Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

R.R. DONNELLEY & SONS COMPANY, as Issuer, 

EACH OF THE GUARANTORS PARTY HERETO, 

and 
 U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION (as successor to U.S. 
 BANK NATIONAL ASSOCIATION), as Trustee and Notes Collateral Agent 

 
  

SUPPLEMENTAL INDENTURE NO. 2 

Dated as of February 7, 2022 

to 
 Indenture dated as
of April 28, 2021 
  
  

6.125% SENIOR SECURED NOTES DUE 2026 

 TABLE OF CONTENTS 

 

							
		 	Article I	  			
			
		 	DEFINITIONS	  			
			
	 Section 1.1
	 	Generally	  	 	4	 
			
		 	Article II	  			
			
		 	AMENDMENTS	  			
			
	 Section 2.1
	 	Certain Amendments to the Indenture	  	 	4	 
	 Section 2.2
	 	Certain Waivers to the Indenture.	  	 	12	 
	 Section 2.3
	 	Effectiveness.	  	 	12	 
			
		 	Article III	  			
			
		 	MISCELLANEOUS PROVISIONS	  			
			
	 Section 3.1
	 	Ratification of Indenture	  	 	12	 
	 Section 3.2
	 	Trustee Not Responsible for Recitals	  	 	12	 
	 Section 3.3
	 	Table of Contents, Headings, etc.	  	 	13	 
	 Section 3.4
	 	Counterpart Originals	  	 	13	 
	 Section 3.5
	 	Governing Law; Jury Trial Waiver	  	 	13	 

  
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 THIS SUPPLEMENTAL INDENTURE NO. 2, dated as of February 7, 2022 (this
“Supplemental Indenture”), by and among R. R. Donnelley & Sons Company, a Delaware corporation, as issuer (the “Issuer”), the entities identified on the signature pages hereto as “Guarantors” (the
“Guarantors”) and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee (in such capacity, the “Trustee”) and as notes collateral agent for the Notes Secured Parties (as
defined in the Base Indenture) (in such capacity, the “Notes Collateral Agent”) . 
 W I T N E S S E T H: 

WHEREAS, (i) the Issuer, the Guarantors, the Trustee and the Notes Collateral Agent have heretofore executed and delivered an indenture,
dated as of April 28, 2021 (the “Base Indenture”), as supplemented by Supplemental Indenture No. 1, dated as of May 10, 2021, by and among the Issuer, the Guarantors, solely for the purposes of being bound by Article
III, Section 4.1, Section 4.7, Section 4.8 and Section 4.13 only, RRD Netherlands LLC, a Delaware limited liability Issuer, the Trustee and the Notes Collateral Agent (together with the Base Indenture, the
“Indenture”) providing for the issuance by the Issuer of its 6.125% Senior Secured Notes due 2026 (the “Notes”), (ii) the Issuer, the Guarantors and the Notes Collateral Agent have heretofore executed and delivered
a notes security agreement, dated as of April 28, 2021, and (iii) the Specified Pledgor and the Notes Collateral Agent have heretofore executed and delivered a notes pledge agreement, dated as of April 28, 2021; 

WHEREAS, pursuant to the terms of a consent solicitation statement, dated January 20, 2022, the Issuer solicited consents to certain
waivers and amendments to the Indenture with respect to the Notes and other securities as set forth herein; 
 WHEREAS, Section 9.02 of
the Base Indenture provides that the Issuer, the Trustee and the Notes Collateral Agent may amend or supplement certain provisions of the Indenture or the Notes with the consent of the holders (the “Holders”) of at least a majority
in principal amount of the Notes then outstanding (other than Notes beneficially owned by the Issuer or any of its Affiliates), and such consent has been received by the Issuer;  

WHEREAS, the Issuer desires the Trustee to join with it in the execution and delivery of this Supplemental Indenture, and in accordance with
Sections 9.02, 9.06 and 13.04 of the Base Indenture, the Issuer has (i) duly adopted and delivered to the Trustee and Notes Collateral Agent, resolutions of its Board of Directors authorizing the execution and delivery of this Supplemental
Indenture, (ii) delivered to the Trustee and Notes Collateral Agent evidence reasonably satisfactory to the Trustee and Notes Collateral Agent that Holders of at least a majority in principal amount of the Notes outstanding have given and, as
of the date hereof, have not withdrawn their consents to the amendments set forth in this Supplemental Indenture, and (iii) delivered to the Trustee and Notes Collateral Agent an Officer’s Certificate and an Opinion of Counsel stating that
the execution of this Supplemental Indenture is permitted by the Indenture and that all conditions precedent to its execution have been complied with, and the Indenture and this Supplemental Indenture are valid and binding obligations of the Issuer
and Guarantors and are enforceable in accordance with their terms; 

  
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 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Issuer, the Trustee and Notes Collateral Agent, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Issuer covenants and agrees with the Trustee and Notes Collateral Agent, for the equal and ratable benefit of the Holders, that the Indenture is supplemented and amended, to the extent expressed herein, as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1 Generally. 

(a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Base Indenture.

 (b) The rules of interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 

ARTICLE II 

AMENDMENTS 

Section 2.1 Certain Amendments to the Indenture. Solely with respect to the Notes, the Indenture is hereby amended as
follows: 
 (a) Clauses (b)(18) and (b)(19) of the definition of “Asset Sale” as set forth in Section 1.01 of the Base
Indenture are hereby deleted in their entirety and replaced with the following and a new Clause (b)(20) of the definition of “Asset Sale” as set forth in Section 1.01 of the Base Indenture is hereby added as follows: 

(18) dispositions in connection with Permitted Liens and related transactions; 

(19) the disposition of any assets (including Equity Interests) (i) acquired in a transaction after the Issue Date, which
assets are not useful in the core or principal business of the Issuer and its Restricted Subsidiaries, or (ii) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the reasonable
determination of the Issuer to consummate any acquisition; and 
 (20) any dispositions of assets in connection with or
relating to the Delta Merger Transactions. 

  
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 (b) the definition of “Change of Control” as set forth in Section 1.01 of the
Base Indenture is hereby deleted in its entirety and replaced with the following: 
 “Change of Control”
means the occurrence of any of the following after the Issue Date: 
 (a) the direct or indirect sale, 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 properties or assets of the Issuer and its Subsidiaries, taken as a whole, to any Person other than the Issuer
or one of its Subsidiaries or to a Permitted Holder; or 
 (b) the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any Person, other than a Permitted Holder, becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power of the Issuer’s voting stock. 

For purposes of this definition, any direct or indirect holding company of the Issuer of which the Issuer is a wholly-owned
subsidiary shall not itself be considered a Person for purposes of clause (b) above; provided that no Person beneficially owns, directly or indirectly, more than 50% of the total voting power of the voting stock of such holding company.

 (c) Clause (a)(8) of the definition of “Consolidated EBITDA” as set forth in Section 1.01 of the Base Indenture is hereby
deleted in its entirety and replaced with the following: 
 (8) any restructuring and impairment charges or
expenses and any fees, charges or other expenses paid or incurred in connection with any actual or proposed non-ordinary course Investment, asset sale, acquisition, recapitalization or issuance of capital
stock or incurrence of Indebtedness or any amendment or modification of Indebtedness, or any other non-recurring or unusual items (including the Delta Merger Transaction Expenses to the extent paid (and not
reimbursed) or incurred by the Issuer or any of its Restricted Subsidiaries); minus 
 (d) the definition of “Continuing
Directors” as set forth in Section 1.01 of the Base Indenture is hereby deleted in its entirety; 
 (e) the definition of
“Permitted Holder” as set forth in Section 1.01 of the Base Indenture is hereby deleted in its entirety and replaced with the following: 

“Permitted Holder” means CAM and its respective Subsidiaries and Affiliates and any person or group whose acquisition
of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance
with the requirements of Section 4.14 hereof (or would result in a Change of Control Offer in the absence of the waiver of such requirement by Holders in accordance with Section 4.14 hereof) shall thereafter constitute a Permitted Holder.

  
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 (f) Clauses (19) and (20) of the definition of “Permitted Investments” as set
forth in Section 1.01 of the Base Indenture are hereby deleted in their entirety and replaced with the following and a new Clause (21) of the definition of “Permitted Investments” as set forth in Section 1.01 of the Base
Indenture is hereby added as follows: 
 (19) guarantees of obligations of Subsidiaries that are not the Issuer or Guarantor
in an aggregate amount not to exceed $75,000,000; 
 (20) other Investments in an aggregate amount not to exceed the greater
of $160,000,000 and 40% of Consolidated EBITDA for the most recently ended four fiscal quarter period ending with a fiscal quarter for which internal financial statements are available; and 

(21) any Investments in connection with or relating to the Delta Merger Transactions. 

(g) Clause (21) of the definition of “Permitted Liens” as set forth in Section 1.01 of the Base Indenture is hereby
deleted in its entirety and replaced with the following: 
 (21) Liens on the Collateral (i) securing Indebtedness or
other obligations under any Credit Facilities permitted to be incurred (and so incurred and classified) pursuant to Section 4.09(b)(1)(ii); provided that (x) such Liens may rank senior in priority to the Liens on the ABL Collateral
(as defined in the ABL Intercreditor Agreement) securing the Notes Obligations but in such case shall rank junior in priority to the Liens on the Fixed Asset Collateral (as defined in the ABL Intercreditor Agreement) securing the Notes Obligations
and (y) such Liens shall be subject to the ABL Intercreditor Agreement, and (ii) securing Indebtedness or other obligations under any Credit Facilities (which may include the issuance of any Additional Notes or the incurrence of any
incremental term loans under the Term Loan Facility) permitted to be incurred (and so incurred and classified) pursuant to Section 4.09(b)(1)(iii) or pursuant to Section 4.09(b)(23); provided that (x) such Liens shall rank
pari passu with the Liens securing the Notes Obligations and (y) such Liens shall be subject to the ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement; 

(h) the following definitions are hereby inserted alphabetically into Section 1.01 of the Base Indenture: 

“CAM” means Chatham Asset Management, LLC, a Delaware limited liability company, together with certain of its
Affiliates. 
 “Delta Merger” means the merger of Merger Sub with and into the Issuer pursuant to the Delta
Merger Agreement. 

  
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 “Delta Merger Agreement” means the Agreement and Plan of
Merger, dated as of December 14, 2021, by and among Parent, Merger Sub and the Issuer, as amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time. 

“Delta Merger CoC Financing” means the incurrence of any Indebtedness (including the issuance of any
Additional Notes or the incurrence of any incremental term loans or replacement term loans under the Term Loan Facility and any related Guarantees) by the Issuer and the Guarantors to finance or refinance the purchase, redemption or other repayment
of up to all of the aggregate principal amount of and any other Obligations with respect to any series of Existing Senior Notes, whether by change of control offer, tender offer, private repurchase or otherwise. For the avoidance of doubt, the Delta
Merger CoC Financing may occur after the Delta Merger Closing Date.” 
 “Delta Merger Closing Date”
means the effective time of the merger contemplated by the Merger Agreement. 
 “Delta Merger Debt Exchange”
means the exchange by one or more Permitted Holders of all of the Existing Senior Notes and Notes owned or held by it immediately prior to the consummation of such exchange for Equity Interests and/or pay-in-kind Indebtedness of Parent (which Indebtedness shall be non-recourse to the Issuer, any of its Subsidiaries or any of their respective assets) on or after the
Delta Merger Closing Date and any substantially similar exchange by any other holder of the Existing Senior Notes and/or the Notes. 

“Delta Merger Financing” means the incurrence of any Indebtedness (including the issuance of any Additional
Notes or the incurrence of any incremental term loans or replacement term loans under the Term Loan Facility and any related Guarantees) by the Issuer and the Guarantors to pay the Merger Consideration (as defined in the Delta Merger Agreement) or
otherwise fund the Delta Merger or to pay any Delta Merger Transaction Expenses. 
 “Delta Merger Transaction
Expenses” means any and all fees (including consent fees), costs or expenses incurred or paid by the Permitted Holders, Intermediate Holdings, the Parent, the Issuer or any of their respective Subsidiaries in connection with or related to
the Delta Merger Agreement or the Delta Merger Transactions, including any payments to officers, employees and directors as change of control payments, severance payments, special or retention bonuses, or stock options. 

“Delta Merger Transactions” means (a) the Delta Merger, including the payment of the Merger Consideration
and the making by the Issuer or any of its Subsidiaries of any dividends or distributions to a Parent Entity to pay or cause to be paid the Merger Consideration or otherwise fund the Delta Merger or to pay any Delta Merger Transaction Expenses,
(b) the Delta Merger Debt Exchange, (c) the Delta Merger Financing, (d) the Delta Merger CoC Financing, (e) any restructuring transactions in connection with the Delta Merger, (f) the payment of the Delta Merger Transaction
Expenses and (g) any other transactions contemplated by the Delta Merger Agreement or entered into in connection with or relating to the Delta Merger. 

  
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 “Intermediate Holdings” means a Delaware corporation and
wholly owned Subsidiary of Parent which will become the direct parent of Issuer immediately subsequent to the consummation of the Delta Merger on the Delta Merger Closing Date. 

“Merger Sub” means Chatham Delta Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of
Parent. 
 “Parent” means Chatham Delta Parent, Inc., a Delaware corporation and wholly owned Subsidiary of
CAM. 
 “Parent Entity” means any beneficial owner, directly or indirectly, of 100% of the outstanding
capital stock of the Issuer. 
 (i) Clauses (b)(1) and (b)(3) of Section 4.03 of the Base Indenture are hereby deleted in their
entirety and replaced with the following: 
 (1) within 120 days after the end of each fiscal year (or 150 days in the case
of the fiscal year of the Issuer ended on or around December 31, 2022), annual audited financial statements for such fiscal year, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations”, with respect to the periods presented prepared in accordance with GAAP and a report thereon by the Issuer’s certified independent accountants. 

(3) promptly after the occurrence of any of the following events (and, in any case, not required to be sooner than five
Business Days after the occurrence of any such event), current reports of the Issuer containing substantially all of the information that would be required to be filed in a current report on Form 8-K under the
Exchange Act on the Issue Date pursuant to Sections 1 and 4, Items 2.01, 2.03, 2.04(a), 5.01, 5.02(a)(1) (with respect to independent directors only), 5.02(b) (with respect to officers and independent directors only), 5.02(c)(1) and (3),
5.02(d)(1), (2), (3) and (4) (in each case, with respect to independent directors only) 5.03(b) of Form 8-K (but excluding, for the avoidance of doubt, financial statements and exhibits that would be required
pursuant to Item 9.01 of Form 8-K, other than financial statements and pro forma financial information (in each case relating to transactions required to be reported pursuant to Item 2.01 of Form 8-K) to the extent available (as determined in good faith by the Issuer)) if the Issuer had been a reporting company under the Exchange Act. 

(j) Clause (f) of Section 4.03 of the Base Indenture is hereby deleted in its entirety and replaced with the following: 

  
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 (f) The Issuer will participate in quarterly conference calls (which may be
a single conference call together with investors and lenders holding other securities or Indebtedness of the Issuer, its Restricted Subsidiaries and/or any Parent Entity) to discuss results of operations when the Issuer, in its sole discretion,
deems such conference calls reasonably advisable. 
 (k) Clause (a)(7)(iii) of Section 4.07 of the Base Indenture is hereby deleted in
its entirety and replaced with the following: 
 (iii) 100% of the aggregate amount of net proceeds of cash and the fair
market value, as determined in good faith by the Issuer, of marketable securities or other property contributed to the capital of the Issuer following the Issue Date (other than by a Restricted Subsidiary or in connection with the consummation of
the Delta Merger); plus 
 (l) Clauses (b)(12) and (b)(13) of Section 4.07 of the Base Indenture are hereby deleted in their
entirety and replaced with the following and new Clauses (b)(14), (b)(15) and (b)(16) of Section 4.07 of the Base Indenture are hereby added as follows: 

(12) payment by the Issuer of, or loans, advances, dividends or distributions by the Issuer to any Parent Entity to pay,
dividends on the common stock or equity of the Issuer or Parent Entity following a public offering of such common stock or equity after the Delta Merger Closing Date in an amount not to exceed in any fiscal year 6% of the net cash proceeds received
by the Issuer (whether directly, or indirectly through a contribution to common equity capital by any Parent Entity) in or from such public offering; 

(13) other Restricted Payments not to exceed the greater of $100,000,000 and 25% of Consolidated EBITDA for the most recently
ended four fiscal quarter period ending with a fiscal quarter for which internal financial statements are available; provided that after giving effect thereto no Event of Default shall have occurred and be continuing; 

(14) payments made to a Parent Entity (A) to allow such Parent Entity to pay (i) administrative expenses and
corporate overhead, franchise fees and customary director fees, (ii) premiums and deductibles in respect of directors and officers insurance policies and umbrella excess insurance policies obtained from third-party insurers and indemnities for
the benefit of its directors, officers and employees and (iii) reasonable fees and expenses incurred in connection with any debt or equity offering or any acquisition or strategic transaction by such Parent Entity and (B) (i) if the Issuer
or any of its Subsidiaries is a member of a group filing a consolidated, combined, or unitary federal (and, as applicable, state or local) income tax return with any Parent Entity, to allow such Parent Entity to pay federal, state and local income
taxes in respect of the income of Issuer or its Subsidiaries; provided that (x) in respect of the income of any Unrestricted Subsidiary, Issuer shall not distribute an amount greater than what it received from such Subsidiary and (y) the
maximum distributions by Issuer under this Section 4.07(b)(14) shall not exceed the federal, state and local income taxes for which Issuer would be liable if it did not file as a consolidated, combined, or unitary income tax return with such
Parent Entity and (ii) to allow any Parent Entity to pay franchise and excise taxes, fees and other similar taxes and expenses, in each case, required to maintain its existence; 

  
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 (15) so long as no Event of Default has occurred and is continuing, the
payment of management fees not to exceed $3,000,000 in the aggregate in any fiscal year; and 
 (16) Restricted Payments in
connection with or related to the Delta Merger Transactions. 
 (m) Clauses (b)(16), (b)(21) and (b)(22) of Section 4.09 of the Base
Indenture are hereby deleted in their entirety and replaced with the following and a new Clause (b)(23) of Section 4.09 of the Base Indenture is hereby added as follows: 

(16) all premiums (if any), interest, fees, expenses, indemnities, charges and additional or contingent interest on obligations
described in clauses (1) through (15) above and clauses (17) through (23) below; 
 (21) Indebtedness of Joint
Ventures and/or Indebtedness incurred on behalf of any Joint Venture or any Guarantees of Indebtedness of joint ventures, in an aggregate outstanding principal amount not to exceed when taken together with other Indebtedness outstanding and incurred
pursuant to this clause (21), the greater of (i) $80,000,000 and (ii) and 20% of the Consolidated EBITDA for the most recently ended four fiscal quarter period ending with a fiscal quarter for which internal financial statements are
available; 
 (22) any other Indebtedness, Disqualified Stock or Preferred Stock not otherwise permitted hereunder which,
when aggregated with the amount of all other Indebtedness, Disqualified Stock or Preferred Stock then outstanding and incurred pursuant to this clause (22), does not at any one time exceed $100,000,000; and 

(23) the Delta Merger Financing, the Delta Merger CoC Financing and any other Indebtedness incurred in connection with or
relating to the Delta Merger Transactions and any Refinancing Indebtedness in respect thereof. 
 (n) Clause (c) of
Section 4.09 of the Base Indenture is hereby deleted in its entirety and replaced with the following: 
 (c) For
purposes of determining compliance with this Section 4.09; in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted
Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through (23) of Section 4.09(b) hereof or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Issuer, in its sole discretion, may classify or
reclassify 

  
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such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and shall only be required to include the amount and type of such Indebtedness, Disqualified Stock or
Preferred Stock in such of the above clauses of Section 4.09(b) hereof or under Section 4.09(a) hereof as so reclassified by the Issuer, in its sole discretion; provided, that (x) all Indebtedness outstanding under the ABL
Facility on the Delta Merger Closing Date shall be treated as incurred on the Delta Merger Closing Date under clause (1)(ii) of Section 4.09(b) hereof and may not be reclassified and (y) all Indebtedness outstanding under the Term Loan
Facility on the Delta Merger Closing Date will be treated as incurred on the Delta Merger Closing Date under clause (1)(iii) of the preceding paragraph and may not be reclassified; provided, further, that following the allocation of
Indebtedness as set forth in the foregoing proviso, any other Indebtedness incurred in connection with or relating to the Delta Merger Financing, the Delta Merger CoC Financing and the other Delta Merger Transactions (and any Refinancing
Indebtedness in respect thereof) and not permitted by clause (1) of Section 4.09(b) shall automatically be deemed to have been incurred pursuant to clause (23) of Section 4.09(b). 

(o) Clauses (b)(12) and (b)(13) of Section 4.11 of the Base Indenture are hereby deleted in their entirety and replaced with the
following and a new Clause (b)(14) of Section 4.11 of the Base Indenture is hereby added as follows: 
 (12) any
transaction with an Affiliate in which the consideration paid by the Issuer, the Issuer or any Restricted Subsidiary consists only of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer; 

(13) any agreement or arrangement as in effect as of the Issue Date, or any amendment or replacement thereto (so long as any
such amendment or replacement, taken as a whole, is not materially less favorable to the Issuer and its Restricted Subsidiaries than the agreement or arrangement in effect as of the Issue Date (as determined by the Board of Directors or senior
management of the Issuer in good faith)); and 
 (14) transactions in connection with or relating to the Delta Merger
Transactions. 
 (p) a new Clause (e) of Section 5.01 of the Base Indenture is hereby added as follows: 

(e) Sections 5.01(a)(3) and 5.01(a)(4) hereof shall not apply to the Delta Merger Transactions. 

(q) Clause (b) of Section 6.01 of the Base Indenture is hereby deleted in its entirety and replaced with the following: 

  
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 (b) A Default under clauses (3), (4), (5), (6) or (10) of
Section 6.01(a) will not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the outstanding Notes notify the Issuer (and if by such Holders, the Trustee and the Issuer) of the Default and, with respect
to clauses (3), (4), (6) and (10), such party does not cure such default within the time specified in clauses (3), (4), (6) and (10), as applicable, of Section 6.01(a) hereof after receipt of such notice; provided that a notice
of Default may not be given with respect to any action taken, and reported publicly or to holders, more than two years prior to such notice of Default; provided, further, that if any such notice of Default is in connection with or
relating to any of the Delta Merger Transactions, such two-year period shall instead be one year (it being understood that in no event shall this proviso constitute a waiver of a Default in the payment of the
principal of, premium, if any, or interest on the Notes or change any provision of this Indenture relating to waivers of past Defaults). 

(r) all references to Sections of the Indenture amended by this Supplemental Indenture shall mean such Section as amended by this Supplemental
Indenture. 
 Section 2.2 Certain Waivers to the Indenture. Solely with respect to the Notes, the merger of Chatham Delta
Acquisition Sub, Inc., a Delaware corporation, with and into the Issuer (the “Merger”) pursuant to the agreement and plan of merger, dated as of December 14, 2021, as amended, restated, amended and restated, supplemented,
waived or otherwise modified from time to time (the “Merger Agreement”), will not constitute a Change of Control under Section 1.01 of the Base Indenture. For the avoidance of doubt, the Issuer shall have no obligation to make
a Change of Control Offer pursuant to Section 4.14 of the Base Indenture in connection with the Merger. 
 Section 2.3
Effectiveness. This Supplemental Indenture shall become effective upon the execution and delivery hereof by the parties hereto. Notwithstanding the foregoing, the amendments and waivers set forth above in this Article II shall not become
operative until immediately prior to the consummation of the Merger pursuant to the Merger Agreement and will cease to be operative if the Merger is not consummated. 

ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.1 Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified
and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 3.2 Trustee and Notes Collateral Agent Not Responsible for Recitals. The recitals contained herein and in the Notes shall
be taken as the statements of the Issuer, and each of the Trustee and Notes Collateral Agent assumes no responsibility for the correctness of the same. Each of the Trustee and Notes Collateral agent make no representations as to and shall not be
responsible for the validity or sufficiency of this Supplemental Indenture or of the Notes. Each of the Trustee and Notes Collateral Agent make no representations as to and shall not be responsible for the Issuer’s 6.500% notes due 2023, 6.000%
notes due 2024, 8.250% notes due 

  
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2027, 8.500% notes due 2029, 6.625% debentures due 2029 and 8.820% debentures due 2031, the solicitation of consents and the consents of the Holders of the Notes. In entering into this
Supplemental Indenture, each of the Trustee and the Notes Collateral Agent shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee and the
Notes Collateral Agent, whether or not elsewhere herein so provided. The Issuer hereby confirms to the Trustee and the Notes Collateral Agent that this Supplemental Indenture has not resulted in a material modification of the Notes for Foreign
Account Tax Compliance Act (“FATCA”) purposes. Each of the Trustee and the Notes Collateral Agent shall assume that no material modification for FATCA purposes has occurred regarding the Notes, unless the Trustee and Notes
Collateral Agent receive written notice of such modification from the Issuer. 
 Section 3.3 Table of Contents, Headings, etc.
The table of contents and headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or
provisions hereof. 
 Section 3.4 Counterpart Originals. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent 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 shall be deemed to be
their original signatures for all purposes. All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to Trustee and the Notes Collateral Agent hereunder must be in the form
of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee and the Notes Collateral Agent by the authorized representative), in English.
Issuer agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee and the Notes Collateral Agent, including without limitation the risk of Trustee and the Notes Collateral
Agent reasonably acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 3.5
Governing Law; Jury Trial Waiver. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE ISSUER, THE TRUSTEE AND THE NOTES COLLATERAL AGENT HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Signature Pages Follow] 

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

			
	R. R. DONNELLEY & SONS COMPANY, as Issuer
		
	By:	 	 /s/ Terry D. Peterson

		 	Name: Terry D. Peterson
		 	Title: Executive Vice President and
		 	          Chief Financial Officer

 [Second Supplemental Indenture] 

 
			
	AMERICAN LITHOGRAPHERS, INC.
	BANTA CORPORATION
	BANTA GLOBAL TURNKEY LLC
	BRIDGETOWN PRINTING CO.
	CONSOLIDATED GRAPHICS INTERNATIONAL, INC.
	CONSOLIDATED GRAPHICS PROPERTIES II, INC.
	CONSOLIDATED GRAPHICS SERVICES, INC.
	CONSOLIDATED GRAPHICS, INC.
	COURIER PRINTING COMPANY
	DDM-DIGITAL IMAGING, DATA PROCESSING AND MAILING SERVICES, L.C.
	EGT PRINTING SOLUTIONS, LLC
	EMERALD CITY GRAPHICS, INC.
	HICKORY PRINTING SOLUTIONS, LLC
	IRONWOOD LITHOGRAPHERS, INC.
	KELMSCOTT COMMUNICATIONS LLC
	MERCURY PRINTING COMPANY, LLC
	OFFICETIGER HOLDINGS INC.
	OFFICETIGER LLC
	PBM GRAPHICS, INC.
	PRECISION DIALOGUE DIRECT, INC.
	PRECISION DIALOGUE MARKETING, LLC
	PRECISION DIALOGUE, INC.
	PRECISION LITHO, INC.
	RR DONNELLEY LOGISTICS SERVICES WORLDWIDE, INC.
	RRD DUTCH HOLDCO, INC.
	THE JACKSON GROUP CORPORATION
	THE JARVIS PRESS, INC
	THE MCKAY PRESS, INC.
	THOUSAND OAKS PRINTING & SPECIALTIES, INC.
	VERITAS DOCUMENT SOLUTIONS, LLC, as Guarantors
		
	By:	 	 /s/ Terry D. Peterson

		 	Name: Terry D. Peterson
		 	Title: Authorized Signatory

 [Second Supplemental Indenture] 

 
					
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor to U.S. BANK NATIONAL ASSOCIATION), as Trustee and Notes Collateral Agent
		
	By:	 	/s/ Joshua A. Hahn
		 	Name: Joshua A. Hahn
		 	Title: Vice President

 [Second Supplemental Indenture]EX-4.3

 Exhibit 4.3 

Execution Version 

R. R. DONNELLEY & SONS COMPANY 

and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee 
  
  

THIRD SUPPLEMENTAL INDENTURE 

Dated as of February 7, 2022 

to 
 Indenture dated as
of November 1, 1990 
  
  

8.820% Debentures due 2031 

 TABLE OF CONTENTS 

 

							
		 	Article I	  			
			
		 	DEFINITIONS	  			
			
	 Section 1.1
	 	Generally	  	 	4	 
			
		 	Article II	  			
			
		 	AMENDMENTS	  			
			
	 Section 2.1
	 	Certain Amendments to the Indenture	  	 	4	 
	 Section 2.2
	 	Effectiveness	  	 	7	 
			
		 	Article III	  			
			
		 	MISCELLANEOUS PROVISIONS	  			
			
	 Section 3.1
	 	Ratification of Indenture	  	 	7	 
	 Section 3.2
	 	Trustee Not Responsible for Recitals	  	 	7	 
	 Section 3.3
	 	Table of Contents, Headings, etc.	  	 	7	 
	 Section 3.4
	 	Counterpart Originals	  	 	7	 
	 Section 3.5
	 	Governing Law; Jury Trial Waiver	  	 	8	 

  
 2 

 THIS THIRD SUPPLEMENTAL INDENTURE, dated as of February 7, 2022 (the “Third
Supplemental Indenture”), between R. R. Donnelley & Sons Company, a Delaware corporation, as issuer (the “Company”), and The Bank of New York Mellon Trust Company, National Association, a national banking association, as
trustee (the “Trustee”). 
 RECITALS: 

WHEREAS, the Company has executed and delivered to the Trustee an Indenture, dated as of November 1, 1990 (the “Base Indenture”
and, together with the First Supplemental Indenture (defined below), the “Indenture”), providing for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or
more series unlimited as to principal amount (the “Securities”); 
 WHEREAS, the Company has executed and delivered to the Trustee
a Supplemental Indenture, dated as of June 30, 1998 (the “First Supplemental Indenture”), to the Base Indenture governing the 8.820% Debentures due 2031 (the “Debentures”); 

WHEREAS, pursuant to the terms of a consent solicitation statement, dated January 20, 2022 (the “Consent Solicitation
Statement”), the Company solicited consents to certain amendments to the Indenture with respect to the Debentures and other Securities as set forth herein; 

WHEREAS, Section 902 of the Base Indenture provides that the Company and the Trustee may amend certain provisions of the Indenture or the
Debentures with the consent of the holders (the “Holders”) of a majority in principal amount of the Debentures then outstanding (excluding any Debentures owned by the Company or any of its Affiliates), and such consent has been received by
the Company;  
 WHEREAS, the Company desires the Trustee to join with it in the
execution and delivery of this Third Supplemental Indenture, and in accordance with Sections 102, 902 and 903 of the Base Indenture, the Company has (i) duly adopted and delivered to the Trustee, resolutions of its Board of Directors
authorizing the execution and delivery of this Third Supplemental Indenture, (ii) delivered to the Trustee evidence reasonably satisfactory to the Trustee that Holders of a majority in principal amount of the Debentures outstanding have given
and, as of the date hereof, have not withdrawn their consents to the amendments set forth in this Third Supplemental Indenture, and (iii) delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that the
execution of this Third Supplemental Indenture is permitted by the Indenture and that all conditions precedent to its execution have been complied with; 

WHEREAS, all things necessary to make this Third Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with
its terms, and a valid amendment of, and supplement to, the Indenture have been done; 
 NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company covenants and agrees with the Trustee, for the equal and ratable benefit of the Holders, that the Indenture is supplemented and
amended, to the extent expressed herein, as follows: 

  
 3 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Generally. 

(a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Base Indenture.

 (b) The rules of interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 

ARTICLE II 

AMENDMENTS 

Section 2.1 Certain Amendments to the Indenture. Solely with respect to the Debentures, the Indenture is hereby amended as
follows: 
 (a) Section 704 of the Base Indenture is hereby amended in its entirety to read as follows: 

“So long as any Securities are outstanding, the Company will deliver to the Trustee a copy of all of the information and
reports referred to below: 
 (a) for so long as the Company is subject to the reporting requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934: 
 (1) within the time periods specified in the Commission’s rules and regulations, all
quarterly and annual reports on Forms 10-Q and 10-K, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
and, with respect to annual information only, a report thereon by the Company’s certified independent accountants; and 
 (2) all
current reports on Form 8-K; 
 (b) for so long as the Company is not subject to the
reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934: 
 (1) within 120 days after the end of each
fiscal year (or 150 days in the case of the fiscal year of the Company ended on or around December 31, 2022), annual audited financial statements for such fiscal year, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations”, with respect to the periods presented prepared in accordance with U.S. generally accepted accounting principles and a report thereon by the Company’s certified independent accountants. 

  
 4 

 (2) within 60 days after the end of each of the first three fiscal quarters of each fiscal
year, unaudited financial statements (including footnotes) for the interim period as of, and for the period ending on, the end of such quarter, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” for the Company with respect to the periods presented prepared in accordance with U.S. generally accepted accounting principles; and 

(3) promptly after the occurrence of any of the following events, (and, in any case, not required to be sooner than five
Business Days after the occurrence of any such event), current reports of the Company containing substantially all of the information that would be required to be filed in a current report on Form 8-K under
the Securities Exchange Act of 1934 on April 28, 2021 pursuant to Sections 1 and 4, Items 2.01, 2.03, 2.04(a), 5.01, 5.02(a)(1) (with respect to independent directors only), 5.02(b) (with respect to officers and independent directors
only), 5.02(c)(1) and (3), 5.02(d)(1), (2), (3) and (4) (in each case, with respect to independent directors only) 5.03(b) of Form 8-K (but excluding, for the avoidance of doubt, financial statements and
exhibits that would be required pursuant to Item 9.01 of Form 8-K, other than financial statements and pro forma financial information (in each case relating to transactions required to be reported pursuant to
Item 2.01 of Form 8-K) to the extent available (as determined in good faith by the Company)) if the Company had been a reporting company under the Securities Exchange Act of 1934. 

To the extent any such information is not so filed or furnished, as applicable, within the time periods specified in this
Section 704 and such information is subsequently filed or furnished, as applicable, the Company shall be deemed to have satisfied its obligations with respect thereto at such time and any Event of Default with respect thereto shall be deemed to
have been cured; provided that such cure shall not otherwise affect the rights of the Holders under Article Five hereof if Holders of at least 25% in principal amount of the then total outstanding Securities have declared the principal of,
premium, if any, interest and any other monetary obligations on all the then outstanding Securities to be due and payable immediately and such declaration shall not have been rescinded or cancelled prior to such cure. 

(c) In addition to providing such information to the Trustee, the Company shall make available to Holders the information
required to be provided pursuant to clauses (1), (2) and (3) of the preceding paragraph, by posting such information to its website or on IntraLinks or any comparable password protected online data system or website. 

  
 5 

 (d) Notwithstanding the foregoing, (a) the Company will not be required
to deliver any information, certificates or reports that would otherwise be required by (i) Section 302, Section 404 and Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation S-K, (ii) Item 10(e) of Regulation S-K promulgated by the Commission with respect to any non-generally accepted accounting
principles financial measures contained therein or (iii) Items 201, 402, 403, 405, 406, 407, 701 or 703 of Regulation S-K, (b) such reports will not be required to contain financial information
required by Rule 3-09, Rule 3-10, Rule 13-01 or Rule 13-02 of Regulation S-X or include any exhibits or certifications required by Form 10-K or Form 10-Q (or any successor forms) or related rules under
Regulation S-K and (c) such reports shall be subject to exceptions, exclusions and other differences consistent with the presentation of financial and other information in this offering memorandum and
shall not be required to present compensation or beneficial ownership information. 
 (e) The Company has agreed that, for so
long as any Securities remain outstanding during any period when the Company is not subject to Section 13 or 15(d) of the Securities Exchange Act of 1934, or otherwise permitted to furnish the Commission with certain information pursuant to
Rule 12g3-2(b) of the Securities Exchange Act of 1934, it will furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act of 1933. 
 (f) Notwithstanding this Section 704, the Company will be deemed to have delivered
such reports and information referred to above to the Holders and the Trustee for all purposes of this Indenture if the Company has filed such reports with the Commission via the EDGAR filing system (or any successor system) and such reports are
publicly available. In addition, the requirements of this Section 704 will be deemed satisfied and the Company will be deemed to have delivered such reports and information referred to above to the Trustee for all purposes of this Indenture by
the posting of reports and information that would be required to be provided on the Company’s website. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants thereunder (as to which the Trustee is entitled to
rely exclusively on an Officers’ Certificate). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants under this Indenture or with respect to any reports or
other documents filed with the Commission or posted on the Company’s website pursuant to this Indenture, or participate in any conference calls.” 

(b) all references to Sections of the Indenture amended by this Third Supplemental Indenture shall mean such Section as amended by this Third
Supplemental Indenture. 

  
 6 

 Section 2.2 Effectiveness. This Third Supplemental Indenture shall become
effective upon the execution and delivery hereof by the parties hereto. Notwithstanding the foregoing, the amendments set forth above in this Article II shall not become operative until immediately prior to the consummation of the merger of Chatham
Delta Acquisition Sub, Inc., a Delaware corporation, with and into the Company (the “Merger”) pursuant to the agreement and plan of merger, dated as of December 14, 2021, as amended, restated, amended and restated,
supplemented, waived or otherwise modssified from time to time) and will cease to be operative if the Merger is not consummated or the Consent Consideration (as defined in the Consent Solicitation Statement) with respect to the Debentures is not
paid in accordance with the terms of the Consent Solicitation Statement. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.1 Ratification of Indenture. The Indenture, as supplemented by this Third Supplemental Indenture, is in all respects
ratified and confirmed, and this Third Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 3.2 Trustee Not Responsible for Recitals. The recitals contained herein and in the Debentures shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Third Supplemental Indenture or of
the Debentures. The Trustee makes no representations as to and shall not be responsible for the Company’s 6.500% notes due 2023, 6.000% notes due 2024, 6.125% senior secured notes due 2026, 8.250% notes due 2027, 8.500% notes due 2029 and
6.625% debentures due 2029, the solicitation of consents and the consents of the Holders of the Debentures. In entering into this Third Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so provided. The Company hereby confirms to the Trustee that this Third Supplemental Indenture has not resulted in a material
modification of the Debentures for Foreign Account Tax Compliance Act (“FATCA”) purposes. The Trustee shall assume that no material modification for FATCA purposes has occurred regarding the Debentures, unless the Trustee receives
written notice of such modification from the Company. 
 Section 3.3 Table of Contents, Headings, etc. The table of
contents and headings of the Articles and Sections of this Third Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or
provisions hereof. 
 Section 3.4 Counterpart Originals. The parties may sign any number of copies of this Third Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures of the parties hereto

  
 7 

 
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any communications hereunder must be in writing
(provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee
by the authorized representative), in English. Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee
reasonably acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 3.5 Governing
Law; Jury Trial Waiver. THIS THIRD SUPPLEMENTAL INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS THIRD SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Signature Pages Follow] 

  
 8 

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

			
	R. R. DONNELLEY & SONS COMPANY
		
	By:	 	 /s/ Terry D. Peterson

		 	Name: Terry D. Peterson
		 	Title: Executive Vice President and
		 	          Chief Financial Officer

 [Third Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ April Bradley

		 	Name: April Bradley
		 	Title: Vice President

 [Third Supplemental Indenture]

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