurchase of Company Securities by the Company, (D) any
        transfer to such Person of Company Securities by the Company, if the Board determines, in its sole discretion, that such transfer would not jeopardize or endanger the Company's utilization of the Tax Benefits or is otherwise in the best interests
        of the Company; or (E) any other acquisition of Common Stock approved and exempted by the Board pursuant to this Section 23(b).

     

    
      2

      
        

    

     

    2.           Effect
          of this Amendment; Certification.  It is the intent of the parties that this Amendment constitutes an amendment of the Plan as contemplated by Section 23 thereof.  Except as expressly provided in this Amendment, the terms of the Plan remain
        in full force and effect.  The officer of the Company executing this Amendment certifies to the Rights Agent that the amendments and supplements to the Plan set forth in this Amendment are in compliance with the terms of the Plan, and the
        certification contained in this Section 2 shall constitute the certification required by Section 23 of the Plan.

     

    3.            Counterparts. 
        This Amendment may be executed and delivered in any number of counterparts and by electronic transmission and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and
        the same instrument.

     

    4.          Governing
          Law. This Amendment shall be deemed to be a contract made under the laws of the Commonwealth of Kentucky and for all purposes shall be governed by and construed in accordance with the laws of such state applicable to contracts to be made and
        performed entirely within such state.

     

    5.            Severability.
        If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, illegal or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this
        Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

     

    6.            Descriptive
          Headings. The captions herein are included for convenience of reference only, do not constitute a part of this Amendment and shall be ignored in the construction and interpretation hereof.

     

     

    [Signature Page Follows]

     

     

    

     

    

    
      3

      
        

    

     

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to the Limestone Bancorp, Inc. Tax Benefits Preservation Plan to be duly executed
      by their respective authorized officers as of the day and year first above written.

     

    
      	 	
              LIMESTONE BANCORP, INC.

            
	 	 
	 	
              By: /s/ Phillip W. Barnhouse

            
	 	
              Name: Phillip W. Barnhouse

            
	 	
              Title: Chief Financial Officer

            
	 	 
	 	 
	 	
              American Stock Transfer & Trust Company,

            
	 	
              LLC, as Rights Agent

            
	 	 
	 	
              By: /s/ Michael A. Nespoli

            
	 	
              Name: Michael A. Nespoli

            
	 	
              Title: Executive Director

            

    

    

    

  

  4

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