Document:

Exhibit 10.1

 

 

  

 

 

 

 

REGISTRATION
RIGHTS AGREEMENT

 

 

 

Dated
as of January 9, 2020

by and among

 

ICAHN
ENTERPRISES L.P.,

ICAHN
ENTERPRISES FINANCE CORP.,

ICAHN
ENTERPRISES HOLDINGS L.P.

 

and

 

JEFFERIES
LLC

 

 

 

 

 

 

 

     

     

    

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of January 9, 2020, by
and among Icahn Enterprises L.P., a Delaware limited partnership, as issuer (“Icahn Enterprises”), Icahn
Enterprises Finance Corp., a Delaware corporation, as co-issuer (“Icahn Enterprises Finance” and, together
with Icahn Enterprises, the “Company”), Icahn Enterprises Holdings L.P., a Delaware limited partnership
(the “Guarantor”) and Jefferies LLC (the “Initial Purchaser”), who has agreed
to purchase $300,000,000 in aggregate principal amount of the Company’s 4.750% Senior Notes due 2024 (the “2024
Notes”) and $250,000,000 million in aggregate principal amount of the Company’s 5.250% Senior Notes due 2027
(the “2027 Notes” and, together with the 2024 Notes, the “Notes”) pursuant
to the Purchase Agreement (as defined below). Each of the 2024 Notes and the 2027 Notes are to be guaranteed (the “Guarantee”
and, together with the Notes, the “Offered Securities”) by the Guarantor.

 

This
Agreement is made pursuant to the Purchase Agreement, dated January 6, 2019 (the “Purchase Agreement”),
by and among the Company, the Guarantor and the Initial Purchaser. In order to induce the Initial Purchaser to purchase the Notes,
the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the obligations of the Initial Purchaser set forth in Section 8(m) of the Purchase Agreement.

 

The
2024 Notes will be issued pursuant to that certain indenture, dated as of September 6, 2019 (the “2024 Notes Indenture”),
by and among Icahn Enterprises, Icahn Enterprises Finance, the Guarantor and Wilmington Trust, National Association, a Delaware
banking company, as trustee (the “Trustee”). The Company has previously issued $500,000,000 in aggregate
principal amount of 4.750% Senior Notes due 2024 (the “2024 Existing Notes”) under the 2024 Notes Indenture.
The 2024 Notes constitute “Additional Notes” (as such term is defined in the 2024 Notes Indenture). The 2024 Notes
will have substantially identical terms as the 2024 Existing Notes, except that any 2024 Notes offered and sold outside of the
United States to non-U.S. persons in offshore transactions in accordance with Regulation S promulgated under the Act (as defined
below) will be issued under a new CUSIP number.

 

The
2027 Notes will be issued pursuant to that certain indenture, dated as of December 12, 2019 (the “2027 Notes Indenture”
and together with the 2024 Notes Indenture, the “Indentures”), by and among Icahn Enterprises, Icahn
Enterprises Finance, the Guarantor and the Trustee. The Company has previously issued $750,000,000 in aggregate principal amount
of 5.250% Senior Notes due 2027 (the “2027 Existing Notes”) under the 2027 Notes Indenture. The 2027
Notes constitute “Additional Notes” (as such term is defined in the 2027 Notes Indenture). The 2027 Notes will have
substantially identical terms as the 2027 Existing Notes, except that any 2027 Notes offered and sold outside of the United States
to non-U.S. persons in offshore transactions in accordance with Regulation S promulgated under the Act will be issued under a
new CUSIP number.

 

Capitalized
terms used herein and not otherwise defined shall have the meanings assigned to them in the Indentures.

 

The
parties hereby agree as follows:

 

    	 	 	 

     

    

 

Section
1.            DEFINITIONS

 

As
used in this Agreement, the following capitalized terms shall have the following meanings:

 

2024
Exchange Securities: The Company’s 4.750% Senior Notes due 2024 to be issued pursuant to the 2024 Notes Indenture
(a) in the Exchange Offer or (b) as contemplated by Section 6(b)(ii) hereof.

 

2027
Exchange Securities: The Company’s 5.250% Senior Notes due 2027 to be issued pursuant to the 2027 Notes Indenture
(a) in the Exchange Offer or (b) as contemplated by Section 6(b)(ii) hereof.

 

2024
Existing Notes: Shall have the meaning set forth in the preamble of this Agreement.

 

2027
Existing Notes: Shall have the meaning set forth in the preamble of this Agreement.

 

2024
Notes Indenture: Shall have the meaning set forth in the preamble of this Agreement.

 

2027
Notes Indenture: Shall have the meaning set forth in the preamble of this Agreement.

 

2024
Notes: Shall have the meaning set forth in the preamble of this Agreement.

 

2027
Notes: Shall have the meaning set forth in the preamble of this Agreement.

 

Act:
The Securities Act of 1933, as amended.

 

Affiliate:
As defined in Rule 144.

 

Broker-Dealer:
Any broker or dealer registered under the Exchange Act.

 

Business
Day: Any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or at place
of payment are authorized by law, regulation or executive order to remain closed.

 

Commission:
The Securities and Exchange Commission.

 

Company:
Shall have the meaning set forth in the preamble of this Agreement.

 

Consummate:
An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (a) the filing
and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued
in the Exchange Offer, (b) the maintenance of the continuous effectiveness of such Exchange Offer Registration Statement and the
keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof and (c) the
delivery by the Company to the Registrar under the Indentures of Exchange Securities in the same aggregate principal amount as
the aggregate principal amount of Offered Securities tendered by Holders thereof pursuant to the Exchange Offer.

 

    	 	2	 

     

    

 

Consummation
Deadline: As defined in Section 3(b) hereof.

 

Effectiveness
Deadline: As defined in Sections 3(a) and 4(a) hereof.

 

Exchange
Act: The Securities Exchange Act of 1934, as amended.

 

Exchange
Offer: The exchange and issuance by the Company of a principal amount of Exchange Securities (which shall be registered
pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Offered Securities that are
tendered by the Holders thereof in connection with such exchange and issuance.

 

Exchange
Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 

Exchange
Securities: The 2024 Exchange Securities and 2027 Exchange Securities to be issued pursuant to the Indentures (a) in the
Exchange Offer or (b) as contemplated by Section 6(b)(ii) hereof.

 

Filing
Deadline: As defined in Sections 3(a) and 4(a) hereof.

 

Guarantee:
Shall have the meaning set forth in the preamble of this Agreement.

 

Guarantor:
Shall have the meaning set forth in the preamble of this Agreement.

 

Holders:
As defined in Section 2 hereof.

 

Icahn
Enterprises:Shall have the meaning set forth in the preamble of this Agreement.

 

Icahn
Enterprises Finance:Shall have the meaning set forth in the preamble of this Agreement.

 

Indentures:
Shall have the meaning set forth in the preamble of this Agreement.

 

Initial
Purchaser: Shall have the meaning set forth in the preamble of this Agreement.

 

Notes:
Shall have the meaning set forth in the preamble of this Agreement.

 

Offered
Securities: Shall have the meaning set forth in the preamble of this Agreement.

 

Prospectus:
The prospectus included in a Registration Statement at the time such Registration Statement is declared effective, as amended
or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all
material incorporated by reference into such Prospectus.

 

    	 	3	 

     

    

 

Purchase
Agreement: Shall have the meaning set forth in the preamble of this Agreement.

 

Recommencement
Date: As defined in Section 6(d) hereof.

 

Registration
Default: As defined in Section 5 hereof.

 

Registration
Statement: Any registration statement of the Company relating to (a) an offering of Exchange Securities pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement,
in each case, (i) that is filed pursuant to the provisions of this Agreement, (ii) including the Prospectus included therein and
(iii) including all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated
by reference therein.

 

Rule
144: Rule 144 promulgated under the Act.

 

Shelf
Registration Statement: As defined in Section 4 hereof.

 

Special
Interest: As defined in Section 5 hereof.

 

Suspension
Notice: As defined in Section 6(d) hereof.

 

Trustee:
Shall have the meaning set forth in the preamble of this Agreement.

 

TIA:
The Trust Indenture Act of 1939, as in effect on the date of the Indentures.

 

Transfer
Restricted Securities: Each Offered Security until the earliest to occur of (a) the date on which such Offered Security
has been exchanged by a Person other than a Broker-Dealer for an Exchange Security in the Exchange Offer, (b) following the exchange
by a Broker-Dealer in the Exchange Offer of an Offered Security for an Exchange Security, the date on which such Exchange Security
is sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus contained
in the Exchange Offer Registration Statement or (c) the date on which such Offered Security has been effectively registered under
the Act and disposed of in accordance with the Shelf Registration Statement.

 

Section
2.            HOLDERS

 

A
Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such Person
owns Transfer Restricted Securities.

 

Section
3.            REGISTERED EXCHANGE OFFER

 

(a)            Unless
the Exchange Offer shall not be permitted by applicable law or Commission rule, regulation or policy (after the procedures set
forth in Section 6(a)(i) below have been complied with), the Company shall (i) cause the Exchange Offer Registration Statement
to be filed with the Commission no later than 120 days from the date hereof (the “Filing Deadline”),
(ii) use all commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective no later
than 210 days from the date hereof (the “Effectiveness Deadline”), (iii) in connection with the foregoing,
(A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to cause it to
become effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to
Rule 430A under the Act and (C) cause all necessary filings, if any, in connection with the registration and qualification of
the Exchange Securities to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of the
Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer Registration Statement, commence and Consummate the Exchange
Offer. The Exchange Offer shall be on the appropriate form permitting (i) registration of the Exchange Securities to be offered
in exchange for the Offered Securities that are Transfer Restricted Securities and (ii) resales of Exchange Securities by Broker-Dealers
that tendered into the Exchange Offer Offered Securities that such Broker-Dealer acquired for its own account as a result of market-making
activities or other trading activities (other than Offered Securities acquired directly from the Company or any of its Affiliates)
as contemplated by Section 3(c) below.

 

    	 	4	 

     

    

 

(b)            The
Company shall use all commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously,
and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and
state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than
20 Business Days. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws.
No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Company shall
use all commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the
Exchange Offer Registration Statement has become effective, but in no event later than 30 Business Days thereafter, or longer,
if required by federal securities laws (the last day of such period being the “Consummation Deadline”).

 

(c)            The
Company shall include a “Plan of Distribution” section in the Prospectus contained in the Exchange Offer Registration
Statement and indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account
of such Broker-Dealer as a result of market-making activities or other trading activities (other than Offered Securities acquired
directly from the Company or any Affiliate of the Company) may exchange such Transfer Restricted Securities pursuant to the Exchange
Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such sales by
such Broker-Dealers that the Commission may require in order to permit such sales pursuant thereto, but such “Plan of Distribution”
shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such Broker-Dealer,
except to the extent required by the Commission as a result of a change in policy, rules or regulations.

 

Because
such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act and must, therefore, deliver
a prospectus meeting the requirements of the Act in connection with its initial sale of any Exchange Securities received by such
Broker-Dealer in the Exchange Offer, the Company shall permit the use of the Prospectus contained in the Exchange Offer Registration
Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the Prospectus
contained in the Exchange Offer Registration Statement is available for sales of Exchange Securities by Broker-Dealers, the Company
agrees to use all commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented,
amended and current as required by and subject to the provisions of Sections 6(a) and (c) hereof and in conformity with the requirements
of this Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period
of 270 days from the Consummation Deadline or such shorter period as will terminate when all Transfer Restricted Securities covered
by such Registration Statement have been sold pursuant thereto. The Company shall provide sufficient copies of the latest version
of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than two Business Days after such request,
at any time during such period.

 

    	 	5	 

     

    

 

Section
4.            SHELF REGISTRATION

 

(a)            Shelf
Registration. If (i) the Company is not (A) required to file the Exchange Offer Registration Statement or (B) permitted to
Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission regulations, rules or
policy (after the Company has complied with the procedures set forth in Section 6(a)(i) below) or (ii) any Holder of Transfer
Restricted Securities notifies the Company prior to 20 Business Days following Consummation of the Exchange Offer that (A) such
Holder was prohibited by law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the
Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained
in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or (C) such Holder
is a Broker-Dealer and holds Offered Securities acquired directly from the Company or any of its Affiliates, then the Company
shall:

 

(x)
use all commercially reasonable efforts on or prior to 30 days after the earlier of (i) the date as of which the Company determines
that the Exchange Offer Registration Statement will not be or cannot be, as the case may be, filed, or the Exchange Offer consummated,
as a result of clause (a)(i) above (after the Company has complied with the procedures set forth in Section 6(a)(i) below), and
(ii) the date on which the Company receives the notice specified in clause (a)(ii) above (such earlier date, the “Filing
Deadline”), to file a shelf registration statement pursuant to Rule 415 under the Act (which may be an amendment
to the Exchange Offer Registration Statement (the “Shelf Registration Statement”)), relating to all
Transfer Restricted Securities, and

 

(y)
shall use all commercially reasonable efforts to cause such Shelf Registration Statement to become effective on or prior to 90
days after the Filing Deadline (such 90th day being the “Effectiveness Deadline”).

 

If,
after the Company has filed an Exchange Offer Registration Statement that satisfies the requirements of Section 3(a) above, the
Company is required to file and make effective a Shelf Registration Statement solely because the Exchange Offer is not permitted
under applicable law or Commission regulations, rules or policy (i.e., clause (a)(i)(A) or (B) above), then the filing of the
Exchange Offer Registration Statement shall be deemed to satisfy the requirements of clause (x) above; provided that, in
such event, the Company shall remain obligated to file any necessary amendments to such Exchange Offer Registration Statement
prior to the Filing Deadline and meet the Effectiveness Deadline set forth in clause (y).

 

    	 	6	 

     

    

 

To
the extent necessary to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted Securities
by the Holders thereof entitled to the benefit of this Section 4(a) and the other securities required to be registered therein
pursuant to Section 6(b)(ii) hereof, the Company shall use all commercially reasonable efforts to keep any Shelf Registration
Statement required by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to
the provisions of Sections 6(b) and (c) hereof and in conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, until the expiration of the applicable period referred
to in Rule 144 (but in any event until the first anniversary of the issue date of the Notes) (as extended pursuant to Section
6(d)), or such shorter period as will terminate when all Transfer Restricted Securities covered by such Shelf Registration Statement
have been sold pursuant thereto.

 

(b)            Provision
by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and
until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, (x) the information
specified in Item 507 or 508 of Regulation S-K, as applicable, of the Act for use in connection with any Shelf Registration Statement
or Prospectus or preliminary prospectus included therein, (y) an agreement to update such information, from time to time, as required
or appropriate, and (z) an agreement to comply with the prospectus delivery requirements in connection with the offer and sale
of Transfer Restricted Securities. No Holder of Transfer Restricted Securities as to which any Shelf Registration Statement is
being effected shall be entitled to Special Interest pursuant to Section 5 hereof unless and until such Holder shall have provided
all such information and agreements. Each selling Holder agrees to promptly furnish additional information required to be disclosed
in order to make the information previously furnished to the Company by such Holder not materially misleading.

 

Section
5.            SPECIAL INTEREST

 

If:
(i) any Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing
Deadline, (ii) any such Registration Statement has not been declared effective by the Commission on or prior to the applicable
Effectiveness Deadline, (iii) the Exchange Offer has not been Consummated within 30 Business Days of the applicable Effectiveness
Deadline or (iv) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease
to be effective or usable in connection with resales of Transfer Restricted Securities during the periods specified herein (each
such event referred to in clauses (i) through (iv), a “Registration Default”), then the Company hereby
jointly and severally agrees to pay to each Holder of Transfer Restricted Securities affected thereby “Special Interest”
in an amount equal to $0.05 per week per $1,000 in principal amount of Transfer Restricted Securities held by such Holder for
each week or portion thereof that the Registration Default continues for the first 90-day period immediately following the occurrence
of such Registration Default. The amount of the Special Interest shall increase by an additional $0.05 per week per $1,000 in
principal amount of Transfer Restricted Securities with respect to each subsequent 90-day period until all Registration Defaults
have been cured, up to a maximum amount of Special Interest for all Registration Defaults of $0.50 per week per $1,000 in principal
amount of Transfer Restricted Securities; provided that the Company shall in no event be required to pay Special Interest
for more than one Registration Default at any given time. Notwithstanding anything to the contrary set forth herein, (1) upon
filing of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of
(i) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration
Statement), in the case of (ii) above, (3) upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon the
filing of a post-effective amendment to the Registration Statement or an additional Registration Statement (or a supplement to
the prospectus included in any such Registration Statement, if applicable,) that causes the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable, in the case of (iv) above,
the Special Interest payable with respect to the Transfer Restricted Securities as a result of such clause (i), (ii), (iii) or
(iv), as applicable, shall cease.

 

    	 	7	 

     

    

 

All
accrued Special Interest shall be paid to the Holders entitled thereto, in the manner provided for the payment of interest in
the Indentures, on each Interest Payment Date, as more fully set forth in the Indentures and the Notes. Notwithstanding the fact
that any securities for which Special Interest are due cease to be Transfer Restricted Securities, all obligations of the Company
to pay Special Interest with respect to securities shall survive until such time as such obligations with respect to such securities
shall have been satisfied in full.

 

Section
6.            REGISTRATION
PROCEDURES

 

(a)            Exchange
Offer Registration Statement. In connection with the Exchange Offer, the Company shall (x) comply with all applicable provisions
of Section 6(c) below, (y) use all commercially reasonable efforts to effect such exchange and to permit the resale of Exchange
Securities by Broker-Dealers that tendered in the Exchange Offer any Offered Securities that such Broker-Dealer acquired for its
own account as a result of its market-making activities or other trading activities (other than Offered Securities acquired directly
from the Company or any of its Affiliates) being sold in accordance with the intended method or methods of distribution thereof,
and (z) comply with all of the following provisions:

 

(i)            If,
following the date hereof, there has been announced a change in Commission policy with respect to exchange offers such as the
Exchange Offer that in the reasonable opinion of counsel to the Company raises a substantial question as to whether the Exchange
Offer is permitted by applicable federal law, the Company hereby agrees to seek a no-action letter or other favorable decision
from the Commission or the staff of the Commission allowing the Company to Consummate an Exchange Offer for such Transfer Restricted
Securities. The Company hereby agrees to pursue the issuance of such a no-action letter or decision to the Commission staff level.
In connection with the foregoing, the Company hereby agrees to take all such other actions as may be requested by the Commission
or otherwise required by the Commission in connection with the issuance of such decision, including without limitation (A) participating
in telephonic conferences with the Commission, (B) delivering to the Commission staff an analysis prepared by counsel to the Company
setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and
(C) diligently pursuing a resolution (which need not be favorable) by the Commission staff; provided that this Section
6(a)(i) shall not restrict or limit the Company from complying with the requirements of Section 4, including filing and using
commercially reasonable efforts to cause to be made effective a Shelf Registration Statement before obtaining a no-action letter
or other decision or resolution from the Commission or the staff of the Commission.

 

    	 	8	 

     

    

 

(ii)           As
a condition to its participation in the Exchange Offer, each Holder of Transfer Restricted Securities (including, without limitation,
any Holder who is a Broker-Dealer) shall furnish, upon the request of the Company, prior to the Consummation of the Exchange Offer,
a written representation to the Company (which may be contained in the Letter of Transmittal or Agent’s Message contemplated
by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not engaged
in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution
of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary
course of business. As a condition to its participation in the Exchange Offer each Holder using the Exchange Offer to participate
in a distribution of the Exchange Securities shall acknowledge and agree that, if the resales are of Exchange Securities obtained
by such Holder in exchange for Offered Securities acquired directly from the Company or an Affiliate thereof, it (1) could not,
under Commission policy as in effect on the date of such acknowledgment and agreement, rely on the position of the Commission
enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available
May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar
no-action letters (including, if applicable, any no-action letter obtained pursuant to clause (i) above), and (2) must comply
with the registration and prospectus delivery requirements of the Act in connection with a secondary resale transaction and that
such a secondary resale transaction must be covered by an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K.

 

(iii)          Prior
to effectiveness of the Exchange Offer Registration Statement, the Company shall, upon request of the Commission, provide a supplemental
letter to the Commission (A) stating that the Company is registering the Exchange Offer in reliance on the position of the Commission
enunciated in Exxon Capital Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc. (available
June 5, 1991) as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if applicable,
any no-action letter obtained pursuant to clause (i) above, (B) including a representation that the Company has not entered into
any arrangement or understanding with any Person to distribute the Exchange Securities to be received in the Exchange Offer and
that, to the best of the Company’s information and belief, each Holder participating in the Exchange Offer is acquiring
the Exchange Securities in its ordinary course of business and has no arrangement or understanding with any Person to participate
in the distribution of the Exchange Securities received in the Exchange Offer and (C) any other undertaking or representation
required by the Commission as set forth in any no-action letter obtained pursuant to clause (i) above, if applicable.

 

    	 	9	 

     

    

 

(b)            Shelf
Registration Statement. In connection with the Shelf Registration Statement, the Company shall:

 

(i)            comply
with all the provisions of Section 6(c) below and use all commercially reasonable efforts to effect such registration to permit
the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof
(as indicated in the information furnished to the Company pursuant to Section 4(b) hereof), and pursuant thereto the Company will
prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Act,
which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods
of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and

 

(ii)           issue,
upon the request of any Holder or purchaser of Offered Securities covered by any Shelf Registration Statement contemplated by
this Agreement, Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Offered Securities
sold pursuant to the Shelf Registration Statement and surrendered to the Company for cancellation; the Company shall register
Exchange Securities on the Shelf Registration Statement for this purpose and issue the Exchange Securities to the purchaser(s)
of securities subject to the Shelf Registration Statement in the names as such purchaser(s) shall designate.

 

(c)            General
Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the Company
shall:

 

(i)            use
all commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite financial
statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that
would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material
fact or omit to state any material fact necessary to make the statements therein in light of the circumstances under which they
were made not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period
required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement or supplement
to the Prospectus curing such defect, and, if Commission review is required of any such amendment, use all commercially reasonable
efforts to cause such amendment to be declared effective as soon as practicable;

 

(ii)           prepare
and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be
necessary to keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case
may be; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant
to Rule 424 under the Act, and to comply fully with Rules 424 and 430A, as applicable, under the Act in a timely manner; and comply
with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during
the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such
Registration Statement or supplement to the Prospectus;

 

    	 	10	 

     

    

 

(iii)          advise
each Holder promptly and, if requested by such Holder, confirm such advice in writing, (A) when the Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement has been filed, and, with respect to any applicable Registration
Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for
amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating
thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under
the Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and (D) of the existence
of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the
Prospectus, any amendment or supplement thereto or any document incorporated by reference therein untrue, or that requires the
making of any additions to or changes in the Registration Statement in order to make the statements therein not misleading, or
that requires the making of any additions to or changes in the Prospectus in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided that any notice required pursuant to this Section
6(c)(iii) shall be provided by the Company on its behalf and on behalf of the Guarantor. If at any time the Commission shall issue
any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory
authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities
under state securities or Blue Sky laws, the Company shall use all commercially reasonable efforts to obtain the withdrawal or
lifting of such order at the earliest possible time;

 

(iv)          subject
to Section 6(c)(i), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a supplement
or amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any
other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

(v)           furnish
to each Holder in connection with such exchange or sale, if any, before filing with the Commission, copies of any Registration
Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus
(including all documents incorporated by reference after the initial filing of such Registration Statement), which documents,
upon such Holders’ request, will be subject to the review and comment of such Holders in connection with such sale, if any,
for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any
amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by reference)
to which such Holders shall reasonably object within five Business Days after the receipt thereof. A Holder shall be deemed to
have reasonably objected to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as
proposed to be filed, contains an untrue statement of a material fact or omits any material fact necessary to make the statements
therein in light of the circumstances under which they were made not misleading or fails to comply with the applicable requirements
of the Act;

 

    	 	11	 

     

    

 

(vi)          promptly
prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus in connection
with such exchange or sale, if any, provide copies of such document to each Holder, make the Company’s representatives available
for discussion of such document and other customary due diligence matters, and include such information in such document prior
to the filing thereof as such Holders may reasonably request;

 

(vii)         make
available, at reasonable times, for inspection by each Holder and any attorney or accountant retained by such Holders at the offices
at which such information normally is kept during normal business hours, all financial and other records, pertinent corporate
documents of the Company and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any such Holder, attorney or accountant in connection with such Registration Statement or any post-effective amendment
thereto subsequent to the filing thereof and prior to its effectiveness;

 

(viii)        if
requested by any Holders in connection with such exchange or sale, promptly include in any Registration Statement or Prospectus,
pursuant to a supplement or post-effective amendment if necessary, such information as such Holders may reasonably request to
have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer
Restricted Securities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable
after the Company is notified of the matters to be included in such Prospectus supplement or post-effective amendment;

 

(ix)          furnish
to each Holder in connection with such exchange or sale, without charge, at least one copy of the Registration Statement, as first
filed with the Commission, and of each amendment thereto, including, upon request, all documents incorporated by reference therein
and all exhibits (including exhibits incorporated therein by reference);

 

(x)           deliver
to each Holder without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement
thereto as such Persons reasonably may request; the Company hereby consents to the use (in accordance with law) of the Prospectus
and any amendment or supplement thereto by each selling Holder in connection with the offering and the sale of the Transfer Restricted
Securities covered by the Prospectus or any amendment or supplement thereto;

 

    	 	12	 

     

    

 

(xi)          upon
the request of any Holder, enter into such agreements (including underwriting agreements) and make such representations and warranties
and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted
Securities pursuant to any applicable Registration Statement contemplated by this Agreement as may be reasonably requested by
any Holder in connection with any sale or resale pursuant to any applicable Registration Statement. In connection therewith, the
Company shall:

 

(A)            upon
request of any Holder, furnish (or, in the case of paragraphs (2) and (3), use all commercially reasonable efforts to cause to
be furnished) to each Holder, upon the effectiveness of the applicable Registration Statement:

 

(1)            a
certificate, dated such date, signed on behalf of the Company, in form and substance reasonably satisfactory to the Initial Purchaser,
including such matters as such Holders may reasonably request;

 

(2)            opinions,
dated the date of effectiveness of the applicable Registration Statement, of counsel for the Company, in form and substance reasonably
satisfactory to the Initial Purchaser and counsel for the Initial Purchaser, to the effect set forth in Exhibit A, Exhibit
B and Exhibit C to the Purchase Agreement and such other similar matters as such Holders may reasonably request;

 

(3)            a
customary comfort letter, dated the date of effectiveness of the applicable Registration Statement, from the independent accountants
of the Company, in the customary form and covering matters of the type customarily covered in comfort letters to underwriters
in connection with underwritten offerings, and affirming the matters set forth in the comfort letters delivered pursuant to Section
8(i) of the Purchase Agreement, provided that any Holder so requesting a comfort letter confirms in writing to the independent
public accountants from whom such comfort letter is requested, that it is of the class of persons entitled to receive a comfort
letter under applicable accounting standards or pronouncements; and

 

(B)            deliver
such other documents and certificates as may be reasonably requested by the selling Holders to evidence compliance with clause
(A) above and with any customary conditions contained in the any agreement entered into by the Company pursuant to this clause
(xi);

 

(xii)         prior
to any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in connection with
the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such jurisdictions
as the selling Holders may reasonably request (which, if the Company so elects, may be effected by counsel designated by the Company)
and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the applicable Registration Statement; provided, however, that the Company shall not be
required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject
it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement,
in any jurisdiction where it is not now so subject;

 

    	 	13	 

     

    

 

(xiii)        in
connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted
Securities, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Transfer
Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer Restricted Securities
in such denominations and such names as the selling Holders may request at least two Business Days prior to such sale of Transfer
Restricted Securities;

 

(xiv)        use
all commercially reasonable efforts to cause the disposition of the Transfer Restricted Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the
seller or sellers thereof to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained
in clause (xii) above;

 

(xv)         obtain
a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering such
Transfer Restricted Securities and provide the Trustee under the Indentures with printed certificates for the Transfer Restricted
Securities which are in a form eligible for deposit with the Depository Trust Company;

 

(xvi)        otherwise
use all commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally
available to its security holders with regard to any applicable Registration Statement, as soon as practicable, a consolidated
earnings statement meeting the requirements of Rule 158 under the Act (which need not be audited) covering a twelve-month period
beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the
Act);

 

(xvii)      
cause the Indentures to be qualified under the TIA, if not already so qualified, not later than the effective date of the
first Registration Statement required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders
to effect such changes to the Indentures as may be required for such Indentures to be so qualified in accordance with the terms
of the TIA; and execute and use all commercially reasonable efforts to cause the Trustee to execute, all documents that may be
required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indentures
to be so qualified in a timely manner; and

 

(xviii)      provide
promptly to each Holder, upon request, each document filed with the Commission pursuant to the requirements of Section 13 or Section
15(d) of the Exchange Act.

 

    	 	14	 

     

    

 

(d)            Restrictions
on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referred
to in Section 6(c)(iii)(C) or any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D)
hereof (in each case, a “Suspension Notice”), such Holder will forthwith discontinue disposition of
Transfer Restricted Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of
the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised in writing by the
Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that
are incorporated by reference in the Prospectus (in each case, the “Recommencement Date”). Each Holder
receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than permanent file copies,
then in such Holder’s possession which have been replaced by the Company with more recently dated Prospectuses (or supplements
or amendments thereto) or (ii) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies,
then in such Holder’s possession of the Prospectus covering such Transfer Restricted Securities that was current at the
time of receipt of the Suspension Notice. The time period regarding the effectiveness of such Registration Statement set forth
in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from
and including the date of delivery of the Suspension Notice to the Recommencement Date.

 

Section
7.            REGISTRATION
EXPENSES

 

All
expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the Company, regardless
of whether a Registration Statement becomes effective, including without limitation: (i) all registration and filing fees and
expenses; (ii) all fees and expenses of compliance with federal securities and state Blue Sky or securities laws; (iii) all expenses
of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company; (v) all application
and filing fees in connection with listing the Exchange Securities on a national securities exchange or automated quotation system
pursuant to the requirements hereof; and (vi) all fees and disbursements of independent certified public accountants of the Company
(including the expenses of any special audit and comfort letters required by or incident to such performance).

 

The
Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers
and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person,
including special experts, retained by the Company.

 

Anything
contained herein to the contrary notwithstanding, the Company shall not have any obligation whatsoever in respect of any brokerage
commissions, dealers’ selling concessions, transfer taxes or, except as otherwise expressly set forth herein, any other
selling expenses incurred in connection herewith or the Exchange Offer or sale of Transfer Restricted Notes, Offered Securities
or Exchange Securities.

 

    	 	15	 

     

    

 

Section
8.            INDEMNIFICATION

 

(a)            Indemnification
by Company. The Company agrees to indemnify and hold harmless each Holder, its directors, officers and each Person, if any,
who controls such Holder (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from and against any
and all losses, claims, damages, liabilities, judgments, (including without limitation, any reasonable legal or other expenses
incurred in connection with investigating or defending any matter, including any action that could give rise to any such losses,
claims, damages, liabilities or judgments) arising out of any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement, preliminary prospectus or Prospectus (or any amendment or supplement thereto) provided
by the Company to any Holder or any prospective purchaser of Exchange Securities or registered Offered Securities, or arising
out of any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein in light of the circumstances under which they were made not misleading, except insofar as such losses, claims,
damages, liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or omission that is
based upon information relating to any of the Holders furnished in writing to the Company by any of the Holders.

 

(b)            Indemnification
by Holders. Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless
the Company and its directors and officers, and each person, if any, who controls (within the meaning of Section 15 of the Act
or Section 20 of the Exchange Act) the Company to the same extent as the foregoing indemnity from the Company set forth in section
(a) above, but only with reference to information relating to such Holder furnished in writing to the Company by such Holder expressly
for use in any Registration Statement. In no event shall any Holder, its directors, officers or any Person who controls such Holder
be liable or responsible for any amount in excess of the amount by which the total amount received by such Holder with respect
to its sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder
for such Transfer Restricted Securities and (ii) the amount of any damages that such Holder, its directors, officers or any Person
who controls such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission.

 

    	 	16	 

     

    

 

(c)            Notice.
In case any action shall be commenced involving any person in respect of which indemnity may be sought pursuant to Section 8(a)
or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against whom
such indemnity may be sought (the “indemnifying person”) in writing and the indemnifying party shall
assume the defense of such action, including the employment of counsel reasonably satisfactory to the indemnified party and the
payment of all fees and expenses of such counsel, as incurred (except that in the case of any action in respect of which indemnity
may be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant
to this Section 8(c), but may employ separate counsel and participate in the defense thereof, but the fees and expenses of such
counsel, except as provided below, shall be at the expense of the Holder). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be
at the expense of the indemnified party unless (i) the employment of such counsel shall have been specifically authorized in writing
by the indemnifying party, (ii) the indemnifying party shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties)
include both the indemnified party and the indemnifying party, and the indemnified party shall have been advised by counsel that
there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying
party (in which case the indemnifying party shall not have the right to assume the defense of such action on behalf of the indemnified
party). In any such case, the indemnifying party shall not, in connection with any one action or separate but substantially similar
or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable
fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties and
all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by a majority of
the Holders, in the case of the parties indemnified pursuant to Section 8(a), and by the Company, in the case of parties indemnified
pursuant to Section 8(b). The indemnifying party shall indemnify and hold harmless the indemnified party from and against any
and all losses, claims, damages, liabilities and judgments by reason of any settlement of any action effected with its written
consent; provided that such consent was not unreasonably withheld. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement or compromise of, or consent to the entry of judgment with respect to,
any pending or threatened action in respect of which the indemnified party is or could have been a party and indemnity or contribution
may be or could have been sought hereunder by the indemnified party, unless such settlement, compromise or judgment (i) includes
an unconditional release of the indemnified party from all liability on claims that are or could have been the subject matter
of such action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on
behalf of the indemnified party.

 

(d)              
Contribution. To the extent that the indemnification provided for in this Section 8 is unavailable to an indemnified
party in respect of any losses, claims, damages, liabilities or judgments referred to therein, then each indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or judgments (i) in such proportion as is appropriate to reflect the relative benefits
received by the Company, on the one hand, and the Holders, on the other hand, from their sale of Transfer Restricted Securities
or (ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Company, on the
one hand, and of the Holder, on the other hand, in connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the Company,
on the one hand, and of the Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company, on the one hand, or by the Holder, on the other hand, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party
as a result of the losses, claims, damages, liabilities and judgments referred to above shall be deemed to include, subject to
the limitations set forth in Section 8(c), any legal or other fees or expenses reasonably incurred by such party in connection
with investigating or defending any action or claim.

 

    	 	17	 

     

    

 

The
Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined
by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid
or payable by an indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any matter, including any action that could have
given rise to such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder,
its directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate,
any amount in excess of the amount by which the total received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted Securities
and (ii) the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’
obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal amount of Transfer
Restricted Securities held by each Holder hereunder and not joint.

 

Section
9.            RULE
144A AND RULE 144

 

Icahn
Enterprises agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period
in which Icahn Enterprises (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any
Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective
purchaser of such Transfer Restricted Securities designated by such Holder or beneficial owner, the information required by Rule
144A(d)(4) under the Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) is
subject to Section 13 or 15 (d) of the Exchange Act, to make all filings required thereby in a timely manner in order to permit
resales of such Transfer Restricted Securities pursuant to Rule 144.

 

Section
10.           MISCELLANEOUS

 

(a)            Remedies.
Notwithstanding Section 5, the Company acknowledges and agrees that any failure by the Company to comply with its obligations
under Sections 3 and 4 hereof may result in material irreparable injury to the Initial Purchaser or the Holders for which there
is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchaser or any Holder may obtain such relief as may be required to specifically enforce the
Company’s obligations under Sections 3 and 4 hereof. The Company further agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate.

 

    	 	18	 

     

    

 

(b)            No
Inconsistent Agreements. The Company will not, on or after the date of this Agreement, enter into any agreement with respect
to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The Company has not previously entered into, and is not currently a party to, any agreement granting any registration
rights with respect to its securities to any Person that would require such securities to be included in any Registration Statement
filed hereunder. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof.

 

(c)            Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 10(c)(i), the
Company has obtained the written consent of Holders of all outstanding Transfer Restricted Securities (except that in the event
Holders of less than all outstanding Transfer Restricted Securities provide their written consent, such amendment, modification
or supplement and waiver or consent shall only be enforceable against such Holders that provided their written consent), and (ii)
in the case of all other provisions hereof, the Company has obtained the written consent of Holders of a majority of the outstanding
principal amount of Transfer Restricted Securities (excluding Transfer Restricted Securities held by the Company or its Affiliates).
Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities, are being tendered pursuant to the Exchange Offer, and that does not affect directly
or indirectly the rights of other Holders whose Transfer Restricted Securities are not being tendered pursuant to such Exchange
Offer, may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities subject
to such Exchange Offer.

 

(d)            Third
Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on
the one hand, and the Initial Purchaser, on the other hand, and shall have the right to enforce such agreements directly to the
extent they may deem such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder.

 

(e)            Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class
mail (registered or certified, return receipt requested), telecopier or air courier guaranteeing overnight delivery:

 

(i)            if
to a Holder, at the address set forth on the records of the Registrar under the Indentures, with a copy to the Registrar under
the Indentures; and

 

(ii)           if
to the Company:

 

Icahn Enterprises L.P.

767 Fifth Avenue

New York, New York 10153

Telecopier No.: (212) 702-4300

Attention: Chief Financial Officer

 

    	 	19	 

     

    

 

With a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Telecopier No.: (212) 969-3155

Attention: Julie M. Allen, Esq.

 

All
notices and communications will 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
in writing, if telecopied; and on the next Business Day, if timely delivered to an overnight air courier guaranteeing next day
delivery.

 

Copies
of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee
at the address specified in the Indentures.

 

(f)            Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities;
provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted
Securities in violation of the terms hereof or of the Purchase Agreement, the terms of the offering described in the Offering
Memorandum under the caption “Notice to Investors” or the Indentures. If any transferee of any Holder shall acquire
Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities shall
be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities such Person
shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including
the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled
to receive the benefits hereof.

 

(g)            Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)            Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)             Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICT OF LAW RULES THEREOF.

 

(j)             Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and
of the remaining provisions contained herein shall not be affected or impaired thereby.

 

    	 	20	 

     

    

 

(k)            Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect
to the registration rights granted with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

 

[Remainder
of page intentionally left blank]

 

    	 	21	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	Icahn
    Enterprises L.P.
	 	 	 	 
	 	By:	 	Icahn Enterprises
    G.P. Inc.,
	 	 	 	its general partner
	 	 	 	 
	 	By:	 	/s/
    SungHwan Cho
	 	 	 	Name: SungHwan Cho
	 	 	 	Title: Chief Financial
    Officer
	 	 	 	 
	 	 	 	 
	 	Icahn
    Enterprises Finance Corp.
	 	 	 	 
	 	By:	 	/s/
    SungHwan Cho
	 	 	 	Name: SungHwan Cho
	 	 	 	Title: Chief Financial
    Officer
	 	 	 	 
	 	 	 	 
	 	Icahn
    Enterprises holdings L.P.
	 	 	 	 
	 	By:	 	Icahn Enterprises G.P.
    Inc.,
	 	 	 	its general partner
	 	 	 	 
	 	By:	 	/s/
    SungHwan Cho
	 	 	 	Name: SungHwan Cho
	 	 	 	Title: Chief Financial
    Officer

 

 

    
[Signature Page to Registration Rights Agreement]

     

    

 

	JEFFERIES
    LLC	 
	 	 	 	 
	By:	 	/s/
    Brenton Greer	 
	 	 	Name: 	Brenton Greer	 
	 	 	Title:	Managing Director	 

 

 

    
[Signature Page to Registration Rights Agreement]Exhibit

Exhibit 4.4

THE SOUTHERN COMPANY

TO

WELLS FARGO BANK, NATIONAL ASSOCIATION,
TRUSTEE

_______________

EIGHTH SUPPLEMENTAL INDENTURE

DATED AS OF JANUARY 9, 2020

_______________

$1,000,000,000

SERIES 2020A 4.95% JUNIOR SUBORDINATED NOTES

DUE JANUARY 30, 2080

TABLE OF CONTENTS1 

	
				
	 
	 
	PAGE

	 
	 
	 

	ARTICLE 1
	1
	

	 
	SECTION 101.  Establishment
	1
	

	 
	SECTION 102.  Definitions
	2
	

	 
	SECTION 103.  Payment of Principal and Interest
	3
	

	 
	SECTION 104.  Deferral of Interest Payments
	4
	

	 
	SECTION 105.  Denominations
	5
	

	 
	SECTION 106.  Global Securities
	5
	

	 
	SECTION 107.  Transfer
	6
	

	 
	SECTION 108.  Redemption at the Company’s Option
	6
	

	 
	SECTION 109.  Events of Default
	7
	

	 
	 
	 

	ARTICLE 2
	7
	

	 
	SECTION 201.  Recitals by Company
	7
	

	 
	SECTION 202.  Ratification and Incorporation of Original Indenture
	8
	

	 
	SECTION 203.  Executed in Counterparts
	8
	

	
			
	EXHIBIT A
	Form of Series 2020A Note
	A-1

	EXHIBIT B
	Certificate of Authentication
	B-1

___________________________
1This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

i

THIS EIGHTH SUPPLEMENTAL INDENTURE is made as of the 9th day of January, 2020, by and between THE SOUTHERN COMPANY, a Delaware corporation, 30 Ivan Allen Jr. Blvd., N.W., Atlanta, Georgia  30308 (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, 150 East 42nd Street, 40th Floor, New York, New York 10017 (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company has heretofore entered into a Subordinated Note Indenture, dated as of October 1, 2015 (the “Original Indenture”), with Wells Fargo Bank, National Association;
WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Eighth Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of Junior Subordinated Notes may at any time be established pursuant to a supplemental indenture executed by the Company and the Trustee;
WHEREAS, the Company proposes to create under the Indenture a new series of Junior Subordinated Notes;
WHEREAS, additional Junior Subordinated Notes of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and
WHEREAS, all conditions necessary to authorize the execution and delivery of this Eighth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE 1
Series 2020A Junior Subordinated Notes
SECTION 101.  Establishment.  There is hereby established a new series of Junior Subordinated Notes to be issued under the Indenture, to be designated as the Company’s Series 2020A 4.95% Junior Subordinated Notes due January 30, 2080 (the “Series 2020A Notes”).
There are to be authenticated and delivered $1,000,000,000 principal amount of Series 2020A Notes, and such principal amount of the Series 2020A Notes may be increased from time to time pursuant to Section 301 of the Original Indenture.  All Series 2020A Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2020A Notes.  Any such additional Series 2020A Notes will have the same interest rate, maturity and other terms as those initially issued (except for the public offering price and issue date and the initial interest accrual date and initial Interest Payment Date (as defined 

below), if applicable).  No Series 2020A Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2020A Notes shall be issued in fully registered form.
The Series 2020A Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2020A Notes shall be The Depository Trust Company.  
The form of the Trustee’s Certificate of Authentication for the Series 2020A Notes shall be in substantially the form set forth in Exhibit B hereto.
Each Series 2020A Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for.
SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.
“Additional Interest” has the meaning set forth in Section 104 of this Eighth Supplemental Indenture.
“Administrative Action” means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure, notice or announcement including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation.
“Applicable Rating Agency” means any Rating Agency that (i)(a) published a rating for the Company on the date of initial issuance of the Series 2020A Notes and (b) publishes a rating for the Company at such time as a Rating Agency Event occurs, or (ii) any successor to a Rating Agency described in the preceding clause (i).
“Interest Payment Dates” means January 30, April 30, July 30 and October 30 of each year, commencing April 30, 2020.
“Optional Deferral Period” has the meaning set forth in Section 104 of this Eighth Supplemental Indenture.
“Original Issue Date” means January 9, 2020.
“Rating Agency” means any nationally recognized statistical rating organization (within the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended).
“Rating Agency Event” means a change to the methodology or criteria that were employed by an Applicable Rating Agency for purposes of assigning equity credit to securities such as the Series 2020A Notes on the date of initial issuance of the Series 2020A Notes, which change reduces the amount of equity credit assigned to the Series 2020A Notes by the Applicable Rating Agency as compared with the amount of equity credit that such Rating Agency assigned to the Series 2020A Notes as of the date of initial issuance of the Series 2020A Notes.
“Regular Record Date” means, with respect to each Interest Payment Date, the close of business (i) on the Business Day immediately preceding such Interest Payment Date if any Series 

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2020A Notes are issuable in the form of one or more Global Securities or (ii) on the 15th calendar day preceding such Interest Payment Date if no Series 2020A Notes are issuable in the form of one or more Global Securities (whether or not a Business Day).
“Securities Rate” has the meaning set forth in Section 103 of this Eighth Supplemental Indenture.
“Stated Maturity” means January 30, 2080.
“Tax Event” means that the Company shall have received an Opinion of Counsel experienced in such matters to the effect that, as a result of: 
(a) any amendment to, clarification of, or change, including any announced prospective change, in the laws or treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; 
(b) an Administrative Action; 
(c) any amendment to, clarification of, or change in the official position or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a position with respect to an Administrative Action that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or
(d) a threatened challenge asserted in writing in connection with an audit of the Company or an audit of any of the subsidiaries of the Company, or a publicly-known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Series 2020A Notes, 
which amendment, clarification or change is effective or the Administrative Action is taken or issued, or interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly-known after the date of original issuance of the Series 2020A Notes, there is more than an insubstantial risk that interest payable by the Company on the Series 2020A Notes is not deductible, or within 90 days of the date of such opinion would not be deductible, in whole or in part, by the Company for United States federal income tax purposes.
SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2020A Notes shall be due at the Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2020A Notes shall bear interest at the rate of 4.95% per annum (the “Securities Rate”) until paid or duly provided for. Interest shall be paid quarterly in arrears on each Interest Payment Date to the Person in whose name the Series 2020A Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable. So long as an Optional Deferral Period is not occurring, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Series 2020A Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Series 2020A Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, 

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if any, on which the Series 2020A Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.
Payments of interest on the Series 2020A Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the Series 2020A Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the Series 2020A Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.
Payment of the principal and interest (including Additional Interest) due at the Stated Maturity or earlier redemption of the Series 2020A Notes shall be made upon surrender of the Series 2020A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2020A Notes (including Additional Interest) shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payments of interest (including interest on any Interest Payment Date) (including Additional Interest) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto.
SECTION 104.  Deferral of Interest Payments.  So long as no Event of Default has occurred and is continuing, the Company may, at its option, on one or more occasions, defer payment of all or part of the current and accrued interest otherwise due on the Series 2020A Notes by extending the interest payment period for up to forty (40) consecutive quarterly periods (each period, commencing on the date that the first such interest payment would otherwise have been made, an “Optional Deferral Period”).  A deferral of interest payments may not extend beyond the Stated Maturity or end on a day other than an Interest Payment Date.  Any deferred interest on the Series 2020A Notes will accrue additional interest at the Securities Rate from the applicable Interest Payment Date to the date of payment, compounded quarterly (such deferred interest and additional interest accrued thereon, “Additional Interest”), to the extent permitted under applicable law. No interest shall be due and payable during an Optional Deferral Period, except at the end of such Optional Deferral Period or upon a redemption of the Series 2020A Notes during such Optional Deferral Period.
So long as no Event of Default has occurred and is continuing, prior to the termination of any Optional Deferral Period, the Company may further defer the payment of interest by extending such Optional Deferral Period; provided that such Optional Deferral Period together with all such previous and further deferrals of interest payments shall not exceed forty (40) consecutive quarterly periods at any one time or extend beyond the Stated Maturity.  Upon the termination of any Optional Deferral Period, which shall be an Interest Payment Date, the Company shall pay all interest accrued and unpaid on the Series 2020A Notes, including any Additional Interest, to the Person in whose name the Series 2020A Notes are registered on the Regular Record Date for such Interest Payment Date, provided that interest accrued and unpaid on the Series 2020A Notes, including any Additional Interest, payable at Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable.  Once the Company pays all interest accrued and unpaid on the Series 2020A 

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Notes, including any Additional Interest, it shall be entitled again to defer interest payments on the Series 2020A Notes as described above. 
During an Optional Deferral Period, subject to the next succeeding sentence, the Company (a) shall not declare or pay any dividend or make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock, and (b) shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank pari passu with or junior to the Series 2020A Notes.  The preceding sentence, however, shall not restrict (i) any of the actions described in the preceding sentence resulting from any reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock, (ii) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (iii) dividends, payments or distributions payable in shares of capital stock, (iv) redemptions, purchases or other acquisitions of shares of capital stock in connection with any employment contract, incentive plan, benefit plan or other similar arrangement of the Company or any of its subsidiaries or in connection with a dividend reinvestment or stock purchase plan, or (v) any declaration of a dividend in connection with implementation of any stockholders’ rights plan, or the issuance of rights, stock or other property under any such plan, or the redemption, repurchase or other acquisition of any such rights pursuant thereto.
The Company shall provide to the Trustee notice, as provided in Section 105 of the Original Indenture, of its selection or extension of an Optional Deferral Period at least 10 Business Days and not more than 60 Business Days prior to the earlier of (a) the next applicable Interest Payment Date or (b) the date, if any, upon which the Company is required to give notice of such Interest Payment Date or the Regular Record Date thereof to the New York Stock Exchange or any applicable self-regulatory organization.  In addition, the Company shall deliver to the Trustee an Officers’ Certificate stating that no default or Event of Default shall have occurred and be continuing.  Subject to receipt of such Officers’ Certificate, the Trustee shall forward such notice promptly to the Holders of the Series 2020A Notes as provided in Section 106 of the Original Indenture.
SECTION 105.  Denominations.  The Series 2020A Notes may be issued in the denominations of $25.00 and integral multiples of $25.00 in excess thereof.
SECTION 106.  Global Securities.  The Series 2020A Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, Series 2020A Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2020A Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.
Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2020A Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee. The rights of Holders of such Global Security shall be exercised only through the Depositary.

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Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2020A Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default with respect to the Series 2020A Notes. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2020A Notes registered in such names as the Depositary shall direct.
Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
SECTION 107.  Transfer.  No service charge will be made for any transfer or exchange of Series 2020A Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
The Company shall not be required (a) to issue, register the transfer of or exchange any Series 2020A Notes during a period beginning at the opening of business fifteen (15) days before the date of the mailing of a notice pursuant to Section 1104 of the Original Indenture identifying the serial numbers of the Series 2020A Notes to be called for redemption, and ending at the close of business on the date of the mailing, or (b) to issue, register the  transfer of or exchange any Series 2020A Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2020A Notes redeemed in part.
SECTION 108.  Redemption at the Company’s Option.  At any time and from time to time on or after January 30, 2025, the Series 2020A Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2020A Notes being redeemed plus accrued and unpaid interest (including any Additional Interest) on the Series 2020A Notes being redeemed to the Redemption Date.  
In addition, before January 30, 2025, if a Tax Event shall occur and be continuing, the Company may redeem the Series 2020A Notes following the occurrence  of that Tax Event, in whole, but not in part, at a Redemption Price equal to 101% of the principal amount to be redeemed plus any accrued but unpaid interest (including any Additional Interest) to the Redemption Date.
In addition, before January 30, 2025, if a Rating Agency Event shall occur and be continuing, the Company may redeem the Series 2020A Notes following the occurrence of that Rating Agency Event, in whole, but not in part, at a Redemption Price equal to 102% of the principal amount to be redeemed plus any accrued but unpaid interest (including any Additional Interest) to the Redemption Date.

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In the event of redemption of the Series 2020A Notes in part only, a new Series 2020A Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof (or through book-entry transfer for Global Securities).
The Series 2020A Notes will not have a sinking fund.
Notice of redemption shall be given as provided in Section 1104 of the Original Indenture.
Any redemption of less than all of the Series 2020A Notes shall, with respect to the principal thereof, be divisible by $25.00.
SECTION 109.  Events of Default.
The Event of Default set forth in Section 501(5) of the Original Indenture shall not apply to the Series 2020A Notes.  The Events of Default set forth in paragraphs (1), (3), (6) and (7) shall apply to the Series 2020A Notes.  
For purposes of this Section 109, the term “Default” means the following event:  default in the performance or breach of any covenant or warranty of the Company in the Indenture (other than a covenant or warranty (i) a default in whose performance or whose breach is addressed in any paragraph of Section 501 of the Original Indenture (other than Section 501(5)) or (ii) which has expressly been included in the Indenture solely for the benefit of one or more series of Junior Subordinated Notes other than the Series 2020A Notes), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Series 2020A Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Covenant Default” hereunder.
Upon the occurrence and continuance of a Default, the Trustee and the Holders of the Series 2020A Notes shall have the same rights and remedies, and shall be subject to the same limitations, restrictions, protections and exculpations, and the Company shall be subject to the same obligations and restrictions, in each case, as would apply if such Default was an Event of Default or an event which after notice or lapse of time or both would become an Event of Default; provided, that the principal of and accrued interest on the Series 2020A Notes may not be declared immediately due and payable by reason of the occurrence and continuation of a Default, and any notice of declaration or acceleration based on such Default shall be null and void with respect to the Series 2020A Notes; provided, further that in case a Default has occurred and is continuing, the Trustee shall not be subject to Section 601(b) of the Original Indenture unless an Event of Default has occurred and is continuing.  
ARTICLE 2
Miscellaneous Provisions
SECTION 201.  Recitals by Company.  The recitals in this Eighth Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of Series 2020A Notes and of this Eighth Supplemental Indenture as fully and with like effect as if set forth herein in full.

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SECTION 202.  Ratification and Incorporation of Original Indenture.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture, as supplemented by this Eighth Supplemental Indenture shall be read, taken and construed as one and the same instrument.
SECTION 203.  Executed in Counterparts.  This Eighth Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

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IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officer, all as of the day and year first above written.

	
				
	 
	THE SOUTHERN COMPANY
	 

	 
	 
	

	 

	 
	By:
	/s/Andrew W. Evans
	 

	 
	 
	Andrew W. Evans
Executive Vice President and Chief Financial Officer
	 

	 
	 
	

	 

	 
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Trustee

	 
	 
	

	 

	 
	By:
	/s/Stefan Victory
	 

	 
	 
	Stefan Victory
Vice President
	 

EXHIBIT A

FORM OF SERIES 2020A NOTE

	
		
	NO. __
	CUSIP NO. 842587 800

THE SOUTHERN COMPANY
SERIES 2020A 4.95% JUNIOR SUBORDINATED NOTE
DUE JANUARY 30, 2080

	
			
	 
	Principal Amount:
	$__________

	 
	 
	 

	 
	Regular Record Date:
	One Business Day prior to Interest Payment Date (if any Series 2020A Notes are issuable in the form of one or more Global Securities) or 15th calendar day prior to Interest Payment Date (if no Series 2020A Notes are issuable in the form of one or more Global Securities) 

	 
	 
	 

	 
	Original Issue Date:
	January 9, 2020

	 
	 
	 

	 
	Stated Maturity:
	January 30, 2080

	 
	 
	 

	 
	Interest Payment Dates:
	January 30, April 30, July 30 and October 30 

	 
	 
	 

	 
	Interest Rate:
	4.95% per annum

	 
	 
	 

	 
	Authorized Denomination:
	$25.00 and integral multiples of $25.00 in excess thereof

The Southern Company, a Delaware corporation (the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to _____________________________________, or registered assigns, the principal sum of _________ DOLLARS ($__________) on the Stated Maturity shown above (or upon earlier redemption), and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly in arrears on each Interest Payment Date as specified above, commencing on April 30, 2020 and on the Stated Maturity (or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or on a Redemption Date) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at the Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes of this series shall be 

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listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.
Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.
So long as no Event of Default shall have occurred and be continuing, the Company may, at its option, on one or more occasions, defer payment of all or part of the current and accrued interest otherwise due on the Series 2020A Notes by extending the interest payment period for up to forty (40) consecutive quarterly periods (each period, commencing on the date that the first such interest payment would otherwise have been made, an “Optional Deferral Period”).  A deferral of interest payments may not extend beyond the Stated Maturity or end on a day other than an Interest Payment Date.  As provided in the Indenture, Additional Interest on the Series 2020A Notes will accrue to the extent permitted by law.  No interest shall be due and payable during an Optional Deferral Period, except at the end of such Optional Deferral Period or upon a redemption of the Series 2020A Notes during such Optional Deferral Period.
So long as no Event of Default shall have occurred and be continuing, prior to the termination of any Optional Deferral Period, the Company may further defer the payment of interest by extending such Optional Deferral Period; provided that such Optional Deferral Period together with all such previous and further deferrals of interest payments shall not exceed forty (40) consecutive quarterly periods at any one time or extend beyond the Stated Maturity.  Upon the termination of any Optional Deferral Period, which shall be an Interest Payment Date, the Company shall pay all interest accrued and unpaid on the Series 2020A Notes, including any Additional Interest, to the Person in whose name the Series 2020A Notes are registered on the Regular Record Date for such Interest Payment Date, provided that interest accrued and unpaid on the Series 2020A Notes, including any Additional Interest, payable at Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable.  Once the Company pays all interest accrued and unpaid on the Series 2020A Notes, including any Additional Interest, it shall be entitled again to defer interest payments on the Series 2020A Notes as described above.  
During an Optional Deferral Period, subject to the next succeeding sentence, (a) the Company shall not declare or pay any dividend or make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock, and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank pari passu with or junior to the Series 2020A Notes.  The preceding sentence, however, shall not restrict (i) any of the actions described in the preceding sentence resulting from any reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock, (ii) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (iii) dividends, payments or distributions payable in shares of capital stock, (iv) redemptions, purchases or other acquisitions 

A-2

of shares of capital stock in connection with any employment contract, incentive plan, benefit plan or other similar arrangement of the Company or any of its subsidiaries or in connection with a dividend reinvestment or stock purchase plan, or (v) any declaration of a dividend in connection with implementation of any stockholders’ rights plan, or the issuance of rights, stock or other property under any such plan, or the redemption, repurchase or other acquisition of any such rights pursuant thereto.
The Company shall provide to the Trustee written notice of its selection or extension of an Optional Deferral Period at least 10 Business Days and not more than 60 Business Days prior to the earlier of (a) the next applicable Interest Payment Date or (b) the date, if any, upon which the Company is required to give notice of such Interest Payment Date or the Regular Record Date thereof to the New York Stock Exchange or any applicable self-regulatory organization.  The Trustee shall forward such notice promptly to the Holders of the Series 2020A Notes.
Payment of the principal of and interest (including Additional Interest) due at the Stated Maturity or earlier redemption of the Series 2020A Notes shall be made upon surrender of the Series 2020A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2020A Notes (including Additional Interest) shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payment of interest (including interest on an Interest Payment Date) (including Additional Interest) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto.
The indebtedness evidenced by this Note, including the principal hereof and interest hereon, is, to the extent provided in the Indenture, subordinate and junior in right of payment  and upon liquidation to the prior payment in full of all Senior Indebtedness (as defined in the Indenture), and this Note is issued subject to the provisions of the Indenture with respect thereto.  Each Holder of this Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided, and (c) appoints the Trustee his attorney-in-fact for any and all such purposes.  Each Holder hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.
Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

Dated:  

	
				
	 
	THE SOUTHERN COMPANY

	 
	 
	 
	 

	 
	By:
	 
	 

	 
	Title:
	 
	 

	 
	 
	 
	 

	Attest:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	Title:
	 
	 
	 

	 
	 
	 
	 

{Seal of THE SOUTHERN COMPANY appears here}

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CERTIFICATE OF AUTHENTICATION

This is one of the Junior Subordinated Notes referred to in the within-mentioned Indenture.

	
			
	Dated:
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Trustee

	 
	 
	 

	 
	By:
	 

	 
	 
	Authorized Signatory

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(Reverse Side of Note)

This Note is one of a duly authorized issue of Junior Subordinated Notes of the Company (the “Notes”), issued and issuable in one or more series under a Subordinated Note Indenture, dated as of October 1, 2015, as supplemented (the “Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as Series 2020A 4.95% Junior Subordinated Notes due January 30, 2080 (the “Series 2020A Notes”) which is unlimited in principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.
The Series 2020A Notes will not have a sinking fund.
At any time and from time to time on or after January 30, 2025, the Series 2020A Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2020A Notes being redeemed plus accrued and unpaid interest (including any Additional Interest) on the Series 2020A Notes being redeemed to the Redemption Date.  
In addition, if a Tax Event shall occur and be continuing, the Company may redeem the Series 2020A Notes following the occurrence of that Tax Event, in whole, but not in part, before January 30, 2025, at a Redemption Price equal to 101% of the principal amount to be redeemed plus any accrued but unpaid interest (including any Additional Interest) to the Redemption Date.
“Administrative Action” means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure, notice or announcement including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation.
“Tax Event” means that the Company shall have received an Opinion of Counsel experienced in such matters to the effect that, as a result of: 
(a) any amendment to, clarification of, or change, including any announced prospective change, in the laws or treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; 
(b) an Administrative Action; 
(c) any amendment to, clarification of, or change in the official position or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a position with respect to an Administrative Action that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or
(d) a threatened challenge asserted in writing in connection with an audit of the Company or an audit of any of the subsidiaries of the Company, or a publicly-known threatened challenge 

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asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Series 2020A Notes,
which amendment, clarification or change is effective or the Administrative Action is taken or issued, or interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly-known after the date of original issuance of the Series 2020A Notes, there is more than an insubstantial risk that interest payable by the Company on the Series 2020A Notes is not deductible, or within 90 days of the date of such opinion would not be deductible, in whole or in part, by the Company for United States federal income tax purposes.
In addition, if a Rating Agency Event shall occur and be continuing, the Company may redeem the Series 2020A Notes following the occurrence  of that Rating Agency Event, in whole, but not in part, before January 30, 2025, at a Redemption Price equal to 102% of the principal amount to be redeemed plus any accrued but unpaid interest (including any Additional Interest) to the Redemption Date.
“Applicable Rating Agency” means any Rating Agency that (i)(a) published a rating for the Company on the date of initial issuance of the Series 2020A Notes and (b) publishes a rating for the Company at such time as a Rating Agency Event occurs, or (ii) any successor to a Rating Agency described in the preceding clause (i).
“Rating Agency” means any nationally recognized statistical rating organization (within the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended).
“Rating Agency Event” means a change to the methodology or criteria that were employed by an Applicable Rating Agency for purposes of assigning equity credit to securities such as the Series 2020A Notes on the date of initial issuance of the Series 2020A Notes, which change reduces the amount of equity credit assigned to the Series 2020A Notes by the Applicable Rating Agency as compared with the amount of equity credit that such Rating Agency has assigned to the Series 2020A Notes as of the date of initial issuance of the Series 2020A Notes.
In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.  The Series 2020A Notes will not have a sinking fund.
If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon 

A-7

the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Notes of this series are issuable only in registered form without coupons in denominations of $25.00 and integral multiples of $25.00 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.
The Company and, by acceptance of this Series 2020A Note or a beneficial interest in this Series 2020A Note, each Holder hereof and any person acquiring a beneficial interest herein, agree that for United States federal, state and local tax purposes it is intended that this Series 2020A Note constitute indebtedness.
This Note shall be governed by, and construed in accordance with, the internal laws of the State of New York.

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ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

	
			
	TEN COM-  as tenants in common
	UNIF GIFT MIN ACT- _______ Custodian ________
                                         (Cust)                     (Minor)

	TEN ENT-   as tenants by the entireties
	 
	 

	JT TEN-       as joint tenants with right of survivorship and not as tenants in common
	under Uniform Gifts to
Minors Act

___________________
            (State)

Additional abbreviations may also be used
though not on the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
_____________________________________________________________________________
(please insert Social Security or other identifying number of assignee)

_____________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE
_____________________________________________________________________________

_____________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and appointing
_____________________________________________________________________________

_____________________________________________________________________________
agent to transfer said Note on the books of the Company, with full power of substitution in the premises.

	
				
	Dated:
	 
	 
	 

	 
	 
	 
	

NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

A-9

EXHIBIT B

CERTIFICATE OF AUTHENTICATION

This is one of the Junior Subordinated Notes referred to in the within-mentioned Indenture.

	
			
	Dated:
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Trustee

	 
	 
	 

	 
	By:
	 

	 
	 
	Authorized Signatory

B-1

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