Document:

EX-4.2

 Exhibit 4.2 

SUPPLEMENTAL INDENTURE NO. 18 

BY AND BETWEEN 

WELLTOWER INC. 
 AND

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

AS OF JUNE 30, 2020 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF MARCH 15, 2010 

WELLTOWER INC. 
 2.750%
NOTES DUE 2031 

 This SUPPLEMENTAL INDENTURE NO. 18 (this “Supplemental Indenture”) is made
and entered into as of June 30, 2020 between WELLTOWER INC., a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and existing under the laws
of the United States of America, as Trustee (the “Trustee”). 
 WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of March 15, 2010 (as amended, supplemented or
otherwise modified from time to time, the “Base Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future
issuance of the Company’s senior debt securities (the “Securities”) to be issued from time to time in one or more series; and WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the
establishment of a new series of its Securities, to be known as its 2.750% Notes due 2031, the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture. 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

ARTICLE 1 DEFINED TERMS 

Section 1.1 The following definitions supplement, and, to the extent inconsistent with, replace the definitions in Section 101 of
the Base Indenture: 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been duly adopted by the Board and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of New York
are authorized or required by law, regulation or executive order to close. 
 “Cash” means as to any Person, such
Person’s cash and cash equivalents, as defined in accordance with GAAP consistently applied. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “DTC” means The Depository Trust Company located at 55 Water Street, 1SL, New
York, New York 10041-0099. 
 “EBITDA” means for any period, with respect to the Company and its subsidiaries on a
consolidated basis, determined in accordance with GAAP, the sum of net income (or net loss) for such period PLUS the sum of all amounts treated as expenses for: (i) interest, (ii) depreciation, (iii) amortization and (iv) all accrued
taxes on or measured by income to the extent included in the determination of such net income (or net loss); provided, however, that net income (or net loss) shall be computed without giving effect to extraordinary losses or gains. 

  
 1 

 “FATCA” means Sections 1471 through 1474 of the Code and related Treasury
regulations and pronouncements (the Foreign Account Tax Compliance Act). 
 “FATCA Withholding Tax” means any withholding
or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof or any
intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement). 

“Funded Indebtedness” means as of any date of determination thereof, (i) all Indebtedness of any Person, determined in
accordance with GAAP, which by its terms matures more than one year after the date of calculation, and any such Indebtedness maturing within one year from such date which is renewable or extendable at the option of the obligor to a date more than
one year from such date, and (ii) the current portion of all such Indebtedness. 
 “GAAP” means generally accepted
accounting principles of the United States. 
 “Global Notes” has the meaning set forth in Section 2.1(a) of this
Supplemental Indenture. 
 “Indebtedness” means, with respect to any Person, all: (i) liabilities or obligations,
direct and contingent, which in accordance with GAAP would be included in determining total liabilities as shown on the liability side of a balance sheet of such Person at the date as of which Indebtedness is to be determined, including, without
limitation, contingent liabilities that in accordance with such principles, would be set forth in a specific dollar amount on the liability side of such balance sheet except to the extent any such liabilities or obligations include any operating
lease of property, real or personal; (ii) liabilities or obligations of others for which such Person is directly or indirectly liable, by way of guaranty (whether by direct guaranty, suretyship, discount, endorsement, take-or-pay agreement, agreement to purchase or advance or keep in funds or other agreement having the effect of a guaranty) or otherwise; (iii) liabilities or
obligations secured by Liens on any assets of such Person, whether or not such liabilities or obligations shall have been assumed by it; and (iv) liabilities or obligations of such Person, direct or contingent, with respect to letters of credit
issued for the account of such Person and bankers acceptances created for such Person. 
 “Interest Coverage” means as of
the last day of any fiscal quarter, the quotient, expressed as a percentage (which may be in excess of 100%), determined by dividing EBITDA by Interest Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal
quarters ending on such date of determination. 
 “Interest Expense” means for any period, on a combined basis, the sum of
all interest paid or payable (excluding unamortized debt issuance costs) on all items of Indebtedness outstanding at any time during such period. 

“Interest Payment Date” with respect to the Notes is defined in Section 101 of the Base Indenture and
Section 2.1(b) of this Supplemental Indenture. 

  
 2 

 “Lien” means any mortgage, deed of trust, pledge, security interest,
encumbrance, lien, claim or charge of any kind (including any agreement to give any of the foregoing), any conditional sale or other title retention agreement, any lease in the nature of any of the foregoing, and the filing of or agreement to give
any financing statement under the Uniform Commercial Code of any jurisdiction. 
 “Make-Whole Amount” means, in connection
with any optional redemption of any Note, the excess, if any, of (i) the sum of the present values, as of the date of such redemption, of the remaining scheduled payments of principal of, and interest (exclusive of interest accrued to but
excluding the date of redemption) on, such Note, assuming such Note matured on, and that accrued and unpaid interest on such Note was payable through, the Par Call Date (as defined below), determined by discounting, on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months), such principal and interest at the Reinvestment Rate (as defined below) (determined on the third Business Day preceding
the date of redemption) over (ii) the aggregate principal amount of the Note being redeemed. The Company will calculate such Make-Whole Amount. 

“Notes” means the Company’s 2.750% Notes due 2031, issued under the Indenture. 

“Officers’ Certificate” means a certificate signed by (i) the Chairman of the Board, a Vice Chairman of the Board,
the Chief Executive Officer, the Chief Operating Officer, the President or a Vice President, and (ii) the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of the Company,
and delivered to the Trustee. 
 “Par Call Date” means October 15, 2030. 

“Regular Record Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(b)
of this Supplemental Indenture. 
 “Reinvestment Rate” means 0.350%, or 35 basis points, plus the arithmetic mean (rounded
to the nearest one-hundredth of one percent) of the yields displayed for each day in the preceding calendar week published in the most recent Statistical Release under the caption “Treasury constant
maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity of the Notes (assuming that the Notes matured on the Par Call Date) as of the date of redemption. If no maturity exactly corresponds to
such remaining life to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of
determination of the Reinvestment Rate shall be used. 
 “Senior Debt” means all Indebtedness other than Subordinated Debt.

 “Statistical Release” means that statistical release designated “H.15” or any successor publication that is
published daily by the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturities, or, if such statistical release (or a successor publication) is not published at the time
of any determination under the Indenture, then such other reasonably comparable index that shall be designated by the Company. 

  
 3 

 “Subordinated Debt” means any unsecured Indebtedness of the Company which
is issued or assumed pursuant to, or evidenced by, an indenture or other instrument which contains provisions for the subordination of such other Indebtedness (to which appropriate reference shall be made in the instruments evidencing such other
Indebtedness if not contained therein) to the Notes (and, at the option of the Company, if so provided, to other Indebtedness of the Company, either generally or as specifically designated). 

“Subsidiary” means any corporation or other entity of which a majority of (i) the voting power of the voting equity
securities or (ii) the outstanding equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the Company. For the purposes of this definition, “voting equity securities” means
equity securities having voting power for the election of directors or similar functionaries, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency. 

“Total Assets” means on any date, the consolidated total assets of the Company and its Subsidiaries, as such amount would
appear on a consolidated balance sheet of the Company prepared as of such date in accordance with GAAP. 
 “Total Unencumbered
Assets” means on any date, net real estate investments (valued on a book basis) of the Company and its Subsidiaries that are not subject to any Lien which secures indebtedness for borrowed money of any of the Company and its Subsidiaries
plus, without duplication, loan loss reserves relating thereto, accumulated depreciation thereon plus Cash, as all such amounts would appear on a consolidated balance sheet of the Company prepared as of such date in accordance with GAAP; provided,
however, that “Total Unencumbered Assets” does not include net real estate investments under unconsolidated joint ventures of the Company and its Subsidiaries. 

“Unsecured Debt” means Funded Indebtedness less Indebtedness secured by Liens on the property or assets of the Company and
its Subsidiaries. 
 ARTICLE 2 

TERMS OF THE NOTES 

Section 2.1 Pursuant to Section 301 of the Indenture, the Notes shall have the following terms and conditions: 

(a) Title; Aggregate Principal Amount; Form of Notes. The Notes shall be Registered Securities under the Indenture and shall be known as
the Company’s “2.750% Notes due 2031.” The Notes will be limited to an aggregate principal amount of $600,000,000, subject to the right of the Company to reopen such series for issuances of additional securities of such series and
except (i) as provided in this Section 2.1(a) and (ii) for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305,
306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered hereunder. The Notes (together with the Trustee’s certificate of
authentication) shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and made a part of this Supplemental Indenture. 

  
 4 

 The Notes will be issued in the form of fully registered global securities without coupons
(“Global Notes”) that will be deposited with, or on behalf of, DTC, and registered in the name of DTC’s partnership nominee, Cede & Co. Except under the circumstance described below, the Notes will not be issuable in
definitive form. Unless and until it is exchanged in whole or in part for the individual Notes represented thereby, a Global Note may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of
DTC or by DTC or any nominee of DTC to a successor depositary or any nominee of such successor. 
 So long as DTC or its nominee is the
registered owner of a Global Note, DTC or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes represented by such Global Note for all purposes under this Supplemental Indenture. Except as described below,
owners of beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the individual Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any
such Notes in definitive form and will not be considered the owners or Holders thereof under the Indenture or this Supplemental Indenture. 

If DTC is at any time unwilling, unable or ineligible to continue as depositary and a successor depositary is not appointed by the Company
within 90 days, the Company will issue individual Notes in exchange for the Global Note or Global Notes representing such Notes. In addition, the Company may at any time and in its sole discretion, subject to certain limitations set forth in the
Indenture, determine not to have any of such Notes represented by one or more Global Notes and, in such event, will issue individual Notes in exchange for the Global Note or Global Notes representing the Notes. Individual Notes so issued will be
issued in minimum denominations of $2,000 and integral multiples of $1,000. 
 (b) Interest and Interest Rate. The Notes will bear
interest at a rate of 2.750% per annum, from June 30, 2020 (or, in the case of Notes issued upon the reopening of this series of Notes, from the date designated by the Company in connection with such reopening) or from the immediately preceding
Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in arrears on each of January 15 and July 15, commencing January 15, 2021 (each of which shall be an “Interest Payment
Date”), to the Persons in whose names the Notes are registered in the Security Register at the close of business on January 1 or July 1, as the case may be (whether or not a Business Day), next preceding such Interest Payment Date
(each, a “Regular Record Date”). 
 (c) Principal Repayment; Currency. The Notes will mature on January 15,
2031, provided, however, the Notes may be earlier redeemed at the option of the Company as provided in paragraph (d) below. The principal of each Note payable on its maturity date or date of earlier redemption shall be paid against presentation
and surrender thereof to the Corporate Trust Operations of the Trustee, located at 111 Sanders Creek Parkway, East Syracuse, NY 13057, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public or private debts. 

  
 5 

 (d) Redemption at the Option of the Company. The Notes will be subject to redemption
at the option of the Company, at any time in whole or from time to time in part, upon not less than 15 nor more than 30 days’ notice transmitted to each Holder of Notes to be redeemed as shown in the Security Register. If the Notes are
redeemed, the redemption price will equal to the sum of (i) 100% of the principal amount of the Notes (or portion of such Notes) being redeemed plus accrued and unpaid interest thereon to but excluding the redemption date and (ii) the
Make-Whole Amount, if any; provided, however, that if the Notes are redeemed on or after the Par Call Date, the redemption price will equal 100% of the principal amount of the Notes (or portion of such Notes) being redeemed plus accrued and unpaid
interest thereon to but excluding the redemption date. Notwithstanding the foregoing, the Company will pay any interest installment due on an Interest Payment Date which occurs on or prior to a redemption date to the Holders of the Notes as of the
close of business on the Regular Record Date immediately preceding such Interest Payment Date. The Company shall calculate the redemption price. The election to redeem the Notes may be evidenced by either a Board Resolution or an Officers’
Certificate. 
 (e) Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
given if mailed or transmitted by facsimile. Notices to the Company shall be directed to it at 4500 Dorr Street, Toledo, Ohio 43615, Attention: General Counsel; notices to the Trustee shall be directed to it at The Bank of New York Mellon Trust
Company, N.A., 2 North LaSalle Street, Suite 700, Chicago, Illinois 60602, Attention: Corporate Trust Administration, Re: Welltower Inc. 2.750% Notes due 2031; or as to either party, at such other address as shall be designated by such party in a
written notice to the other party. In addition to the foregoing, the Trustee agrees to accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, pdf, facsimile
transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of
such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or
facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not
be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions’ conflict or are inconsistent with a subsequent written
instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and
the risk or interception and misuse by third parties. 
 (f) Global Note Legend. Each Global Note shall bear the following legend on
the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE 

  
 6 

 
& 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. 

(g) Applicability of Discharge, Defeasance and Covenant Defeasance Provisions. The Discharge, Defeasance and Covenant Defeasance
provisions in Article Thirteen of the Indenture will apply to the Notes. 
 ARTICLE 3 

ADDITIONAL COVENANTS 

Section 3.1 Holders of the Notes shall have the benefit of the following covenants, in addition to the covenants of the Company set forth
in Articles Eight and Ten of the Indenture: 
 (a) The Company will not pledge or otherwise subject to any Lien, any property or assets of
the Company or its Subsidiaries unless the Notes are secured by such pledge or Lien equally and ratably with all other obligations secured thereby so long as such other obligations shall be so secured; provided, however, that such covenant shall not
apply to the following: 
 (i) Liens securing obligations that do not in the aggregate at any one time outstanding exceed 40%
of the sum of (A) the Total Assets of the Company and its consolidated subsidiaries as of the end of the calendar year or quarter covered in the Company’s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Liens
and (B) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Indebtedness), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Liens; 

(ii) Pledges or deposits by the Company or its Subsidiaries under workers’ compensation laws, unemployment insurance laws,
social security laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness of the Company or its Subsidiaries), or leases to which the Company or any of its
Subsidiaries is a party, or deposits to secure public or statutory obligations of the Company or its Subsidiaries or deposits of cash or United States Government Bonds to secure surety, appeal, performance or other similar bonds to which the Company
or any of its Subsidiaries is a party, or deposits as security for contested taxes or import duties or for the payment of rent; 

  
 7 

 (iii) Liens imposed by law, such as carriers’, warehousemen’s,
materialmen’s and mechanics’ liens, or Liens arising out of judgments or awards against the Company or any of its Subsidiaries which the Company or such Subsidiary at the time shall be currently prosecuting an appeal or proceeding for
review; 
 (iv) Liens for taxes not yet subject to penalties for non-payment and
Liens for taxes the payment of which is being contested in good faith and by appropriate proceedings; 
 (v) Minor survey
exceptions, minor encumbrances, easements or reservations of, or rights of, others for rights of way, highways and railroad crossings, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions
as to the use of real properties; 
 (vi) Liens incidental to the conduct of the business of the Company or any Subsidiary or
to the ownership of their respective properties that were not incurred in connection with Indebtedness of the Company or such Subsidiary, all of which Liens referred to in this clause (vi) do not in the aggregate materially impair the value of
the properties to which they relate or materially impair their use in the operation of the business taken as a whole of the Company and its Subsidiaries, and as to all of the foregoing referenced in clauses (ii) through (vi), only to the extent
arising and continuing in the ordinary course of business; 
 (vii) Purchase money Liens on property acquired or held by the
Company or its Subsidiaries in the ordinary course of business, securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of such property; provided, however, that (A) any such Lien attaches concurrently
with or within 20 days after the acquisition thereof, (B) such Lien attaches solely to the property so acquired in such transaction, (C) the principal amount of the Indebtedness secured thereby does not exceed 100% of the cost of such
property and (D) the aggregate amount of all such Indebtedness on a consolidated basis for the Company and its Subsidiaries shall not at any time exceed $1,000,000; 

(viii) Liens existing on the Company’s balance sheet as of December 31, 2001; and 

(ix) Any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any
Lien referred to in the foregoing clauses (ii) through (viii) inclusive; provided, however, that the amount of any and all obligations and Indebtedness secured thereby shall not exceed the amount thereof so secured immediately prior to 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 on such property). 

  
 8 

 (b) The Company will not create, assume, incur, or otherwise become liable in respect of,
any Indebtedness if the aggregate outstanding principal amount of Indebtedness of the Company and its consolidated subsidiaries is, at the time of such creation, assumption or incurrence and after giving effect thereto and to any concurrent
transactions, greater than 60% of the sum of (i) the Total Assets of the Company and its consolidated subsidiaries as of the end of the calendar year or quarter covered in the Company’s Annual Report on Form
10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the
Trustee) prior to the incurrence of such additional Indebtedness and (ii) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such
proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the
incurrence of such additional Indebtedness. 
 (c) The Company will have or maintain, on a consolidated basis, as of the last day of each of
the Company’s fiscal quarters, Interest Coverage of not less than 150%. 
 (d) The Company will maintain, at all times, Total
Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis. 

(e) For purposes of this Section 3.1, Indebtedness and Debt shall be deemed to be “incurred” by the Company or a Subsidiary
whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. 
 ARTICLE 4

 ADDITIONAL EVENTS OF DEFAULT 

Section 4.1 For purposes of this Supplemental Indenture and the Notes, in addition to the Events of Default set forth in Section 501
of the Indenture, each of the following also shall constitute an “Event of Default:” 
 (a) default in the payment of the
principal of or any premium on the Notes at Maturity; 
 (b) there shall occur a default under any bond, debenture, note or other evidence of
indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to Securities of any series other than that series) under which there may be issued or by which there may be secured
any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall hereafter be
created, which default shall relate to an aggregate principal amount exceeding $10,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such
indebtedness in an aggregate principal amount exceeding $10,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such
acceleration having been rescinded or annulled, within a period of 10 days after there shall have been given, by first class mail or electronically, 

  
 9 

 
as applicable, to the Company by the Trustee or to the Company and the Trustee by the Holders of more than 50% in principal amount of the Outstanding Notes a written notice specifying such
default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” under the Indenture; and 

(c) the entry by a court of competent jurisdiction of one or more judgments, orders or decrees against the Company or any of its Subsidiaries
in an aggregate amount (excluding amounts fully covered by insurance) in excess of $10,000,000 and such judgments, orders or decrees remain undischarged, unstayed and unsatisfied in an aggregate amount (excluding amounts fully covered by insurance)
in excess of $10,000,000 for a period of 30 consecutive days. 
 Section 4.2 Notwithstanding any provisions to the contrary in the
Indenture, upon the acceleration of the Notes in accordance with Section 502 of the Indenture, the amount immediately due and payable in respect of the Notes shall equal the Outstanding principal amount thereof, plus accrued and unpaid
interest, plus the Make-Whole Amount. 
 ARTICLE 5 

EFFECTIVENESS 

Section 5.1 This Supplemental Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture has been
executed and delivered by the Company and the Trustee in accordance with Article Nine of the Indenture. As supplemented hereby, the Indenture is hereby confirmed as being in full force and effect. 

ARTICLE 6 
 NOTICE TO
TRUSTEE 
 Section 6.1 Notwithstanding anything to the contrary in the Indenture including, without limitation, Section 1102
thereof, in connection with the redemption at the election of the Company of less than all the Notes, the Company shall notify the Trustee of the establishment of a redemption date and the principal amount of Notes to be redeemed at least five
Business Days prior to such redemption date unless a shorter period shall be satisfactory to the Trustee. 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.1 In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of competent
jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof or any provision of the Indenture. 

Section 7.2 To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the Indenture,
the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms. 

  
 10 

 Section 7.3 This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York. 
 Section 7.4 This Supplemental Indenture may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 7.5 The Trustee shall
not be responsible for the validity or sufficiency of this Supplemental Indenture, or for the recitals contained herein, all of which shall be taken as statements of the Company. 

Section 7.6 In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations
promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees (a) to provide to the Trustee sufficient information about Holders or other applicable parties and/or transactions
(including any modification to the terms of such transactions) so the Trustee can determine whether it has tax-related obligations under Applicable Law, (b) that the Trustee shall be entitled to make any
withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability, and (c) to hold harmless the Trustee for any losses it may suffer due to the
actions it takes to comply with such Applicable Law. The terms of this Section 7.6 shall survive the termination of the Indenture. 

Section 7.7 The Trustee shall be entitled to deduct FATCA Withholding Tax, and shall have no obligation to
gross-up any payment hereunder or to pay any additional amount as a result of such FATCA Withholding Tax. 

Section 7.8 Solely with respect to the Notes: 

(a) The last sentence of the first paragraph of Section 303 of the Base Indenture shall be amended and restated as follows: “The
signature of any of these officers on the Securities may be manual, facsimile or electronic.” 
 (b) The second paragraph of
Section 303 of the Base Indenture shall be amended and restated as follows: “Securities bearing the manual, facsimile or electronic signatures of individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.” 

(c) The first sentence of the last paragraph of Section 303 of the Base Indenture shall be amended and restated as follows: “No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by
manual, facsimile or electronic signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.” 

  
 11 

 IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to
be executed in their respective corporate names as of the date first above written. 
  

			
	WELLTOWER INC.
		
	By:	 	 /s/ Matthew McQueen

	Name:	 	Matthew McQueen
	Title:	 	Senior Vice President – General Counsel &
		 	Corporate Secretary

  
 [Signature Page to
Supplemental Indenture No. 18] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Shannon Matthews

	Name:	 	Shannon Matthews
	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture No. 18] 

 EXHIBIT A 

FORM OF NOTE 

 WELLTOWER INC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO 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. 
 2.750% Note due 2031 

 

			
	 No. A-[    ]
	  	
	 CUSIP No. 95040Q AL8
	  	 $[        ]

 Welltower Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein
called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[                ] on January 15, 2031, and to pay interest thereon from June 30, 2020, or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually in arrears on January 15 and July 15 in each year, commencing January 15, 2021 at the rate of 2.750% per annum, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be on January 1 or July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This
Security is entitled to the benefits of the Indenture. 

 Payment of the principal of (and premium, if any) and any such interest on this Security
will be made at the office or agency of the Company maintained for that purpose in the City of New York, New York, or elsewhere as provided in the Indenture, 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; provided, however, that at the option of the Company payment of interest may be made by electronic wire transfer or by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 No recourse under or upon any
obligation, covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against any promoter, as such, or against any past, present or future shareholder, officer or
director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or
electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature page follows] 

 In Witness Whereof, the Company has caused this instrument to be duly executed. 

 

			
	WELLTOWER INC.
		
	By:	 	              

	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

Dated:                      

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [Form of Reverse of Security] 

1. General. This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 15, 2010 (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”), as
supplemented by Supplemental Indenture No. 18, dated as of June 30, 2020 (as amended, supplemented or otherwise modified from time to time, the “Supplemental Indenture” and the Base Indenture, as supplemented by such
Supplemental Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt and the Holders of the Securities and
of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof. 

2. Optional Redemption. The Securities of this series are subject to redemption, at any time or from time to time, as a whole or in
part, at the election of the Company. If the Securities of this series are redeemed, the redemption price will equal to the sum of (i) 100% of the principal amount of the Securities (or portion of such Securities) being redeemed plus accrued and
unpaid interest thereon to but excluding the redemption date and (ii) the Make-Whole Amount, if any; provided, however, that if the Securities are redeemed on or after the Par Call Date, the redemption price will equal 100% of the principal
amount of the Securities (or portion of such Securities) being redeemed plus accrued and unpaid interest thereon to but excluding the redemption date. Notwithstanding the foregoing, the Company will pay any interest installment due on an Interest
Payment Date which occurs on or prior to a redemption date to the Holders of the Notes as of the close of business on the Notes Regular Record Date immediately preceding such Interest Payment Date. The Company shall calculate the redemption price.
The election to redeem the Securities may be evidenced by either a Board Resolution or an Officers’ Certificate. 
 In the event of
redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

3. Defeasance. The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain
restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

4. Defaults and Remedies. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal
of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

 5. Actions of Holders. The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the
time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

6. Payments Not Impaired. No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

7. Denominations, Transfer, Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 8.
Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

9. Defined Terms. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 
 10. Governing Law. The Indenture and this Security shall be deemed to be a contract made under the laws of the State of
New York, and for all purposes shall be construed in accordance with the laws of said state. 
 11. CUSIP Number. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers printed hereon. 

 [ASSIGNMENT FORM] 

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

 

			
	TEN COM — as tenants in common	  	UNIF GIFT MIN ACT – _______ Custodian _______
	TEN ENT — as tenants by the entireties	  	                                      
  (Cost)                        (Minor)
	 JT TEN —     as joint tenants with right of survivorship and

                    not as tenants in common
	  	
                          
               Under Uniform Gifts to Minors Act

                          
                                      

		  	                                      
    (State)

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

 

                          
                       
 FOR VALUE
RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 
  

 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE 
  
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE 

the within security and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                    Attorney to transfer said security on the books of the Company with full power of substitution in the premises. 

 

			
	Dated:
                                         
   	  	Signed:
                                         
                                         
          
		
		  	Notice: The signature to this assignment must correspond with the name as it appears upon the face of the within security in every particular, without alteration or enlargement or any change whatever.
		
		  	Signature Guarantee*:
                                         
                           
		
		  	* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).Exhibit 4.4

      

     

      

    
      ELEVENTH SUPPLEMENTAL INDENTURE

       

      Dated as of June 29, 2020

       

      to

       

      INDENTURE

       

      Dated as of August 8, 2013

       

      by and among

       

      WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION,

        as Issuer

       

      THE GUARANTORS PARTY HERETO,

        as Guarantors

       

      and

       

      WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Trustee

        

      

      
        
 

       

      $500,000,000 3.200% Notes due 2025

       

          

      
        
 

       

      
        
          

      

      
      TABLE OF CONTENTS

       

      

      
        

       

      

      	 	 	PAGE

            
	
              

              

            	 	

            
	 ARTICLE 1
	 DEFINITIONS 

            
	 	 	 
	
              Section 1.01.

            	
              Definitions.

            	
              1

            
	 	 	 
	 ARTICLE 2 
	 ESTABLISHMENT OF SECURITIES

            
	 	 	 
	
              Section 2.01.

            	
              Title of Securities.

            	
              8

            
	
              Section 2.02.

            	
              Aggregate Principal Amount of Notes.

            	
              8

            
	
              Section 2.03.

            	
              Payment of Principal and Interest on the Notes.

            	
              9

            
	
              Section 2.04.

            	
              Denominations.

            	
              9

            
	
              Section 2.05.

            	
              Authentication.

            	
              9

            
	
              Section 2.06.

            	
              Optional Redemption.

            	
              9

            
	
              Section 2.07.

            	
              Offer to Repurchase Upon Change of Control Triggering Event.

            	
              11

            
	
              Section 2.08.

            	
              Additional Guarantees.

            	
              12

            
	
              Section 2.09.

            	
              Sinking Fund.

            	
              12

            
	
              Section 2.10.

            	
              Paying Agent.

            	
              13

            
	
              Section 2.11.

            	
              Limitation on Liens.

            	
              13

            
	
              Section 2.12.

            	
              Limitation on Sale and Leaseback Transactions.

            	
              14

            
	
              Section 2.13.

            	
              Satisfaction and Discharge; Defeasance.

            	
              15

            
	
              Section 2.14.

            	
              Events of Default.

            	
              15

            
	 	 	 
	 ARTICLE 3
	 GUARANTEES 

            
	 	 	 
	
              Section 3.01.

            	
              Release of Guarantees.

            	
              16

            
	 	 	 
	 ARTICLE 4 
	 MISCELLANEOUS PROVISIONS

            
	 	 	 
	
              Section 4.01.

            	
              Recitals by Company.

            	
              17

            
	
              Section 4.02.

            	
              Application to Notes Only.

            	
              17

            
	
              Section 4.03.

            	
              Benefits.

            	
              17

            
	
              Section 4.04.

            	
              Effective Date.

            	
              17

            
	
              Section 4.05.

            	
              Ratification.

            	
              18

            
	
              Section 4.06.

            	
              Separability.

            	
              18

            
	
              Section 4.07.

            	
              Counterparts; Electronic Signatures.

            	
              18

            
	
              Section 4.08.

            	
              GOVERNING LAW.

            	
              18

            

       

      

      
        i

        
          

      

      
      THIS ELEVENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) is made as of June 29, 2020, by and among WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), each of the GUARANTORS (as defined herein) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association,
            as trustee (the “Trustee”).

       

      

      WHEREAS, the Company and the Trustee entered into that certain Indenture dated as of August 8, 2013, as supplemented by the Second
        Supplemental Indenture, dated as of November 3, 2016, by and among the Company, the guarantors party thereto and the Trustee, and the Tenth Supplemental Indenture, dated as of June 6, 2019, by and among the Company, the guarantors party thereto and
        the Trustee (together, the “Original Indenture”) and as supplemented by this Supplemental Indenture (together with the Original Indenture, the “Indenture”), which provides for the issuance by the Company from time to time of Securities, in one or more series as provided therein;

       

      

      WHEREAS, the Company has determined to issue a series of Securities as provided herein;

       

      

      WHEREAS, Section 2.2 of the Original Indenture provides that certain terms and conditions for each series of Securities issued by
        the Company and guaranteed by the Guarantors thereunder may be set forth in an indenture supplemental to the Indenture;

       

      

      WHEREAS, Section 9.1(h) of the Original Indenture provides for the Company, the Guarantors and the Trustee to enter into an
        indenture supplemental to the Indenture to establish the form or terms of Securities of any series as provided by Sections 2.1 and 2.2 of the Original Indenture; and

       

      

      WHEREAS, all the conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a
        valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled;

       

      

      NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration,
        the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

       

      

      ARTICLE 1

            Definitions

       

        

      Section 1.01.   Definitions.

       

      

      For all purposes of this Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise
        requires:

       

      

      
        1

        
          

      

      (a) Capitalized terms used but not defined herein shall have the respective meanings given them in the Original Indenture;

       

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

       

      

      (c) The following terms shall have the indicated definitions and if the definition of any of the following terms differs from its
        respective definition set forth in the Indenture, the definition set forth herein shall control:

       

      

      “Acceleration Event” has the meaning specified in Section
        2.14(b)(ii)(2).

       

      

      “Attributable Debt” with regard to a Sale and Leaseback
        Transaction with respect to any Principal Property means, at the time of determination, the present value of the total net amount of rent required to be paid under such lease during the remaining term thereof (including any period for which such
        lease has been extended or may, at the option of the lessor, be extended), discounted at the rate of interest set forth or implicit in the terms of such lease (or, if not practicable to determine such rate, the weighted average interest rate per
        annum borne by the Notes then outstanding under the Indenture) compounded semi-annually. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of (x) the net amount determined
        assuming termination upon the first date such lease may be terminated (in which case the net amount shall also include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the
        first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination.

       

      

      “Board of Directors” means the Board of Directors of the
        Company.

       

      

      “Capital Stock” means:

       

      

      (a) in the case of a corporation, capital stock;

       

      

      (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents
        (however designated) of capital stock;

       

      

      (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership
        interests, respectively; and

       

      

      (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
        distributions of assets of, the issuing Person,

       

      

      but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of
        participation with Capital Stock.

       

      

      
        2

        
          

      

      “Change of Control” means the occurrence of any one of the
        following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and the
        assets of its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation,
        any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or one of its Subsidiaries) becomes the “beneficial owner” (as defined in Rules 13d-3 and
        13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any Person, or any
        Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash,
        securities or other property, other than any such transaction where the Company’s shares of Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the
        surviving Person immediately after giving effect to such transaction; (4) the first day on which the majority of the members of the Board of Directors cease to be Continuing Directors; or (5) the adoption of a plan relating to the Company’s
        liquidation or dissolution.

       

      

      “Change of Control Offer” has the meaning specified in
        Section 2.07.

       

      “Change of Control Payment Date” has the meaning specified
        in Section 2.07.

       

      “Change of Control Triggering Event” means the Notes cease
        to be rated Investment Grade by at least two of the three Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public
        announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long
        as any of the Rating Agencies has publicly announced that it is considering a possible ratings change). Unless at least two of the three Rating Agencies are providing a rating for the Notes, the Notes will be deemed to have ceased to be rated
        Investment Grade by at least two of the three Rating Agencies during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control
        unless and until such Change of Control has actually been consummated.

       

      “Company” has the meaning specified in the preamble.

       

      “Comparable Treasury Issue” means the U.S. Treasury
        security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed, assuming such Notes matured on the Par Call Date (the “Remaining Term”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Term of
        such Notes.

       

      

      
        3

        
          

      

      “Comparable Treasury Price” means, with respect to any
        redemption date,

       

      (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest
        Reference Treasury Dealer Quotations, or

       

      (b) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
        such quotations.

       

      “Consolidated Net Tangible Assets” means, on the date of
        any determination, all assets minus:

       

      (a) all applicable depreciation, amortization and other valuation reserves;

       

      (b) all current liabilities, and

       

      (c) all goodwill, trade names, trademarks, patents, unamortized debt discount and expenses and other like intangibles,

       

      in each case as set forth on the most recently available consolidated balance sheet of the Company prepared in accordance with GAAP.

       

      “Continuing Director” means, as of any date of
        determination, any member of the Board of Directors who:

       

      (a) was a member of the Board of Directors on the Issue Date; or

       

      (b) was nominated for election or elected to the Board of Directors with the approval of a majority of the Continuing Directors
        who were members of the Board of Directors at the time of such nomination or election.

       

      “Debt” means (without duplication), with respect to any
        Person, (1) all obligations of such Person, to the extent such obligations would appear as a liability on the consolidated balance sheet of such Person, in accordance with GAAP, (a) for money borrowed, (b) evidenced by bonds, debentures, notes or
        other similar instruments, (c) in respect of letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, or (d) that constitute capital lease obligations of such Person, and (2) all guarantees by such Person
        of debt of another Person.

       

      “Depositary” means with respect to the Notes, The
        Depository Trust Company, its nominees and their respective successors.

       

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

       

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

       

      “GAAP” means generally accepted accounting principles in
        the United States as in effect from time to time.

       

      

      
        4

        
          

      

      “Guarantor” means, with respect to the Notes, each Person
        that executes this Supplemental Indenture as a guarantor and its respective successors and assigns and any other Person that executes a Notation of Guarantee in accordance with the provisions of the Indenture with respect to such Notes, in each
        case until the Guarantee of such Person with respect to such Notes, has been released in accordance with the provisions of the Indenture.

       

      “incur” means, directly or indirectly, to issue, assume,
        guaranty, incur, become directly or indirectly liable with respect to (including as a result of an acquisition (by way of merger, consolidation or otherwise)), or otherwise become responsible for, contingently or otherwise.

       

      “Indenture” has the meaning specified in the preamble.

       

      “Independent Investment Banker” means one of the Reference
        Treasury Dealers appointed by the Company.

       

      “Investment Grade” means a rating of Baa3 or better by
        Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); a rating of BBB- or better by Fitch (or its equivalent under any
        successor rating category of Fitch); and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company in accordance with the definition of “Rating Agency.”

       

      “Issue Date” means, with respect to the Notes to be initially authenticated and delivered pursuant to
          Section 2.02, June 29, 2020.

       

      “lien” means any mortgage, pledge, hypothecation,
        encumbrance, security interest, statutory or other lien, or preference, priority or other security or similar agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention having
        substantially the same economic effect as any of these.

       

      “Moody’s” means Moody’s Investors Service, Inc. and its
        successors.

       

      “Net Proceeds” means, with respect to a Sale and Leaseback
        Transaction, the aggregate amount of cash or cash equivalents received by the Company or a Restricted Subsidiary, less the sum of all payments, fees, commissions and expenses incurred in connection with such Sale and Leaseback Transaction, and less
        the amount (estimated reasonably and in good faith by the Company) of income, franchise, sales and other applicable taxes required to be paid by the Company or any Restricted Subsidiary in connection with such Sale and Leaseback Transaction in the
        taxable year that such Sale and Leaseback Transaction is consummated or in the immediately succeeding taxable year, the computation of which shall take into account the reduction in tax liability resulting from any available operating losses and
        net operating loss carryovers, tax credits and tax credit carryforwards, and similar tax attributes.

       

      “Notes” has the meaning specified in Section 2.01.

       

      

      
        5

        
          

      

      “Original Indenture” has the meaning specified in the
        preamble.

       

      “Par Call Date” has the meaning specified in Section
        2.06(a).

       

      “Payment Default” has the meaning specified in Section
        2.14(b)(ii)(1).

       

      “Person” means any individual, corporation, partnership,
        limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof.

       

      “Primary Treasury Dealer” means a primary U.S. Government
        securities dealer in New York City.

       

      “Principal Property” means any manufacturing plant,
        warehouse, office building or parcel of real property owned or leased by the Company or any Restricted Subsidiary, whether owned on the date hereof or thereafter, that has a gross book value in excess of 1% of the Company’s Consolidated Net
        Tangible Assets. Any plant, warehouse, office building or parcel of real property, or portion thereof, which the Board of Directors determines by resolution is not of material importance to the business conducted by the Company and its Restricted
        Subsidiaries taken as a whole will not be Principal Property.

       

      “Rating Agency” means each of Moody’s, S&P and Fitch;
        provided, that if any of Moody’s, S&P or Fitch ceases to provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the
        Exchange Act as a replacement for such Rating Agency; provided, that the Company shall give written notice of such appointment to the Trustee.

       

      “Reference Treasury Dealer” means (1) each of BofA
        Securities, Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are primary U.S. Government securities dealers) and a Primary Treasury Dealer selected by PNC Capital Markets LLC; provided, however, that if any of the foregoing
        shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer, and (2) one other Primary Treasury Dealer selected by the Company.

       

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

       

      “Remaining Term” has the meaning assigned to such term in
        the definition of Comparable Treasury Issue.

       

      “Restricted Subsidiary” means any Subsidiary of the
        Company other than an Unrestricted Subsidiary.

       

      

      
        6

        
          

      

      “Sale and Leaseback Transaction” means any arrangement
        whereby the Company or any of its Subsidiaries has sold or transferred, or will sell or transfer, property and has or will take back a lease pursuant to which the rental payments are calculated to amortize the purchase price of the property
        substantially over the useful life of such property.

       

      “Securities Act” means the Securities Act of 1933, as
        amended.

       

      “S&P” means S&P Global Ratings, a division of
        S&P Global Inc., and its successors.

       

      “Special Purpose Subsidiary” means a Subsidiary that is engaged solely in the
        business of acquiring, selling, collecting, financing or refinancing receivables, accounts (as defined in the Uniform Commercial Code as in effect in any jurisdiction from time to time) and other accounts and receivables (including any thereof
        constituting or evidenced by chattel paper, instruments or general intangibles), all proceeds thereof and all rights (contractual and other), collateral and other assets relating thereto.

       

      “Subsidiary” means any entity of which the Company, or the
        Company and one or more of its Subsidiaries, or any one or more of its Subsidiaries, directly or indirectly own more than 50% of the outstanding voting stock.

       

      “Supplemental Indenture” has the meaning specified in the
        preamble.

       

      “Treasury Rate” means, with respect to any redemption
        date, (1) the yield, which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of
        the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity, for the maturity corresponding to the Comparable Treasury Issue (or if no maturity is within three months
        before or after the Par Call Date, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a
        straight-line basis, rounded to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual
        equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The
        Treasury Rate will be calculated on the third Business Day preceding the redemption date.

       

      “Trigger Period” has the meaning assigned to such term in
        the definition of Change of Control Triggering Event.

       

      “Trustee” has the meaning specified in the preamble.

       

      “Unrestricted Subsidiary” means any Subsidiary of the
        Company:

       

      

      
        7

        
          

      

      (1) the principal business of which consists of finance, banking, credit, leasing, insurance, financial services or other similar
        operations;

       

      (2) which is a Special Purpose Subsidiary;

       

      (3) substantially all the assets of which consist of the Capital Stock of a Subsidiary or Subsidiaries engaged in the operations
        referred to in the preceding clause; or

       

      (4) designated as an Unrestricted Subsidiary by resolution of the Board of Directors and which, in the opinion of the Board of
        Directors, is not of material importance to the business conducted by the Company and its Restricted Subsidiaries taken as a whole.

       

      “Voting Stock” solely as used in the definition of the term “Change of Control,” means, with respect to any
          Person as of any date, the Capital Stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.

       

      ARTICLE 2

            Establishment of Securities

       

      The following provisions of this Article 2 are made pursuant to Section 2.2 of the Original Indenture in order to establish and set forth the terms of
        the series of Securities described in Section 2.01.

       

      Section 2.01.   Title of Securities.

       

      There is hereby established a series of Securities designated the “3.200% Senior Notes due 2025” (the “Notes”).

       

      Section 2.02.   Aggregate Principal Amount of
            Notes.

       

      There are initially to be authenticated and delivered $500,000,000 principal amount of the Notes. Such principal amount of the Notes may be increased from time to time pursuant to Section 2.2 of the Original
            Indenture.

       

      All Notes of this series need not be issued at the same time and such series may be reopened at any time, without the consent of
        any Holder, for issuances of additional Notes of such series. Any such additional Notes will have the same ranking, interest rate, maturity date, redemption rights and other terms as the Notes initially issued. Any such additional Notes, together
        with the Notes initially issued, will constitute a single series of Securities under the Indenture; provided, however, that if such additional Notes are not fungible for U.S. federal income tax purposes with the originally issued Notes, such additional Notes shall be issued under a separate CUSIP number.

       

      

      
        8

        
          

      

      Nothing contained in this Section 2.02 or elsewhere in this Supplemental Indenture, or in the Notes, is intended to or shall limit
        execution by the Company or the Guarantors or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11 and 9.6 of the Original Indenture.

       

      The Notes shall be issued in registered form without coupons. The Notes shall be in substantially the form of Exhibit A hereto.
        The form of the Trustee’s certificate of authentication for the Notes shall be in substantially the form set forth in the form of Note attached hereto. Each Note shall be dated the date of authentication thereof. The entire initially issued
        principal amount of the Notes shall initially be evidenced by one or more Global Securities registered in the name of the Depositary. The Notes shall not be issuable in definitive form except under limited circumstances specified in Section 2.14 of
        the Original Indenture.

       

      Section 2.03.   Payment of Principal and Interest
            on the Notes.

       

      The Notes will mature on June

          15, 2025 and will bear interest at the rate of 3.200% per annum, subject to adjustment upon the
            occurrence of certain ratings-based events with respect to the Notes as set forth under “Interest Rate Adjustment” in the form of Note attached hereto as Exhibit A. Interest on the Notes will be payable semi-annually, in cash, in arrears on June

          15 and December 15 of each year, commencing on December 15, 2020, to the Holders thereof at the close of business on the immediately preceding June 1 and December 1 of each year. Interest on the Notes will accrue from and including the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from and
            including the Issue Date. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date (as defined in the form of Note attached hereto as Exhibit A) on the Notes is not a Business
            Day, the payment of interest will be made on the next succeeding Business Day and no additional interest will accrue on the amount so payable for the period from and after such Interest Payment Date to the next succeeding Business Day.

       

      Section 2.04.   Denominations.

       

      The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

       

      Section 2.05.   Authentication.

       

      The Trustee or Authentication Agent shall authenticate and deliver Notes in accordance with Section 2.3 of the Original Indenture.

       

      Section 2.06.   Optional Redemption.

       

      (a)          Prior to May 15, 2025 (the “Par Call Date”), the Company may, at its option, redeem some or all of the Notes, at any time or from time to time, at a redemption price equal to the
              greater of:

       

      (1)     100% of the principal amount of the Notes being redeemed; and

       

          

      
        9

        
          

      

      (2)     the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed assuming such Notes matured on the Par Call Date (not
              including any portion of such payments of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points,

       

      plus, in each case, accrued and unpaid interest on the Notes being redeemed to, but not including, the redemption date

       

      On and after the Par Call Date, the Company may, at its option, redeem some or all of the Notes, at any time or from time to time,
        at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the Notes being redeemed to, but not including, the redemption date.

       

      (b)          If the Company redeems less than all of the Notes, the Trustee will select, not more than 60 days prior to the redemption date, the particular Notes or portions thereof for redemption from the outstanding Notes by such method as the
            Trustee deems fair and appropriate in accordance with the procedures of the Depositary.

       

      Unless the Company defaults in the payment of the redemption price, on and after the applicable redemption date, interest will
        cease to accrue on the Notes or portions of the Notes called for redemption.

       

      (c)          Installments of interest on Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the
            relevant record date.

       

      (d)          At least 15 days, but not more than 60 days, prior to the date fixed for redemption, the Company will deliver, in accordance with Section 10.1 of the Original Indenture, a written notice of redemption to each Holder whose Notes are to be
            redeemed, except that redemption notices may be given more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance or a satisfaction and discharge of the Indenture pursuant to Article VIII of the Original
            Indenture.

       

      The notice shall identify the Notes to be redeemed and corresponding CUSIP, ISIN or Common Code numbers, as applicable, and will
        state:

       

      (a)          the redemption date;

       

      (b)          the redemption price and the amount of accrued interest, if any, to be paid;

       

      (c)          if any Global Security is being redeemed in part, the portion of the principal amount of such Global Security to be redeemed and that, after the redemption date upon surrender of such Global Security, the principal amount thereof will be
            decreased by the portion thereof redeemed pursuant thereto;

       

          

      
        10

        
          

      

      (d)          if any Certificated Security is being redeemed in part, the portion of the principal amount of such Certificated Security to be redeemed, and that, after the redemption date, upon surrender of such Certificated Security, a new Certificated
            Security in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Certificated Security;

       

      (e)          the name and address of the Paying Agent(s) to which the Notes are to be surrendered for redemption;

       

      (f)           that the Notes called for redemption must be surrendered to the relevant Paying Agent to collect the redemption price;

       

      (g)          that, unless the Company defaults in making such redemption payment, interest on the Notes called for redemption cease to accrue on and after the redemption date;

       

      (h)          that the Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

       

      (i)           the paragraph of the Notes and/or Section of the Indenture or any supplemental indenture pursuant to which the Notes called for redemption are being redeemed; and

       

      (j)           that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code numbers, if any, listed in such notice or printed on the Notes.

       

      At the Company’s written request delivered at least 20 days prior to the redemption date (unless a shorter notice period is agreed
        to by the Trustee), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense.

       

      Section 2.07.   Offer to
            Repurchase Upon Change of Control Triggering Event.

       

      Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its right
        to redeem the Notes as set forth in Section 2.06(a), each Holder of the Notes shall have the right to require the Company to purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes as
        set forth in this Section 2.07 (the “Change of Control Offer”), at a purchase price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest,
        if any, to but excluding the date of purchase.

       

      Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on
        or prior to the Change of Control Payment Date (as defined below) will be payable on the applicable Interest Payment Date to the registered Holders as of the close of business on the relevant record date.

       

      

      
        11

        
          

      

      Within 30 days following the date upon which a Change of Control Triggering Event with respect to the Notes occurs or, at the
        Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to deliver a written notice to each Holder of Notes at its registered address, with a copy to the
        Trustee, which written notice will govern the terms of the Change of Control Offer. Such written notice will state, among other things, the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date such written
        notice is delivered, other than as may be required by law (the “Change of Control Payment Date”). The written notice, if delivered prior to the date of consummation of the
        Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have such Notes repurchased pursuant to a
        Change of Control Offer shall be required to surrender their Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the written notice, or transfer
        the Holder’s Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date.

       

      The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer
        in the manner, at the times and otherwise in compliance with the requirements for such an offer if it had been made by the Company, and such third party purchases all Notes properly tendered and not withdrawn under its offer.

       

      The Company shall comply in all material respects with the requirements, to the extent applicable, of Rule 14e-1 under the
        Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control Triggering Event. To the extent that the
        provisions of any such securities laws or regulations conflict with this Section 2.07, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under the Change of
        Control Offer provisions of the Notes by virtue of any such conflict.

       

      Section 2.08.   Additional Guarantees.

       

      If, after the date of this Supplemental Indenture, any Subsidiary that is not
        already a Guarantor (including, without limitation, any Subsidiary acquired or created after the date of this Supplemental Indenture) guarantees any Debt of either the Company
        or a Guarantor, then in either case that Subsidiary shall become a Guarantor by executing a supplemental indenture and delivering it to the Trustee within 15 Business Days of
        the date on which it guaranteed such Debt.

       

      

      
        12

        
          

      

      Section 2.09.   Sinking Fund.

       

      The Notes shall not have the benefit of a sinking fund.

       

      Section 2.10.   Paying Agent.

       

      The Trustee shall initially serve as Paying Agent with respect to the Notes, with the place of payment for all Notes initially
        being the Corporate Trust Office of the Trustee.

       

      Section 2.11.   Limitation on Liens.

       

      (a)          The Company shall not, and shall not permit any Restricted Subsidiary to, incur, suffer to exist or guarantee any Debt secured by a Lien on any Principal Property or on any shares of stock of (or other interests in) any Restricted
            Subsidiary (in each case, whether owned on the date of this Supplemental Indenture or hereafter acquired) without making effective provision that the Notes shall be secured equally and ratably with (or prior to) such secured Debt, for so long
            as such secured Debt will be so secured.

       

      (b)          The restriction set forth in paragraph (a) above shall not apply to Debt secured by:

       

      (i)      Liens existing prior to the Issue Date;

       

      (ii)     Liens on property of, shares of stock of (or other interests in) or Debt of any entity existing at the time such entity becomes a Restricted Subsidiary;

       

      (iii)    any Liens on property of, shares of stock of (or other interests in) or Debt of any entity (a) existing at the time of acquisition of such property or shares (or other interests) (including acquisition through merger or
            consolidation), provided that any such Lien was in existence prior to the date of such acquisition, was not incurred in anticipation thereof and does not extend to any other property, (b) to secure the payment of all or any part of the purchase
            price of such property or shares (or other interests) or the costs of construction or improvement of such property or (c) to secure any Debt incurred prior to, at the time of, or within 270 days after the later of the acquisition, the
            completion of construction or the commencement of full operation of such property or within 270 days after the acquisition of such shares (or other interests) for the purpose of financing all or any part of the purchase price of such property
            or shares (or other interests) or the costs of construction thereon;

       

      (iv)    Liens in favor of the Company or any Restricted Subsidiary;

       

      (v)     Liens in favor of, or required by contracts with, governmental entities; and

       

          

      
        13

        
          

      

      (vi)    any extension, renewal or replacement of any Lien referred to in any of the preceding clauses, provided that such extension, renewal or replacement Lien will be limited to the same property that secured the Lien so
            extended, renewed or replaced and will not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement.

       

      (c)          Notwithstanding the restrictions set forth in paragraph (a) above, the Company or any Restricted Subsidiary may incur, suffer to exist or guarantee any Debt secured by a Lien on any Principal Property or on any shares of stock of (or other
            interests in) any Restricted Subsidiary if, after giving effect thereto and together with the value of Attributable Debt outstanding pursuant to Section 2.12(c), the aggregate amount of such Debt outstanding does not exceed the greater of 15%
            of the Company’s Consolidated Net Tangible Assets and $200.0 million.

       

      For purposes of this Section 2.11, an “acquisition” of
        property (including real, personal or intangible property or shares of Capital Stock or Debt) shall include any transaction or series of transactions by which the Company or a Restricted Subsidiary acquires, directly or indirectly, an interest, or
        an additional interest (to the extent thereof), in such property, including an acquisition through merger or consolidation with, or an acquisition of an interest in, a Person owning an interest in such property.

       

      This Section 2.11 has been included in this Supplemental Indenture expressly and solely for the benefit of the Notes.

       

      Section 2.12.   Limitation on Sale and Leaseback
            Transactions.

       

      (a)          The Company and its Restricted Subsidiaries shall not enter into any Sale and Leaseback Transaction with respect to any Principal Property unless:

       

      (i)      the Company or such Restricted Subsidiary would be entitled to incur Debt secured by a Lien on the Principal Property involved in such Sale and Leaseback Transaction at least equal in amount to the Attributable Debt with
            respect to such Sale and Leaseback Transaction, without equally and ratably securing the Notes pursuant to Section 2.11; or

       

      (ii)     the proceeds of such Sale and Leaseback Transaction are at least equal to the fair market value of the affected Principal Property (as determined in good faith by the Board of Directors) and the Company applies an amount
            equal to the Net Proceeds of such Sale and Leaseback Transaction within 180 days of such Sale and Leaseback Transaction to any (or a combination) of:

       

      (A)        the prepayment or retirement of the Notes,

       

      (B)         the prepayment or retirement (other than any mandatory retirement, mandatory prepayment or sinking fund payment or by payment at maturity) of other Debt of the Company or of a Restricted Subsidiary (other than Debt that is
            subordinated to the Notes or Debt owed to the Company or a Restricted Subsidiary) that matures more than 12 months after its creation or matures less than 12 months after its creation but by its terms being renewable or extendible, at the
            option of the obligor in respect thereof, beyond 12 months from its creation, or

       

          

      
        14

        
          

      

      (C)         the purchase, construction, development, expansion or improvement of other comparable property.

       

      (b)          The restriction set forth in paragraph (a) above shall not apply to any Sale and Leaseback Transaction, and there shall be excluded from Attributable Debt in any computation described in this Section 2.12 or in Section 2.11(c), with
            respect to any such transaction:

       

      (i)      solely between the Company and a Restricted Subsidiary or solely between Restricted Subsidiaries; or

       

      (ii)     in which the applicable lease is for a term, including renewal rights, of not more than three years.

       

      (c)          Notwithstanding the restrictions set forth in paragraph (a) above, the Company will be permitted to enter into Sale and Leaseback Transactions otherwise prohibited by this Section 2.12, the Attributable Debt with respect to which, together
            with all Debt outstanding pursuant to Section 2.11(c), without duplication, do not exceed the greater of 15% of the Company’s Consolidated Net Tangible Assets measured at the closing date of the Sale and Leaseback Transaction and $200.0
            million.

       

      This Section 2.12 has been included in this Supplemental Indenture expressly and solely for the benefit of the Notes.

       

      Section 2.13.   Satisfaction and Discharge;
            Defeasance.

       

      The provisions of Section 8.1 of the Original Indenture, together with the other provisions of Article VIII of the Original Indenture, shall be
        applicable to the Notes. The provisions of Section 8.1(b) of the Original Indenture shall apply to the covenants set forth in Section 2.07, Section 2.08, Section 2.11, Section 2.12 of this Supplemental Indenture and to those covenants specified in Section 8.1(b) of the Original Indenture and the events of default in Section 2.14(b)(i), Section 2.14(b)(ii) and Section 2.14(b)(iii). In addition, upon any such covenant
        defeasance pursuant to Section 8.1(b) of the Original Indenture, the Guarantees shall be released as set forth in Section 3.01(a)(iii).

       

      Section 2.14.   Events of Default.

       

      (a)          Solely with respect to the Notes, the first paragraph of Section 6.1 of the Original Indenture shall be amended as follows:

       

      (i)      Clause (d) shall be amended by replacing “90 days” with “60 days” therein.

       

          

      
        15

        
          

      

      (b)          The term “Event of Default” as used in this Indenture with respect to the Notes shall include the following described event in addition to those set forth in Section 6.1 of the Original Indenture:

       

      (i)      failure to make the required payment in connection with a Change of Control Triggering Event when due and payable in accordance with Section 2.07;

       

      (ii)     default under any of the Company’s or its Restricted Subsidiaries’ Debt, whether such Debt currently exists or is incurred after the Issue Date, if that default:

       

      (1)      is caused by a failure to pay principal on such Debt at its stated final maturity (after giving effect to any applicable grace periods provided in such Debt) (a “Payment Default”); or

       

      (2)      results in the acceleration of such Debt prior to its express maturity (an “Acceleration Event”),

       

      and (i) in each case, the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a
        Payment Default or an Acceleration Event, aggregates $100 million or more and (ii) in the case of a Payment Default, such Debt is not discharged and, in the case of an Acceleration Event, such acceleration is not rescinded or annulled, within 10
        days after written notice has been given by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding;

       

      (iii)         any of the Guarantees of the Notes is held in any judicial proceeding to be unenforceable or invalid or, except as permitted by the Indenture, ceases for any reason to be in full force and effect, or any Guarantor denies or disaffirms its
            obligations under its Guarantee with respect to the Notes.

       

      ARTICLE 3

            Guarantees

       

      Section 3.01.   Release of Guarantees.

       

      Section 9A.4(a) of the Indenture shall be amended by replacing that section of the Indenture with the following, but only with
        respect to the Notes:

       

      (a)          Notwithstanding any other provisions of this Indenture, the Guarantee of any Guarantor may be released upon the terms and subject to the conditions set forth in this Section 9A.4. Provided that no Event of Default shall have occurred and
            shall be continuing under this Indenture, any Guarantee incurred by a Guarantor pursuant to this Article IX-A shall be unconditionally released and discharged automatically:

       

          

      
        16

        
          

      

      (i)      in connection any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such
            transaction) the Company or a Subsidiary;

       

      (ii)     in connection with any sale or other disposition of all of the Capital Stock of a Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary;

       

      (iii)    upon defeasance or satisfaction and discharge of the Notes as provided in Article VIII of the Indenture; or

       

      (iv)    at such time as such Guarantor ceases to guarantee Debt, of the Company or a Guarantor, other than any such Debt the guarantee of which by the Guarantor will be released concurrently with the release of the Guarantor’s
            Guarantee of the Notes; provided that such cessation does not result from payment under such guarantee.

       

      ARTICLE 4

            Miscellaneous Provisions

       

      Section 4.01.   Recitals by Company.

       

      The recitals in this Supplemental Indenture are made by the Company only and
        not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and of this Supplemental Indenture as fully and with like effect as if set forth herein in full.

       

      Section 4.02.   Application to Notes Only.

       

      Each and every term and condition contained in this Supplemental Indenture that modifies, amends or supplements the terms and conditions of the
        Original Indenture shall apply only to the Notes established hereby and not to any future series of Securities established under the Original Indenture.

       

      Section 4.03.   Benefits.

       

      Nothing contained in this Supplemental Indenture shall or shall be construed to confer upon any person other than a Holder of the Notes, the Company
        and the Trustee any right or interest to avail itself of any benefit under any provision of the Original Indenture, the Notes or this Supplemental Indenture.

       

      

      
        17

        
          

      

      Section 4.04.   Effective Date.

       

      This Supplemental Indenture shall be effective as of the date first above written upon the execution and delivery hereof by each of the parties hereto.

       

      Section 4.05.   Ratification.

       

      As supplemented hereby, the Original Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof remain in
        full force and effect.

       

      Section 4.06.   Separability.

       

      In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
        enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

       

      Section 4.07.   Counterparts; Electronic
            Signatures.

       

      This Supplemental Indenture 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. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
        effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF transmission
        shall be deemed to be their original signatures for all purposes.

       

      Section 4.08.   GOVERNING LAW.

       

      THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
        CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAWS AND RULES.

       

      [Signatures on Next Page]

       

      
        18

        
          

      

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

       

      
        	 	Westinghouse Air Brake Technologies Corporation
	 	 
	
                

                

              	By:	 	/s/ Patrick D. Dugan
	
                

                

              	
                

                

              	Name:	Patrick D. Dugan
	
                

                

              	

              	Title:	
                Executive Vice President and Chief Financial Officer

              

      

      
         

        

        [Company Signature Page to Eleventh Supplemental Indenture]

         

        

      

      
        
          

      

      Guarantors:

      

      

      GE Transportation, a Wabtec Company

      RFPC Holding Corp.

      Schaefer Equipment, Inc.

      Standard Car Truck Company

      Transportation IP Holdings, LLC

      Transportation Systems Services Operations Inc.

      Wabtec Holding Corp.

      Wabtec Railway Electronics Holdings, LLC

      Wabtec Transportation Systems, LLC

      Workhorse Rail, LLC

      

      

      
        
          	

                	By:       

                  	

                  	/s/ Patrick D. Dugan

                
	 	 	Name:

                  	
                  Patrick D. Dugan

                
	 	 	Title: 

                  	Vice President, Finance 

        

      

       
        [Guarantor Signature Page to Eleventh Supplemental Indenture]

         

        

      

      
        
          

      

      
        
          	 	Wells Fargo Bank, National Association, as Trustee
	 	 	 
	

                	By:   

                  	/s/ Stefan Victory

                    
	 	 	Name: Stefan Victory
	 	 	Title: Vice President

                

        

      

      

      

      
        [Trustee Signature Page to Eleventh Supplemental Indenture]

         

        

      

      
        
          

      

      
      Exhibit A

        

        FORM OF

        

        3.200% SENIOR NOTE DUE 2025

       

      [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
        NOMINEE OF THE DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS
        A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR
        DEPOSITARY.]*

       

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) 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 TO BE 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.]*

       

      
        

       

      WESTINGHOUSE AIR BRAKE TECHNOLOGIES

      CORPORATION

       

      
        

       

      $

       

      3.200% SENIOR NOTE DUE 2025

       

      	
              No.

            	
              CUSIP No. 960386AQ3

            
	
               

            	
              ISIN No. US960386AQ33

            

      

      

      
        A-1

        
          

      

      Westinghouse Air Brake Technologies Corporation, a corporation organized
          and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede & Co.]*, or registered assigns (the “Holder”), the principal sum of                 ($             ) on June 15, 2025 (the “Stated Maturity”), and to pay interest thereon from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, or if no interest has been paid or duly provided for,
            from and including the Issue Date, semi-annually, in cash, in arrears on June 15 and December 15 of each year (each, an “Interest Payment Date”), commencing on December

          15, 2020, at a rate of 3.200% per annum (subject to adjustment as set forth on the reverse of this Note
            under “Interest Rate Adjustment”) until the principal hereof is paid or made
            available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note is registered at the close of business on
            the preceding June 1 or December 1, as applicable (each, a “Regular Record Date”) (whether or not a Business Day); provided that the interest payable at the Stated
            Maturity will be paid to the Person to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
            whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice of which shall be given to Holders of the Notes not less than 10 days prior to
            such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of the Depositary and any securities exchange or automated quotation system on which the Notes may be listed or traded, and upon
            such notice as may be required by the Depositary and such exchange or automated quotation system.

       

      Payments of interest on the Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest
        payments for the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date falls on a day that is not a Business Day, the payment of the interest payable on such date will be made on the next
        succeeding Business Day, and no interest shall accrue on the amount of interest due on that Interest Payment Date for the period from and after such Interest Payment Date to the date of payment.

       

      Payment of the principal of and interest on the Notes will be made 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, with any such payment that is due at the Stated Maturity of any Note being made upon surrender of such Note to a Paying Agent; provided, however, that payment of interest,
        subject to such surrender where applicable, (i) may be made at the Company’s option by check mailed to the address of the Person entitled thereto as such address shall appear in the records maintained by the Registrar or the Company and (ii) in the
        case of any Global Security, must be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by
        the Person entitled thereto.

      

      

      
        

      * Insert in Global Securities. 

       

      
        A-2

        
          

      

      Payment of the principal of and interest on the Notes will be made 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, with any such payment that is due at the Stated Maturity of any Note being made upon surrender of such Note to a Paying Agent; provided, however, that payment of interest, subject to such
        surrender where applicable, (i) may be made at the Company’s option by check mailed to the address of the Person entitled thereto as such address shall appear in the records maintained by the Registrar or the Company and (ii) in the case of any
        Global Security, must be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person
        entitled thereto.

       

      Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
        the same effect as if set forth at this place.

       

      Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature,
        this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

       

      [Signatures on Next Page]

       

      
        A-3

        
          

      

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

       

       
      
        	
                Dated:

              	 	 

      

       

      	 	
              WESTINGHOUSE AIR BRAKE TECHNOLOGIES

              

            
	 	CORPORATION
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

       

      

      

      
        A-4

        
          

      

      CERTIFICATE OF AUTHENTICATION

       

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

       

      	

            	WELLS FARGO BANK, NATIONAL

            
	 	ASSOCIATION, as Trustee
	 	 

      	
              Dated:

            	 	
              

              

            	By:	 

      	  	Authorized Signatory 

      

      

      
        A-5

        
          

      

      REVERSE OF SENIOR NOTE

       

      This Security is one of a duly authorized issue of securities of
          the Company (herein called the “Securities”),
          issued and to be issued in one or more series under an Indenture dated as of August 8, 2013, as supplemented by a Second Supplemental Indenture dated as of November 3, 2016 (together, the “Original Indenture”) and an Eleventh Supplemental Indenture dated as of June 29, 2020 (the “Supplemental Indenture,” the Original Indenture, as supplemented by the Supplemental Indenture and as further amended or supplemented from time to time, herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), among the Company, the
            Guarantors (as defined in the Indenture) and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights,
            duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series
            designated on the face hereof (the “Notes”) which is unlimited in aggregate
            principal amount.

       

      The Notes are redeemable, in whole or in part, at any time, in the manner and with the effect provided in the Indenture.

       

      If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and
        payable in the manner and with the effect provided in the Indenture.

       

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
        obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantors and the Trustee with the consent of the Holders of a majority in principal
        amount of the Securities at the time outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time outstanding, on
        behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all
        future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

       

      

      
        A-6

        
          

      

      As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute, or
        to order or direct the Trustee to institute, any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given
        the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in aggregate principal amount of the Notes at the time outstanding shall have made written request to the Trustee to institute
        proceedings in respect of such Event of Default as Trustee and offered the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred or reasonably probable to be incurred in compliance
        with such request, the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding and no direction inconsistent with such written request has been given to the Trustee during
        such 60-day period by the Holders of a majority in aggregate principal amount of the outstanding Notes.  The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or
        premium, if any, or interest hereon on or after the respective due dates expressed or provided for herein.

       

      No reference herein to the Indenture and no provision of the Notes or of the Indenture shall alter or impair the obligation of the
        Company or any Guarantor, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Notes at the times, place and rate, and in the coin or currency, herein prescribed.

       

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable with
        the Registrar, upon surrender of this Note for registration of transfer at the office or agency of the Registrar or the Company in a place for payment for this Note, duly endorsed by, or accompanied by a written instrument of transfer in form
        satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized denominations and for the same aggregate principal
        amount, will be issued to the designated transferee or transferees.

       

      The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in
        excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes having the same Stated Maturity and of like tenor of any authorized
        denominations as requested by the Holder upon surrender of the Note or Notes to be exchanged at the office or agency of the Registrar or the Company.

       

      No service charge shall be made for any such registration of transfer or exchange of the Notes, but the Company may require
        payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

       

      Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
        Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee and any such agent shall be affected by notice to the contrary.

       

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

       

      

      
        A-7

        
          

      

      Interest Rate Adjustment

       

      The interest rate payable on the Notes will be subject to adjustments from time to time if either Moody’s Investors Service, Inc.
        and its successors (“Moody’s”) or S&P Global Ratings, a division of S&P Global Inc., and its successors (“S&P”) or, if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available, in
        each case for reasons outside of the control of the Company, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Board of
        Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be (a “Substitute Rating Agency”), downgrades (or downgrades and subsequently
        upgrades) the credit rating assigned to the Notes, in the manner described below.

       

      If the rating assigned by Moody’s (or any Substitute Rating Agency therefor) of the Notes is decreased to a rating set forth in
        the immediately following table, the interest rate on the Notes will increase from the interest rate payable on the date of initial issuance of the Notes, by an amount equal the percentage set forth opposite the rating in the table below (plus, if
        applicable, the percentage set forth opposite the rating in the table under “S&P Rating Percentage”):

       

      
        	
                Moody’s Rating*

              	
                Percentage

              
	
                Ba2

              	
                0.25%

              
	
                Ba3

              	
                0.50%

              
	
                B1

              	
                0.75%

              
	
                B2 or below

              	
                1.00%

              

      

      
        * Including the equivalent ratings of any Substitute Rating Agency.

         

        

      

       

      If the rating assigned by S&P (or any Substitute Rating Agency therefor) of the Notes is decreased to a rating set forth in
        the immediately following table, the interest rate on the Notes will increase from the interest rate payable on the date of initial issuance of the Notes, by an amount equal the percentage set forth opposite the rating in the table below (plus, if
        applicable, the percentage set forth opposite the rating in the table under “Moody’s Rating Percentage”):

       

      	
              S&P Rating*

            	
              Percentage

            
	
              BB+

            	
              0.25%

            
	
              BB

            	
              0.50%

            
	
              BB-

            	
              0.75%

            
	
              B+ or below

            	
              1.00%

            

      
        * Including the equivalent ratings of any Substitute Rating Agency.

         

        

        
          A-8

          
            

        

      

      If at any time the interest rate on the Notes has been increased and either Moody’s or S&P (or, in either case, a Substitute
        Rating Agency therefor), as the case may be, subsequently upgrades its rating of the Notes to any of the ratings set forth above, the interest rate on the Notes will be decreased such that the interest rate for the Notes equals the interest rate
        payable on the date of initial issuance of the Notes plus the percentages set forth opposite the ratings from the tables above in effect immediately following the upgrade in rating. If Moody’s (or any Substitute Rating Agency therefor) subsequently
        upgrades its rating of the Notes to Ba1 (or its equivalent, in the case of a Substitute Rating Agency) or higher, and S&P (or any Substitute Rating Agency therefor) upgrades its rating to BBB- (or its equivalent, in the case of a Substitute
        Rating Agency) or higher, the interest rate on the Notes will be decreased to interest rate payable on the date of initial issuance of the Notes (and if one such upgrade occurs and the other does not, the interest rate on the Notes will be
        decreased so that it does not reflect any increase attributable to the upgrading rating agency). In addition, the interest rates on the Notes will permanently cease to be subject to any adjustment described herein (notwithstanding any subsequent
        downgrade in the ratings by either or both rating agencies) if the Notes become rated Baa1 and BBB+ (or, in either case, the equivalent thereof, in the case of a Substitute Rating Agency) or higher by Moody’s and S&P (or, in either case, a
        Substitute Rating Agency therefor), respectively (or one of these ratings if the Notes are only rated by one rating agency).

       

      Each adjustment required by any downgrade or upgrade in a rating set forth above, whether occasioned by the action of Moody’s or
        S&P (or, in either case, a Substitute Rating Agency therefor), shall be made independent of any and all other adjustments. In no event shall (1) the interest rate for the Notes be reduced to below the interest rate payable on the date of
        initial issuance of the Notes or (2) the total increase in the interest rate on the Notes exceed 2.00% above the interest rate payable on the date of initial issuance of the Notes.

       

      No adjustments in the interest rate of the Notes shall be made solely as a result of a rating agency ceasing to provide a rating
        of the Notes. If at any time Moody’s or S&P ceases to provide a rating of the Notes, the Company will use its commercially reasonable efforts to obtain a rating of the Notes from a Substitute Rating Agency, if one exists, in which case, for
        purposes of determining any increase or decrease in the interest rate on the Notes pursuant to the tables above (a) such Substitute Rating Agency will be substituted for the last rating agency to provide a rating of the Notes but which has since
        ceased to provide such rating, (b) the relative rating scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment banking institution of national standing
        appointed by us and, for purposes of determining the applicable ratings included in the applicable table above with respect to such Substitute Rating Agency, such ratings will be deemed to be the equivalent ratings used by Moody’s or S&P, as
        applicable, in such table and (c) the interest rate on the Notes will increase or decrease, as the case may be, such that the interest rate equals the interest rate payable on the date of initial issuance of the Notes plus the appropriate
        percentage, if any, set forth opposite the deemed equivalent rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions of clause (b) above) (plus any applicable percentage resulting from a decreased
        rating by the other rating agency).

       

      For so long as only one rating agency provides a rating of the Notes, any subsequent increase or decrease in the interest rate of
        the Notes necessitated by a reduction or increase in the rating by the rating agency providing the rating shall be twice the applicable percentage set forth in the applicable table above. For so long as neither Moody’s nor S&P (nor, in either
        case, a Substitute Rating Agency therefor) provides a rating of the Notes, the interest rate on the Notes will increase to, or remain at, as the case may be, 2.00% above the interest rate payable on the date of initial issuance of the Notes.

       

      

      
        A-9

        
          

      

      Any interest rate increase or decrease described above will take effect from the first Interest Payment Date following the date on
        which a rating change occurs that requires an adjustment in the interest rate. As such, interest will not accrue at such increased or decreased rate until the next Interest Payment Date following the date on which a rating change occurs. If Moody’s
        or S&P (or, in either case, a Substitute Rating Agency therefor) changes its rating of the Notes more than once prior to any particular Interest Payment Date, the last change by such agency prior to such Interest Payment Date will control for
        purposes of any interest rate increase or decrease with respect to the Notes described above relating to such rating agency’s action. If the interest rate payable on the Notes is increased as described above, the term “interest,” as used with
        respect to the Notes, will be deemed to include any such additional interest unless the context otherwise requires.

       

      The Company will advise the Trustee and the Holders of any occurrence of a rating change that requires an interest rate increase
        or decrease described above within five Business Days of such rating change.

       

      
        A-10

        
          

      

      ABBREVIATIONS

       

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

       

      	
              TEN COM -

            	
              as tenants in common

            	 
	 	 	 
	
              TEN ENT -

            	
              as tenants by the entireties

            	 
	 	 	 
	
              JT TEN -

            	
              as joint tenants with rights of survivorship and not as tenants in common

            	 
	 	 	 
	
              UNIF GIFT MIN ACT -

            	
              Custodian for (Cust)

            	 
	 	 	 
	 	
              (Minor)

            	 
	 	 	 
	 	
              Under Uniform Gifts to Minors Act of

                

            	 
	 	 	 
	 	 (State)	 

      

      

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

       

      
        A-11

        
          

      

      ASSIGNMENT FORM

       

      To assign this Note, fill in the following form:

       

      FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

       

      	
              (please insert Social Security or other identifying number of assignee)

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

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

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

            

      

      

      
        Dated:               ,       

         

      

      

      	 	 

      

      

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

       

      
        A-12

        
          

      

      OPTION OF HOLDER TO ELECT PURCHASE

       

      If you elect to have this Note purchased by the Company pursuant to Section 2.06 of the Supplemental Indenture, check this box: ☐

       

      If you want to elect to have only part of this Note purchased by the Company pursuant to Section 2.07 of the Supplemental Indenture, state the
        principal amount (must be at least $2,000 and integral multiples of $1,000 in excess thereof):

       

      

      	$	

            	

            

      

      

      	
              Date:

                

            	

            	
              

                

            	
              Your Signature:

                

            	 

      	 	 	
              (Sign exactly as your name appears on the other side of the Security)

            

      	
              Signature Guarantee:

            	 
	 	
              (Signature must be guaranteed)

            

      

      

      The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an
        approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15.

       

      
        A-13

        
          

      

      [FORM OF NOTATION RELATING TO GUARANTEE]

       

      NOTATION OF GUARANTEE

       

      Each Guarantor signing below has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and
        subject to the provisions in the Indenture, the due and punctual payment of the principal of and interest on the Securities to which this notation is affixed and all other amounts due and payable under the Indenture and the Securities to which this
        notation is affixed by the Company.

       

      The obligations of each Guarantor to the Holders of Securities to which this notation is affixed and to the Trustee pursuant to
        the Guarantee and the Indenture are expressly set forth in Article IX-A of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee.

       

      No past, present or future stockholder, officer, director, member, manager, partner, employee or incorporator, as such, of any of
        the Guarantors shall have any liability under the Guarantee by reason of such person’s status as stockholder, officer, director, member, manager, partner, employee or incorporator.  Each Holder of a Note by holding a Note waives and releases all
        such liability.  This waiver and release are part of the consideration for the issuance of the Guarantees.

       

      Each Holder of a Note by holding a Note agrees that any Guarantor named below shall have no further liability with respect to its
        Guarantee if such Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture.

       

      Capitalized terms used but not defined herein have the meanings given to them in the Indenture.

       

      GE Transportation, a Wabtec Company

      RFPC Holding Corp.

      Schaefer Equipment, Inc.

      Standard Car Truck Company

      Transportation IP Holdings, LLC

      Transportation Systems Services Operations Inc.

      Wabtec Holding Corp.

      Wabtec Railway Electronics Holdings, LLC

      Wabtec Transportation Systems, LLC

      Workhorse Rail, LLC

       

      

      

      
        	
                By:

              	 	 
	 	 	 

        	
                Name:

              	 	 
	 	 	 
	
                Title:

              	
                 

              	 

      

       

      

       

      

      
        
          A-14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]