Document:

Exhibit 10.1

 

SUBSCRIPTION
AGREEMENT

 

THIS SUBSCRIPTION AGREEMENT is made and entered into June 8, 2004
between Todhunter International, Inc., a Delaware corporation (the “Company”),
and Angostura Limited, a corporation organized under the laws of Trinidad &
Tobago (“Angostura”).

 

The parties hereto agree as follows.

 

1.             Angostura shall purchase, and the Company
shall issue to Angostura, 714,285 unregistered shares of common stock of the
Company (the “Shares”) for an aggregate purchase price of $10,000,000, or
$14.000014 per share (the “Per Share Purchase Price”), promptly upon approval
by the American Stock Exchange of the Company’s listing application with
respect to the Shares.  Angostura agrees
to transfer $10,000,000 to the Company on June 9, 2004 as payment of the
purchase price for the Shares.

 

2.             Concurrently herewith, the Company and
Angostura shall execute the Registration Rights Agreement attached hereto as Exhibit
A (the “Registration Rights Agreement”).

 

3.             Angostura
will pay all of its expenses in connection with its subscription for the
Shares.  Angostura will pay one-half of
the Company’s expenses related to this Agreement within five (5) days of its
receipt of written evidence of such expenses from the Company, including, but
not limited, to the fees and expenses of: the Company’s counsel, the Special
Committee of the Company’s Board of Directors (the “Special Committee”)
established for purposes of evaluating and determining the price of Angostura’s
purchase of the Shares, the Special Committee’s counsel, and Houlihan Lokey
Howard & Zukin, the investment banker engaged by the Company’s Special
Committee.

 

4.             Angostura represents, warrants and agrees as
follows:

 

(a)           (i) Angostura has full authority under its governing
instruments and applicable law to purchase the Shares; (ii) the purchase of the
Shares has been duly authorized; (iii) the individual signing this Subscription
Agreement and the Registration Rights Agreement has actual authority to execute
this Subscription Agreement and the Registration Rights Agreement on behalf of
Angostura; (iv) Angostura has not been formed for the specific purpose of
purchasing the Shares; and (v) Angostura has been in existence for at least
ninety (90) days prior to the date hereof.

 

(b)           Angostura acknowledges that it has received or had access
to all information it deemed necessary or appropriate to evaluate the merits
and risks of an investment in the Shares. 
Angostura acknowledges that the Company has made available to it the
opportunity to obtain additional information to verify the accuracy of the
information provided to it and to evaluate the merits and risks of

 

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an investment in the Shares.  Angostura further acknowledges that it has
had the opportunity to ask questions of and receive answers from the Company,
or a person or persons acting on behalf of the Company, concerning the terms
and conditions of the offering, the Company and the information provided to it.

 

(c)           Angostura has such knowledge and experience in financial
and business matters to enable it to evaluate the risks and merits of an
investment in the Shares, and the tax consequences associated therewith, and to
make an informed decision with respect thereto.

 

(d)           Angostura understands that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”),
the securities laws of any state or any other applicable securities laws, rules
or regulations in reliance upon exemptions therefrom.  Such reliance is in part predicated upon the truth and accuracy
of the representations of Angostura contained herein.  Angostura understands that the Shares must be held for at least a
two-year period unless, among other things, they are subsequently registered
under the Securities Act and applicable state securities laws unless an
exemption from such registration is available. 
Angostura further understands that, other than pursuant to the
Registration Rights Agreement, the Company is under no obligation to register
the Shares on its behalf or to assist it in registering or in complying with
any exemption from registration.

 

(e)           The Shares are being purchased solely for Angostura’s own
account for investment and not for the account of any other person and not with
a view to distribution, assignment or resale, and no other person has a direct
or indirect beneficial interest in the Shares through Angostura.  Angostura is not participating, directly or
indirectly, in a distribution or transfer of the Shares, or in the underwriting
of any such distribution or transfer, and it will not act in any way that would
cause it to be considered an underwriter within the meaning of the Securities
Act.

 

(f)            All information which Angostura may have provided to the
Company concerning itself, its financial position and its knowledge of
financial and business matters, is correct and complete as of the date set
forth at the end of this Subscription Agreement, and if there should be any
change in such information prior to its subscription being accepted, Angostura
will immediately provide the Company with such revised information.

 

(g)           Angostura understands that it has received no assurances
regarding the tax treatment of its investment in the Shares and that existing
tax laws and regulations may be modified in the future and could deny it all or
a portion of the tax benefits, if any, which may be available under existing
laws and regulations.  No tax opinion or
advice is being rendered by the Company in connection with the offering of the
Shares.  Angostura is relying (and will
continue to rely) solely on the advice of its own advisors with respect to an
investment in the Company and has consulted with its advisors as Angostura

 

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deemed necessary prior to making a
determination whether to invest in the Shares.

 

(h)           Angostura has not been solicited to subscribe for the
Shares by means of general advertising or general solicitation.

 

(i)            Angostura (and any customer for whose account it is
acting as fiduciary agent) qualifies as an “Accredited Investor,” as that term
is defined in Rule 501(a) of Regulation D of the Securities Act.

 

(j)            Angostura understands the meaning and legal consequences
of the foregoing representations, warranties and agreements, which are true as
of the date hereof and will be true as of the date of the purchase of the
Shares by Angostura.  Each such
representation, warranty and agreement shall survive such purchase.  Angostura understands that the information
furnished by it will be relied upon by the Company in connection with the
offering of the Shares.

 

(k)           Angostura agrees not to offer, sell, contract to sell,
grant any option to purchase, make any short sale or otherwise dispose of the
Shares for the nine (9) months following the consummation of its purchase of
the Shares; provided, however, that Angostura may pledge the Shares during such
nine-month period provided that the pledgee(s) agrees in writing to be bound by
the restrictions of this Section 4(k) during such nine-month period.

 

5.             Indemnification. 
Angostura understands the consequences of the agreements,
representations and warranties set forth in this Subscription Agreement, and
shall indemnify and hold harmless, on demand, the Company and its respective officers,
directors, affiliates, agents, and employees from and against all claims,
allegations, damages, losses, costs and expenses (including reasonable
attorneys’ fees) which they may incur, directly or indirectly, by reason of
Angostura’s failure to fulfill any of the terms or conditions of this
Subscription Agreement, of the misrepresentations or inaccuracy of any of
Angostura’s representations and warranties herein, or in any document provided
by Angostura to the Company.

 

6.             Counterparts. 
This Subscription Agreement may be executed in counterparts, all of
which shall be deemed to be duplicate originals.

 

7.             Jurisdiction and Venue. 
The parties acknowledge that a substantial portion of the negotiations,
anticipated performance and execution of this Agreement occurred or shall occur
in Palm Beach County, Florida.  Any
civil action or legal proceeding arising out of or relating to this Agreement
shall be brought in the courts of record of the State of Florida in Palm Beach County
or the United States District Court, Southern District of Florida.  Each party consents to the jurisdiction of
such Florida court in any such civil action or legal proceeding and waives any
objection to the laying of venue of any such civil action or legal proceeding
in such Florida court.  Service of any
court paper may be effected on such party by mail, as provided in this
Agreement, or in

 

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such
other manner as may be provided under applicable laws, rules of procedure or
local rules.

 

8.             Enforcement Costs.  If
any civil action, arbitration or other legal proceeding is brought for the
enforcement of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with any provision of this
Agreement, the successful or prevailing party or parties shall be entitled to
recover reasonable attorneys’ fees, court costs, sales and use taxes and all
expenses even if not taxable as court costs (including, without limitation, all
such fees, taxes, costs and expenses incident to arbitration, appellate,
bankruptcy and post judgment proceedings), incurred in that proceeding, in
addition to any other relief to which such party or parties may be
entitled.  Attorneys’ fees shall include,
without limitation, paralegal fees, investigative fees, administrative costs,
sales and use taxes and all other charges billed by the attorney to the
prevailing party (including any fees and costs associated with collecting such
amounts).

 

9.             Equitable Remedies. 
Each of the parties acknowledges that the parties will be irreparably
damaged (and damages at law would be an inadequate remedy) if this Agreement is
not specifically enforced.  Therefore,
in the event of a breach or threatened breach by any party of any provision of
this Agreement, then the other parties shall be entitled, in addition to all
other rights or remedies, (a) to an injunction restraining such breach, without
being required to show any actual damage or to post an injunction or other
bond, or (b) to a decree for specific performance of the provisions of this
Agreement, or both.

 

10.           General.

 

(a)           Angostura will not transfer or assign this Subscription Agreement, or
any of its interest herein.

 

(b)           This Subscription Agreement is irrevocable (except for withdrawal rights
under applicable state securities laws) and shall be binding upon the parties
hereto and their respective successors and permitted assigns.

 

(c)           This Subscription Agreement constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof and may be amended
only by a writing executed by all parties.

 

(d)           This Subscription Agreement shall be enforced, governed and construed in
all respects in accordance with the laws of the State of Delaware, without
reference to principles of conflicts of laws.

 

11.           Rights Offering. 
The Company agrees that, as soon as possible following the closing (the
“Closing”) of the stock purchase contemplated by this Subscription Agreement,
it will use its best efforts to complete an offering (the “Rights Offering”),
pursuant to a registration statement (the “Registration Statement”) filed with
the Securities and Exchange Commission, pursuant to which each stockholder of
the Company other than Angostura and its affiliates (each a “Public
Stockholder” and

 

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collectively,
the “Public Stockholders”) shall have the right to purchase such holder’s pro
rata amount of a number of shares of common stock of the Company that will
permit the Public Stockholders in the aggregate to maintain the percentage
stock ownership the Public Stockholders owned prior to the Closing, at a price
per share equal to the lesser of: (a) $14.00 per share, and (b) the closing
quotation of the Company’s common stock on the American Stock Exchange on the
date that is two (2) days prior to the effective date of the Registration
Statement.  The terms of the Rights
Offering shall provide that to the extent any Public Stockholder does not elect
to purchase such holder’s pro rata share, the remaining Public Stockholders
shall have the further opportunity to purchase, on a pro rata basis, such
shares.  The Company agrees to use its
best efforts to file the Registration Statement within sixty (60) days following
the Closing.  Angostura agrees that it
will take all actions necessary to facilitate the Rights Offering.  The Company shall be responsible for its
expenses in connection with the Rights Offering.

 

IN WITNESS WHEREOF the parties hereto have
executed this agreement as of June 8, 2004.

 

 

	
   

  	
  TODHUNTER INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jay S. Maltby

  	
   

  
	
   

  	
  Name:

  	
  Jay S. Maltby

  
	
   

  	
  Title:  Chief Executive Officer and President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANGOSTURA LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael E. Carballo

  	
   

  
	
   

  	
  Name:

  	
  Michael E. Carballo

  
	
   

  	
  Title:  Group Company Secretary and

  Treasurer

  
								

 

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EXHIBIT A

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (the “AGREEMENT”) is made and entered into as of
June    , 2004, between Todhunter International, Inc. a
Delaware corporation (the “COMPANY”), and Angostura Limited, a Trinidad
corporation (the “HOLDER”).

 

This Agreement is made concurrently with the
purchase by the Holder of 714,285 unregistered shares of the Company’s Common
Stock (the “SECURITIES”) for an aggregate purchase price of $10 million (the
“STOCK PURCHASE”).  In order to induce
the Holder to enter into the Stock Purchase, the Company has agreed to provide
to the Holder the registration rights set forth in this Agreement.

 

In consideration of the foregoing, the
parties hereto agree as follows:

 

1.             DEFINITIONS.

 

As used in this Agreement, the following
capitalized defined terms shall have the meanings set forth below (certain
terms being defined elsewhere in this Agreement):

 

“1933 ACT” shall mean the Securities Act of
1933, as amended from time to time.

 

“BOARD” shall mean the Board of Directors of
the Company, or any committee of the Board of Directors authorized to act with
respect to this Agreement.

 

“BUSINESS DAY” shall mean any day other than
Saturday, Sunday or legal holiday on which banks in the State of Florida are
not open for business.

 

“COMPANY” shall have the meaning set forth in
the preamble and shall also include the Company’s successors.

 

“COMMON STOCK” shall mean the Common Stock of
the Company, par value $.01 per share.

 

“PERSON” shall mean an individual,
partnership, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

 

“PROSPECTUS” shall mean the prospectus
included in a Registration Statement, including any preliminary prospectus, and
any such prospectus as amended or supplemented, including all material
incorporated by reference therein.

 

“REGISTRABLE SECURITIES” shall mean the
Securities; provided, however, that any given Security shall cease to be a
Registrable Security (i) when such Security has been distributed to the public
pursuant to an offering registered under the 1933 Act

 

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or
pursuant to a transaction exempt from registration under Rule 144 under the
1933 Act (or any similar rule then in force) or (ii) when such Security shall
have ceased to be outstanding.

 

“REGISTRATION EXPENSES” shall mean any and
all reasonable expenses incident to performance of or compliance by the Company
with this Agreement, including without limitation: (i) all SEC, stock exchange
or National Association of Securities Dealers, Inc. registration and filing
fees, (ii) all fees and expenses incurred in connection with compliance with
state securities or blue sky laws (including reasonable fees and disbursements
of counsel for any underwriters or the Holder in connection with blue sky
qualification of any of the Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreement
and other documents relating to the performance of and compliance with this
Agreement, (iv) the fees and disbursements of counsel for the Company and for
any underwriters, and (v) the fees and disbursements of the independent public
accountants of the Company, including the expenses of any special audits or
“cold comfort” letters required by or incident to such performance and
compliance.

 

“REGISTRATION STATEMENT” shall mean any
registration statement of the Company that covers any of the Registrable
Securities pursuant to the provisions of this Agreement and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

 

“SEC” shall mean the Securities and Exchange
Commission.

 

2.             REGISTRATION ON REQUEST.

 

(a)           Subject to the limitations set forth herein,
if the Company shall receive written notice requesting registration of
Registrable Securities (a “REGISTRATION REQUEST”) from the Holder:

 

(i)            the Company shall promptly, but in no event
more than ten (10) business days following the receipt of such request, deliver
to the Holder written notice of its intention to file a Registration Statement
pursuant to such Registration Request and specify the principal amount, or
number of shares, as the case may be, of Registrable Securities proposed to be
included pursuant to the Registration Request by the Holder;

 

(ii)           the Company shall, within the time period
specified in paragraph 2(b), below, prepare, file and use its best efforts to
cause to become effective a Registration Statement under the 1933 Act relating
to the Registrable Securities specified in the Registration Request for
inclusion; and

 

(iii)          the Company shall use its best efforts to
keep such Registration Statement current and effective until the earlier of (i)
three (3) months after

 

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the
date such Registration Statement is declared effective and (ii) the date that
the Registrable Securities covered by such Registration Statement have been
disposed of pursuant thereto.

 

(b)           The Company shall be obligated to file such
Registration Statement as promptly as practicable, but in any event within
ninety (90) days after receipt of any Registration Request; provided, however,
that, with respect to any Registration Statement filed, or to be filed,
pursuant to this paragraph 2, if the Company shall furnish to the Holder a
certificate of an executive officer of the Company stating that, in such
officer’s good faith judgment, it would (because of the existence of, or in
anticipation of, any acquisition or financing activity, or the unavailability
for reasons beyond the Company’s control of any required financial statements,
or any other event or condition of significance to the Company) be
significantly disadvantageous (a “DISADVANTAGEOUS CONDITION”) to the Company or
the Holder for such Registration Statement to be maintained effective, or to be
filed and become effective, the Company shall be entitled to cause such Registration
Statement to be withdrawn and the effectiveness of such Registration Statement
to be terminated, or, in the event such Registration Statement has not yet been
filed, shall be entitled not to file any such Registration Statement, until
such Disadvantageous Condition no longer exists (notice of which the Company
shall promptly deliver to the Holder) and, upon receipt of any such notice of a
Disadvantageous Condition, the Holder will forthwith discontinue use of the
Prospectus contained in such Registration Statement and, if so directed by the
Company, the Holder will deliver to the Company all copies, other than
permanent file copies then in the Holder’s possession, of the Prospectus then
covering such Registrable Securities at the time of receipt of such notice,
and, in the event no Registration Statement has yet been filed, all drafts of
the Prospectus covering such Registrable Securities.  Upon termination of such Disadvantageous Condition, the Company
will, if requested by the Holder, use its best efforts to file such
Registration Statement as promptly as practicable, but in any event within
sixty (60) days of such termination.  If
the Company declines to file or withdraws a Registration Statement in accordance
with this paragraph, then the election to initiate the proposed offering shall
not constitute the exercise of a Registration Request by the Holder.  The Company shall not be required to file a
Registration Statement within twelve (12) months of the effective date of a
prior Registration Statement filed as a result of a Registration Request.

 

(c)           Notwithstanding anything contained herein to
the contrary, (i) no Registration Request shall be effective pursuant to this
paragraph 2 unless such request includes Registrable Securities having a fair market
value (as determined by the Board in good faith) of at least $5 million with
respect to any Registration Request; and (ii) the Holder shall be entitled to
make 2 (two) separate Registration Requests.

 

(d)           Notwithstanding anything contained herein to
the contrary, the Company will not be obligated to effect any Registration
Request (i) within twelve (12) months after the effective date of any
Registration Request, (ii) during any period in which the Company is in the
process of negotiating or preparing, and ending on a date ninety (90) days
following the effective date of, a registration statement pertaining to an

 

8

 

underwritten
public offering of securities for the account of the Company, or (iii) during
any period in which the Company is in possession of material information
concerning the Company or its business and affairs, the public disclosure of
which would have a material adverse effect on the Company, which information
shall be disclosed to the Holder.  In
any given twelve (12) month period, the Company may effect one (1) postponement
for up to one hundred eighty (180) days of the filing or the effectiveness of a
registration statement for a Registration Request if, in the opinion of the
Company’s Board, such Registration Request or offering of securities would
reasonably be expected to have a material adverse effect on any plan of the
Company or any of its subsidiaries to engage in any material acquisition of
assets outside the ordinary course of business, any material merger,
consolidation, or tender offer, or any other transaction; provided, however,
that in such event, the Holder will be entitled to withdraw such request and,
if such request is withdrawn, such Registration Request will not count as one
of the Holder’s permitted Registration Requests.

 

(e)           The Holder will pay all Registration
Expenses in connection with the registration of Registrable Securities effected
by the Company pursuant to this paragraph 2.

 

(f)            If a Registration Request is an underwritten
offering and the managing underwriters advise the Company and the Holder that,
in such underwriters’ opinion, the aggregate number of securities requested to
be included in such offering exceeds the number of securities which can be sold
in an orderly manner in such offering within a price range acceptable to the
Holder, the Company will include in such registration, prior to the inclusion
of any other securities, the maximum number of Registrable Securities requested
to be included by the Holder, which, in the opinion of such underwriters, can
be sold in an orderly manner within such price range.

 

3.             INCIDENTAL REGISTRATION.

 

(a)           If the Company at any time proposes to
register any of its securities under the 1933 Act (other than pursuant to
paragraph 2 above), whether or not for sale for its own account (but subject to
the limitations contained in this paragraph 3), on a form and in a manner which
would permit registration of Registrable Securities for sale to the public
under the 1933 Act, it will give written notice promptly (and in no event less
than twenty (20) days prior to the proposed filing date) to the Holder of its
intention to do so, describing such securities and specifying the form and
manner and the other relevant facts involved in such proposed registration, and
upon the written request of the Holder delivered to the Company within ten (10)
days after the giving of any such notice (which request shall specify the
principal amount, or number of shares, as the case may be, of Registrable
Securities intended to be disposed of by the Holder and the intended method of
disposition thereof), the Company will use its best efforts to effect the
registration under the 1933 Act of all of the Registrable Securities which the
Company has been so requested to register by the Holder; provided that:

 

(i)            The Holder may request registration of
Securities only if the Company is registering its Common Stock in a public
offering other than any public

 

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offering
of the Company’s Common Stock which is consummated within nine months following
the date hereof.

 

(ii)           if, at any time after giving such written
notice of its intention to register any of its securities and prior to the
effective date of the Registration Statement filed in connection with such
registration, the Company shall determine for any reason not to register such
securities, the Company may, at its election, give written notice of such
determination to the Holder and thereupon shall be relieved of its obligation
to register any Registrable Securities in connection with such registration,
without prejudice, however, to the rights, if any, of the Holder to request
that such registration be effected as a registration under paragraph 2, above;
and

 

(iii)          if (A) the Company has filed a registration
statement covering the sale for its own account of its own securities to
underwriters for the purpose of making a public offering of the Common Stock
and Registrable Securities are to be included therein pursuant to the
provisions of this paragraph 3, (B) in the judgment of the managing underwriter
or underwriters of the proposed public offering of such Common Stock, such
inclusion would materially adversely affect such public offering, and (C) notification
of such determination is given to the Holder participating in such offering
prior to the effective date of such registration statement, then the
Registrable Securities as to which registration has been requested need not be
included by the Company in such registration; provided, however, that such
managing underwriter or underwriters may elect to permit the inclusion of a
portion of the Registrable Securities as to which registration has been
requested.

 

(b)           Notwithstanding anything contained herein to
the contrary, the Company shall not be obligated to effect any registration of
Registrable Securities under this paragraph 3 incidental to the registration of
any of its securities in connection with mergers, acquisitions, exchange
offers, dividend reinvestment plans, retirement plans or stock option or other
employee benefit plans.

 

(c)           The Holder will pay all Registration
Expenses in connection with each registration of Registrable Securities
requested pursuant to this paragraph 3.

 

4.             RELATED PROVISIONS.

 

(a)           Holder agrees not to offer, sell, contract
to sell, grant any option to purchase, make any short sale or otherwise dispose
of the Securities for the nine (9) months following the consummation of the
Stock Purchase; provided, however, that Holder may pledge the Securities during
such nine-month period provided that the pledgee(s) agrees in writing to be
bound by the restrictions of this Section 4(a) during such nine-month
period.

 

(b)           In connection with any registration of
Registrable Securities pursuant to paragraph 2 or 3, the Company will:

 

(i)            furnish to the Holder such number of
conformed copies of the Registration Statement and of each amendment or
supplement thereto (in each

 

10

 

case
including not more than two copies of all exhibits), such number of copies of
the Prospectus included in the Registration Statement (including each
preliminary Prospectus and any summary Prospectus), in conformity with the
requirements of the 1933 Act, any documents incorporated by reference in the
Registration Statement or Prospectus, and such other documents, as the Holder
may reasonably request;

 

(ii)           use its reasonable best efforts to register
and qualify the securities covered by such Registration Statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holder, to keep such registration or qualification in effect
for so long as such registration remains in effect, and take any other action
which may be reasonably necessary or advisable to enable the Holder to
consummate the disposition in such jurisdictions of the securities owned by the
Holder; provided that the Company shall not for any such purpose be required to
(i) qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this
Section 4(b)(ii) be obligated to be so qualified or (ii) subject itself to
taxation in any such jurisdiction.

 

(iii)          furnish to the Holder the following letters:
(A) a signed counterpart of an opinion of counsel for the Company, dated the
effective date of such Registration Statement (except, if such registration
involves an underwritten public offering, such opinion shall be dated the date
of the closing under the underwriting agreement), covering such matters as the
Holder, or its counsel, may reasonably request; and (B) a letter signed by the
independent public accountants who have certified the Company’s financial
statements included in the Registration Statement, covering such matters as the
Holder, or its counsel, may reasonably request; such letters or opinions shall
be in the form as is customary for similar letters or opinions, so long as such
form is acceptable to the managing underwriters, if any, of such offering;

 

(iv)          promptly notify the Holder of Registrable
Securities covered by such Registration Statement at any time when a Prospectus
relating thereto is required to be delivered under the 1933 Act, of the
happening of any event as a result of which the Prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing, and at the request of the Holder prepare and
furnish to the Holder a reasonable number of copies of a supplement to or an
amendment of such Prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities, such Prospectus
shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; and

 

(v)           otherwise use its best efforts to comply
with all applicable rules and regulations of the SEC, and make available to
Holder, as soon as reasonably practicable, but in no event more than eighteen
(18) months after the effective date of such Registration Statement, an
earnings statement covering a period of at least twelve

 

11

 

(12)
months after the effective date of such Registration Statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the 1933 Act.

 

The Company may require the Holder to furnish
the Company such information regarding the Holder and the distribution of such
securities by the Holder as the Company may from time to time reasonably
request in writing or as shall be required by law or by the SEC in connection
therewith.

 

(c)           If requested by the underwriters for any
offering pursuant to a Registration Request under paragraph 2, above, the
Company will enter into an underwriting agreement with such underwriters for
such offering, such agreement to contain such representations and warranties by
the Company and such other terms and provisions as are customarily contained in
underwriting agreements with respect to secondary distributions including,
without limitation, agreements to indemnify and to contribute to the effect and
to the extent provided in paragraphs 6 and 7, respectively.

 

(d)           If the Company at any time proposes to
register any of its Common Stock under the 1933 Act (other than pursuant to a
request made under paragraph 2, above), whether or not for sale for its own
account, and such securities are to be distributed by or through one or more
underwriters, the Company will make reasonable efforts, if requested by the
Holder to arrange for such underwriters to include such Registrable Securities
among those securities to be distributed by or through such underwriters;
provided that the Holder may request registration of Registrable Securities
only if the Company is registering its Common Stock in a public offering other
than any public offering of the Company’s Common Stock which is consummated
during the nine month period following the date hereof; provided, further,
however, that for purposes of this sentence, reasonable efforts shall not
require the Company or any other seller of the securities proposed to be
distributed by or through such underwriters to reduce the amount or net sale
price of such securities proposed to be so distributed.  The Holder shall be party to any such
underwriting agreement and the representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such
underwriters shall also be made to and for the benefit of the Holder.

 

(e)           In the case of any registration pursuant to
paragraph 2 or 3 which shall be in connection with an underwritten public
offering, the Company and the Holder agree, if so required in writing delivered
to the Holder by the managing underwriter or underwriters, not to effect any
public sale or distribution of Registrable Securities (other than as part of
such underwritten public offering):

 

(i)            within thirty (30) days prior to the
effective date of such Registration Statement, or

 

(ii)           thereafter until the later of one hundred
eighty (180) days after the effective date of such Registration Statement and
the date on which all securities under such Registration Statement are sold.

 

12

 

(f)            The Company will not be obligated to include
any Registrable Securities in a registration pursuant to paragraph 2 or 3 if
the Company delivers to the Holder an opinion of the Company’s counsel in a
form reasonably acceptable to the Holder to the effect that the requested
registration is not at that time required to permit the proposed disposition or
any resale of such Registrable Securities without restrictions on transfer
under the 1933 Act, which opinion may be furnished to and relied upon by any
broker through which the Holder intends to sell the Registrable Securities.

 

5.             PREPARATION; REASONABLE INVESTIGATION.

 

In connection with the preparation and filing
of each Registration Statement registering Registrable Securities under the
1933 Act, the Company will give the Holder and its underwriters, if any, and their
respective counsel and accountants, the reasonable opportunity to participate
in the preparation of such Registration Statement, each Prospectus included
therein or filed with the SEC, and each amendment thereof or supplement
thereto, and will give each of them such access to its books and records and
such opportunities to discuss the business of the Company with its officers and
the independent public accountants who have certified its financial statements
as shall be necessary, in the reasonable opinion of the Holder and such
underwriters or their respective counsel, to conduct a reasonable investigation
within the meaning of the 1933 Act.

 

6.             INDEMNIFICATION.

 

(a)           In the event of any registration of
securities of the Company under the 1933 Act, the Company will, and hereby
does, indemnify and hold harmless in the case of any Registration Statement
filed pursuant to paragraph 2 or 3, above, the Holder, its directors and
officers, each underwriter of such securities, each officer and director of
each such underwriter, each Person who participates as an underwriter in the
offering or sale of such securities and each other Person, if any, who controls
such seller or any such underwriter within the meaning of the 1933 Act
(collectively, the “INDEMNIFIED PARTIES”), against any losses, claims, damages,
liabilities and expenses, joint or several, to which an Indemnified Party may
become subject under the 1933 Act or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions or proceeding in respect thereof)
arise out of or are based upon any of the following statements, omissions or
violations (collectively, “VIOLATIONS”): 
(i) any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement under which such securities were
registered under the 1933 Act, any preliminary Prospectus, final Prospectus or
summary Prospectus included therein, or any amendment or supplement thereto, or
any statement incorporated by reference therein, (ii) any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (iii) any violation
or alleged violation by the Company of the 1933 Act, the Securities Exchange
Act of 1934, as amended, or any state securities law in connection with the
offering covered by such Registration Statement.  The Company will reimburse such Indemnified Party for any legal
or any other expenses reasonably incurred by

 

13

 

them,
as incurred, in connection with investigating or defending any such loss,
claim, damage, liability, action or proceeding; provided, however, that the
Company shall not be liable in any such case to the extent that any Violation
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such Registration Statement, any such
preliminary Prospectus, final Prospectus, summary Prospectus, amendment or
supplement in reliance upon and in conformity with information furnished to the
Company by an Indemnified Party.  Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an Indemnified Party and shall survive the transfer of
such securities by the Holder.

 

(b)           The Company may require that, as a condition
to including any Registrable Securities in any Registration Statement, the
Company shall have received an undertaking reasonably satisfactory to it from
the Holder or underwriter of such securities, to indemnify and hold harmless
(in the same manner and to the same extent as set forth in paragraph 6(a)
above) the Company, each director of the Company, each officer of the Company
who shall sign such Registration Statement and each other Person, if any, who
controls the Company within the meaning of the 1933 Act, with respect to any
Violation in such Registration Statement, any preliminary Prospectus, final
Prospectus or summary Prospectus included therein, or any amendment or supplement
thereto, if such statement or omission was made in reliance upon and in
conformity with information furnished to the Company for use in the preparation
of such Registration Statement, preliminary Prospectus, final Prospectus,
summary Prospectus, amendment or supplement. 
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any such director, officer
or controlling Person and shall survive the transfer of such securities by the Holder
or underwriter.

 

(c)           Promptly after receipt by an Indemnified
Party of notice of the commencement of any action or proceeding involving a
claim referred to in the preceding paragraphs of this paragraph 6, such
Indemnified Party will, if a claim in respect thereof is to be made against a
party required to provide indemnification (an “Indemnifying Party”), give
written notice to the latter of the commencement of such action; provided,
however, that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under this
paragraph 6 or relieve the Indemnifying Party from any liability which it may
have to any Indemnified Party otherwise than under this paragraph 6 except to
the extent that the Indemnifying Party is actually prejudiced by such failure
to give notice.  In case any such action
is brought against any Indemnified Party, and it notifies the Indemnifying
Party of the commencement thereof, then, unless in such Indemnified Party’s
reasonable judgment a conflict of interest between such Indemnified and
Indemnifying Parties may exist in respect of such action, the Indemnifying
Party shall be entitled to participate in and to assume the defense thereof,
jointly with any other Indemnifying Party similarly notified, to the extent
that it may wish, with counsel satisfactory to such Indemnified Party (who
shall not, except with the consent of the Indemnified Party, be counsel to the
Indemnifying Party), and after notice from the Indemnifying Party to such
Indemnified Party of its election so to assume the defense thereof, the
Indemnifying Party shall not be liable to such Indemnified Party for any legal
or other expenses

 

14

 

subsequently
incurred by the latter in connection with the defense thereof other than
reasonable costs of investigation, unless in such Indemnified Party’s
reasonable judgment a conflict of interest between such Indemnified and
Indemnifying Parties arises in respect of such actions after assumption of the
defense thereof.  No Indemnifying Party
will (except with the written consent of each Indemnified Party) consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect of such claim or
litigation.

 

(d)           Indemnification similar to that specified in
the preceding paragraphs of this paragraph 6 (with appropriate modifications)
shall be given by the Company and the Holder with respect to any required
registration or other qualification of such Registrable Securities under any
federal or state law or regulation or governmental authority other than the
1933 Act.

 

(e)           The indemnification required by this
paragraph 6 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are
received or expense, loss, damage or liability is incurred.

 

(f)            The obligations of the Company and the
Holder under this paragraph 6 shall survive completion of any offering of
Registrable Securities in a Registration Statement and the termination of this
Agreement.

 

7.             CONTRIBUTION.

 

If the indemnification provided for in
paragraph 6 above is unavailable to the Indemnified Parties in respect of any
losses, claims, damages or liabilities referred to herein, then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable to such Indemnified Party as a result
of such losses, claims, damages or liabilities (i) as between the Company and
the Holder on the one hand and the underwriters on the other, in such
proportion as is appropriate to reflect the relative benefits received by the
Company and the Holder on the one hand and the underwriters on the other hand
from the offering of the Registrable Securities, or, if such allocation is not
permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits but also the relative fault of the Company and
the Holder on the one hand and of the underwriters on the other hand in
connection with the Violations which resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations and (ii)
as between the Company on the one hand and the Holder on the other hand, in
such proportion as is appropriate to reflect the relative fault of the Company
and of the Holder in connection with such Violations, as well as any other
relevant equitable considerations.  The
relative benefits received by the Company and the Holder on the one hand and
the underwriters on the other hand shall be deemed to be in the same proportion
as the total proceeds from the offering (net of underwriting discounts and
commissions but before deducting expenses) received by the Company and the
Holder bear to the total underwriting discounts and commissions received by the
underwriters, in each case as

 

15

 

set
forth in the table on the cover page of the Prospectus.  The relative fault of the Company and the
Holder on the one hand and of the underwriters on the other hand shall be
determined by reference to, among other things, whether the Violation or
alleged Violation relates to information supplied by the Indemnifying Party or
Parties or by the Indemnified Party or Parties, and reference to, among other
things, whether the Violation or alleged Violation relates to information
supplied by such party, and the party’s relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

 

The Company and the Holder agree (and the
underwriters, if any, are deemed to agree) that it would not be just and equitable
if contribution pursuant to this paragraph 7 were determined by pro rata
allocation (even if the underwriters 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
to an Indemnified Party as a result of the losses, claims, damages or
liabilities referred to in this Section 7 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 such action or claim. 
Notwithstanding the provisions of this paragraph 7, no underwriter shall
be required to contribute any amount in excess of the amount by which the total
price at which the Registrable Securities underwritten by it and distributed to
the public were offered to the public exceeds the amount of any damages which
such underwriter has otherwise been required to pay by reason of such
Violation, and the Holder shall not be required to contribute any amount in
excess of the amount by which the total price at which the Registrable
Securities of the Holder were offered to the public exceeds the amount of any
damages which the Holder has otherwise been required to pay by reason of such
Violation.  No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
1933 Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.

 

8.             MISCELLANEOUS.

 

(a)           AMENDMENTS AND WAIVERS.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless the Company has obtained the written consent of the Holder.

 

(b)           NOTICES. 
All notices and other communications required or permitted under this
Agreement shall be in writing and shall be (as elected by the person giving
such notice) hand delivered by messenger or courier service, transmitted by
fax, or mailed by registered or certified mail (postage prepaid), return
receipt requested, to the receiving party at the address appearing on the
records of the party sending the notice (which address may be changed by a
notice complying with the foregoing). 
Each communication shall be deemed to have been delivered (a) on the
date delivered, if by messenger or courier service; (b) on the date of the
confirmation of receipt, if by fax; and (c) either upon the date of receipt or
refusal of delivery, if mailed.

 

16

 

(c)           SUCCESSORS AND ASSIGNS.  This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of each of the
parties, other than a transferee of Securities.

 

(d)           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.

 

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

 

(f)            GOVERNING LAW.  This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without reference to principles of
conflicts of laws.

 

(g)           ENTIRE AGREEMENT.  This Agreement and all exhibits and schedules attached to this Agreement,
if any, represent the entire understanding and agreement between the parties
with respect to the subject matter of this Agreement, and supersedes all other
negotiations, understandings and representations (if any), whether oral or
written, made by and between such parties.

 

(h)           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.

 

(i)            TERMINATION.  This Agreement, other than the provisions of paragraphs 6, 7 and
8, shall terminate, except with respect to a registration previously requested
or in process, at the earlier of ten (10) years after the date of this
Agreement or such other date as is mutually agreed upon by the Company and the
Holder.

 

(j)            JURISDICTION AND VENUE.  The parties acknowledge that a substantial
portion of the negotiations, anticipated performance and execution of this
Agreement occurred or shall occur in Palm Beach County, Florida.  Any civil action or legal proceeding arising
out of or relating to this Agreement shall be brought in the courts of record
of the State of Florida in Palm Beach County or the United States District
Court, Southern District of Florida. 
Each party consents to the jurisdiction of such Florida court in any
such civil action or legal proceeding and waives any objection to the laying of
venue of any such civil action or legal proceeding in such Florida court.  Service of any court paper may be effected
on such party by mail, as provided in this Agreement, or in such other manner
as may be provided under applicable laws, rules of procedure or local rules.

 

17

 

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

 

	
   

  	
  TODHUNTER INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:  Jay S. Maltby

  
	
   

  	
  Title:  Chief Executive Officer and President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANGOSTURA LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

18Exhibit 4.1

 

FOURTH
SUPPLEMENTAL INDENTURE

 

This FOURTH SUPPLEMENTAL INDENTURE, dated as of June
9, 2004 (the “Fourth Supplemental Indenture”), is entered into by and among
United States Cellular Corporation, a corporation duly organized and existing
under the laws of the State of Delaware (the “Company”), and BNY Midwest Trust
Company, an Illinois trust company, as trustee (the “Trustee”).

 

W I
T N E S S E T H:

 

WHEREAS, the Company and the Trustee are parties to an
Indenture, dated as of June 1, 2002 (the “Indenture”), relating to the issuance
from time to time by the Company of its Securities on terms to be specified at
the time of issuance;

 

WHEREAS, Section 9.01 of the Indenture provides that a
supplemental indenture may be entered into by the Company and the Trustee,
without the consent of any Holders of Securities, to establish the form or
terms of securities of any series as permitted by Section 2.01 of the
Indenture, add to the covenants of the Company, add provisions that are not
inconsistent with the other provisions and do not adversely affect the rights
of holders of Securities and to add Events of Default with respect to all or
any series of outstanding Securities;

 

WHEREAS, pursuant to Section 9.01(b), (d), (e) and (f)
of the Indenture, this Fourth Supplemental Indenture does not require the
consent of any holders of Securities; and

 

WHEREAS, all things necessary to make this Fourth
Supplemental Indenture a valid and legally binding agreement of the Company,
the Company and the Trustee and a valid amendment of and supplement to the
Indenture have been done.

 

NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE
WITNESSETH:

 

For and in consideration of the premises and the
issuance of the Series of Securities provided for herein, the Company and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the
respective Holders of the Securities of each such Series as follows:

 

ARTICLE ONE

 

RELATION TO INDENTURE; DEFINITIONS; RULES OF

CONSTRUCTION

 

SECTION 1.1  Relation
to Indenture.  This Supplemental
Indenture constitutes an integral part of the Indenture.

 

SECTION 1.2  Definitions.  For all purposes of this Supplemental
Indenture, the following terms shall have the respective meanings set forth in
this Section.

 

 

“Assets” means the gross dollar amount of assets, as
defined by generally accepted accounting principles, less accumulated
depreciation and amortization.

 

“Capitalized Rent” means the present value (discounted
semi-annually at a discount rate equal to the weighted average rate of interest
borne by the Securities then Outstanding) of the total net amount of rent
payable for the remaining term of any lease of property by the Company
(including any period for which any lease has been extended); provided,
however, that no such rental obligation shall be deemed to be Capitalized
Rent unless the lease resulted from a Sale and Leaseback Transaction.  The total net amount of rent payable under
any lease for any period shall be the total amount of the rent payable by the
lessee with respect to such period but shall not include amounts required to be
paid on account of maintenance and repairs, insurance, taxes assessments, water
rates, sewer rates and similar charges.

 

“Capital Stock” means and includes any and all shares,
interests, participations or other equivalents (however designated) of
ownership in a corporation or other Person.

 

“Consolidated Assets” means the Assets of the Company
and its Subsidiaries determined on a consolidated basis as of the end of the
Company’s then most recently reported fiscal year or quarter, as the case may
be, including minority interests in Subsidiaries.

 

“Control” means ownership of voting power sufficient
to elect a majority of the directors or other members of the governing body of
any Person.

 

“Debt” means, with respect to a Person, all
obligations of such Person for borrowed money and all such obligations of any
other Person for borrowed money guaranteed by such Person.

 

“Funded Debt” means any Debt maturing by its terms
more than one year from its date of issuance (notwithstanding that any portion
of such Debt is included in current liabilities).

 

“Lien” means any mortgage, pledge, security interest,
lien, charge or other encumbrance.

 

“property” means any directly-held interest of a
Person in any kind of property or asset whether real, personal or mixed and
whether tangible or intangible, and includes capital stock or other ownership
interests or participations in or indebtedness of  a subsidiary or other Person.

 

“Sale and Leaseback Transaction” means any arrangement
with any Person other than a Tax Consolidated Subsidiary providing for the
leasing (as lessee) by the Company of any property (except for temporary leases
for a term, including any renewal thereof, of not more than three years (providing
that any such temporary lease may be for a term of up to five years if (a) the
Board of Directors of the Company reasonably finds such term to be in the best
interest of the Company and (b) the primary purpose of the transaction of which
such lease is part is not to provide funds to or financing for the Company)),
which property has been or is to be sold or transferred by the Company (i) to
any subsidiary of the Company in contemplation of or in connection with such
arrangement or (ii) to such other Person.

 

“Secured Debt” means Debt of the Company secured by
any Lien on property (including Capital Stock or indebtedness of subsidiaries
of the Company) owned by the Company.

 

2

 

“Tax Consolidated Subsidiary” means a subsidiary of
the Company in respect of which, at the time a Sale and Leaseback Transaction
is entered into by the Company, the Company would be entitled to file a
consolidated federal income tax return.

 

Capitalized terms used herein without definition shall
have the same meanings given them in the Indenture.

 

SECTION 1.3  Rules
of Construction.  For all purposes
of this Supplemental Indenture:

 

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

 

(b)                                 all references herein to Articles and
Sections, unless otherwise specified, refer to the corresponding Articles and
Sections of this Supplemental Indenture;

 

(c)                                  the terms “herein”, “hereof’, “hereunder”
and other words of similar import refer to this Supplemental Indenture; and

 

(d)                                 in the event of a conflict with the
definition of terms in the Indenture, the definitions in this Supplemental
Indenture shall control.

 

ARTICLE TWO

 

THE SECURITIES

 

There is hereby established a Series of Securities
pursuant to the Indenture with the following terms:

 

SECTION 2.1  Title
of the Securities.  The Series of
Securities shall be designated the 7.50% Senior Notes due 2034 (the “Notes”).

 

SECTION 2.2  Aggregate
Principal Amount.  The Notes will be
initially issued in an aggregate principal amount of up to $345,000,000 (except
for Notes authenticated and delivered upon registration of transfer of, in
exchange for or in lieu of other Notes). 
The Company may, at its option, at any time and without the consent of
the then existing holders of the Notes, issue additional Notes in one or more
transactions after the date of the initial issuance of the Notes with terms
(other than the issuance date, first interest payment date and issue price)
identical to the Notes initially issued. Any additional Notes issued will be
deemed to be part of the same series as the Notes initially issued and holders
of any such additional Notes shall have the right to vote with holders of all
other previously issued Notes. No additional Notes may be issued if an Event of
Default under the Indenture has occurred and is continuing with respect to the
Notes.

 

SECTION 2.3  Form
and Dating.

 

(a)                                  General.  The Notes
and the Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A hereto.  The Notes may
have notations, legends or endorsements required by law, stock exchange rule or
usage.  Each Note shall be dated the
date

 

3

 

of its authentication.  The Notes shall be in denominations of
$25.00 and integral multiples thereof.

 

The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Supplemental
Indenture, and the Company and the Trustee, by their execution and delivery of
this Supplemental Indenture, expressly agree to such terms and provisions and
to be bound thereby.  However, to the
extent any provision of any Notes conflicts with the express provisions of this
Supplemental Indenture, the provisions of this Supplemental Indenture shall
govern and be controlling.

 

(b)                                 Book-Entry Provisions. 
The Notes shall be issued initially in global form and the Company
hereby designates The Depository Trust Company as the initial Depositary for
the Global Securities.  Except as
provided in Section 2.11 of the Indenture, owners of beneficial interests in
Global Securities will not be entitled to receive physical delivery of
certificated Notes.

 

SECTION 2.4  Optional
Redemption.  The Notes may be
redeemed at the option of the Company, in whole or in part, at any time on and
after June 17, 2009 at a redemption price equal to 100% of the principal amount
of the Notes being redeemed on the redemption date, plus accrued and unpaid
interest thereon to the redemption date. 
The Company shall mail notice of any redemption at least 30 days but not
more than 60 days before the redemption date to each registered Holder of the
Notes to be redeemed. Once notice of redemption is mailed, the Notes called for
redemption will become due and payable on the redemption date and at the
applicable redemption price, plus accrued and unpaid interest to the redemption
date.

 

ARTICLE THREE

 

ADDITIONAL COVENANTS OF THE COMPANY

 

SECTION 3.1  Limitations
on Secured Debt.  So long as any of
the Notes remain Outstanding, the Company will not create or incur any Secured
Debt without in any such case effectively providing concurrently with the
creation or incurrence of any such Secured Debt that the Notes then Outstanding
(together with, if the Company shall so determine, any other Debt of or
guaranteed by the Company ranking equally with the Notes and then existing or
thereafter created) shall be secured equally and ratably with (or, at the
option of the Company, prior to) such Secured Debt, unless immediately after
the incurrence of such Secured Debt (and after giving effect to the application
of the proceeds, if any, therefrom), the aggregate principal amount of all
Secured Debt, together with the aggregate amount of Capitalized Rent in respect
of Sale and Leaseback Transactions (other than Sale and Leaseback Transactions
described in clauses (a) to (f), inclusive, of Section 3.2), would not exceed
20% of the Consolidated Assets; provided, however, that the
foregoing restrictions shall not apply to, and there shall be excluded in
computing Secured Debt for the purpose of such restrictions, Secured Debt
secured by:

 

(a)                                  Liens on property existing at the time of
acquisition of such property by the Company, or Liens to secure the payment of
all or any part of the purchase price of property acquired or constructed by
the Company (including any improvements to existing property) created at the
time of or within 270 days following the acquisition of such property by the

 

4

 

Company, or Liens to secure any
Secured Debt incurred by the Company prior to, at the time of or within 270
days following the acquisition of such property, which Secured Debt is incurred
for the purpose of financing all or any part of the purchase price thereof; provided,
however, that in the case of any such acquisition, the Lien shall not apply
to any property theretofore owned by the Company (including property
transferred by the Company to any subsidiary of the Company in contemplation of
or in connection with the creation of such Lien) or to any property of the
Company other than the property so acquired (other than, in the case of
construction or improvement, any theretofore unimproved real property or
portion thereof on which the property so constructed, or improvement, is
located);

 

(b)                                 Liens on property of a person (i)
existing at the time such Person is merged into or consolidated with the
Company or at the time of a sale, lease or other disposition of the properties
of a Person as an entirety or substantially as an entirety to the Company, (ii)
resulting from such merger, consolidation, sale, lease or disposition by virtue
of any Lien on property granted by the Company prior to such merger,
consolidation, sale, lease or disposition (and not in contemplation thereof or
in connection therewith) which applies to after-acquired property of the
Company or (iii) resulting from such merger, consolidation, sale, lease or
disposition pursuant to a Lien or contractual provision granted or entered into
by such Person prior to such merger, consolidation, sale, lease or disposition
(and not at the request of the Company); provided, however, that
any such Lien referred to in clause (i) shall not apply to any property of the
Company other than the property subject thereto, at the time such Person or
properties were acquired and any such Lien referred to in clause (ii) or (iii)
shall not apply to any property of the Company other than the property so
acquired;

 

(c)                                  Liens existing on the date of this
Supplemental Indenture;

 

(d)                                 Liens in favor of a government or
governmental entity to secure partial progress, advance or other payments, or
other obligations, pursuant to any contract or statute or to secure any Debt
incurred for the purpose of financing all or any part of the cost of acquiring,
constructing or improving the property subject to such Liens (including,
without limitation, Liens incurred in connection with pollution control,
industrial revenue, private activity bond or similar financing);

 

(e)                                  Liens arising by reason of deposits with,
or the giving of any form of security to, any governmental agency or any body
created or approved by law or governmental regulation, which Lien is required
by law or governmental regulation as a condition to the transaction of any
business or the exercise of any privilege, franchise, license or permit;

 

(f)                                    Liens for taxes, assessments or
governmental charges or levies not yet delinquent or governmental charges or
levies already delinquent, the validity of which charge or levy is being
contested in good faith and for which any reserves required in accordance with
generally accepted accounting principles have been established;

 

(g)                                 Liens (including judgment liens) arising
in connection with legal proceedings so long as such proceedings are being
contested in good faith and, in the case of judgment liens, execution thereon
is stayed and for which any reserves required in accordance with generally
accepted accounting principles have been established;

 

5

 

(h)                                 Liens on any equity interests owned by
the Company or by any of its subsidiaries in (i) Rural Cellular Corporation,
Vodafone Group plc or any of their respective successors, or (ii) any other
person or persons that are not directly, or indirectly through one or more
intermediaries, controlled by the Company or by any of its subsidiaries;

 

(i)                                     Liens upon or in any property or assets
now owned or from time to time hereafter acquired by the Company or any of its
subsidiaries related in any way to the ownership by the Company or by any of
its subsidiaries of wireless telecommunications towers, including, but not
limited to, tower structures, land on which towers are located, other real
estate associated with such towers, leases for towers or for tower sites,
subleases, licenses, collocation arrangements, easements and all other real
property and other tangible or intangible assets related thereto;

 

(j)                                     Liens incurred and deposits made in the
ordinary course of business to secure surety and appeal bonds, leases,
return-on-money bonds and other similar obligations, exclusive of obligations
for the payment of borrowed money; and

 

(k)                                  any extension, renewal or replacement (or
successive extensions, renewals or replacements) in whole or in part of any
Lien referred to in the foregoing clauses (a) to (j), inclusive; provided,
however, that the principal amount of Secured Debt secured thereby shall
not exceed the principal amount of Secured Debt secured thereby at the time of
such extension, renewal or replacement, and that such extension, renewal or
replacement shall be limited to all or a part of the property which secured the
Lien so extended, renewed or replaced (plus improvements to such property).

 

SECTION 3.2  Limitation
on Sale and Leaseback.  The Company
will not enter into any Sale and Leaseback Transaction unless immediately
thereafter (and after giving effect to the application of the proceeds, if any,
therefrom), the aggregate amount of Capitalized Rent in respect of Sale and
Leaseback Transactions, together with the aggregate principal amount of all
Secured Debt (other than Secured Debt described in clauses (a) to (k),
inclusive, of Section 3.1), would not exceed 20% of Consolidated Assets; provided,
however, that the foregoing restrictions shall not apply to, and there
shall be excluded in computing the aggregate amount of Capitalized Rent for the
purpose of such restrictions, the following Sale and Leaseback Transactions:

 

(a)                                  any Sale and Leaseback Transaction
entered into to finance the payment of all or any part of the purchase price of
property acquired or constructed by the Company (including any improvements to
existing property) or entered into prior to, at the time of or within 270 days
after the acquisition or construction of such property, which Sale and
Leaseback Transaction is entered into for the purpose of financing all or part
of the purchase or construction price thereof; provided, however,
that in the case of any such acquisition, such Sale and Leaseback Transaction
shall not involve any property transferred by the Company to a subsidiary of
the Company in contemplation of or in connection with such Sale and Leaseback
Transaction or involve any property of the Company other than the property so
acquired (other than, in the case of construction or improvement, any
theretofore unimproved real property or portion thereof on which the property
so constructed, or the improvement, is located);

 

(b)                                 any Sale and Leaseback Transaction
involving property of a Person existing at the time such Person is merged into
or consolidated with the Company or at the time of a sale, lease

 

6

 

or other disposition of the
properties of a Person as an entirety or substantially as an entirety to the
Company;

 

(c)                                  any Sale and Leaseback Transaction in
which the lessor is a government or governmental entity and which Sale and
Leaseback Transaction is entered into to secure partial progress, advance or
other payments, or other obligations, pursuant to any contract or statute or to
secure any Debt incurred for the purpose of financing all or any part of the
cost of constructing or improving the property subject to such Sale and
Leaseback Transaction (including, without limitation, Sale and Leaseback Transactions
incurred in connection with pollution control, industrial revenue, private
activity bond or similar financing);

 

(d)                                 any Sale and Leaseback Transaction
involving any property or assets now owned or from time to time hereafter
acquired by the Company or any of its subsidiaries related in any way to the
ownership by the Company or by any of its subsidiaries of wireless
telecommunications towers, including, but not limited to, tower structures,
land on which towers are located, other real estate associated with such
towers, leases for towers or for tower sites, subleases, licenses, collocation
arrangements, easements and all other real property and other tangible or
intangible assets related thereto;

 

(e)                                  any Sale and Leaseback Transaction the
net proceeds of which are at least equal to the fair value (as determined by
the Board of Directors of the Company) of the property leased pursuant to such
Sale and Leaseback Transaction, so long as within 270 days of the effective
date of such Sale and Leaseback Transaction, the Company applies (or
irrevocably commits to an escrow account for the purpose or purposes
hereinafter mentioned) an amount equal to the net proceeds of such Sale and
Leaseback Transaction to either (x) the purchase of other property  having a fair value at least equal to the
fair value of the property leased in 
such Sale and Leaseback Transaction and having a similar utility and
function, or (y) the retirement or repayment (other than any mandatory retirement
or repayment at maturity) of (i) Notes, (ii) other Funded Debt of the Company
which ranks prior to or in a parity with the Notes or (iii) indebtedness of any
subsidiary of the Company maturing by its terms more than one year from its
date of issuance (notwithstanding that any portion of such indebtedness is
included in current liabilities) or preferred stock of any subsidiary of the
Company (other than any such indebtedness owed to or preferred stock owned by
the Company or any subsidiary of the Company); provided, however,
that in lieu of applying an amount equivalent to all or any part of such net
proceeds to such retirement or repayment (or committing such an amount to any
escrow account for such purpose), the Company may deliver to the Trustee
Outstanding Notes and thereby reduce the amount to be applied pursuant to (y)
of this clause (e) by an amount equivalent to the aggregate principal amount of
the Notes so delivered; and

 

(f)                                    any Sale and Leaseback Transaction
involving the extension, renewal or replacement (or successive extensions,
renewals or replacements) in whole or in part of a lease pursuant to a Sale and
Leaseback Transaction referred to in the foregoing clauses (a) to (e),
inclusive; provided, however, that such lease extension, renewal
or replacement shall be limited to all or any part of the same property leased
under the lease so extended, renewed or replaced (plus improvements to such
property).

 

7

 

ARTICLE FOUR

 

ADDITIONAL REMEDIES OF THE TRUSTEE AND

SECURITYHOLDERS ON EVENTS OF DEFAULT

 

SECTION 4.1  Additional
Events of Default.  In addition to
the “Events of Default” provided for in Section 6.01 of the Indenture, the
following shall also constitute “Events of Default” with respect to the Notes
as contemplated by Section 6.01(a)(6) of the Indenture:

 

(i)                                     a default occurs under any instrument
(including this Indenture) under which there is at the time outstanding, or by
which there may be secured or evidenced, any indebtedness of the Company for
money borrowed by the Company (other than non-recourse indebtedness) which
results in acceleration (whether by declaration or automatically) of, or the
non payment at maturity (after giving effect to any applicable grace period)
of, such indebtedness in an aggregate amount exceeding 2% of Consolidated
Assets, in which case the Company shall immediately give notice to the Trustee
of such acceleration or non-payment and (ii) there shall have been a failure to
cure such default or to discharge all such defaulted indebtedness within ten days
after notice thereof to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 33% in principal amount of the Notes then
Outstanding (excluding, if such defaulted indebtedness includes the Notes, such
Notes) and such acceleration shall not be rescinded or annulled; provided,
however, that it shall not constitute an Event of Default hereunder as long
as the Company is contesting any such default or acceleration in good faith and
by appropriate proceedings.

 

ARTICLE FIVE

 

MISCELLANEOUS PROVISIONS

 

SECTION 5.1  Ratification.  The Indenture, as supplemented and amended
by this Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed

 

SECTION 5.2  Governing
Law.  This Fourth Supplemental
Indenture shall be governed by, and construed and enforced in accordance with,
the laws of the jurisdiction which govern the Indenture and its construction.

 

SECTION 5.3  Counterparts
and Method of Execution. This Fourth Supplemental Indenture may be executed
in several counterparts, all of which together shall constitute one agreement
binding on all parties hereto, notwithstanding that all parties have not signed
the same counterpart.

 

SECTION 5.4  Section
Titles.  Section titles are for
descriptive purposes only and shall not control or alter the meaning of this
Fourth Supplemental Indenture as set forth in the text.

 

SECTION 5.5  Trustee.  The Trustee makes no representations and is
not responsible for the sufficiency, validity or legality of this Fourth
Supplemental Indenture.  The statements
herein are deemed to be those of the Company and not of the Trustee.

 

8

 

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

 

	
   

  	
   

  	
  UNITED
  STATES CELLULAR CORPORATION

  
	
   

  	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    

  
	
   

  	
   

  	
  Name:

  	
  LeRoy T.
  Carlson, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    

  
	
   

  	
   

  	
  Name:

  	
  Kenneth R.
  Meyers

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President — Finance,

  Chief Financial Officer and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BNY MIDWEST
  TRUST COMPANY,

  Trustee, an
  Illinois Trust Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    

  
	
   

  	
   

  	
  Name:

  	
  Mary
  Callahan

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Vice President

  

 

 

SIGNATURE PAGE TO FOURTH

SUPPLEMENTAL INDENTURE

RE: 7.50% SENIOR NOTES DUE 2034

 

 

EXHIBIT
A TO FOURTH SUPPLEMENTAL INDENTURE

 

Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”),
to the issuer or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein. Except as otherwise
provided in Section 2.11 of the Indenture, this Security may be transferred, in
whole but not in part, only to another nominee of the Depository or to a
successor Depository or to a nominee of such successor Depository.

 

	
  No. 

  	
   

  	
   

  	
   

  	
  CUSIP: 911684 30 6

  
	
   

  	
   

  	
  ISIN: US9116843064

  

 

UNITED
STATES CELLULAR CORPORATION

 

7.50%
SENIOR NOTES DUE 2034

 

	
  Principal
  Amount:

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Stated
  Maturity Date:

  	
   

  	
  June 15,
  2034

  
	
   

  	
   

  	
   

  
	
  Original
  Issue Date:

  	
   

  	
  June 17,
  2004

  
	
   

  	
   

  	
   

  
	
  Interest
  Rate:

  	
   

  	
  7.50% per
  annum

  

 

UNITED STATES CELLULAR CORPORATION, a corporation duly
organized and existing under the laws of the State of Delaware (herein referred
to as the “Company”, which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO. or registered assigns, the Principal Amount specified above
on the Stated Maturity Date specified above, and to pay interest on said
Principal Amount from June 17, 2004 at the Interest Rate specified above on
September 15, 2004 and thereafter quarterly on December 15, March 15, June 15
and September 15 of each year (each an “Interest Payment Date”), until the
Principal Amount will have been paid or duly provided for.

 

On an Interest Payment Date, interest will be paid to
the persons in whose names the Notes (as defined below) were registered as of
the Record Date (the “Record Date”). 
With respect to any Interest Payment Date, while the Notes remain in the
form of a Global Security, the Record Date will be one Business Day prior to
the relevant Interest Payment Date.

 

The amount of interest payable for any period will be
computed on the basis of twelve 30-day months and a 360-day year. The amount of
interest payable for any period shorter than a full quarterly interest period
will be computed on the basis of the number of days elapsed in a 90-

 

9

 

day quarter of three 30-day
months. If any Interest Payment Date falls on a Saturday, Sunday, legal holiday
or a day on which banking institutions in the City of New York are authorized
by law to close, then payment of interest will be made on the next succeeding
business day and no additional interest will accrue because of the delayed
payment, except that, if such business day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding business day,
with the same force and effect as if made on such date.

 

Payment of the principal of this Note and the interest
thereon will be made at the office or agency of the Company in the Borough of
Manhattan, City and State of New York, 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.

 

The Notes are issuable only in registered form without
coupons in denominations of $25.00 and any integral multiple thereof.

 

The Notes will be redeemable at the option of the
Company, in whole or in part, at any time on and after June 17, 2009, upon not
less than 30 nor more than 60 days notice, at a redemption price equal to 100%
of the principal amount redeemed plus accrued and unpaid interest to the
redemption date.

 

In case of any partial redemption, selection of the
Notes for redemption will be made by the Trustee on a pro rata basis, by lot or
by such other method as the Trustee in its sole discretion shall deem to be
fair and appropriate, although no Note of $25.00 in principal amount at
maturity or less shall be redeemed in part. 
If any Note is to be redeemed in part only, the notice of redemption
relating to such Note shall state the portion of the principal amount thereof
to be redeemed.  A new Note in principal
amount at maturity equal to the unredeemed portion thereof will be issued in
the name of the holder thereof upon cancellation of the original Note.

 

This Note is one of a duly authorized series of
Securities of the Company, issuable in one or more series under and pursuant to
an Indenture dated as of June 1, 2002 duly executed and delivered between the
Company and BNY Midwest Trust Company, as Trustee (herein referred to as the
“Trustee”), and have been designated pursuant to the Fourth Supplemental
Indenture thereto dated June 9, 2004 (such Indenture, as originally executed
and delivered and as thereafter supplemented and amended being herein after
referred to as the “Indenture”). 
Reference is made to the Indenture and all indentures supplemental
thereto for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the holders of
the Notes.  By the terms of the
Indenture, Securities are issuable in series which may vary as to amount, date
of maturity, rate of interest and in other respects as in the Indenture
provided.  This Note is one of the
series of Securities designated on the face hereof.

 

Notes may be exchanged upon presentation thereof at
the office or agency of the Company designated for such purpose, for other
Notes of authorized denominations, and for a like aggregate principal amount,
upon payment of a sum sufficient to cover any tax or other governmental charge
in relation thereto, all as provided in the Indenture.  In respect of any Notes so surrendered for
exchange, the Company will execute, the Trustee will authenticate and such
office or agency will deliver in exchange therefor the Note or Notes of the
same series which the

 

2

 

Securityholder making the
exchange will be entitled to receive, bearing numbers not contemporaneously
outstanding.

 

The Company will keep, or cause to be kept, at its
office or agency designated for such purpose in the Borough of Manhattan, the
City and State of New York, or such other location designated by the Company a
register or registers (herein referred to as the “Note Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company will
register the Notes and the transfers of Notes. 
The registrar for the purpose of registering Notes and transfer of Notes
will initially be the Trustee or such other person as may be subsequently
appointed as authorized by Board Resolution or Company Order (the “Note
Registrar”).

 

Upon surrender for transfer of any Note at the office
or agency of the Company designated for such purpose in the Borough of
Manhattan, the City and State of New York, or other location as aforesaid, the
Company will execute, the Trustee will authenticate and such office or agency
will deliver in the name of the transferee or transferees a new Note or Notes
presented for a like aggregate principal amount.

 

All Notes presented or surrendered for exchange or
registration of transfer will be accompanied (if so required by the Company or
the Note Registrar) by a written instrument or instruments of transfer, in form
satisfactory to the Company or the Note Registrar, duly executed by the
registered holder or by his duly authorized attorney in writing.

 

Except as provided in the Indenture, no service charge
will be assessed for any exchange or registration of transfer of Notes, or
issue of new Notes in case of partial redemption, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge in
relation thereto as provided in the Indenture.

 

The Company will neither be required (i) to issue,
exchange or register the transfer of any Notes during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of less than all the outstanding Notes and ending at the close of
business on the day of such mailing, nor (ii) to register the transfer of or
exchange any Notes or portions thereof called for redemption.

 

As long as this Note is represented in global form
(the “Global Security”) registered in the name of The Depositary Trust Company
or its nominee, except as provided in the Indenture and subject to certain
limitations therein set forth, no Global Security shall be exchangeable or
transferable.

 

So long as any Notes remain outstanding, the Company
agrees to maintain an office or agency with respect to each such series, which
will be in the Borough of Manhattan, the City and State of New York or at such
other location or locations as may be designated as provided in the Indenture,
where (i) Notes may be presented for payment, (ii) Notes may be presented as
for registration of transfer and exchange, and (iii) notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture
may be given or served, such designation to continue with respect to such
office or agency until the Company will, by written notice signed by an
Authorized Officer and delivered to the Trustee, designate some other office or
agency for such purposes or any of them. 
The Company may also from time to time designate

 

3

 

one or more other offices or
agencies for the foregoing purposes within or outside the Borough of Manhattan,
City of New York, and may from time to time rescind such designations.

 

The Trustee or its agent at its offices in New York,
New York will initially act as Notes Registrar and paying agent for the Notes.

 

The Notes are not subject to any sinking fund.

 

If an Event of Default (as defined in the Indenture)
with respect to the Notes shall occur and be continuing, the principal plus any
accrued interest may be declared due and payable in the manner and with the
effect and subject to the conditions provided in the Indenture.

 

The Indenture contains provisions for defeasance at
any time of the entire indebtedness of this Note upon compliance by the Company
with certain conditions set forth therein.

 

Prior to the due presentment for registration of
transfer of any Notes, the Company, the Trustee, any paying agent and any Note
Registrar may deem and treat the person in whose name such Note will be
registered upon the books of the Company as the absolute owner of such Note
(whether or not such Note will be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Note Registrar) for
the purpose of receiving payment of or on account of the principal of and
premium, if any, and (subject to the Indenture) interest on such Note and for
all other purposes; and neither the Company nor the Trustee nor any paying
agent nor any Note Registrar will be affected by any notice to the contrary.

 

The Company and the Trustee may execute supplemental
indentures without the consent of any holder of Notes for certain purposes as
specified in the Indenture and with the consent of the holders of not less than
a majority in aggregate principal amount of the Securities for certain other
purposes as specified in the Indenture.

 

No recourse will be had for the payment of the
principal of or the interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture,
against any incorporator, stockholder, officer or director, past, present or
future, as such, of the Company or of any predecessor or successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the
issuance hereof, expressly waived and released.

 

THIS
NOTE WILL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF ILLINOIS,
AND FOR ALL PURPOSES WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH
STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF  LAW.

 

All terms used in this Note which are defined in the
Indenture will have the meanings assigned to them in the Indenture.

 

This Note will not be entitled to any benefit under
the Indenture hereinafter referred to, be valid or become obligatory for any
purpose until the Certificate of Authentication hereon will have been signed by
or on behalf of the Trustee.

 

4

 

IN WITNESS
WHEREOF, the Company has caused this Instrument to be executed.

 

	
   

  	
  UNITED
  STATES CELLULAR CORPORATION

  
	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  LeRoy T.
  Carlson, Jr.

  
	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Kenneth R.
  Meyers

  
	
   

  	
  Title:

  	
  Executive
  Vice President – Finance, Chief

  Financial Officer and Treasurer

  

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated in accordance with, and referred to in, the within-mentioned
Indenture.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  
	
  BNY Midwest
  Trust Company, as Trustee

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Authorized Signatory

  	
   

  
					

 

 

SIGNATURE PAGE TO

GLOBAL SECURITY FOR

7.5% SENIOR NOTES DUE 2034

OF UNITED STATES CELLULAR CORPORATION

 

 

ASSIGNMENT FORM

 

	
  To assign this Note, fill in the form below:

  
	
   

  
	
  I or we
  assign and transfer this Note to 

  
	
   

  
	
   

  	
   

  	
   

  
	
  Insert assignee’s Social Security or tax I.D. no.

  
	
   

  
	
   

  
	
  (Print or type assignee’s name, address and zip code)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  and all
  rights thereunder and irrevocably appoint

  
	
   

  
	
   

  
	
   

  
	
  agent to
  transfer this Note on the books of the Company.  The agent may substitute another to act for him.

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice:  The signature to this
  assignment must correspond with the

  name as it appears on the first page of the within Note.

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