Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

COTT HOLDINGS INC., 
 as Issuer,

 AND 
 The Guarantors named
herein, 
 AND 
 BNY TRUST
COMPANY OF CANADA, as Canadian Trustee, 
 AND 

THE BANK OF NEW YORK MELLON, as U.S. Trustee, 

Paying Agent, Registrar, Transfer Agent and Authenticating Agent 

5.50% Senior Notes due 2025 
  

 
  

INDENTURE 
 Dated as of
March 22, 2017 
  
  

 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	 
	 SECTION 1.2
	 	 Other Definitions.
	  	 	32	 
	 SECTION 1.3
	 	 No Incorporation by Reference of Trust Indenture Act
	  	 	33	 
	 SECTION 1.4
	 	 Rules of Construction
	  	 	33	 
	
	ARTICLE II	 
	
	THE NOTES	 
			
	 SECTION 2.1
	 	 Form, Dating and Terms
	  	 	34	 
	 SECTION 2.2
	 	 Execution and Authentication
	  	 	39	 
	 SECTION 2.3
	 	 Registrar and Paying Agent
	  	 	40	 
	 SECTION 2.4
	 	 Paying Agent To Hold Money in Trust
	  	 	40	 
	 SECTION 2.5
	 	 Holder Lists
	  	 	41	 
	 SECTION 2.6
	 	 Transfer and Exchange
	  	 	41	 
	 SECTION 2.7
	 	 No Obligation of the Trustees
	  	 	43	 
	 SECTION 2.8
	 	 Form of Certificate To Be Delivered in Connection with Transfers Pursuant to
Regulation S
	  	 	44	 
	 SECTION 2.9
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	45	 
	 SECTION 2.10
	 	 Outstanding Notes
	  	 	46	 
	 SECTION 2.11
	 	 Temporary Notes
	  	 	46	 
	 SECTION 2.12
	 	 Cancellation
	  	 	46	 
	 SECTION 2.13
	 	 Payment of Interest; Defaulted Interest
	  	 	47	 
	 SECTION 2.14
	 	 CUSIP and ISIN Numbers
	  	 	47	 
	
	ARTICLE III	 
	
	COVENANTS	 
			
	 SECTION 3.1
	 	 Payment of Notes
	  	 	48	 
	 SECTION 3.2
	 	 Limitation on Indebtedness
	  	 	48	 
	 SECTION 3.3
	 	 Limitation on Restricted Payments
	  	 	53	 
	 SECTION 3.4
	 	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	 	57	 
	 SECTION 3.5
	 	 Limitation on Sales of Assets and Subsidiary Stock
	  	 	59	 
	 SECTION 3.6
	 	 Limitation on Liens
	  	 	61	 
	 SECTION 3.7
	 	 Limitation on Guarantees
	  	 	62	 
	 SECTION 3.8
	 	 Limitation on Affiliate Transactions
	  	 	63	 
	 SECTION 3.9
	 	 Change of Control
	  	 	64	 
	 SECTION 3.10
	 	 Reports
	  	 	66	 
	 SECTION 3.11
	 	 Maintenance of Office or Agency
	  	 	67	 
	 SECTION 3.12
	 	 Corporate Existence
	  	 	67	 
	 SECTION 3.13
	 	 Compliance Certificate
	  	 	68	 
	 SECTION 3.14
	 	 Statement by Officers as to Default
	  	 	68	 
	 SECTION 3.15
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	68	 
	 SECTION 3.16
	 	 Suspension of Covenants on Achievement of Investment Grade Status
	  	 	68	 
	
	ARTICLE IV	 
	
	SUCCESSOR COMPANY; SUCCESSOR PERSON	 
			
	 SECTION 4.1
	 	 Merger and Consolidation
	  	 	69	 

  
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	ARTICLE V	 
	
	REDEMPTION OF SECURITIES	 
			
	 SECTION 5.1
	 	 Notices to Trustees
	  	 	71	 
	 SECTION 5.2
	 	 Selection of Notes To Be Redeemed or Purchased
	  	 	71	 
	 SECTION 5.3
	 	 Notice of Redemption
	  	 	72	 
	 SECTION 5.4
	 	 Effect of Notice of Redemption
	  	 	73	 
	 SECTION 5.5
	 	 Deposit of Redemption or Purchase Price
	  	 	73	 
	 SECTION 5.6
	 	 Notes Redeemed or Purchased in Part
	  	 	73	 
	 SECTION 5.7
	 	 Optional Redemption
	  	 	73	 
	 SECTION 5.8
	 	 Mandatory Redemption
	  	 	74	 
	
	ARTICLE VI	 
	
	DEFAULTS AND REMEDIES	 
			
	 SECTION 6.1
	 	 Events of Default
	  	 	75	 
	 SECTION 6.2
	 	 Acceleration
	  	 	76	 
	 SECTION 6.3
	 	 Other Remedies
	  	 	77	 
	 SECTION 6.4
	 	 Waiver of Past Defaults
	  	 	77	 
	 SECTION 6.5
	 	 Control by Majority
	  	 	78	 
	 SECTION 6.6
	 	 Limitation on Suits
	  	 	78	 
	 SECTION 6.7
	 	 Rights of Holders To Receive Payment
	  	 	78	 
	 SECTION 6.8
	 	 Collection Suit by Trustee
	  	 	78	 
	 SECTION 6.9
	 	 Trustees May File Proofs of Claim
	  	 	79	 
	 SECTION 6.10
	 	 Priorities
	  	 	79	 
	 SECTION 6.11
	 	 Undertaking for Costs
	  	 	79	 
	
	ARTICLE VII	 
	
	TRUSTEES	 
			
	 SECTION 7.1
	 	 Duties of Trustees
	  	 	79	 
	 SECTION 7.2
	 	 Rights of Trustees
	  	 	80	 
	 SECTION 7.3
	 	 Individual Rights of Trustees and Agent
	  	 	82	 
	 SECTION 7.4
	 	 Trustees’ Disclaimer
	  	 	82	 
	 SECTION 7.5
	 	 Notice of Defaults
	  	 	82	 
	 SECTION 7.6
	 	 [Reserved]
	  	 	82	 
	 SECTION 7.7
	 	 Compensation and Indemnity
	  	 	82	 
	 SECTION 7.8
	 	 Replacement of Trustees
	  	 	83	 
	 SECTION 7.9
	 	 Successor Trustee by Merger
	  	 	83	 
	 SECTION 7.10
	 	 Eligibility
	  	 	84	 
	 SECTION 7.11
	 	 [Reserved]
	  	 	84	 
	 SECTION 7.12
	 	 Trustees’ Application for Instruction from the Issuer
	  	 	84	 
	
	ARTICLE VIII	 
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
			
	 SECTION 8.1
	 	 Option To Effect Legal Defeasance or Covenant Defeasance; Defeasance
	  	 	84	 
	 SECTION 8.2
	 	 Legal Defeasance and Discharge
	  	 	84	 
	 SECTION 8.3
	 	 Covenant Defeasance
	  	 	85	 
	 SECTION 8.4
	 	 Conditions to Legal or Covenant Defeasance
	  	 	85	 
	 SECTION 8.5
	 	 Deposited Money and U.S. Government Obligations To Be Held in Trust; Other Miscellaneous
Provisions
	  	 	86	 
	 SECTION 8.6
	 	 Repayment to the Issuer
	  	 	86	 
	 SECTION 8.7
	 	 Reinstatement
	  	 	86	 

  
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	ARTICLE IX	 
	
	AMENDMENTS	 
			
	 SECTION 9.1
	 	 Without Consent of Holders
	  	 	87	 
	 SECTION 9.2
	 	 With Consent of Holders
	  	 	88	 
	 SECTION 9.3
	 	 Revocation and Effect of Consents and Waivers
	  	 	89	 
	 SECTION 9.4
	 	 Notation on or Exchange of Notes
	  	 	89	 
	 SECTION 9.5
	 	 Trustees to Sign Amendments
	  	 	89	 
	
	ARTICLE X	 
	
	GUARANTEE	 
			
	 SECTION 10.1
	 	 Guarantee
	  	 	89	 
	 SECTION 10.2
	 	 Limitation on Liability; Termination, Release and Discharge
	  	 	91	 
	 SECTION 10.3
	 	 Right of Contribution
	  	 	91	 
	 SECTION 10.4
	 	 No Subrogation
	  	 	92	 
	
	ARTICLE XI	 
	
	SATISFACTION AND DISCHARGE	 
			
	 SECTION 11.1
	 	 Satisfaction and Discharge
	  	 	92	 
	 SECTION 11.2
	 	 Application of Trust Money
	  	 	93	 
	
	ARTICLE XII	 
	
	MISCELLANEOUS	 
			
	 SECTION 12.1
	 	 Notices
	  	 	93	 
	 SECTION 12.2
	 	 [Reserved]
	  	 	95	 
	 SECTION 12.3
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	95	 
	 SECTION 12.4
	 	 Statements Required in Certificate or Opinion
	  	 	95	 
	 SECTION 12.5
	 	 When Notes Disregarded
	  	 	95	 
	 SECTION 12.6
	 	 Rules by Trustees, Paying Agent and Registrar
	  	 	95	 
	 SECTION 12.7
	 	 Legal Holidays
	  	 	95	 
	 SECTION 12.8
	 	 Governing Law
	  	 	95	 
	 SECTION 12.9
	 	 Jurisdiction
	  	 	96	 
	 SECTION 12.10
	 	 Conversion of Currency
	  	 	96	 
	 SECTION 12.11
	 	 Waivers of Jury Trial
	  	 	97	 
	 SECTION 12.12
	 	 USA PATRIOT Act Section 326 Customer Identification Program
	  	 	97	 
	 SECTION 12.13
	 	 No Recourse Against Others
	  	 	97	 
	 SECTION 12.14
	 	 Successors
	  	 	97	 
	 SECTION 12.15
	 	 Multiple Originals
	  	 	97	 
	 SECTION 12.16
	 	 Table of Contents; Headings
	  	 	97	 
	 SECTION 12.17
	 	 Force Majeure
	  	 	97	 
	 SECTION 12.18
	 	 Severability
	  	 	98	 
	 SECTION 12.19
	 	 Interpretation
	  	 	98	 
	 SECTION 12.20
	 	 Tax Withholding Information
	  	 	98	 

							
			
	 EXHIBIT A
	 	 Form of Global Restricted Note
	  			
	 EXHIBIT B
	 	 Form of Supplemental Indenture to add Guarantors
	  			

  
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 INDENTURE dated as of March 22, 2017, among COTT HOLDINGS INC. (the
“Issuer”), the Guarantors (as defined herein) identified on the signature pages hereto, BNY TRUST COMPANY OF CANADA, as Canadian co-trustee (the “Canadian Trustee”), THE BANK
OF NEW YORK MELLON, as U.S. co-trustee (the “U.S. Trustee” and together with the Canadian Trustee, the “Trustees” and each, a “Trustee”), Paying Agent,
Registrar, transfer agent (the “Transfer Agent”) and authenticating agent (the “Authenticating Agent”). 

W I T N E S S E T H 

WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of (i) its 5.50% Senior
Notes due 2025 issued on the date hereof (the “Initial Notes”) and (ii) any additional Notes (“Additional Notes” and together with the Initial Notes, the “Notes”) that may be issued after the
Issue Date. 
 WHEREAS, the Issuer and each of the Guarantors have duly authorized the execution and delivery of this Indenture; 

WHEREAS, all things necessary (i) to make the Notes, when executed and duly issued by the Issuer and authenticated and delivered
hereunder, the valid obligations of the Issuer, (ii) to make the Guarantees, when this Indenture is executed by each Guarantor, the valid obligation of each Guarantor and (iii) to make this Indenture a valid agreement of the Issuer and
each of the Guarantors has been done; and 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Notes by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1    Definitions. 

“2020 Notes” means the 6.75% Senior Note due 2020 issued pursuant to an Indenture, dated as of December 12, 2014, by and
among Cott Beverages Inc., the guarantors party thereto from time to time and Wells Fargo Bank, National Association, as trustee, as such indenture may be amended, supplemented or otherwise modified from time to time. 

“2021 Notes” means the 10.000% Second-Priority Senior Secured Notes due 2021 issued pursuant to an Indenture, dated as of
August 30, 2013, by and among DS Services Holdings, Inc., the guarantors party thereto from time to time and Wilmington Trust, National Association, as trustee and as collateral agent, as such indenture may be amended, supplemented or otherwise
modified from time to time. 
 “2022 Notes” means the 5.375% Senior Notes due 2022 issued pursuant to an Indenture, dated
as of June 24, 2014, by and among Cott Beverages Inc., the guarantors party thereto from time to time and Wells Fargo Bank, National Association, as trustee, as such indenture may be amended, supplemented or otherwise modified from time to
time. 
 “2024 Notes” means the 5.50% Senior Notes due 2024 issued pursuant to an Indenture, dated as of June 30,
2016, by and among Cott Finance Corporation, which was combined with Cott Corporation by way of an amalgamation with Cott Corporation assuming all of Cott Finance Corporation’s obligations under such notes as issuer, the guarantors party
thereto from time to time, BNY Trust Company of Canada, as Canadian co-trustee, and The Bank of New York Mellon, as U.S. co-trustee, as such indenture may be amended,
supplemented or otherwise modified from time to time. 
 “Acquired Indebtedness” means Indebtedness (1) of a Person or
any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary, or (2) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with such
Person becoming a Restricted Subsidiary of the Company or such acquisition or (3) of a Person at the time such Person merges with or into or 

 
consolidates or otherwise combines with the Company or any Restricted Subsidiary. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of the preceding
sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets and, with respect to clause (3) of the preceding
sentence, on the date of the relevant merger, consolidation or other combination. 
 “Additional Assets” means: 

(1)    any property or assets (other than Capital Stock) used or to be used by the Company, a Restricted
Subsidiary or otherwise useful in a Similar Business (it being understood that capital expenditures on property or assets already used in a Similar Business or to replace any property or assets that are the subject of such Asset Disposition shall be
deemed an investment in Additional Assets); 
 (2)    the Capital Stock of a Person that is engaged in a
Similar Business and becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or a Restricted Subsidiary of the Company; or 

(3)    Capital Stock constituting a minority interest in any Person that at such time is a Restricted
Subsidiary of the Company. 
 “Additional Interest” means all additional interest then owing on the Notes pursuant to
Section 6.3. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Paying Agent, any Registrar, any Transfer Agent or any Authenticating Agent. 

“Applicable Premium” means the greater of (A) 1.0% of the principal amount of such Note and (B) on any redemption
date, the excess (to the extent positive) of: 
 (a)    the present value at such redemption date of
(i) the redemption price of such Note at April 1, 2020 (such redemption price (expressed in percentage of principal amount) being set forth in the table under Section 5.7(d) (excluding accrued but unpaid
interest)), plus (ii) all required interest payments due on such Note to and including such date set forth in clause (i) (excluding accrued but unpaid interest), computed upon the redemption date using a discount rate equal to the Treasury
Rate at such redemption date plus 50 basis points; over 
 (b)    the then outstanding principal amount
of such Note; 
 in each case, as calculated by the Company or on behalf of the Company by such Person as the Company shall designate. 

“Asset Disposition” means: 

(a)    the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of
related transactions, of property or assets (including by way of a Sale and Leaseback Transaction) of the Company (other than Capital Stock of the Company) or any of its Restricted Subsidiaries (each referred to in this definition as a
“disposition”); or 
 (b)    the issuance or sale of Capital Stock of any Restricted Subsidiary
(other than Preferred Stock or Disqualified Stock of Restricted Subsidiaries issued in compliance with Section 3.2 hereof or directors’ qualifying shares and shares issued to foreign nationals as required under
applicable law), whether in a single transaction or a series of related transactions; 

  
 -2- 

 in each case, other than: 

(1)    a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary
to a Restricted Subsidiary; 
 (2)    a disposition of cash or Cash Equivalents; 

(3)    a disposition of inventory or other assets in the ordinary course of business or consistent with
past practice or held for sale; 
 (4)    a disposition of obsolete, worn out, uneconomic, damaged or
surplus property, equipment or other assets or property or equipment or other assets that are no longer economically practical or commercially desirable to maintain or used or useful in the business of the Company and its Restricted Subsidiaries
whether now or hereafter owned or leased or acquired in connection with an acquisition or used or useful in the conduct of the business of the Company and its Restricted Subsidiaries (including by ceasing to enforce, allowing the lapse, abandonment
or invalidation of or discontinuing the use or maintenance of or putting into the public domain any intellectual property that is, in the reasonable judgment of the Issuer or the Restricted Subsidiaries, no longer used or useful, or economically
practicable to maintain, or in respect of which the Issuer or any Restricted Subsidiary determines in its reasonable business judgment that such action or inaction is desirable); 

(5)    transactions permitted under Section 4.1 hereof or a transaction that
constitutes a Change of Control; 
 (6)    an issuance of Capital Stock by a Restricted Subsidiary to the
Company or to another Restricted Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors; 

(7)    any dispositions of Capital Stock, properties or assets in a single transaction or series of related
transactions with a fair market value (as determined in good faith by the Company) of less than $40.0 million; 

(8)    any Restricted Payment that is permitted to be made, and is made, under
Section 3.3 and the making of any Permitted Payment or Permitted Investment or, solely for purposes of Section 3.5(a)(3), asset sales, the proceeds of which are used to make such Restricted
Payments or Permitted Investments; 
 (9)    dispositions in connection with Permitted Liens and granting
of Permitted Liens; 
 (10)    dispositions of receivables in connection with the compromise, settlement
or collection thereof in the ordinary course of business or consistent with past practices or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(11)    conveyances, sales, transfers, licenses or sub-licenses or
other dispositions of intellectual property, software or other general intangibles and licenses, sub-licenses, leases or subleases of other property, in each case, in the ordinary course of business or
consistent with past practice; 
 (12)    the lease, assignment, license, sublease or sublicense of any
real or personal property in the ordinary course of business; 
 (13)     foreclosure, condemnation or
any similar action with respect to any property or other assets; 

  
 -3- 

 (14)    the sale or discount (with or without recourse, and
on customary or commercially reasonable terms and for credit management purposes) of accounts receivable or notes receivable arising in the ordinary course of business or consistent with past practices, or the conversion or exchange of accounts
receivable for notes receivable; 
 (15)    any disposition of Capital Stock, Indebtedness or other
securities of an Unrestricted Subsidiary; 
 (16)    any disposition of Capital Stock of a Restricted
Subsidiary pursuant to an agreement or other obligation with or to a Person (other than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and
assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(17)    to the extent allowable under Section 1031 of the Code, any exchange of like property
(excluding any boot thereon) for use in a Similar Business; 
 (18)    any financing transaction with
respect to property constructed, acquired, replaced, repaired or improved (including any reconstruction, refurbishment, renovation and/or development of real property) by the Company or any Restricted Subsidiary after the Issue Date, including Sale
and Leaseback Transactions and asset securitizations, permitted by this Indenture; and 
 (19)    any
surrender, amendment or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind. 

In the event that a transaction (or any portion thereof) meets the criteria of a permitted Asset Disposition and would also be a Permitted
Investment or an Investment permitted under Section 3.3, the Issuer, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Disposition and/or one or more of the
types of Permitted Investments or Investments permitted under Section 3.3. 
 “Associate” means
(i) any Person engaged in a Similar Business of which the Company or its Restricted Subsidiaries are the legal and beneficial owners of between 20% and 50% of all outstanding Voting Stock or (ii) any joint venture entered into by the
Company or any Restricted Subsidiary of the Company. 
 “Authenticating Agent” shall have the meaning ascribed thereto in
the recitals to this Indenture. 
 “Bankruptcy Law” means Title 11 of the United States Code or similar federal or
state law for the relief of debtors. 
 “Board of Directors” means (1) with respect to the Company or any corporation,
the board of directors or managers, as applicable, of the corporation, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the partnership or
any duly authorized committee thereof; (3) with respect to a limited liability company, the managing member or members or any duly authorized controlling committee thereof; and (4) with respect to any other Person, the board or any duly
authorized committee of such Person serving a similar function. Whenever any provision requires any action or determination to be made by, or any approval of, a Board of Directors, unless the context otherwise requires, such Board of Directors is of
the Company and such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval is taken as part of a formal board
meeting or as a formal board approval). 
 “Board Resolution” means a copy of a resolution certified by an Officer of a
Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustees. 

  
 -4- 

 “Business Day” means each day that is not a Saturday, Sunday or other day on
which banking institutions in New York, New York, or the place of payment on the Notes are authorized or required by law, regulation or executive order to close. 

“Capital Stock” of any Person means any and all shares of, rights to purchase or acquire, warrants, options or depositary
receipts for, or other equivalents of or partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 

“Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized
lease for financial reporting purposes on the basis of GAAP. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined on the basis
of GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 

“Cash Equivalents” means: 

(1)    (a) dollars, euros, Israeli shekels, Canadian dollars, Swiss Francs, United Kingdom Pounds or
any national currency of any member state of the European Union on the Issue Date; or (b) any other foreign currency held by the Company and its Restricted Subsidiaries in the ordinary course of business or consistent with past practices; 

(2)    securities issued or directly and fully Guaranteed or insured by the United States, Canadian, Swiss
or United Kingdom governments, a member state of the European Union on the Issue Date or, in each case, any agency or instrumentality of thereof (provided that the full faith and credit of such country or such member state is pledged in
support thereof), with maturities of not more than 24 months from the date of acquisition; 

(3)    certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or
bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof issued by (x) any lender affiliate thereof or (y) by any bank or trust company (a) whose commercial paper is rated at least “A-2” or the equivalent thereof by S&P or at least “P-2” or the equivalent thereof by Moody’s (or if at the time neither is issuing comparable
ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in the event that the bank or trust company does not have commercial paper which is rated) having combined capital and surplus in excess
of $100 million; 
 (4)    repurchase obligations for underlying securities of the types described
in clauses (2) and (3) entered into with any Person referenced in clause (3) hereof; 
 (5)
    securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any Person referenced in clause (3) hereof; 

(6)    commercial paper and variable or fixed rate notes issued by a bank meeting the qualifications
specified in clause (3) above (or by the parent company thereof) maturing within one year after the date of creation thereof or any commercial paper and variable or fixed rate note issued by, or guaranteed by a corporation rated at the time of
acquisition thereof at least “A-2” or the equivalent thereof by S&P or “P-2” or the equivalent thereof by Moody’s or carrying an equivalent
rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper or variable or fixed rate notes, the
issuer of which has an equivalent rating in respect of its long-term debt, and in any case with maturities within 24 months after the date of creation or acquisition; 

(7)    readily marketable direct obligations issued by any state, province, commonwealth or territory of
the United States of America, Canada, Switzerland, the United Kingdom, any member state of the European Union on the Issue Date, any other foreign government, or any political subdivision or taxing 

  
 -5- 

 
authority thereof, in each case, having one of the two highest rating categories obtainable from either Moody’s or S&P (or, if at the time, neither is issuing comparable ratings, then a
comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two years from the date of acquisition; 

(8)     Indebtedness or preferred stock issued by Persons with one of the three highest ratings from
S&P or Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of 12 months or less from the date of acquisition; 

(9)    bills of exchange issued in the United States, Canada, Switzerland, the United Kingdom, a member
state of the European Union on the Issue Date or Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); 

(10)    interests in any investment company, money market or enhanced high yield fund which invests 90% or
more of its assets in instruments of the type specified in clauses (1) through (9) hereof; 

(11)    instruments and investments of the type and maturity described in clause (1) through
(10) denominated in any foreign currency or of foreign obligors, which investments or obligors are, in the reasonable judgment of the Company, comparable in investment quality to those referred to above; and 

(12)    solely with respect to any Restricted Subsidiary that is a Foreign Subsidiary, investments of
comparable tenor and credit quality to those described in the foregoing clauses (2) through (11) customarily utilized in countries in which such Foreign Subsidiary operates for short term cash management purposes. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than set forth in clause
(1) hereof; provided that such amounts are converted into currencies listed in clause (1) within 10 Business Days following receipt of such amounts. 

“Cash Management Services” means any of the following to the extent not constituting a line of credit (other than an
overnight draft facility that is not in default); ACH transactions, treasury and/or cash management services, including, without limitation, controlled disbursement services, overdraft facilities, foreign exchange facilities, deposit and other
accounts and merchant services or other cash management arrangements in the ordinary course of business or consistent with past practice. 

“Change of Control” means: 

(1)    the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d)
of the Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), is or becomes
the “beneficial owner” (as defined in Rules 13d-3 of the Exchange Act as in effect on the Issue Date), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of
the Company; or 
 (2)    the sale, lease, transfer, conveyance or other disposition (other than by way
of merger, consolidation or other business combination transaction), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to a Person, other than a Restricted
Subsidiary. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company
becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of our
Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than
50% of the Voting Stock of such holding company. 

  
 -6- 

 “Clearstream” means Clearstream Banking, a société anonyme or any
successor securities clearing agency. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Company” means Cott Corporation and any successor thereto. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including amortization of deferred financing fees of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such
period: 
 (1)    increased (without duplication) by: 

(a)    provision for taxes based on income or profits, revenue or capital, including, without limitation,
federal, state, provincial, territorial, local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes (including penalties and interest (including any additions to such taxes and any penalties and
interest with respect thereto)) of such Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income; plus 

(b)    Fixed Charges of such Person for such period (including (x) net losses on Hedging Obligations
or other derivative instruments entered into for the purpose of hedging interest rate risk and (y) costs of surety bonds in connection with financing activities), plus amounts excluded from the definition of “Consolidated Interest
Expense” pursuant to clauses (w), (x) and (y) in clause (1) thereof, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus 

(c)    Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the
same were deducted (and not added back) in computing Consolidated Net Income; plus 
 (d)    any
fees, costs, expenses or charges (other than depreciation or amortization expense) related to any actual, proposed or contemplated issuance or registration (actual or proposed) of an Equity Offering, any Investment, acquisition, disposition,
recapitalization, Restricted Payment or the incurrence or registration (actual or proposed) of Indebtedness (including a refinancing thereof) (in each case, whether or not successful or consummated), including (i) such fees, expenses or charges
(including rating agency fees and related expenses) related to the offering of the Notes, the Existing Notes and the Existing Credit Agreement, and (ii) any amendment or other modification of the Notes, the Existing Notes or the Existing Credit
Agreement, in each case, whether or not consummated, deducted (and not added back) in computing Consolidated Net Income; plus 

(e)    the amount of any restructuring charge, accrual or reserve (and adjustment to existing reserves)
integration cost, or other business optimization expense or cost (including charges directly related to implementation of cost-savings initiatives), that is deducted (and not added back) in such period in computing Consolidated Net Income including,
without limitation, those related to severance, retention, signing bonuses, relocation; recruiting and other employee related costs, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement
employment benefit plans (including any settlement of pension 

  
 -7- 

 
liabilities), systems development and establishment costs, future lease commitments and costs related to the opening and closure and/or consolidation of facilities and to existing lines of
business and consulting fees incurred with any of the foregoing; plus 
 (f)    any other non-cash charges, write-downs, expenses, losses or items reducing Consolidated Net Income for such period including any impairment charges or the impact of purchase accounting (excluding any such non-cash charge, write-down or item to the extent it represents an accrual or reserve for a cash expenditure for a future period) or other items classified by the Company as special items less other non-cash items of income increasing Consolidated Net Income (excluding any such non-cash item of income to the extent it represents a receipt of cash in any future period);
plus 
 (g)    the amount of cost savings (including, without limitation, for the avoidance of
doubt, cost savings with respect to salary, benefit and other direct savings resulting from workforce reductions and facility, benefit and insurance savings), operating expense reductions, other operating improvements and initiatives and synergies
projected by the Company in good faith to be reasonably anticipated to be realizable in connection with any Investment, acquisition, disposition, merger, consolidation, reorganization or restructuring (each, a “Specified
Transaction”), taken or initiated prior to or during such period (calculated on a pro forma basis as though such cost savings had been realized on the first day of such period), net of the amount of actual benefits realized or
expected to be realized prior to or during such period from such actions; provided that (x) such cost savings are reasonably identifiable and factually supportable and (y) such actions have been taken or are to be taken within 18 months of
such Specified Transaction and (z) the aggregate amount of such cost savings, operating expense reductions, other operating improvements or synergies do not exceed 20% of Consolidated EBITDA in any four quarter period; plus 

(h)    any costs or expense incurred by the Company or a Restricted Subsidiary pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of
the Company or Net Cash Proceeds of an issuance of equity interest of the Company (other than Disqualified Stock) solely to the extent that such Net Cash Proceeds are excluded from the calculation set forth in
Section 3.3(a)(iii) hereof; plus 
 (i)    cash receipts (or any netting
arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the
calculation of Consolidated EBITDA pursuant to clause (2) below for any previous period and not added back; plus 

(j)    the amount of any minority interest expense consisting of Subsidiary income attributable to minority
equity interests of third parties in any non-wholly owned Subsidiary deducted in calculating Consolidated Net Income (and not added back in such period to Consolidated Net Income); plus 

(k)     with respect to any joint venture, an amount equal to the proportion of those items described in
clauses (a) and (c) above relating to such joint venture corresponding to the Company’s and its Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture
were a Restricted Subsidiary) to the extent the same was deducted (and not added back) in calculating Consolidated Net Income; plus 

(l)    earn-out and contingent consideration obligations (including
to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments; plus 

  
 -8- 

 (m)    any net pension or other post-employment benefit costs
representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial
application of Accounting Standards Codification Topic 715, and any other items of a similar nature; plus 
 (n)
    any non-cash losses realized in such period in connection with adjustments to any employee benefit plan due to changes in actuarial assumptions, valuation or studies; 

(2)    decreased (without duplication) by: (a) non-cash gains
increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced
Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period;
plus (b) all cash payments made during such period to the extent made on account of non-cash reserves and other non-cash charges added back to Consolidated
Net Income pursuant to clause (g) above in a previous period (it being understood that this clause (2)(b) shall not be utilized in reversing any non-cash reserve or charge added to Consolidated Net
Income), plus (c) the amount of any minority interest income consisting of Subsidiary loss attributable to minority equity interests of third parties in any non-wholly owned Subsidiary added to
Consolidated Net Income (and not deducted in such period from Consolidated Net Income); and 

(3)    increased or decreased (without duplication) by, as applicable, any adjustments resulting from the
application of Accounting Standards Codification Topic 460 or any comparable regulation. 
 “Consolidated Interest
Expense” means, with respect to any Person for any period, without duplication, the sum of: 

(1)    consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the
extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount or premium resulting from the issuance of Indebtedness at less than par, (b) all commissions,
discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or any similar facilities or financing and hedging agreements, (c) non-cash interest payments (but
excluding any non-cash interest expense attributable to the movement in the mark to market valuation of any Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest
component of Capitalized Lease Obligations, and (e) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (t) penalties and interest relating to taxes, (u) accretion or accrual
of discounted liabilities other than Indebtedness, (v) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or purchase accounting in connection with any acquisition,
(w) amortization or write-off of deferred financing fees, debt issuance costs, debt discount or premium, terminated hedging obligations and other commissions, financing fees and expenses and original
issue discount with respect to the Indebtedness borrowed under the Existing Credit Agreement and, adjusted to the extent included, to exclude any refunds or similar credits received in connection with the purchasing or procurement of goods or
services under any purchasing card or similar program, (x) any expensing of bridge, commitment and other financing fees and (y) interest with respect to Indebtedness of any parent of such Person appearing upon the balance sheet of such
Person solely by reason of push-down accounting under GAAP; plus 
 (2)    consolidated capitalized
interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less 

(3)    interest income for such period. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person
to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

  
 -9- 

 “Consolidated Net Income” means, with respect to any Person, for any period, the
net income (loss) of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis on the basis of GAAP; provided, however, that there will not be included in such Consolidated Net Income: 

(1)    subject to the limitations contained in clause (3) below, any net income (loss) of any Person
if such Person is not a Restricted Subsidiary (including any net income (loss) from investments recorded in such Person under equity method accounting), except that any equity in the net income of any such Person for such period will be included in
such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed during such period to the Company or a Restricted Subsidiary as a dividend or other distribution or return on investment (subject, in the case
of a dividend or other distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below); 

(2)    solely for the purpose of determining the amount available for Restricted Payments under
Section 3.3(a)(iii)(A) hereof, any net income (loss) of any Restricted Subsidiary (other than the Issuer and the Guarantors) if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends
or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company or a Guarantor by operation of the terms of such Restricted Subsidiary’s articles, charter or any agreement, instrument, judgment, decree,
order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released and (b) restrictions pursuant to the Existing Credit
Agreement, the Notes, this Indenture, the Existing Notes or the indentures governing the Existing Notes), except that the Company’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated
Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause); 

(3)    any net gain (or loss) realized upon the sale or other disposition of any asset or disposed or
discontinued operations of the Company or any Restricted Subsidiaries (including pursuant to any Sale and Leaseback Transaction) which is not sold or otherwise disposed of or discontinued in the ordinary course of business or consistent with past
practices (as determined in good faith by an Officer or the Board of Directors of the Company); 

(4)    any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense or any
charges, expenses or reserves in respect of any restructuring, redundancy or severance expense or relocation costs, one-time compensation charges, integration and facilities’ opening costs and other
business optimization expenses and operating improvements (including related to new product introductions), restructuring charges, systems development and establishment costs, accruals or reserves (including restructuring and integration costs
related to acquisitions after the Issue Date and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, transition costs, costs
related to closure/consolidation of facilities, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities), contract
terminations and professional and consulting fees incurred with any of the foregoing; 
 (5)    the
cumulative effect of a change in accounting principles; 
 (6)    any
(i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in
respect of any pension liabilities or other provisions and (ii) income (loss) attributable to deferred compensation plans or trusts; 

(7)    all deferred financing costs written off and premiums paid or other expenses incurred directly in
connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness; 

  
 -10- 

 (8)    any unrealized gains or losses in respect of any
Hedging Obligations or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in
respect of any Hedging Obligations; 
 (9)    any unrealized foreign currency transaction gains or losses
in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign
currencies; 
 (10)     any unrealized foreign currency translation or transaction gains or losses in
respect of Indebtedness or other obligations of the Company or any Restricted Subsidiary owing to the Company or any Restricted Subsidiary; 

(11)    any recapitalization accounting or purchase accounting effects, including, but not limited to,
adjustments to inventory, property and equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed
down to the Company and its Restricted Subsidiaries), as a result of any consummated acquisition, or the amortization or write-off of any amounts thereof (including any
write-off of in process research and development); 
 (12)    any
goodwill or other intangible asset impairment charge or write-off; 

(13)    any after-tax effect of income (loss) from the early
extinguishment or cancellation of Indebtedness or Hedging Obligations or other derivative instruments; 

(14)    accruals and reserves that are established within twelve months after the Issue Date that are so
required to be established as a result of the transactions in accordance with the Offering in accordance with GAAP; 

(15)    [reserved]; 

(16)    cash and non-cash charges, paid or accrued, and gains
resulting from the application of Financial Accounting Standards No. 141R (Accounting Standards Codification Topic 805) (including with respect to earn-outs incurred by the Company or any of its Restricted Subsidiaries); 

(17)    proceeds from any business interruption insurance to the extent not already included in
Consolidated Net Income; and 
 (18)    the amount of any expense to the extent a corresponding amount is
received in cash by the Company and the Restricted Subsidiaries from a Person other than the Company or any Restricted Subsidiaries (with no requirements to repay such amounts and no other encumbrances associated therewith), provided such payment
has not been included in determining Consolidated Net Income (it being understood that if the amounts received in cash under any such agreement in any period exceed the amount of expense in respect of such period, such excess amounts received may be
carried forward and applied against expense in future periods). 
 In addition, to the extent not already included in the Consolidated Net
Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall exclude (i) any expenses and charges that are reimbursed by indemnification or other reimbursement
provisions, or so long as the Company has made a determination that there exists reasonable evidence that such amount will in fact be indemnified or reimbursed (and such amount is in fact reimbursed within 365 days of the date of such charge or
payment (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days)), in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted hereunder and (ii) to
the extent covered by insurance and actually reimbursed, or, so long as the Company has made a 

  
 -11- 

 
determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and such amount is (A) not denied by the applicable carrier in writing within
180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business
interruption. 
 “Consolidated Total Indebtedness” means, as of any date of determination, (a) the aggregate principal
amount of Indebtedness for borrowed money (other than Indebtedness with respect to Cash Management Services and intercompany Indebtedness) of the Company and its Restricted Subsidiaries, letters of credit (only in respect of any unreimbursed
drawings thereunder), debt obligations evidenced by promissory notes and similar instruments and any Guarantees in respect of the foregoing or any Liens on the assets of the Company or any Restricted Subsidiary securing any of the foregoing
outstanding on such date plus (b) the aggregate amount of all Disqualified Stock of the Company and all Disqualified Stock and Preferred Stock of any Restricted Subsidiary minus (c) the aggregate amount of cash and Cash Equivalents
included in the consolidated balance sheet of the Company and its Restricted Subsidiaries as of the end of the most recent fiscal period for which internal financial statements of the Company are available with such pro forma adjustments as are
consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio” and as determined in good faith determined by the Company. 

“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (x) the sum of
(a) Consolidated Total Indebtedness as of such date and (b) the Reserved Indebtedness Amount as of such date to (y) the aggregate amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending
prior to the date of such determination for which internal consolidated financial statements of the Company are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of
“Fixed Charge Coverage Ratio.” 
 “Consolidated Total Secured Leverage Ratio” means, as of any date of
determination, the ratio of (x) the sum of (a) Consolidated Total Indebtedness secured by a Lien as of such date and (b) the Reserved Indebtedness Amount secured by a Lien as of such date to (y) the aggregate amount of
Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Company are available, in each case with such pro forma
adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio;” provided, however, that solely for purposes of the calculation of the Consolidated Total Secured Leverage Ratio, in
connection with the incurrence of any Lien pursuant to clause (31) of the definition of “Permitted Liens,” (i) the Company and its Restricted Subsidiaries must treat the maximum amount of Indebtedness that is permitted to be incurred
pursuant to Section 3.2(b)(1)(i)(A) at the time of such calculation as being Incurred and outstanding at such time, and (ii) the calculation shall not give effect to any Indebtedness Incurred on such determination date secured pursuant
to clause (29) of the definition of “Permitted Lien.” 
 “Contingent Obligations” means, with respect to any
Person, any obligation of such Person guaranteeing in any manner, whether directly or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”) of any other Person
(the “primary obligor”), including any obligation of such Person, whether or not contingent: 

(1)    to purchase any such primary obligation or any property constituting direct or indirect security
therefor; 
 (2)    to advance or supply funds: 

(a)    for the purchase or payment of any such primary obligation; or 

(b)    to maintain the working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor; or 
 (3)    to purchase property, securities or
services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

  
 -12- 

 “Controlled Investment Affiliate” means, as to any Person, any other Person,
which directly or indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments
in the Company and/or other companies. 
 “Credit Facility” means, with respect to the Company or any of its Subsidiaries,
one or more debt facilities, indentures or other arrangements (including the Existing Credit Agreement or commercial paper facilities, receivables financing and overdraft facilities) with banks, other institutions or investors providing for
revolving credit loans, term loans, notes, receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions against such receivables), letters of credit or
other Indebtedness, in each case, as amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and whether in whole or in part and whether or not with the
original administrative agent and lenders or another administrative agent or agents or other banks or institutions and whether provided under the Existing Credit Agreement or one or more other credit or other agreements, indentures, financing
agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and any
guarantee, Guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents). Without limiting the
generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company
as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder, (4) changing the administrative agent or lenders or (5) otherwise altering the
terms and conditions thereof. 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law. 
 “Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default; provided that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous
Default is cured prior to becoming an Event of Default. 
 “Definitive Notes” means certificated Notes. 

“Designated Non-Cash Consideration” means the fair market value (as determined in
good faith by the Company) of non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption,
retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to
be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 3.5 hereof. 

“Disinterested Director” means, with respect to any Affiliate Transaction, a member of the Board of Directors of the Company
having no material direct or indirect financial interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Company shall be deemed not to have such a financial interest by reason of such member’s
holding Capital Stock of the Company or any options, warrants or other rights in respect of such Capital Stock. 
 “Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event: 

(1)    matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking
fund obligation or otherwise; or 

  
 -13- 

 (2)    is or may become (in accordance with its terms) upon
the occurrence of certain events or otherwise redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole or in part, 

in each case on or prior to the earlier of (a) the Stated Maturity of the Notes or (b) the date on which there are no Notes outstanding;
provided, however, that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be
deemed to be Disqualified Stock and (ii) any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of
control or asset sale (howsoever defined or referred to) shall not constitute Disqualified Stock if any such redemption or repurchase obligation is subject to compliance by the relevant Person with Section 3.3 hereof;
provided, however, that if such Capital Stock is issued to any future, current or former employee, director, officer, contractor or consultant (or their respective Controlled Investment Affiliates) of the Company, any of its
Subsidiaries, or any other entity in which the Company or a Restricted Subsidiary has an Investment and is designated in good faith as an “affiliate” by the Board of Directors (or the compensation committee thereof) or any other plan for
the benefit of current, former or future employees (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Company or its Subsidiaries or by any such plan to such employees (or their respective Controlled Investment
Affiliates or Immediate Family Members), such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations. 
 “dollar” or “$” means the lawful currency of the United States of America. 

“DTC” means The Depository Trust Company or any successor securities clearing agency. 

“Eligible Equipment” means any equipment owned by the Company or any of its Restricted Subsidiaries for which the full
purchase price for such equipment has been paid. 
 “Eligible Inventory” means, with respect to any Person, inventory (net
of reserves for slow moving inventory) consisting of finished goods held for sale in the ordinary course of such Person’s business, that are located at such Person’s premises and replacement parts and accessories inventory located at such
Person’s premises. Eligible Inventory shall not include obsolete items, work-in-process, spare parts, supplies used or consumed in such Person’s business, bill
and hold goods, defective goods, if non-salable, “seconds,” and inventory acquired on consignment. 

“Eligible Real Property” means real property in each case that is owned directly, indirectly or beneficially by the Company
or any of its Restricted Subsidiaries other than held by an Unrestricted Subsidiary. 
 “Equity Offering” means a sale of
Capital Stock (other than Disqualified Stock) of the Company other than offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions. 

“euro” means the single currency of participating member states of the economic and monetary union as contemplated in the
Treaty on European Union. 
 “Euroclear” means Euroclear Bank SA/NV or any successor clearing agency. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder, as amended. 
 “Excluded Contribution” means Net Cash Proceeds or property or assets received by
the Company as capital contributions to the equity (other than through the issuance of Disqualified Stock) of the Company after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary or an employee stock ownership plan or
trust established by the Company or any Subsidiary of the Company for the benefit of their employees to the extent funded by the Company or any Restricted Subsidiary) of Capital Stock (other than Disqualified Stock) of the Company, in each case, to
the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Company. 

  
 -14- 

 “Existing Credit Agreement” means the Amendment and Restatement Agreement, dated
as of August 3, 2016, to the Credit Agreement dated as of August 17, 2010, as amended, among Cott Corporation, Cott Beverages Inc., Cott Beverages Limited, Cliffstar LLC, DS Services of America, Inc. and the other loan parties party
thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., London Branch as UK security trustee, JPMorgan Chase Bank, N.A., London Branch, as UK security trustee, JPMorgan Chase Bank, N.A., as administrative agent and administrative collateral
agent, and each of the other parties party thereto, together with the related documents thereto (including the revolving loans thereunder, any letters of credit and reimbursement obligations related thereto, any Guarantees, security documents,
mortgages, instruments and security agreements), as amended, extended, renewed, restated, refunded, replaced, restructured, refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount, terms,
conditions, covenants and other provisions) from time to time, and any one or more agreements (and related documents) governing Indebtedness, including indentures, incurred to refinance, amend, extend, renew, restate, refund, replace, restructure,
supplement or modify, substitute, supplement, replace or add to (including increasing the amount available for borrowing or adding or removing any Person as a borrower, issuer or guarantor thereunder), in whole or in part, the borrowings and
commitments then outstanding or permitted to be outstanding under such Credit Agreement, or to refinance different lenders or one or more successors to the Credit Agreement or one or more new credit agreements. 

“Existing Notes” means, collectively, the 2020 Notes, the 2021 Notes, the 2022 Notes and the 2024 Notes. 

“fair market value” may be conclusively established by means of an Officer’s Certificate or resolutions of the
Board of Directors of the Company setting out such fair market value as determined by such Officer or such Board of Directors in good faith. 

“Fitch” means Fitch Ratings or any of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person on any determination date, the ratio of
Consolidated EBITDA of such Person for the most recent four consecutive fiscal quarters ending immediately prior to such determination date (the “reference period”) for which internal consolidated financial statements are available
to the Fixed Charges of such Person for the reference period. In the event that the Company or any Restricted Subsidiary Incurs, assumes, Guarantees, redeems, defeases, retires or extinguishes any Indebtedness (other than Indebtedness incurred under
any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the reference period but prior to or
simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio (solely for purposes of Incurring
Indebtedness) shall be calculated giving pro forma effect to such Incurrence, deemed Incurrence, assumption, Guarantee, redemption, defeasance, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock
or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided, however, that the pro forma calculation shall not give effect to any Indebtedness Incurred on such determination date
pursuant Section 3.2(b) excluding Indebtedness Incurred pursuant to Sections 3.2(b)(4) and (5). 
 For purposes of
making the computation referred to above, any Investments, acquisitions, dispositions, mergers, consolidations and disposed operations that have been made by the Company or any of its Restricted Subsidiaries, during the reference period or
subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations and disposed or discontinued operations (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the reference period. If since the
beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition,
disposition, merger, consolidation or disposed or discontinued operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period
as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable reference period. 

  
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 For purposes of this definition, whenever pro forma effect is to be given to a
transaction, the pro forma calculations shall be made in good faith by a responsible financial or chief accounting officer of the Company (including cost savings; provided that (x) such cost savings are reasonably identifiable,
reasonably attributable to the action specified and reasonably anticipated to result from such actions and (y) such actions have been taken or initiated and the benefits resulting therefrom are anticipated by the Company to be realized within
twelve (12) months). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation
Date had been the applicable rate for the entire reference period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any
Indebtedness under a revolving credit facility computed with a pro forma basis shall be computed based on the Fixed Charge Coverage Ratio Calculation Date except as set forth in the first paragraph of this definition. Interest on Indebtedness
that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based
upon such optional rate chosen as the Company may designate. 
 “Fixed Charges” means, with respect to any Person for any
period, the sum of: 
 (1)    Consolidated Interest Expense of such Person for such Period; 

(2)    all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any
series of Preferred Stock of any Restricted Subsidiary of such Person during such period; 
 (3)    all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during this period; and 

(4)    any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of
its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon. 

“Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not organized or existing under
the laws of the United States, any state thereof or the District of Columbia and any Subsidiary of such Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect on June 24, 2014.
Except as otherwise set forth in this Indenture, all ratios and calculations based on GAAP contained in this Indenture shall be computed in accordance with GAAP. At any time after the Issue Date, the Company may elect to apply IFRS accounting
principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture), including as to the ability of the Company to make an election pursuant to
the previous sentence; provided that any such election, once made, shall be irrevocable; provided, further, that any calculation or determination in this Indenture that require the application of GAAP for periods that include
fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP; provided, further again, that the Company may only make such election if it
also elects to report any subsequent financial reports required to be made by the Company, including pursuant to Section 13 or Section 15(d) of the Exchange Act and Section 3.10 hereof, in IFRS. The Company shall
give notice of any such election made in accordance with this definition to the Trustees and the Holders. 

  
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 “Governmental Authority” means any nation, sovereign or government, any state,
province, territory or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory, self-regulatory or administrative functions of or pertaining to
government, including a central bank or stock exchange. 
 “Guarantee” means any obligation, contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness of any other Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person: 

(1)    to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of
such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or 

(2)    entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
 provided, however, that the term
“Guarantee” will not include (x) endorsements for collection or deposit in the ordinary course of business or consistent with past practice and (y) standard contractual indemnities or product warranties provided in the ordinary
course of business, and provided further that the amount of any Guarantee shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and
(ii) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee or, if such Guarantee is not an unconditional guarantee of the entire amount of the primary obligation and
such maximum amount is not stated or determinable, the amount of such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

“Guarantor” means the Company and any Restricted Subsidiary that Guarantees the Notes, until such Note Guarantee is released
pursuant to this Indenture. 
 “Hedging Obligations” means, with respect to any person, the obligations of such Person
under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contracts, currency swap agreement or similar
agreement providing for the transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. 

“Holder” means each Person in whose name the Notes are registered on the Registrar’s books, which shall initially be the
nominee of DTC. 
 “IFRS” means International Financial Reporting Standards as issued by the International Accounting
Standards Board. 
 “Immaterial Subsidiary” means, at any date of determination, each Restricted Subsidiary of the Company
that (i) has not guaranteed any other Indebtedness of the Company, the Issuer or another Guarantor, (ii) has Total Assets together with all other Immaterial Subsidiaries as of the last day of the then most recent fiscal year of the Company
for which financial statements have been delivered, of less than 5% of the Total Assets of the Company and the Restricted Subsidiaries at such date, determined on a pro forma basis giving effect to any acquisitions or dispositions of companies,
divisions or lines of business since the start of such four quarter period and on or prior to the date of determination and (iii) has consolidated revenues (other than revenues generated from the sale or license of property between any of the
Issuer and its Restricted Subsidiaries), together with all other Immaterial Subsidiaries for the then most recent fiscal year of the Company for which financial statements have been delivered, of less than 5% of the consolidated revenues (other than
revenues generated from the sale or license of property between any of the Company and its Restricted Subsidiaries) of the Company and the Restricted Subsidiaries for such period, determined on a pro forma basis giving effect to any acquisitions or
dispositions of companies, divisions or lines of business since the start of such four quarter period and on or prior to the date of determination). 

  
 -17- 

 “Immediate Family Members” means, with respect to any individual, such
individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling,
mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of
which any such individual is the donor. 
 “Incur” means issue, create, assume, enter into any Guarantee of, incur, extend
or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be
deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing and any Indebtedness pursuant to any
revolving credit or similar facility shall only be “Incurred” at the time any funds are borrowed thereunder. 

“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1)    the principal of indebtedness of such Person for borrowed money; 

(2)    the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments; 
 (3)    all reimbursement obligations of such Person in respect of letters of credit,
bankers’ acceptances or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings
thereunder that have not been reimbursed) (except to the extent such reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of Incurrence); 

(4)    the principal component of all obligations of such Person to pay the deferred and unpaid purchase
price of property (except trade payables or other similar obligations, including accrued expenses owed, to a trade creditor), which purchase price is due more than one year after the date of placing such property in service or taking final delivery
and title thereto; 
 (5)    Capitalized Lease Obligations of such Person; 

(6)    the principal component of all obligations, or liquidation preference, of such Person with respect
to any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends); 

(7)    the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such
Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined
in good faith by the Company) and (b) the amount of such Indebtedness of such other Persons; 

(8)    Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person; and 
 (9)    to the extent not otherwise included in this definition, net
obligations of such Person under Hedging Obligations (the amount of any such obligations to be equal at any time to the net payments under such agreement or arrangement giving rise to such obligation that would be payable by such Person at the
termination of such agreement or arrangement), 

  
 -18- 

 if and to the extent that any of the foregoing Indebtedness (other than clause
(3), (7), (8) or (9)) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP. 

The term “Indebtedness” shall not include any lease, concession or license of property (or Guarantee thereof) which would be considered an operating
lease under GAAP as in effect on the Issue Date, any prepayments of deposits received from clients or customers in the ordinary course of business or consistent with past practices, or obligations under any license, permit or other approval (or
Guarantees given in respect of such obligations) Incurred prior to the Issue Date or in the ordinary course of business or consistent with past practice. 

The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and
then outstanding. The amount of any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with original issue discount and (b) the principal amount of Indebtedness, or
liquidation preference thereof, in the case of any other Indebtedness. 
 Notwithstanding the above provisions, in no event shall the
following constitute Indebtedness: 
 (i)    Contingent Obligations Incurred in the ordinary course of
business or consistent with past practices; 
 (ii)    Cash Management Services; 

(iii)    in connection with the purchase by the Company or any Restricted Subsidiary of any business, any post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after
the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid in a timely manner; 

(iv)    for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early
retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes; or 

(v)    Capital Stock (other than Disqualified Stock and Preferred Stock of Restricted Subsidiaries). 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Financial Advisor” means an investment banking or accounting firm of international standing or any third party
appraiser of international standing; provided, however, that such firm or appraiser is not an Affiliate of the Company. 

“Initial Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 

“Investment” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the
form of any direct or indirect advance, loan or other extensions of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person in the ordinary course of business or consistent with
past practices, and excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services
for the account or use of others), or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and all other items that are or would
be classified as investments on a balance sheet prepared on the basis of GAAP; provided, however, that endorsements of negotiable instruments and documents in the 

  
 -19- 

 
ordinary course of business or consistent with past practices will not be deemed to be an Investment. If the Company or any Restricted Subsidiary issues, sells or otherwise disposes of any
Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted Subsidiary in such Person remaining after giving
effect thereto will be deemed to be a new Investment at such time. 
 For purposes of Section 3.3 and
Section 3.15 hereof: 
 (1)    “Investment” will include the portion
(proportionate to the Company’s equity interest in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary of the Company at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an
Unrestricted Subsidiary in an amount (if positive) equal to (a) the Company’s “Investment” in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in
such Subsidiary) of the fair market value of the net assets (as conclusively determined by the Board of Directors of the Company in good faith) of such Subsidiary at the time that such Subsidiary is so
re-designated a Restricted Subsidiary; and 
 (2)    any property
transferred to or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 

“Investment Grade Status” shall occur when the Notes receive each of the following: 

(1)    a rating of “BBB-” or higher from S&P; and

 (2)    a rating of “Baa3” or higher from Moody’s; 

or the equivalent of such rating by either such rating organization or, if no rating of Moody’s or S&P then exists, the equivalent of
such rating by any other Nationally Recognized Statistical Ratings Organization. 
 “Issue Date” means the date on which
the Notes are first issued. 
 “Issuer” shall have the meaning ascribed thereto in the recitals to this Indenture. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale
or other title retention agreement or lease in the nature thereof); provided, that, for the avoidance of doubt, in no event shall an operating lease be deemed to constitute a Lien. 

“Management Advances” means loans or advances made in the ordinary course of business or consistent with past practices to,
or Guarantees with respect to loans or advances made to, directors, officers, employees, contractors or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Company or any Restricted Subsidiary: 

(1)    (a) in respect of travel, entertainment or moving related expenses Incurred in the ordinary
course of business or consistent with past practices or (b) for purposes of funding any such person’s purchase of Capital Stock (or similar obligations) of the Company or its Subsidiaries with (in the case of this clause (1)(b)) the
approval of the Board of Directors of the Company; and 
 (2)    in respect of moving related expenses
Incurred in connection with any closing or consolidation of any facility or office. 
 “Moody’s” means Moody’s
Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization. 

  
 -20- 

 “Nationally Recognized Statistical Rating Organization” means a nationally
recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act. 
 “Net Available
Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other
disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties
or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of: 

(1)    all legal, accounting, investment banking, title and recording tax expenses, commissions and other
fees and expenses Incurred, and all Taxes paid or reasonably estimated to be required to be paid or accrued as a liability under GAAP (including, for the avoidance of doubt, any income, withholding and other Taxes payable as a result of the
distribution of such proceeds to the Company and after taking into account any otherwise available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition; 

(2)    all payments made on any Indebtedness which is secured by any assets subject to such Asset
Disposition, in accordance with the terms of any Lien upon such assets, or which by applicable law be repaid out of the proceeds from such Asset Disposition; 

(3)    all distributions and other payments required to be made to minority interest holders (other than
the Company or any of its respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition; 

(4)    the deduction of appropriate amounts required to be provided by the seller as a reserve, on the
basis of GAAP, against any liabilities associated with the assets disposed of in such Asset Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition; and 

(5)     any funded escrow established pursuant to the documents evidencing such sale or disposition to
secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition. 
 “Net
Cash Proceeds,” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees,
discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or sale and net of Taxes paid or reasonably estimated to be actually payable as a result of such issuance or sale
(including, for the avoidance of doubt, any income, withholding and other Taxes payable as a result of the distribution of such proceeds to the Company and after taking into account any available tax credit or deductions and any tax sharing
agreements). 
 “Non-Guarantor” means any Restricted Subsidiary that is not the
Issuer or a Guarantor. 
 “Non-U.S. Person” means a Person who is not a U.S. Person
(as defined in Regulation S). 
 “Note Documents” means the Notes (including Additional Notes), the Note Guarantees and
this Indenture. 
 “Note Guarantee” means a Guarantee of the Notes pursuant to this Indenture. 

“Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 

“Notes Custodian” means the custodian with respect to the Global Notes (as appointed by DTC), or any successor Person thereto
and shall initially be the Registrar. 

  
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 “Obligations” means any principal, interest (including Post-Petition Interest
and fees accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer or any Guarantor whether or not a claim for Post-Petition Interest or fees is allowed in such proceedings), penalties, fees,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness.

 “Offering” means the offering of the Notes and the application of the proceeds thereof. 

“Offering Memorandum” means the final offering memorandum, dated March 8, 2017, relating to the Offering by the Issuer
of $750,000,000 aggregate principal amount of 5.50% Senior Notes due 2025 and any future offering memorandum relating to Additional Notes. 

“Officer” means, with respect to any Person, (1) the Chairman of the Board of Directors, the Chief Executive Officer,
the President, the Chief Financial Officer, any Vice President, the Treasurer, any Managing Director, the Secretary or any Assistant Secretary (a) of such Person or (b) if such Person is owned or managed by a single entity, of such entity,
or (2) any other individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors of such Person. 

“Officer’s Certificate” means, with respect to any Person, a certificate signed by one Officer of such Person. 

“Opinion of Counsel” means a written opinion reasonably satisfactory to the U.S. Trustee from legal counsel. The counsel may
be an employee of or counsel to the Company or its Subsidiaries. 
 “Pari Passu Indebtedness” means Indebtedness of the
Issuer which ranks equally in right of payment to the Notes or of any Guarantor if such Indebtedness ranks equally in right of payment to the Guarantees of the Notes. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on any of
the Notes on behalf of the Issuer. 
 “Permitted Asset Swap” means the concurrent purchase and sale or exchange of assets
used or useful in a Similar Business or a combination of such assets and cash, Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received in excess of the
value of any cash or Cash Equivalents sold or exchanged must be applied in accordance with Section 3.5 hereof. 

“Permitted Investment” means (in each case, by the Company or any of its Restricted Subsidiaries): 

(1)    Investments in (a) a Restricted Subsidiary (including the Capital Stock of a Restricted
Subsidiary) or the Company or (b) a Person (including the Capital Stock of any such Person) that will, upon the making of such Investment, become a Restricted Subsidiary; 

(2)    Investments in another Person if such Person is engaged in any Similar Business and as a result of
such Investment such other Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; 

(3)    Investments in cash or Cash Equivalents; 

(4)    Investments in receivables owing to the Company or any Restricted Subsidiary created or acquired in
the ordinary course of business or consistent with past practices; 
 (5)    Investments in payroll,
travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business or consistent with past practices; 

(6)    Management Advances not to exceed $12.5 million in amount outstanding at any time; 

  
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 (7)    Investments received in settlement of debts created in
the ordinary course of business or consistent with past practices and owing to the Company or any Restricted Subsidiary or in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary, or as a
result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor or otherwise with respect to any
secured Investment or other transfer of title with respect to any secured Investment in default; 

(8)    Investments made as a result of the receipt of non-cash
consideration from a sale or other disposition of property or assets, including an Asset Disposition; 

(9)    Investments existing or pursuant to agreements or arrangements in effect on the Issue Date and any
modification, replacement, renewal or extension thereof; provided that the amount of any such Investment may not be increased except (a) as required by the terms of such Investment as in existence on the Issue Date or (b) as
otherwise permitted under this Indenture; 
 (10)    Hedging Obligations, which transactions or
obligations are Incurred in compliance with Section 3.2 hereof; 

(11)    pledges or deposits with respect to leases or utilities provided to third parties in the ordinary
course of business or consistent with past practices or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens permitted under Section 3.6 hereof; 

(12)    any Investment to the extent made using Capital Stock of the Company (other than Disqualified
Stock) as consideration; 
 (13)    any transaction to the extent constituting an Investment that is
permitted and made in accordance with Section 3.8(b) hereof (except those described in Sections 3.8(b)(1), (3), (6), (7), (8) and (10)); 

(14)    Investments consisting of purchases and acquisitions of inventory, supplies, materials and
equipment or licenses or leases of intellectual property, in any case, in the ordinary course of business or consistent with past practices and in accordance with this Indenture; 

(15)    (i) Guarantees of Indebtedness not prohibited by Section 3.2 hereof
and (other than with respect to Indebtedness) guarantees, keepwells and similar arrangements in the ordinary course of business or consistent with past practices and (ii) performance guarantees with respect to obligations incurred by the
Company or any of its Restricted Subsidiaries that are permitted by this Indenture; 

(16)    Investments consisting of earnest money deposits required in connection with a purchase agreement,
or letter of intent, or other acquisitions to the extent not otherwise prohibited by this Indenture; 

(17)    Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into
the Company or merged into or consolidated with a Restricted Subsidiary after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence
on the date of such acquisition, merger or consolidation; 
 (18)    Investments consisting of licensing
of intellectual property pursuant to joint marketing arrangements with other Persons; 

(19)    contributions to a “rabbi” trust for the benefit of employees or other grantor trust
subject to claims of creditors in the case of a bankruptcy of the Company; 

  
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 (20)    Investments in joint ventures and Unrestricted
Subsidiaries having an aggregate fair market value, when taken together with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed $65.0 million (in each case, with the fair market value of each
Investment being measured at the time made and without giving effect to subsequent changes in value) plus the amount of any returns (including dividends, payments, interest, distributions, returns of principal, profits on sale, repayments, income
and similar amounts) in respect of such Investments (without duplication for purposes of Section 3.3 or any amounts applied pursuant to Section 3.3(a)(iii)). 

(21)    additional Investments having an aggregate fair market value, taken together with all other
Investments made pursuant to this clause (21) that are at that time outstanding, not to exceed the greater of (a) $270.0 million and (b) 6.75% of the Total Assets of the Company (with the fair market value of each Investment
being measured at the time made and without giving effect to subsequent changes in value) plus the amount of any distributions, dividends, payments or other returns in respect of such Investments (without duplication for purposes of
Section 3.3 of any amounts applied pursuant to Section 3.3(a)(iii)); provided that if such Investment is in Capital Stock of a Person that subsequently becomes a Restricted Subsidiary, such Investment shall
thereafter be deemed permitted under clause (1) or (2) above and shall not be included as having been made pursuant to this clause (21); 

(22)    loans, advances and guarantees to or in favor of co-packers
and other suppliers to assist them, by making plant improvements or purchasing materials or equipment or otherwise, in meeting production requirements of the Company or any of its Subsidiaries in an amount not to exceed $40.0 million
outstanding at any one time; 
 (23)     Investments by an Unrestricted Subsidiary entered into prior to
the day such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary pursuant to Section 3.15, to the extent that such Investments were not made in contemplation of or in connection with such redesignation;
provided that an Investment made more than six months prior to the state of redesignation shall be deemed not made in contemplation of or in connection with such redesignation; 

(24)     guaranty and indemnification obligations arising in connection with surety bonds issued in the
ordinary course of business; 
 (25)     Investments consisting of purchases and acquisitions of assets
or services in the ordinary course of business or consistent with past practice or made in the ordinary course of business or consistent with past practice in connection with obtaining, maintaining or renewing client contacts and loans or advances
made to distributors in the ordinary course of business; 
 (26)     Investments in prepaid expenses,
negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business or consistent with past practice;
and 
 (27)     Investments made pursuant to obligations entered into when the investment would have been
permitted hereunder so long as such Investment when made reduces the amount available under the clause under which the Investment would have been permitted; 

“Permitted Liens” means, with respect to any Person: 

(1)    Liens on assets of the Company or any of its Restricted Subsidiaries securing Indebtedness and other
obligations under the Credit Facilities that were permitted by the terms of this Indenture to be incurred pursuant to Section 3.2(b)(1) and/or securing Hedging Obligations related thereto; 

(2)    pledges, deposits or Liens under workmen’s compensation laws, unemployment insurance laws,
social security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements), or in connection with bids, tenders, completion
guarantees, contracts (other than for borrowed money) or 

  
 -24- 

 
leases, or to secure utilities, licenses, public or statutory obligations, or to secure the performance of bids, trade contracts, government contracts and leases, statutory obligations, surety,
stay, indemnity, judgment, customs, appeal or performance bonds, return-of-money bonds, bankers’ acceptance facilities (or other similar bonds, instruments or
obligations), obligations in respect of letters of credit, bank guarantees or similar instruments that have been posted to support the same, or as security for contested taxes or import or custom duties or for the payment of rent, or other
obligations of like nature, in each case Incurred in the ordinary course of business or consistent with past practices; 

(3)    Liens imposed by law, including carriers’, warehousemen’s, mechanics’,
landlords’, materialmen’s and repairmen’s, construction contractors’ or other like Liens; 

(4)    Liens for taxes, assessments or other governmental charges not yet delinquent or which are being
contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to GAAP have been made in respect thereof; 

(5)    encumbrances, charges, ground leases, easements (including reciprocal easement agreements), survey
exceptions, restrictions, encroachments, protrusions, by-law, regulation, zoning restrictions or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the
business of the Company and its Restricted Subsidiaries or to the ownership of their properties, including servicing agreements, development agreements, site plan agreements, subdivision agreements, facilities sharing agreements, cost sharing
agreements and other agreements, which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of the Company and its Restricted Subsidiaries; 

(6)    Liens (a) on assets or property of the Company or any Restricted Subsidiary securing Hedging
Obligations or Cash Management Services not prohibited under this Indenture; (b) that are contractual rights of set-off or, in the case of clause (i) or (ii) below, other bankers’ Liens
(i) relating to treasury, depository and Cash Management Services or any automated clearing house transfers of funds in the ordinary course of business or consistent with past practices and not given in connection with the issuance of
Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business or consistent with past practices of the Company or any Subsidiary or
(iii) relating to purchase orders and other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary course of business or consistent with past practices; (c) on cash accounts securing Indebtedness
and other Obligations permitted to be Incurred under Section 3.2(b)(8)(iii) with financial institutions; (d) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business or consistent with past practices and not for speculative purposes; and/or (e) (i) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set-off) arising in the ordinary course of business or consistent with past practices in connection with the maintenance of such accounts and (iii) arising under customary general terms of the account bank in
relation to any bank account maintained with such bank and attaching only to such account and the products and proceeds thereof, which Liens, in any event, do not to secure any Indebtedness; 

(7)    leases, licenses, subleases and sublicenses of assets (including real property and intellectual
property rights), in each case entered into in the ordinary course of business or consistent with past practices; 

(8)    Liens securing or otherwise arising out of judgments, decrees, attachments, orders or awards not
giving rise to an Event of Default so long as any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree, order or award have not been finally terminated or the period within which such proceedings
may be initiated has not expired; 

  
 -25- 

 (9)    Liens arising from Uniform Commercial Code financing
statement filings, including precautionary UCC financing statements, (or similar filings in other applicable jurisdictions) regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business or
consistent with past practices; 
 (10)    Liens existing on the Issue Date, excluding Liens securing the
Existing Credit Agreement; 
 (11)    Liens on property, other assets or shares of stock of a Person at
the time such Person becomes a Restricted Subsidiary (or at the time the Company or a Restricted Subsidiary acquires such property, other assets or shares of stock, including any acquisition by means of a merger, consolidation or other business
combination transaction with or into the Company or any Restricted Subsidiary); provided, however, that such Liens are not created, Incurred or assumed in anticipation of or in connection with such other Person becoming a Restricted
Subsidiary (or such acquisition of such property, other assets or stock); provided, further, that such Liens are limited to all or part of the same property, other assets or stock (plus improvements, accession, proceeds or dividends or
distributions in connection with the original property, other assets or stock) that secured (or, under the written arrangements under which such Liens arose, could secure) the obligations to which such Liens relate; 

(12)    Liens on assets or property of the Company or any Restricted Subsidiary securing Indebtedness or
other obligations of the Company or such Restricted Subsidiary owing to the Company or another Restricted Subsidiary, or Liens in favor of the Company or any Restricted Subsidiary; 

(13)    Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so
secured, and permitted to be secured under this Indenture (other than any Liens securing the Credit Facility Incurred pursuant to Section 3.2(b)(1)); provided that any such Lien is limited to all or part of the same property or assets (any
improvements, replacements of such property or assets and additions and accessions thereto, after-acquired property subjected to a Lien securing Indebtedness and other obligations Incurred prior to such time and which Indebtedness and other
obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple
financings of equipment provided by any lender, other equipment financed by such lender) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness or other Obligations being refinanced; 

(14)    (a) mortgages, liens, security interests, restrictions, encumbrances or any other matters of record
that have been placed by any government, statutory or regulatory authority, developer, landlord or other third party on property over which the Company or any Restricted Subsidiary of the Company has easement rights or on any leased property and
subordination or similar arrangements relating thereto and (b) any condemnation or eminent domain proceedings affecting any real property; 

(15)    any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock
of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(16)    Liens on property or assets under construction (and related rights) in favor of a contractor or
developer or arising from progress or partial payments by a third party relating to such property or assets; 

(17)    Liens arising out of conditional sale, title retention, hire purchase, consignment or similar
arrangements for the sale of goods entered into in the ordinary course of business or consistent with past practices; 

(18)    [reserved]; 

  
 -26- 

 (19)    Liens Incurred to secure Obligations in respect of
any Indebtedness permitted by Section 3.2(b)(7); provided that such Liens shall in no event extend to or cover any assets other than such assets acquired or constructed with the proceeds of such Capitalized Lease Obligations or
Purchase Money Obligations (plus improvements, accession, proceeds or dividends to or distributions in connection with the original assets); 

(20)    Liens on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary; 
 (21)    any security granted over the marketable
securities portfolio described in clause (9) of the definition of “Cash Equivalents” in connection with the disposal thereof to a third party; 

(22)    Liens securing Indebtedness of Restricted Subsidiaries that are not Guarantors; 

(23)    Liens on (i) goods the purchase price of which is financed by a documentary letter of credit
issued for the account of the Issuer or any Restricted Subsidiary or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant to the standard terms of agreements relating to letters of credit, bank
guarantees and other similar instruments and (ii) specific items of inventory of other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (24)    Liens
on equipment of the Company or any Restricted Subsidiary and located on the premises of any client or supplier in the ordinary course of business or consistent with past practices; 

(25)    Liens on assets or securities deemed to arise in connection with and solely as a result of the
execution, delivery or performance of contracts to sell such assets or securities if such sale is otherwise permitted by this Indenture; 

(26)    Liens arising by operation of law or contract on insurance policies and the proceeds thereof to
secure premiums thereunder, and Liens, pledges and deposits in the ordinary course of business or consistent with past practices securing liability for premiums or reimbursement or indemnification obligations of (including obligations in respect of
letters of credit or bank guarantees for the benefits of) insurance carriers; 
 (27)    Liens solely on
any cash earnest money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; 

(28)    Liens (i) on cash advances in favor of the seller of any property to be acquired in an
Investment permitted pursuant to Permitted Investments to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell any property in an asset sale permitted under
Section 3.5, in each case, solely to the extent such Investment or asset sale, as the case may be, would have been permitted on the date of the creation of such Lien; 

(29)    Liens securing Indebtedness and other obligations (including Refinancing Indebtedness incurred in
respect of Liens Incurred under this clause (29)) in an aggregate principal amount not to exceed $270.0 million at any one time outstanding; 

(30)    Liens securing industrial revenue bonds, pollution control bonds or similar types of tax-exempt bonds; 
 (31)    Liens Incurred to secure Obligations in
respect of any Indebtedness permitted to be Incurred pursuant to Section 3.2; provided that, with respect to liens securing Obligations permitted under this clause, at the time of Incurrence and after giving pro forma
effect thereto, the Consolidated Total Secured Leverage Ratio would be no greater than 3.00 to 1.00; and 

  
 -27- 

 (32)    Liens securing Obligations under the Notes and
Guarantees. 
 For purposes of this definition, the term Indebtedness shall be deemed to include interest on such Indebtedness including interest which
increases the principal amount of such Indebtedness. 
 In the event that a Permitted Lien meets the criteria of more than one of the types
of Permitted Liens (at the time of Incurrence or at a later date), the Company in its sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in any manner that complies with this definition and
such Permitted Lien shall be treated as having been made pursuant only to the clause or clauses of the definition of Permitted Lien to which such Permitted Lien has been classified or reclassified. 

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

“Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that accrue after the
commencement of any bankruptcy or insolvency proceeding, whether or not allowed or allowable as a claim in any such bankruptcy or insolvency proceeding. 

“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“Purchase Money Obligations” means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction
or improvement of property (real or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets,
or otherwise. 
 “QIB” means any “qualified institutional buyer” as such term is defined in Rule 144A. 

“Refinance” means refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell,
extend or increase (including pursuant to any defeasance or discharge mechanism) and the terms “refinances,” “refinanced” and “refinancing” as used for any purpose in this Indenture shall have a
correlative meaning. 
 “Refinancing Indebtedness” means Indebtedness that is Incurred to Refinance (including pursuant to
any defeasance or discharge mechanism) any Indebtedness existing on the Issue Date or Incurred in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any
Restricted Subsidiary that refinances Indebtedness of the Company or another Restricted Subsidiary) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that: 

(1)    (a) such Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such
Refinancing Indebtedness is Incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being Refinanced; and 

(b) to the extent such Refinancing Indebtedness refinances Subordinated Indebtedness, such Refinancing Indebtedness is
Subordinated Indebtedness; 
 (2)    Refinancing Indebtedness shall not include: (i) Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Guarantor; or (ii) Indebtedness, Disqualified Stock or Preferred
Stock of the Issuer or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; and 

  
 -28- 

 (3)    such Refinancing Indebtedness has an aggregate
principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding (plus
fees and expenses, including premiums, accrued and unpaid interest and defeasance costs) under the Indebtedness being Refinanced. 

Refinancing Indebtedness in respect of any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination,
discharge or repayment of all or any part of any such Credit Facility or other Indebtedness. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S-X” means
Regulation S-X under the Securities Act. 
 “Reserved Indebtedness Amount” has
the meaning set forth in Section 3.2(c)(8). 
 “Restricted Investment” means any Investment other than a Permitted
Investment. 
 “Restricted Notes” means Initial Notes and Additional Notes bearing one of the restrictive legends described
in Section 2.1(d). 
 “Restricted Notes Legend” means the legend set forth in
Section 2.1(d)(1). 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an
Unrestricted Subsidiary. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“S&P” means Standard & Poor’s Investors Ratings Services or any of its successors or assigns that is a
Nationally Recognized Statistical Rating Organization. 
 “Sale and Leaseback Transaction” means any arrangement providing
for the leasing by the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation
of such leasing. 
 “SEC” means the U.S. Securities and Exchange Commission or any successor thereto. 

“Secured Indebtedness” means any Indebtedness secured by a Lien other than Indebtedness with respect to Cash Management
Services. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder, as amended. 
 “Significant Subsidiary” means with respect to any Person, any Restricted Subsidiary
of such Person which accounted for more than 10% of (a) the consolidated assets of such Person as of the last day of such Person’s most recently completed fiscal year or (b) the Consolidated EBITDA of such Person for such
Person’s most recently completed fiscal year. 
 “Similar Business” means (a) any businesses, services or
activities engaged in by the Company or any of its Subsidiaries or any Associates on the Issue Date and (b) any businesses, services and activities engaged in by the Company or any of its Subsidiaries or any Associates that are related,
complementary, incidental, ancillary or similar to any of the foregoing, which shall include, but not be limited to, businesses, services or activities related to beverages, food, packing, co-packing and
shipping thereof or are extensions or developments of any thereof. 
 “Stated Maturity” means, with respect to any
security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to
repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 

  
 -29- 

 “Subordinated Indebtedness” means, with respect to any person, any Indebtedness
(whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinated in right of payment to the Notes pursuant to a written agreement. 

“Subsidiary” means, with respect to any Person: 

(1)    any corporation, association, or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; or 

(2)    any partnership, joint venture, limited liability company or similar entity of which: 

(a)    more than 50% of the capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general,
special or limited partnership interests or otherwise; and 
 (b)    such Person or any Subsidiary of
such Person is a controlling general partner or otherwise controls such entity. 
 “Taxes” means all present and future
taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a similar nature (including interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority. 

“Total Assets” mean, as of any date, the total consolidated assets of the Company and its Restricted Subsidiaries on a
consolidated basis, as shown on the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries, determined on a pro forma basis in a manner consistent with the pro forma basis contained in the definition of
Fixed Charge Coverage Ratio. 
 “Transfer Agent” shall have the meaning ascribed thereto in the recitals to this Indenture.

 “Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days (but not more than five Business Days) prior to the redemption date (or, if
such statistical release is not so published or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly equal to the period from the redemption date to April 1, 2020; provided,
however, that if the period from the redemption date to April 1, 2020 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the
redemption date to such applicable date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trustees” means the parties named as such in this Indenture until a successor replaces it and, thereafter, means the
successor. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

  
 -30- 

 “Trust Officer” shall mean, when used with respect to a Trustee, any officer
within the corporate trust department of such Trustee, including any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer of such Trustee who customarily performs functions
similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture. 
 “Unrestricted Subsidiary” means: 

(1)    any Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as
designated by the Board of Directors of the Company in the manner provided below); 
 (2)    Northeast
Retailer Brands, L.L.C. and Cott IP Holdings Corp.; and 
 (3)    any Subsidiary of an Unrestricted
Subsidiary. 
 The Board of Directors of the Company may designate any Subsidiary of the Company, respectively, (including any newly acquired or newly
formed Subsidiary or a Person becoming a Subsidiary through merger, consolidation or other business combination transaction, or Investment therein) to be an Unrestricted Subsidiary only if: 

(1)    such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or own
or hold any Lien on any property of, the Company or any other Subsidiary of the Company which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; and 

(2)    such designation and the Investment of the Company in such Subsidiary complies with
Section 3.3 hereof. 
 “U.S. Government Obligations” means securities that are (1) direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the timely payment of which is unconditionally Guaranteed as a full faith and credit obligation of the United States of America, which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government
Obligations held by such custodian for the account of the holder of such depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary receipt. 

“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote
in the election of directors. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified
Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 

(1)    the sum of the products of the number of years from the date of determination to the date of each
successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by 

(2)    the sum of all such payments. 

  
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 “Wholly Owned Subsidiary” means a Subsidiary of the Company, all of the Capital
Stock of which (other than directors’ qualifying shares or shares required by any applicable law or regulation to be held by a Person other than the Company or another Subsidiary) is owned by the Company or another Subsidiary. 

SECTION 1.2    Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Additional Deposits”
	  	3.18(b)
	 “Additional Restricted Notes”
	  	2.1(b)
	 “Affiliate Transaction”
	  	3.8(a)
	 “Agent Members”
	  	2.1(e)(2)
	 “Asset Disposition Offer”
	  	3.5(b)
	 “Automatic Exchange”
	  	2.6(e)
	 “Automatic Exchange Date”
	  	2.6(e)
	 “Automatic Exchange Notice”
	  	2.6(e)
	 “Automatic Exchange Notice Date”
	  	2.6(e)
	 “Change of Control Offer”
	  	3.9(a)
	 “Change of Control Payment”
	  	3.9(a)
	 “Change of Control Payment Date”
	  	3.9(a)(2)
	 “Covenant Defeasance”
	  	8.3
	 “Covenant Suspension Event”
	  	3.16(a)
	 “cross acceleration provision”
	  	6.1(4)(B)
	 “Defaulted Interest”
	  	2.13
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	3.5(b)
	 “Foreign Disposition”
	  	3.5(e)
	 “Global Notes”
	  	2.1(b)
	 “Guaranteed Obligations”
	  	10.1
	 “Increased Amount”
	  	3.6
	 “Initial Agreement”
	  	3.4(b)(14)
	 “Initial Lien”
	  	3.6
	 “Issuer Order”
	  	2.2
	 “judgment default provision”
	  	6.1(5)
	 “Legal Defeasance”
	  	8.2
	 “Legal Holiday”
	  	12.7
	 “Notes Register”
	  	2.3
	 “payment default”
	  	6.1(4)(A)
	 “Permitted Payments”
	  	3.3(b)
	 “protected purchaser”
	  	2.9
	 “Redemption Date”
	  	5.7(a)
	 “Registrar”
	  	2.3
	 “Regulation S Global Note”
	  	2.1(b)
	 “Regulation S Notes”
	  	2.1(b)
	 “Resale Restriction Termination Date”
	  	2.6(b)
	 “Restricted Global Note”
	  	2.6(e)
	 “Restricted Payment”
	  	3.3(a)
	 “Restricted Period”
	  	2.1(b)
	 “Reversion Date”
	  	3.16(b)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Rule 144A Notes”
	  	2.1(b)
	 “Special Interest Payment Date”
	  	2.13
	 “Special Record Date”
	  	2.13
	 “Successor Company”
	  	4.1(a)(1)
	 “Suspended Covenants”
	  	3.16(a)
	 “Suspension Period”
	  	3.16(b)
	 “Unrestricted Global Note”
	  	2.6(e)

  
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 SECTION 1.3    No Incorporation by Reference of Trust Indenture Act.
This Indenture is not qualified under the Trust Indenture Act, and the Trust Indenture Act shall not apply to or in any way govern the terms of this Indenture. As a result, no provisions of the Trust Indenture Act are incorporated into this
Indenture. 
 SECTION 1.4    Rules of Construction. Unless the context otherwise requires: 

(1)    a term has the meaning assigned to it; 

(2)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (3)    “or” is not exclusive; 

(4)    “including” means including without limitation; 

(5)    words in the singular include the plural and words in the plural include the singular; 

(6)    “will” shall be interpreted to express a command; 

(7)    whenever in this Indenture there is mentioned, in any context, principal, interest or any other
amount payable under or with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof
pursuant to the Notes, provided, however, that the Trustees and the Paying Agent shall not be deemed to have knowledge of the requirement that Additional Interest is due unless the Trustees and the Paying Agent receive written notice
from the Issuer stating that such amounts are due and specifying the dollar amounts thereof; 

(8)    the principal amount of any non-interest bearing or other
discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(9)    the principal amount of any preferred stock shall be (i) the maximum liquidation value of such
preferred stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such preferred stock, whichever is greater; 

(10)    all amounts expressed in this Indenture or in any of the Notes in terms of money refer to the
lawful currency of the United States of America; 
 (11)    the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(12)    unless otherwise specifically indicated, the term “consolidated” with respect to any
Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person. 

  
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 ARTICLE II 

THE NOTES 
 SECTION
2.1    Form, Dating and Terms. 
 (a)    The aggregate principal amount of Notes that may be
authenticated and delivered under this Indenture is unlimited. The Initial Notes issued on the date hereof will be in an aggregate principal amount of $750,000,000. In addition, the Issuer may issue, from time to time in accordance with the
provisions of this Indenture, Additional Notes (as provided herein). Furthermore, Notes may be authenticated and delivered upon registration of transfer, exchange or in lieu of, other Notes pursuant to Sections 2.2,
2.6, 2.8, 2.10, 5.6 or 9.4, in connection with an Asset Disposition Offer pursuant to Section 3.5 or in connection with a Change of Control Offer pursuant to
Section 3.9. 
 Notwithstanding anything to the contrary contained herein, the Issuer may not issue any Additional
Notes, unless such issuance is in compliance with Section 3.2. 
 With respect to any Additional Notes, the Issuer
shall set forth in either (1) a Board Resolution, (2) an Officer’s Certificate or (3) one or more indentures supplemental hereto, the following information: 

(A)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant
to this Indenture; 
 (B)    the issue price and the issue date of such Additional Notes, including the
date from which interest shall accrue; and 
 (C)    whether such Additional Notes shall be Restricted
Notes. 
 In connection with the U.S. Trustee or Authenticating Agent authenticating and delivering each of the Initial Notes and any
Additional Notes, the Trustees shall receive and shall be fully protected in conclusively relying upon, in addition to the Opinion of Counsel and Officer’s Certificate required by Section 12.4, an Opinion of Counsel as
to the due authorization, execution, delivery, validity and enforceability of such Additional Notes. 
 The Initial Notes and the Additional
Notes shall be considered collectively as a single class for all purposes of this Indenture; provided that Additional Notes will not be issued with the same CUSIP or ISIN, as applicable, as existing Notes unless such Additional Notes are fungible
with the existing Notes for U.S. federal income tax purposes. Holders of the Initial Notes and the Additional Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the
Holders of the Initial Notes or the Additional Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 

If any of the terms of any Additional Notes are established by action taken pursuant to Board Resolutions of the Issuer, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustees at or prior to the delivery of the Officer’s Certificate or the indenture supplemental hereto setting
forth the terms of the Additional Notes. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made,
a part of this Indenture and the Issuer, the Guarantors and the Trustees, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(b)    The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the “Additional Restricted
Notes”) will be resold initially only to (A) QIBs in reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted Notes
may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, in each case, in accordance with the procedure described herein. Additional Notes offered after the date hereof may be offered and sold by the
Issuer from time to time pursuant to one or more purchase agreements in accordance with applicable law. 
 Initial Notes and Additional
Restricted Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent global Note substantially

  
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in the form of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as set forth in
Section 2.1(d) (the “Rule 144A Global Note”), deposited with the Registrar, as custodian for DTC, duly executed by the Issuer and authenticated by the U.S. Trustee as hereinafter
provided. The Rule 144A Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the
Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar, as custodian for DTC or its nominee, as hereinafter provided. 

Initial Notes and any Additional Restricted Notes offered and sold outside the United States of America (the
“Regulation S Notes”) in reliance on Regulation S shall be issued in the form of a permanent global Note substantially in the form of Exhibit A including appropriate legends as set
forth in Section 2.1(d) (the “Regulation S Global Note”) within a reasonable period after the expiration of the Restricted Period (as defined below) upon delivery of the certification
contemplated by Section 2.8. Each Regulation S Global Note will be deposited upon issuance with, or on behalf of, the Registrar as custodian for DTC in the manner described in this Article II. Prior to the
40th day after the later of the commencement of the offering of the Initial Notes and the Issue Date (such period through and including such 40th day, the “Restricted Period”), interests in the Regulation S Global Note may
only be transferred to Non-U.S. persons pursuant to Regulation S, unless exchanged for interests in a Global Note in accordance with the transfer and certification requirements described herein. 

Investors may hold their interests in the Regulation S Global Note through organizations other than Euroclear or Clearstream that are
participants in DTC’s system or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations which are participants in such systems. If such interests are held through Euroclear or
Clearstream, Euroclear and Clearstream will hold such interests in the applicable Regulation S Global Note on behalf of their participants through customers’ securities accounts in their respective names on the books of their respective
depositaries. Such depositaries, in turn, will hold such interests in the applicable Regulation S Global Note in customers’ securities accounts in the depositaries’ names on the books of DTC. 

The Regulation S Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum
principal amount to be represented by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar, as custodian for DTC
or its nominee, as hereinafter provided. 
 The Rule 144A Global Note and the Regulation S Global Note are sometimes collectively
herein referred to as the “Global Notes.” 
 The principal of (and premium, if any) and interest and any Additional
Interest, if any, on the Notes shall be payable at the office or agency of Paying Agent designated by the Issuer maintained for such purpose (which shall initially be the office of the Agent maintained for such purpose), or at such other office or
agency of the Issuer as may be maintained for such purpose pursuant to Section 2.3; provided, however, that each installment of interest and Additional Interest, if any, may be paid (i) at the option of
the Paying Agent, by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) by wire transfer to an account located in the United States maintained by the payee, subject to the last
sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by DTC. Payments in
respect of Notes represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes will be made in accordance with the
Notes Register, or by wire transfer to a dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the U.S. Trustee or the Paying Agent to such effect
designating such account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the U.S. Trustee may accept in its discretion). 

The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage, in addition to those set forth on
Exhibit A and in Section 2.1(d). The Issuer shall approve any notation, endorsement or legend on the Notes. Each Note shall be dated the date of its authentication. The terms of the Notes set forth
in Exhibit A are part of the terms of this Indenture and, to the extent applicable, the Issuer, the Guarantors, the Trustees and the Agent, by their execution and delivery of this Indenture, expressly agree to be bound by
such terms. 

  
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 (c)    Denominations. The Notes shall be issuable only in fully
registered form in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(d)    Restrictive Legends. Unless and until (i) an Initial Note or an Additional Note issued as a Restricted
Note is sold under an effective registration statement, or (ii) the Issuer receives an opinion of counsel satisfactory to it to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act: 
 (1)    the Rule 144A Global Note and the
Regulation S Global Note shall bear the following legend on the face thereof: 
 THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN
THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE
EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING ITS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (X) THE DATE
WHICH IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS SECURITY) OR THE LAST DAY ON
WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”),
OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE ISSUER, THE TRUSTEES AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/ OR OTHER INFORMATION, ALL IN FORM AND SUBSTANCE SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

  
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 In the case of the Regulation S Global Note: 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND
IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 BY ITS ACQUISITION OF THIS
SECURITY THE HOLDER AND ANY SUBSEQUENT TRANSFEREE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) THE PURCHASER IS NOT ACQUIRING OR HOLDING SUCH SECURITY OR AN INTEREST THEREIN WITH THE ASSETS OF (A) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
(C) ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR (D) A GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO SUCH PROVISIONS THAT
ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”) OR (II) THE ACQUISITION AND HOLDING OF SUCH SECURITY BY THE PURCHASER, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH SECURITY AND THE DISPOSITION OF
SUCH SECURITY OR AN INTEREST THEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, A BREACH OF FIDUCIARY DUTY UNDER
ERISA OR A VIOLATION OF ANY PROVISIONS OF ANY APPLICABLE SIMILAR LAW. 
 (2)    Each Global Note, whether
or not an Initial 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”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

(e)    Book-Entry Provisions. (i) This Section 2.1(e) shall apply only to Global
Notes deposited with the U.S. Trustee, as custodian for DTC. 
 (1)    Each Global Note initially shall
(x) be registered in the name of DTC or the nominee of DTC, (y) to be delivered to the Notes Custodian for DTC and (z) bear legends as set forth in Section 2.1(d).

  
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Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to DTC, its successors or its respective nominees, except as set
forth in Section 2.1(e)(4) and 2.1(f). If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Notes Custodian will (x) record a decrease in
the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one
Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and
become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains
such an interest. 
 (2)    Members of, or participants in, DTC (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Notes Custodian as the custodian of DTC or under such Global Note, and DTC may be treated by the Issuer, the Trustees and any agent of the
Issuer or the Trustees as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustees or any agent of the Issuer or the Trustees from giving effect to any
written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global
Note. 
 (3)    In connection with any transfer of a portion of the beneficial interest in a Global Note
pursuant to Section 2.1(f) to beneficial owners who are required to hold Definitive Notes, the Notes Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an
amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Issuer shall execute, and the U.S. Trustee shall authenticate and make available for delivery, one or more Definitive Notes of like tenor
and amount. 
 (4)    In connection with the transfer of an entire Global Note to beneficial owners
pursuant to Section 2.1(f), such Global Note shall be deemed to be surrendered to the Registrar for cancellation, and the Issuer shall execute, and the U.S. Trustee shall authenticate and make available for delivery, to
each beneficial owner identified by DTC in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

(5)    The registered Holder of a Global Note may grant proxies and otherwise authorize any person,
including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(6)    Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of
beneficial interests in such Global Note may be effected only through a book-entry system maintained by (i) the Holder of such Global Note (or its agent) or (ii) any holder of a beneficial interest in such Global Note, and that ownership
of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 
 (f)    Definitive
Notes. (ii) Except as provided below, owners of beneficial interests in Global Notes will not be entitled to receive Definitive Notes. Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests
in a Global Note if (A) DTC notifies the Issuer that it is unwilling or unable to continue as depositary for such Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so
registered in order to act as depositary, and in each case, a successor depositary is not appointed by the Issuer within 120 days of such notice, (B) the Issuer in its sole discretion executes and deliver to the Trustee and Registrar an
Officer’s Certificate stating that such Global Note shall be so exchangeable or (C) an Event of Default has occurred and is continuing and the U.S. Trustee and the Registrar has received a written request from DTC. In the event of the
occurrence of any of the events specified in the second preceding sentence or in clause (A), (B) or (C) of the preceding sentence, the Issuer shall promptly make available to the U.S. Trustee or the Authenticating Agent a reasonable
supply of Definitive Notes. In addition, any Note transferred to an affiliate (as defined in Rule 405 under the Securities Act) of the Issuer or evidencing a Note that has 

  
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been acquired by an affiliate in a transaction or series of transactions not involving any public offering must, until one year after the last date on which either the Issuer or any affiliate of
the Issuer was an owner of the Note, be in the form of a Definitive Note and bear the legend regarding transfer restrictions in Section 2.1(d). If required to do so pursuant to any applicable law or regulation, beneficial
owners may also obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance with DTC’s and the Registrar’s procedures. 

(1)    Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to
Section 2.1(e) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Global Note set forth in
Section 2.1(d). 
 (2)    If a Definitive Note is transferred or exchanged for
a beneficial interest in a Global Note, the Registrar will (x) cancel such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the
event that such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, the Issuer shall execute, and the U.S. Trustee shall authenticate and make available for delivery, to the transferring Holder a new
Definitive Note representing the principal amount not so transferred. 
 (3)    If a Definitive Note is
transferred or exchanged for another Definitive Note, (x) the Registrar will cancel the Definitive Note being transferred or exchanged, (y) the Issuer shall execute, and the U.S. Trustee shall authenticate and make available for delivery,
one or more new Definitive Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note
(in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, the Issuer shall execute, and
the U.S. Trustee shall authenticate and make available for delivery to the Holder thereof, one or more Definitive Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the
canceled Definitive Notes, registered in the name of the Holder thereof. 
 (4)    Notwithstanding
anything to the contrary in this Indenture, in no event shall a Definitive Note be delivered upon exchange or transfer of a beneficial interest in the Regulation S Global Note prior to the end of the Restricted Period. 

SECTION 2.2    Execution and Authentication. One Officer shall sign the Notes for the Issuer by manual or facsimile
signature. If the Officer whose signature is on a Note no longer holds that office at the time a Trustee or Authenticating Agent authenticates the Note, the Note shall be valid nevertheless. 

A Note shall not be valid until an authorized officer of a Trustee or the Authenticating Agent manually authenticates the Note. The signature
of a Trustee or the Authenticating Agent on a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of its authentication. 

At any time and from time to time after the execution and delivery of this Indenture, the U.S. Trustee or Authenticating Agent shall
authenticate and make available for delivery: (1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $750,000,000, (2) subject to the terms of this Indenture, Additional Notes for original issue in an
unlimited principal amount, and (3) under the circumstances set forth in Section 2.6(e), Initial Notes in the form of an Unrestricted Global Note, in each case upon a written order of the Issuer signed by one Officer
(the “Issuer Order”). Such Issuer Order shall specify whether the Notes will be in the form of Definitive Notes or Global Notes, the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be
authenticated, the holder of the Notes and whether the Notes are to be Initial Notes or Additional Notes. 
 The Trustees may appoint an
Authenticating Agent reasonably acceptable to the Issuer to authenticate the Notes and the Trustees initially appoint The Bank of New York Mellon as Authenticating Agent. Any such appointment shall be evidenced by an instrument signed by a Trust
Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes 

  
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whenever a Trustee may do so. Each reference in this Indenture to authentication by a Trustee includes authentication by the Authenticating Agent. An Authenticating Agent has the same rights as
any Registrar, Paying Agent or agent for service of notices and demands. 
 In case the Issuer or any Guarantor, pursuant to
Article IV or Section 10.2, as applicable, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets
substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which the Issuer or any Guarantor shall have been merged, or the Person which shall have received a conveyance,
transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustees and Agent pursuant to Article IV, any of the Notes authenticated or delivered prior to such
consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be required), from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such
changes in phraseology and form as may be appropriate to reflect such successor Person, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the U.S. Trustee, upon the Issuer Order of
the successor Person, shall authenticate and make available for delivery Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to
this Section 2.2 in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at
the time outstanding for Notes authenticated and delivered in such new name. 
 SECTION 2.3    Registrar and Paying
Agent. The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment. The Registrar
shall keep a register of the Notes and of their transfer and exchange (the “Notes Register”). The Issuer may have one or more co-registrars and one or more additional paying agents. The term
“Paying Agent” includes any additional paying agent and the term “Registrar” includes any co-registrar. 

The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustees in writing of the name and address of each such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustees shall
act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Issuer or any Guarantor may act as Paying Agent, Registrar or transfer agent. 

The Issuer initially appoints The Bank of New York Mellon as Registrar, Paying Agent and Transfer Agent for the Notes. The Issuer may change
any Agent without prior notice to the Holders, but upon written notice to such Agent and to the Trustees; provided, however, that no such removal shall become effective until (i) acceptance of any appointment by a successor as
evidenced by an appropriate agreement entered into by the Issuer and such successor Agent, as the case may be, and delivered to the Trustees and the passage of any waiting or notice periods required by DTC procedures or (ii) written
notification to the Trustees that the U.S. Trustee shall serve as Agent until the appointment of a successor in accordance with clause (i) above. The Agent may resign at any time upon written notice to the Issuer and the Trustees. 

SECTION 2.4    Paying Agent To Hold Money in Trust. By no later than 10:00 a.m. (Eastern time) on the
date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuer shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or interest when due or at the
option of the Paying Agent, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders; provided that all payments of principal, premium,
if any, interest and Additional Interest, if any, with respect to the Notes represented by one or more Global Notes registered in the name of DTC or its nominee will be made by wire transfer of immediately available funds to the accounts specified
by the Holder or Holders thereof. The Issuer shall require each Paying Agent (other than a Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustees all money held by such Paying Agent for the
payment of principal of, premium, if any, or interest on the Notes (whether such assets have been distributed to it by the Issuer or other obligors on the Notes), shall notify the Trustees in writing of any default by the Issuer or any Guarantor in
making any such payment and shall during the continuance of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustees, forthwith deliver to the
Trustees all sums 

  
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held in trust by such Paying Agent for payment in respect of the Notes together with a full accounting thereof. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent (other than a Trustee) to pay all money held by it to the Trustees and to account for any funds or assets
disbursed by such Paying Agent. Upon complying with this Section 2.4, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have no further liability for the money delivered to the Trustees. Upon
any bankruptcy, reorganization or similar proceeding with respect to the Issuer, the U.S. Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.5    Holder Lists. The U.S. Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders. If the U.S. Trustee is not the Registrar, the Issuer, on its own behalf and on behalf of each of the Guarantors, shall furnish or cause the Registrar to furnish to the U.S.
Trustee, in writing at least five Business Days before each interest payment date and at such other times as the U.S. Trustee may request in writing, a list in such form and as of such date as the U.S. Trustee may reasonably require of the names and
addresses of Holders. 
 SECTION 2.6    Transfer and Exchange. 

(a)    A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a
beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Transfer Agent a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any
certification, opinion or other document required by this Section 2.6. The Transfer Agent will promptly register any transfer or exchange that meets the requirements of this Section 2.6 by noting
the same in the Notes Register maintained by the Registrar for the purpose, and no transfer or exchange will be effective until it is registered in such Notes Register. The transfer or exchange of any Note (or a beneficial interest therein) may only
be made in accordance with this Section 2.6 and Section 2.1(e) and 2.1(f), as applicable, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and
procedures of DTC, Euroclear and Clearstream. The Registrar shall refuse to register any requested transfer or exchange that does not comply with this paragraph. 

(b)    Transfers of Rule 144A Notes. The following provisions shall apply with respect to any
proposed registration of transfer of a Rule 144A Note prior to the date that is one year after the later of the date of its original issue and the last date on which the Issuer or any Affiliate of the Issuer was the owner of such Notes (or any
predecessor thereto) (the “Resale Restriction Termination Date”): 
 (1)    a
registration of transfer of a Rule 144A Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing for its own account or an
account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; provided that no such written representation or other written certification shall be required in connection with the
transfer of a beneficial interest in the Rule 144A Global Note to a transferee in the form of a beneficial interest in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC. 

(2)    a registration of transfer of a Rule 144A Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth in Section 2.8 from the proposed transferee and the delivery of
an Opinion of Counsel, certification and/or other information satisfactory to it. 

  
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 (c)    Transfers of Regulation S Notes. The
following provisions shall apply with respect to any proposed transfer of a Regulation S Note prior to the expiration of the Restricted Period: 

(1)    a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon
the representation of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as
the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration
provided by Rule 144A; and 
 (2)    a transfer of a Regulation S Note or a beneficial interest
therein to a Non-U.S. Person shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth in Section 2.8 hereof from the proposed
transferee and receipt by the Registrar or its agent of an Opinion of Counsel, certification and/or other information satisfactory to the Issuer. 

After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law
without requiring the certification set forth in Section 2.8 or any additional certification. 

(d)    Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing a Restricted Notes
Legend, the Registrar shall deliver Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend
unless (1) an Initial Note is being transferred pursuant to a shelf registration statement or other effective registration statement, (2) Initial Notes are being exchanged for Notes that do not bear the Restricted Notes Legend in
accordance with Section 2.6(e) or (3) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Registrar to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 

(e)    Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes
Legend. Upon the Issuer’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a
“Restricted Global Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing the Restricted Notes Legend (an “Unrestricted Global Note”) without any action required by or on behalf
of the Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (1) with respect to the Notes issued on the Issue Date, the Issue Date or (2) with respect to Additional Notes,
if any, the issue date of such Additional Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”). Upon the Issuer’s satisfaction that the Restricted Notes
Legend shall no longer be required in order to maintain compliance with the Securities Act, the Issuer shall (i) provide written notice to DTC and the Trustees and Registrar at least fifteen (15) calendar days prior to the Automatic
Exchange Date, instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note, which the Issuer shall have previously otherwise made eligible for exchange with the DTC,
(ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least fifteen (15) calendar days prior to the Automatic Exchange Date
(the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange shall occur, (y) the “CUSIP”
number of the Restricted Global Note from which such Holder’s beneficial interests will be transferred and (z) the “CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial interests will be
transferred, and (iii) on or prior to the Automatic Exchange Date, deliver to the U.S. Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Issuer and an Issuer Order requesting the U.S. Trustee to
authenticate, in an aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. At the Issuer’s written request on no less than five (5) calendar
days’ notice prior to the Automatic Exchange Notice Date, the U.S. Trustee shall deliver, in the Issuer’s names and at their expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of
Holders; provided that the Issuer has delivered to the U.S. Trustee the information required to be included in such Automatic Exchange Notice. 

  
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 Notwithstanding anything to the contrary in this Section 2.6(e), during
the fifteen (15) calendar day period prior to the Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 2.6(e) shall be permitted without the prior written consent of the Issuer. As a
condition to any Automatic Exchange, the Issuer shall provide, and the Trustees shall be entitled to conclusively rely upon, an Officer’s Certificate and Opinion of Counsel to the Issuer to the effect that the Automatic Exchange shall be
effected in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act and that the aggregate
principal amount of the particular Restricted Global Note is to be transferred to the particular Unrestricted Global Note by adjustment made on the records of the U.S. Trustee, as custodian for the depositary to reflect the Automatic Exchange. Upon
such exchange of beneficial interests pursuant to this Section 2.6(e), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the U.S. Trustee, as custodian
for the depositary, to reflect the relevant increase or decrease in the principal amount of such Global Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred pursuant to an Automatic
Exchange shall be cancelled following the Automatic Exchange. 
 (f)    Retention of Written Communications. The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.1 or this Section 2.6. The Issuer shall have the right to inspect and make
copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar. 

(g)    Obligations with Respect to Transfers and Exchanges of Notes. To permit registrations of transfers and
exchanges, the Issuer shall, subject to the other terms and conditions of this Article II, execute and the U.S. Trustee shall authenticate Definitive Notes and Global Notes at the Issuer’s and Registrar’s written
request. 
 No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer may require the Holder
to pay a sum sufficient to cover any transfer tax assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant
to Sections 2.2, 2.6, 2.8, 2.10, 3.5, 5.6 or 9.4). 
 The Issuer (and
the Registrar) shall not be required to register the transfer of or exchange of any Note (A) for a period beginning (1) 15 calendar days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close
of business on the day of such mailing or (2) 15 calendar days before an interest payment date and ending on such interest payment date or (B) called for redemption, except the unredeemed portion of any Note being redeemed in part.

 Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustees, the Paying Agent or the Registrar may
deem and treat the person in whose name a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and (subject to paragraph 2 of the form of Notes attached hereto as Exhibit A)
interest on such Note and for all other purposes whatsoever, including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of the Issuer, the Trustees, the Paying Agent or the Registrar shall be
affected by notice to the contrary. 
 Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to
Section 2.1(f) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in
Section 2.1(d). 
 All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

SECTION 2.7    No Obligation of the Trustees. (1) None of the Trustees nor the Registrar shall have any
responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to
any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery
of any Notes (or other security or property) under or with respect to such Notes. 

  
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All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders
(which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustees may conclusively rely and
shall be fully protected in conclusively relying upon information furnished by DTC with respect to its members, participants and any beneficial owners. 

None of the Trustees nor the Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among DTC participants, members or beneficial owners in any Global Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. None of the Trustees, the Registrar nor any of their respective agents shall have any responsibility or liability for any actions taken or not taken by DTC. 

SECTION 2.8    Form of Certificate To Be Delivered in Connection with Transfers Pursuant to
Regulation S. 
 [Date] 

Cott Holdings Inc. 
 c/o Cott Corporation 

5519 W. Idlewild Avenue 
 Tampa, Florida 33634 

Attention: Jason Ausher 
 Facsimile: 813-881-1870 
 The Bank of New York Mellon, as U.S. Trustee, Paying Agent,
Registrar and Transfer Agent 
 101 Barclay Street, Floor 7E 

New York, New York 10286 
 Attention: Corporate Trust
Administration 
  

	Re:	Cott Holdings Inc. (the “Issuer”) 

 5.50% Senior Notes due 2025 (the
“Notes”) 
 Ladies and Gentlemen: 

In connection with our proposed sale of $[        ] aggregate principal amount of the Notes, we
confirm that such sale has been effected pursuant to and in accordance with Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(a)    the offer of the Notes was not made to a person in the United States; 

(b)    either (i) at the time the buy order was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated
off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c)    no directed selling efforts have been made in the United States in contravention of the requirements
of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as applicable; and 

  
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 (d)    the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions
of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or
Rule 904(b)(1), as the case may be. 
 We also hereby certify that we [are][are not] an Affiliate of the Issuer and, to our knowledge,
the transferee of the Notes [is][is not] an Affiliate of the Issuer. 
 The Trustees, Registrar and the Issuer are entitled to conclusively
rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S. 
  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

 SECTION 2.9    Mutilated, Destroyed, Lost or Stolen Notes. If a mutilated
Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the U.S. Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Issuer and the U.S. Trustee that such Note has been lost, destroyed or wrongfully taken within a reasonable time
after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has not registered a transfer prior to receiving such notification, (b) makes such request to the Issuer and the U.S. Trustee and the Registrar prior to
the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”), (c) satisfies any other reasonable requirements
of the U.S. Trustee and the Registrar and (d) provides an indemnity bond, as more fully described below; provided, however, if after the delivery of such replacement Note, a protected purchaser of the Note for which such
replacement Note was issued presents for payment or registration such replaced Note, the Trustees and the Registrar and/or the Issuer shall be entitled to recover such replacement Note from the Person to whom it was issued and delivered or any
Person taking therefrom, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustees or the Registrar in
connection therewith. Such Holder shall furnish an indemnity bond sufficient in the judgment of the (i) Trustees to protect the Trustees (ii) Agent to protect the Agent and (iii) the Issuer to protect the Issuer, the Trustees and the
Agent, from any loss which any of them may suffer if a Note is replaced, and, in the absence of notice to the Issuer, any Guarantor or the Trustees or the Registrar that such Note has been acquired by a protected purchaser, the Issuer shall execute,
and upon receipt of an Issuer Order, the U.S. Trustee shall authenticate and make available for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount,
bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note
pursuant to this Section 2.9, the Issuer may require that such Holder pay a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of counsel and of the U.S. Trustee and Agent) in connection therewith. 

  
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 Subject to the proviso in the initial paragraph of this Section 2.9,
every new Note issued pursuant to this Section 2.9, in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, any Guarantor (if applicable) and
any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other
Notes duly issued hereunder. 
 The provisions of this Section 2.9 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION
2.10    Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustees except for those cancelled by it, those delivered to it for cancellation, those paid pursuant to
Section 2.9 and those described in this Section 2.10 as not outstanding. A Note does not cease to be outstanding in the event the Issuer or an Affiliate of the Issuer holds the Note;
provided, however, that (i) for purposes of determining which are outstanding for consent or voting purposes hereunder, the provisions of Section 12.6 shall apply and (ii) in determining whether the
Trustees shall be protected in making a determination whether the Holders of the requisite principal amount of outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have consented to or voted in favor of any request,
demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, or relying upon any such quorum, consent or vote, only Notes which a Trust Officer of the Trustees or the Registrar actually knows to be held by the
Issuer or an Affiliate of the Issuer shall not be considered outstanding. 
 If a Note is replaced pursuant to
Section 2.9 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustees or the Registrar and the Issuer receive proof satisfactory to them that the replaced Note is held by a
protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement pursuant to Section 2.9. 

If the Paying Agent holds in trust, in accordance with this Indenture, on a Redemption Date or maturity date, money sufficient to pay all
principal, premium, if any, and accrued interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on
that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

SECTION 2.11    Temporary Notes. In the event that Definitive Notes are to be issued under the terms of this
Indenture, until such Definitive Notes are ready for delivery, the Issuer may prepare and the U.S. Trustee or Authenticating Agent shall authenticate temporary Notes. Temporary Notes shall be substantially in the form, and shall carry all rights, of
Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the U.S. Trustee or Authenticating Agent shall authenticate Definitive Notes. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Issuer for that purpose and such exchange shall be without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the U.S. Trustee or Authenticating Agent shall, upon receipt of an Issuer Order, authenticate and make available for delivery in exchange
therefor, one or more Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of Definitive Notes.

 SECTION 2.12    Cancellation. The Issuer at any time may deliver Notes to the Registrar for cancellation. The
Registrar shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such Notes in accordance with its internal policies and customary procedures (subject to the record retention requirements of
the Exchange Act). If the Issuer or any Guarantor acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Registrar
for cancellation pursuant to this Section 2.12. The Issuer may not issue new Notes to replace Notes it has paid or delivered to the Registrar for cancellation for any reason other than in connection with a transfer or
exchange. 
 At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred,
redeemed, repurchased or canceled, such Global Note shall be returned by DTC to the Registrar for 

  
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cancellation or retained and canceled by the Registrar. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in
exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Registrar (if it is
then the Notes Custodian for such Global Note) with respect to such Global Note, by the Registrar, to reflect such reduction. 
 SECTION
2.13 Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person in whose name such Note (or one or more predecessor
Notes) is registered at the close of business on the regular record date for such payment at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.3. 

Any interest on any Note which is payable, but is not paid when the same becomes due and payable and such nonpayment continues for a period of
30 days shall forthwith cease to be payable to the Holder on the regular record date, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and
interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustees in writing of the
amount of Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Issuer shall deposit
with the Trustees or Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustees for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Section 2.13(a). Thereupon the Issuer shall fix a record date (the “Special Record
Date”) for the payment of such Defaulted Interest, which date shall be not more than 20 calendar days and not less than 15 calendar days prior to the Special Interest Payment Date and not less than 10 calendar days after
the receipt by the Paying Agent of the notice of the proposed payment. The Issuer shall promptly notify the Trustees and the Paying Agent in writing of such Special Record Date, and in the name and at the expense of the Issuer, the Trustees shall
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in Section 12.2, not less than
10 calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be
paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the provisions
in Section 2.13(b). 
 (b) The Issuer may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Issuer to the Trustees and the Paying
Agent of the proposed payment pursuant to this Section 2.13(b), such manner of payment shall be deemed practicable by the Paying Agent 

Subject to the foregoing provisions of this Section 2.13, each Note delivered under this Indenture upon registration
of, transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

SECTION 2.14 CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use “CUSIP” and “ISIN” numbers and, if so,
the Trustees and Agent shall use “CUSIP” and “ISIN” numbers in notices of redemption or purchase as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or
purchase shall not be affected by any defect in or omission of such CUSIP and ISIN numbers. The Issuer shall promptly notify the Trustees and Registrar in writing of any change in the CUSIP and ISIN numbers. 

  
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 ARTICLE III 

COVENANTS 
 SECTION 3.1
Payment of Notes. The Issuer shall promptly pay the principal of, premium, if any, and interest (including Additional Interest) on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if
any, and interest (including Additional Interest) shall be considered paid on the date due if by 10:00 a.m. Eastern time on such date the Trustees or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal,
premium, if any, and interest (including Additional Interest) then due and the Trustees or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest (including Additional Interest) at the same rate to the extent lawful. 
 Notwithstanding anything to the contrary
contained in this Indenture, the Issuer may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 

SECTION 3.2 Limitation on Indebtedness. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness) and the Company will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, that the Company may incur
Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred Stock, if
the Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional
Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the
additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period; provided that
the then outstanding aggregate principal amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries that are
not the Issuer or Guarantors shall not exceed $130.0 million. 
 (b) Clause (a) of this Section 3.2
shall not prohibit the Incurrence of the following Indebtedness: 
 (1) the incurrence of Indebtedness under any Credit
Facility; provided that the aggregate principal amount of all such Indebtedness outstanding under this clause (1) as of any date of incurrence (after giving pro forma effect to the application of the proceeds of such incurrence),
shall not exceed (i) the greater of (A) $500.0 million, and (B) the sum of (x) 85% of the net book value of the accounts receivable of the Company and its Restricted Subsidiaries, (y) 75% of the total Eligible Inventory of the Company
and its Restricted Subsidiaries, and (z) the sum of (a) 75% of the Eligible Real Property of the Company and its Restricted Subsidiaries and (b) 85% of the value of the Eligible Equipment of the Company and its Restricted Subsidiaries, in each
case determined in accordance with GAAP and calculated on a pro forma basis to give effect to any acquisitions or dispositions of assets made in connection with any transaction on the date of calculation; plus (ii) in the case of any
refinancing of any Indebtedness permitted under this clause or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses Incurred in connection with such
refinancing; 

  
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 (2) Guarantees by the Company or any Restricted Subsidiary of Indebtedness so
long as the Incurrence of such Indebtedness is permitted under the terms of this Indenture; 
 (3) Indebtedness, Preferred
Stock or Disqualified Stock held by the Company or any Restricted Subsidiary; provided, however, that: 
 (a)
any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness, Preferred Stock or Disqualified Stock being beneficially held by a Person other than the Company or a Restricted Subsidiary of the
Company; and 
 (b) any sale or other transfer of any such Indebtedness, Preferred Stock or Disqualified Stock to a Person
other than the Company or a Restricted Subsidiary of the Company, 
 shall be deemed, in each case, to constitute an Incurrence of such
Indebtedness by the Company or such Restricted Subsidiary, as the case may be; 
 (4) Indebtedness represented by
(a) the Notes (other than any Additional Notes), including any Guarantee thereof, (b) any Indebtedness (other than Indebtedness incurred pursuant to clauses (1) and (3)) outstanding on the Issue Date, including the Existing Notes, and
any Guarantee thereof, and (c) Refinancing Indebtedness (including with respect to the Notes and the Existing Notes (other than the 2020 Notes) and any Guarantee thereof) Incurred in respect of any Indebtedness described in this clause or
clauses (5), (7) or (13) of this Section 3.2(b) or Incurred pursuant to Section 3.2(a); 

(5) Indebtedness of (i) the Company or any Restricted Subsidiary Incurred or issued to finance an acquisition or
(ii) Persons that are acquired by the Company or any Restricted Subsidiary or merged into or consolidated with the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that after giving effect to
such acquisition, merger or consolidation, either 
 (a) the Company would be permitted to Incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 3.2(a); or 

(b) the Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries would not be lower than it was immediately
prior to such acquisition, merger or consolidation; 
 (6) Hedging Obligations (excluding Hedging Obligations entered into
for speculative purposes); 
 (7) Indebtedness represented by Capitalized Lease Obligations or Purchase Money Obligations, in
an aggregate principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (7) and then outstanding, including Refinancing Indebtedness in respect thereof, does not exceed
$165.0 million; 
 (8) Indebtedness in respect of (i) workers’ compensation claims, self-insurance obligations, performance, indemnity, surety, judgment, appeal, advance payment (including progress premiums), customs, value added or other tax or other guarantees or other similar bonds, instruments
or obligations and completion guarantees and warranties provided by the Company or a Restricted Subsidiary or relating to liabilities, obligations or guarantees Incurred in the ordinary course of business or consistent with past practices (other
than Guarantees for borrowed money), (ii) the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or consistent with past practices;
provided, however, that such Indebtedness is extinguished within five Business Days of Incurrence; (iii) customer deposits and advance payments (including progress premiums) received in the ordinary course of business or
consistent with past practices from customers for goods or services purchased in the ordinary course of business or consistent with past practices; (iv) letters 

  
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of credit, bankers’ acceptances, warehouse receipts, guarantees or other similar instruments or obligations issued or relating to liabilities or obligations Incurred in the ordinary course
of business or consistent with past practices, and (v) any customary cash management, credit or debit card, purchase card, electronic funds transfer, cash pooling or netting or setting off arrangements in the ordinary course of business or
consistent with past practices; 
 (9) Indebtedness arising from agreements providing for guarantees, indemnification,
obligations in respect of earn-outs or other adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business or assets or Person or any Capital
Stock of a Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such acquisition or disposition); provided that the maximum
liability of the Company and its Restricted Subsidiaries in respect of all such Indebtedness in connection with a Disposition shall at no time exceed the gross proceeds, including the fair market value of
non-cash proceeds (measured at the time received and without giving effect to any subsequent changes in value), actually received by the Company and its Restricted Subsidiaries in connection with such
disposition; 
 (10) Indebtedness of Non-Guarantors in an aggregate amount not to
exceed the greater of (a) $60.0 million and (b) 1.5% of the Total Assets of the Company at any time outstanding and any Refinancing Indebtedness in respect thereof; 

(11) Indebtedness consisting of promissory notes issued by the Company or any of its Subsidiaries to any future, present or
former employee, director, contractor or consultant of the Company or any of its Subsidiaries (or permitted transferees, assigns, estates, or heirs of such employee, director, contractor or consultant), to finance the purchase or redemption of
Capital Stock of the Company that is permitted by Section 3.3; 
 (12) Indebtedness of the Company
or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums Incurred in the ordinary course of business or (ii) take-or-pay
obligations contained in supply arrangements, in each case; 
 (13) Indebtedness in an aggregate outstanding principal amount
which, when taken together with any Refinancing Indebtedness in respect thereof and the principal amount of all other Indebtedness Incurred pursuant to this clause (13) and then outstanding, will not exceed the greater of
(a) $270.0 million and (b) 6.75% of the Total Assets of the Company at the time of Incurrence; 
 (14) any
obligation, or guaranty of any obligation, of the Company or any Restricted Subsidiary to reimburse or indemnify a Person extending credit to customers of the Company or a Restricted Subsidiary in an aggregate amount not to exceed $10.0 million
at any one time outstanding incurred in the ordinary course of business or consistent with past practice for all or any portion of the amounts payable by such customers to the Person extending such credit; and 

(15) Indebtedness to a customer in an aggregate amount not to exceed $10.0 million at any one time outstanding to finance
the acquisition of any equipment necessary to perform services for such customer; provided that the terms of such Indebtedness are consistent with those entered into with respect to similar Indebtedness prior to the Issue Date, including that
(1) the repayment of such Indebtedness is conditional upon such customer ordering a specific volume of goods and (2) such Indebtedness does not bear interest or provide for scheduled amortization or maturity. 

(c) For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and
in compliance with, this Section 3.2: 
 (1) subject to clause (2) below, in the event that
all or any portion of any item of Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 3.2(a) or (b), the Company, in its sole discretion, shall classify, and may from
time to time reclassify, such item of Indebtedness and only be required to include the amount and type of such Indebtedness in one of the clauses of Section 3.2(a) or (b); 

  
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 (2) all Indebtedness outstanding on the Issue Date under the Existing Credit
Agreement shall be deemed Incurred on the Issue Date under Section 3.2(b)(1); 
 (3) in the case of
any Refinancing Indebtedness, when measuring the outstanding amount of such Indebtedness, such amount shall not include the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums (including, without limitation,
tender premiums) and other costs and expenses (including, without limitation, upfront fees or similar fees) Incurred in connection with such refinancing; 

(4) Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments
relating to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 

(5) if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred
pursuant to any Credit Facility and are being treated as Incurred pursuant to clause (a), (b)(1), (b)(7), (b)(10) or (b)(13) of this Section 3.2 and the letters of credit, bankers’ acceptances or other similar
instruments relate to other Indebtedness, then such other Indebtedness shall not be included; 
 (6) the principal amount of
any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or
repurchase premium) or the liquidation preference thereof; 
 (7) Indebtedness permitted by this
Section 3.2 need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this
Section 3.2 permitting such Indebtedness; 
 (8) in the event that the Company or a Restricted
Subsidiary enters into or increases commitments under a revolving credit facility, enters into any commitment to Incur or issue Indebtedness, Disqualified Stock or Preferred Stock or commits to Incur any Lien pursuant to clause (32) of the
definition of “Permitted Liens,” the Incurrence or issuance thereof for all purposes under this Indenture, including without limitation for purposes of calculating the Fixed Charge Coverage Ratio, the Consolidated Secured Leverage Ratio or
the Consolidated Total Leverage Ratio, as applicable, or usage of clauses (b)(1) through (b)(15) of this Section 3.2 (if any) for borrowings and reborrowings thereunder (and including issuance and creation of letters of
credit and bankers’ acceptances thereunder) will, at the Company’s option, either (a) be determined on the date of such revolving credit facility or such entry into or increase in commitments (assuming that the full amount thereof has
been borrowed as of such date) or other Indebtedness, Disqualified Stock or Preferred Stock, and, if such Fixed Charge Coverage Ratio, the Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio, as applicable, test or other
provision of this Indenture is satisfied with respect thereto at such time, any borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) will be permitted under this covenant
irrespective of the Fixed Charge Coverage Ratio, the Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio, as applicable, or other provision of this Indenture at the time of any borrowing or reborrowing (or issuance or
creation of letters of credit or bankers’ acceptances thereunder) (the committed amount permitted to be borrowed or reborrowed (and the issuance and creation of letters of credit and bankers’ acceptances) on a date pursuant to the
operation of this clause (a) shall be the “Reserved Indebtedness Amount” as of such date for purposes of the Fixed Charge Coverage Ratio, the Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio, as applicable)
or (b) be determined on the date such amount is borrowed pursuant to any such facility or increased commitment; 
 (9)
in the event that the Company or a Restricted Subsidiary (x) incurs Indebtedness to finance an acquisition or (y) assumes Indebtedness of Persons that are acquired by the Company or any 

  
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Restricted Subsidiary or merged into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture, the date of determination of the Fixed Charge Coverage Ratio, the
Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio, as applicable, shall, at the option of the Company, be (a) the date that a definitive agreement for such acquisition is entered into and the Fixed Charge Coverage
Ratio, the Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio, as applicable, shall be calculated giving pro forma effect to such acquisition and the other transactions to be entered into in connection therewith (including
any incurrence of Indebtedness and the use of proceeds thereof) consistent with the definition of the Fixed Charge Coverage Ratio, the Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio, as applicable, and, for the
avoidance of doubt, (A) if any such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations in the Consolidated EBITDA of the Company or the target company) at or prior to the consummation of the relevant
acquisition, such ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether such acquisition and any related transactions are permitted hereunder and (B) such ratios shall not be
tested at the time of consummation of such acquisition or related transactions; provided, further, that if the Company elects to have such determinations occur at the time of entry into such definitive agreement, (i) any such transaction shall
be deemed to have occurred on the date the definitive agreement is entered into and to be outstanding thereafter for purposes of calculating any ratios under this Indenture after the date of such agreement and before the earlier of the date of
consummation of such acquisition or the date such agreement is terminated or expires without consummation of such acquisition and (ii) to the extent any covenant baskets were utilized in satisfying any covenants, such baskets shall be deemed
utilized until the earlier of the date of consummation of such acquisition or the date such agreement is terminated or expires without consummation of such acquisition, but any calculation for purposes of other incurrences of Indebtedness or Liens
or making of Restricted Payments (not related to such acquisition) shall not reflect such acquisition until it has been consummated or (b) the date such Indebtedness is Incurred or assumed; and 

(10) the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of
the liability in respect thereof determined on the basis of GAAP. 
 Accrual of interest, accrual of dividends, the accretion of accreted
value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock or the
reclassification of commitments or obligations not treated as Indebtedness due to a change in GAAP, will not be deemed to be an Incurrence of Indebtedness. The amount of any Indebtedness outstanding as of any date shall be (i) the accreted
value thereof in the case of any Indebtedness issued with original issue discount and (ii) the principal amount of the Indebtedness, or liquidation preference thereof, in the case of any other Indebtedness. 

If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be Incurred
by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 3.2, the Company shall be in default of this
Section 3.2). 
 Notwithstanding any other provision of this Section 3.2, the maximum
amount of Indebtedness that the Company or a Restricted Subsidiary may Incur pursuant to this Section 3.2 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The
principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which
such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 
 The Company and the Issuer shall not, and
shall not permit any Guarantor to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Company, the Issuer or such Guarantor, as the case may
be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Issuer or such
Guarantor, as the case may be; provided that for purposes of this Indenture, (1) unsecured Indebtedness shall not be treated as subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) senior Indebtedness
shall not be treated as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral or is secured by different collateral. 

  
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 SECTION 3.3 Limitation on Restricted Payments. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to: 

(1) declare or pay any dividend or make any distribution on or in respect of the Company’s or any Restricted
Subsidiary’s Capital Stock (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) except: 

(a) dividends or distributions payable in Capital Stock of the Company (other than Disqualified Stock) or in options, warrants
or other rights to purchase such Capital Stock of the Company; and 
 (b) dividends or distributions payable to the Company
or a Restricted Subsidiary (and, in the case of any such Restricted Subsidiary making such dividend or distribution, to holders of its Capital Stock other than the Company or another Restricted Subsidiary on no more than a pro rata basis);

 (2) purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Company held by Persons other than
the Company or a Restricted Subsidiary; 
 (3) purchase, repurchase, redeem, defease or otherwise acquire or retire for
value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (i) any such purchase, repurchase, redemption, defeasance or other acquisition or retirement in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case, due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement and (ii) any Indebtedness Incurred
pursuant to Section 3.2(b)(3)); or 
 (4) make any Restricted Investment; 

(any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in
clauses (1) through (4) are referred to herein as a “Restricted Payment”), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment: 

 

	 	(i)	a Default shall have occurred and be continuing (or would immediately thereafter result therefrom); 

  

	 	(ii)	the Company is not able to Incur an additional $1.00 of Indebtedness pursuant to Section 3.2(a) after giving effect, on a pro forma basis, to such Restricted Payment; or 

 

	 	(iii)	the aggregate amount of such Restricted Payment and all other Restricted Payments made subsequent to October 1, 2001 (and not returned or rescinded) (including Permitted Payments made pursuant to Section
3.3(b)(6), but excluding all other Restricted Payments permitted by Section 3.3(b)) would exceed the sum of (without duplication): 

(A) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) beginning on
October 1, 2001 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a
deficit, minus 100% of such deficit; plus 

  
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 (B) 100% of the aggregate amount of Net Cash Proceeds, and the fair market value
of property or assets or marketable securities, received by the Company from the issue or sale of its Capital Stock (other than Disqualified Stock), including in connection with a merger or consolidation with another person, subsequent to
December 12, 2014 or otherwise contributed to the equity (other than through the issuance of Disqualified Stock) of the Company subsequent to December 12, 2014 (other than (x) Net Cash Proceeds or property or assets or marketable
securities received from an issuance or sale of such Capital Stock pursuant to an incentive plan established by the Company or any Subsidiary of the Company for the benefit of its employees to the extent funded by the Company or any Restricted
Subsidiary, (y) Net Cash Proceeds or property or assets or marketable securities to the extent that any Restricted Payment has been made from such proceeds in reliance on Section 3.3(b)(6) and (z) Excluded
Contributions); 
 (C) 100% of the aggregate amount of Net Cash Proceeds, and the fair market value of property or assets or
marketable securities, received by the Company or any Restricted Subsidiary from the issuance or sale (other than to the Company or a Restricted Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any
Subsidiary of the Company for the benefit of their employees to the extent funded by the Company or any Restricted Subsidiary) by the Company or any Restricted Subsidiary subsequent to the Issue Date of any Indebtedness or Disqualified Stock that
has been converted into or exchanged for Capital Stock of the Company (other than Disqualified Stock) plus, without duplication, the amount of any cash, and the fair market value of property or assets or marketable securities, received by the
Company or any Restricted Subsidiary upon such conversion or exchange; 
 (D) 100% of the aggregate amount received in cash
and the fair market value, as determined in good faith by the Company, of marketable securities or other property received by means of: (i) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted
Investments made by the Company or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Company or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which
constitute Restricted Investments by the Company or its Restricted Subsidiaries, in each case after the Issue Date; or (ii) the sale (other than to the Company or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a
distribution from an Unrestricted Subsidiary (other than in each case to the extent of the amount of the Investment that constituted a Permitted Investment) or a dividend from an Unrestricted Subsidiary after the Issue Date; and 

(E) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger or consolidation of
an Unrestricted Subsidiary into the Company or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Company or a Restricted Subsidiary after the Issue Date, the fair market value of
the Investment in such Unrestricted Subsidiary (or the assets transferred), as determined in good faith of the Company at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger or
consolidation or transfer of assets (after taking into consideration any Indebtedness associated with the Unrestricted Subsidiary so designated or merged or consolidated or Indebtedness associated with the assets so transferred), other than to the
extent of the amount of the Investment that constituted a Permitted Investment. 
 (b) Section 3.3(a) will not
prohibit any of the following (collectively, “Permitted Payments”): 
 (1) the payment of any dividend or
distribution within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture, or the redemption, repurchase or retirement of Indebtedness if, at the date of
any irrevocable redemption notice, such payment would have complied with the provisions of this Indenture as if it were and is deemed at such time to be a Restricted Payment at the time of such notice; 

  
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 (2) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Capital Stock or Subordinated Indebtedness made by exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares)
for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Disqualified Stock) or a substantially concurrent contribution to the equity (other than through the issuance of Disqualified Stock or
through an Excluded Contribution) of the Company; provided, however, that to the extent so applied, the Net Cash Proceeds, or fair market value of property or assets or of marketable securities, from such sale of Capital Stock or such
contribution will be excluded from Section 3.3(a)(iii); 
 (3) any purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness made by exchange for, or out of the proceeds of the substantially concurrent sale of, Refinancing Indebtedness permitted to be Incurred pursuant to
Section 3.2; 
 (4) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Preferred Stock of the Company or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock (other than an issuance of Disqualified Stock of the Company or Preferred
Stock of a Restricted Subsidiary to replace Preferred Stock (other than Disqualified Stock) of the Company) of the Company or a Restricted Subsidiary, as the case may be, that, in each case, is permitted to be Incurred pursuant to
Section 3.2; 
 (5) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Subordinated Indebtedness or Disqualified Stock or Preferred Stock of a Restricted Subsidiary: 
 (a) from Net
Available Cash to the extent permitted under Section 3.5, but only if the Company shall have first complied with the terms described under Section 3.5 and purchased all Notes tendered pursuant to
any offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness, Disqualified Stock or Preferred Stock; or 

(b) to the extent required by the agreement governing such Subordinated Indebtedness, Disqualified Stock or Preferred Stock,
following the occurrence of a Change of Control (or other similar event described therein as a “change of control”), but only if the Company shall have first complied with Section 3.9 and purchased all Notes
tendered pursuant to the offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness, Disqualified Stock or Preferred Stock; 

(6) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Capital Stock
(other than Disqualified Stock) of the Company held by any future, present or former employee, director or consultant of the Company or any of its Subsidiaries (or permitted transferees, assigns, estates, trusts or heirs of such employee, director,
contractor or consultant) either pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or upon the termination of such employee, director, contractor or consultant’s employment
or directorship; provided, however, that the aggregate Restricted Payments made under this clause (6) do not exceed $10.0 million in any calendar year (with unused amounts in any calendar year being carried over to succeeding
calendar years subject to a maximum of $20.0 million in any calendar year); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(a) the cash proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Company to members of management,
directors or consultants of the Company or any of its Subsidiaries that occurred after the Issue Date, to the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments by
virtue of Section 3.3(a)(iii); plus 

  
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 (b) the cash proceeds of key man life insurance policies received by the Company
and its Restricted Subsidiaries after the Issue Date; less 
 (c) the amount of any Restricted Payments made in
previous calendar years pursuant to clauses (a) and (b) of this clause (6); 
 and provided further that cancellation
of Indebtedness owing to the Company or any Restricted Subsidiary from members of management, directors, employees or consultants of the Company or Restricted Subsidiaries in connection with a repurchase of Capital Stock of the Company will not be
deemed to constitute a Restricted Payment for purposes of this Section 3.3 or any other provision of this Indenture; 

(7) the declaration and payment of dividends on Disqualified Stock, or Preferred Stock of a Restricted Subsidiary, Incurred in
accordance with Section 3.2; 
 (8) purchases, repurchases, redemptions, defeasances or other
acquisitions or retirements of Capital Stock deemed to occur upon the exercise, conversion or exchange of stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the exercise price thereof and
payments in respect of withholding or similar taxes payable upon exercise or vesting thereof; 
 (9) dividends or other
distributions by the Company in an amount to be paid per fiscal quarter not to exceed $0.06 per share of the Company’s common stock (as such amount shall be appropriately adjusted for any stock splits, stock dividends, reverse stock splits,
stock consolidations or other similar transactions); 
 (10) payments by the Company to holders of Capital Stock of the
Company in lieu of the issuance of fractional shares of such Capital Stock, provided, however, that any such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this
Section 3.3 or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock (as determined in good faith by the Board of Directors); 

(11) Restricted Payments that are made with Excluded Contributions; 

(12) so long as no Default or Event of Default has occurred and is continuing (or would result from), Restricted Payments
(including loans or advances) in an aggregate amount outstanding at the time made not to exceed $110.0 million; 
 (13)
so long as no Default or Event of Default has occurred and is continuing (or would result therefrom), mandatory redemptions of Disqualified Stock issued as a Restricted Payment or as consideration for a Permitted Investment; 

(14) any Restricted Payments made by the Company or any Restricted Subsidiary; provided that, immediately after giving pro
forma effect thereto and the Incurrence of any Indebtedness the net proceeds of which are used to finance such Restricted Payment, the Consolidated Total Leverage Ratio would be no greater than 2.75 to 1.00; and 

(15) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary; provided that (x) the assets of such
Restricted Subsidiary immediately prior to such designation consists only of operations in the United Kingdom, (y) the total assets of such Restricted Subsidiary less all liabilities of such Restricted Subsidiary (other than liabilities for
which the Company or any Restricted Subsidiary will be liable immediately after such designation) is less than 15% of the Company’s total consolidated assets less total consolidated liabilities (on the most recently available quarterly or
annual consolidated balance sheet of the Company prepared in conformity with GAAP), provided further, that the net assets of such Restricted Subsidiary may exceed 15% of the Company’s net assets to the extent that the Company would be
permitted to make a Restricted Payment in an amount equal to such excess and (z) immediately prior to and after giving effect to such designation, the Company could incur at least $1.0 of additional Indebtedness pursuant to Section
3.2(a) as if the Fixed Charge Coverage Ratio were 2.75 to 1. 

  
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 For purposes of determining compliance with this Section 3.3, in the
event that a Restricted Payment (or portion thereof) meets the criteria of more than one of the categories of Permitted Payments described in clauses (1) through (15) of this Section 3.3(b), or is permitted pursuant to Section
3.3(a) and/or one or more of the clauses contained in the definition of “Permitted Investments,” the Company will be entitled to classify such Restricted Payment or Investment (or portion thereof) on the date of its payment or later
reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment or Investment (or portion thereof) in any manner that complies with this Section 3.3, except that the Company may not
reclassify any Restricted Payments as having been made under Section 3.3(b)(14) if originally made under another clause of Section 3.3(b) or pursuant to Section 3.3(a), including as an Investment pursuant to one or more of the
clauses contained in the definition of “Permitted Investment.” 
 The amount of all Restricted Payments (other than cash) shall be
the fair market value on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair
market value of any cash Restricted Payment shall be their face amount, and the fair market value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by the
Board of Directors of the Company acting in good faith. 
 SECTION 3.4 Limitation on Restrictions on Distributions from Restricted
Subsidiaries. 
 (a) The Company shall not, and shall not permit any Restricted Subsidiary (other than the Issuer or a Guarantor) to,
create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions in cash or otherwise on its Capital Stock or pay any Indebtedness or other
obligations owed to the Company or any Restricted Subsidiary; 
 (2) make any loans or advances to the Company or any
Restricted Subsidiary; or 
 (3) sell, lease or transfer any of its property or assets to the Company or any Restricted
Subsidiary; 
 provided that (x) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or
liquidating distributions being paid on common stock and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by
the Company or any Restricted Subsidiary shall not be deemed to constitute such an encumbrance or restriction. 
 (b) The provisions of
Section 3.4(a) shall not prohibit: 
 (1) any encumbrance or restriction pursuant to (i) any
Credit Facility, (ii) the Existing Notes or (iii) any other agreement or instrument, in each case, in effect at or entered into on the Issue Date (or otherwise required as of the Issue Date); 

(2) this Indenture, the Notes and the Note Guarantees; 

(3) any encumbrance or restriction pursuant to applicable law, rule, regulation or order; 

(4) any encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or
Indebtedness of a Person, entered into on or before the date on which such Person was acquired by or merged, consolidated or otherwise combined with or into the Company or any Restricted Subsidiary, or was designated as a Restricted Subsidiary or on
which such agreement or 

  
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instrument is assumed by the Company or any Restricted Subsidiary in connection with an acquisition of assets (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide
all or any portion of the funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by the Company or was merged, consolidated or otherwise combined
with or into the Company or any Restricted Subsidiary or such agreement or instrument was entered into in contemplation of or in connection with such transaction) and outstanding on such date; provided that, for the purposes of this clause
(4), if another Person is the Successor Company, any Subsidiary thereof or agreement or instrument of such Person or any such Subsidiary shall be deemed acquired or assumed by the Company or any Restricted Subsidiary when such Person becomes the
Successor Company; 
 (5) any encumbrance or restriction: (i) that restricts in a customary manner the subletting, assignment
or transfer of any property or asset that is subject to a lease, license or similar contract or agreement, or the assignment or transfer of any lease, license or other contract or agreement; (ii) contained in mortgages, pledges, charges or other
security agreements permitted under this Indenture or securing Indebtedness of the Company or a Restricted Subsidiary permitted under this Indenture to the extent such encumbrances or restrictions restrict the transfer or encumbrance of the property
or assets subject to such mortgages, pledges, charges or other security agreements; (iii) contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which the Company or any of its Restricted
Subsidiaries is a party entered into in the ordinary course of business or consistent with past practice; provided that such agreement prohibits the encumbrance of solely the property or assets of the Company or such Restricted Subsidiary that are
subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Company or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary; or
(iii) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Company or any Restricted Subsidiary; 

(6) any encumbrance or restriction pursuant to Purchase Money Obligations or Capitalized Lease Obligations permitted under this
Indenture, in each case, that impose encumbrances or restrictions on the property so acquired; 
 (7) any encumbrance or
restriction imposed pursuant to an agreement entered into for the direct or indirect sale or disposition to a Person of all or substantially all the Capital Stock or assets of the Company or any Restricted Subsidiary (or the property or assets that
are subject to such restriction) pending the closing of such sale or disposition; 
 (8) customary provisions in leases,
licenses, shareholder agreements, joint venture agreements, organizational documents and other similar agreements and instruments; 

(9) any encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into in
the ordinary course of business or consistent with past practices; 
 (10) any encumbrance or restriction pursuant to Hedging
Obligations; 
 (11) other Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries permitted to be
Incurred or issued subsequent to the Issue Date pursuant to Section 3.2 that impose restrictions solely on the Foreign Subsidiaries party thereto or their Subsidiaries; 

(12) any encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be
Incurred subsequent to the Issue Date pursuant to Section 3.2 if the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially less favorable to the Holders than (i) the
encumbrances and restrictions contained in the Existing Credit Agreement, together with the security documents associated therewith as in effect on the Issue Date or (ii) in comparable financings (as determined in good faith by the Company) and
where, in the case of clause (ii), either (A) the Company determines at the time of issuance of such Indebtedness that such 

  
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encumbrances or restrictions will not adversely affect, in any material respect, the Company’s ability to make principal or interest payments on the Notes or (B) such encumbrance or
restriction applies only during the continuance of a default relating to such Indebtedness; 
 (13) any encumbrance or
restriction existing by reason of any lien permitted under Section 3.6; or 
 (14) any encumbrance
or restriction pursuant to an agreement or instrument effecting a refinancing of Indebtedness Incurred pursuant to, or that otherwise extends, renews, restates, replaces, restructures or refinances, an agreement or instrument referred to in clauses
(1) to (13) of this Section 3.4(b) or this clause (14) (an “Initial Agreement”) or contained in any amendment, supplement, extension, renewal, restatement, replacement, restructuring or other modification
to an agreement referred to in clauses (1) to (13) of this Section 3.4(b) or this clause (14); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary
contained in any such agreement or instrument are not materially less favorable to the Holders taken as a whole than the encumbrances and restrictions contained in the Initial Agreement or Initial Agreements to which such refinancing or amendment,
supplement or other modification relates (as determined in good faith by the Company). 
 SECTION 3.5 Limitation on Sales of Assets and
Subsidiary Stock. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any Asset Disposition
unless: 
 (1) the Company or such Restricted Subsidiary, as the case may be, receives consideration (including by way of
relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Asset
Disposition), as determined in good faith by the Board of Directors of the Company, of the shares and assets subject to such Asset Disposition (including, for the avoidance of doubt, if such Asset Disposition is a Permitted Asset Swap); 

(2) in any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset Disposition (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) received by the Company or such
Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; and 
 (3) the Company or any of its
Restricted Subsidiaries, at its respective option, will apply such Net Available Cash from any Asset Disposition: 
 (a) (i)
to prepay, repay or purchase any Indebtedness of a Non-Guarantor or that is secured by a Lien (in each case, other than Indebtedness owed to the Company or any Restricted Subsidiary) or Indebtedness under the
Existing Credit Agreement (or any Refinancing Indebtedness in respect thereof) within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt of such Net Available Cash; provided, however, that, in
connection with any prepayment, repayment or purchase of Indebtedness pursuant to this clause (a), the Company or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if any) to be reduced in an amount
equal to the principal amount so prepaid, repaid or purchased; or (ii) to prepay, repay or purchase Pari Passu Indebtedness; provided further that, to the extent the Company redeems, repays or repurchases Pari Passu Indebtedness pursuant to
this clause (ii), the Company shall equally and ratably reduce Obligations under the Notes as provided under Section 5.7, through open-market purchases (to the extent such purchases
are at or above 100% of the principal amount thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Disposition Offer) to all Holders to purchase their Notes at 100% of the principal amount thereof, plus the
amount of accrued but unpaid interest, if any, on the amount of Notes that would otherwise be prepaid; or 
 (b) to invest in
or commit to invest in Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Available Cash received by the Company or another Restricted Subsidiary) within 365 days from the later of (A) the
date of such Asset Disposition and (B) the receipt of such Net Available Cash; provided, however, that any such reinvestment in Additional Assets made pursuant to a definitive binding agreement or a commitment approved by the Board of
Directors of the Company that is executed or approved within such time will satisfy this requirement, so long as such investment is consummated within 180 days of such 365th day; 

  
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 provided that, pending the final application of any such Net Available Cash in accordance with
clause (a) or clause (b) above, the Company and its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise use such Net Available Cash in any manner not prohibited by this Indenture. 

(b) Any Net Available Cash from Asset Dispositions that is not applied or invested or committed to be applied or invested as provided in the
preceding paragraph will be deemed to constitute “Excess Proceeds” under this Indenture. On the 366th day after the later of an Asset Disposition or the receipt of such Net Available Cash, if the aggregate amount of Excess Proceeds
under this Indenture exceeds $50.0 million, the Company will within 10 Business Days be required to make an offer (“Asset Disposition Offer”) to all Holders of Notes issued under this Indenture and, to the extent the Company of the
Issuer elects, to all holders of other outstanding Pari Passu Indebtedness, to purchase the maximum principal amount of Notes and any such Pari Passu Indebtedness to which the Asset Disposition Offer applies that may be purchased out of the Excess
Proceeds, at an offer price in respect of the Notes in an amount equal to 100% of the principal amount of the Notes and Pari Passu Indebtedness, in each case, plus accrued and unpaid interest and Additional Interest, if any, to, but not including,
the date of purchase, in accordance with the procedures set forth in this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable, and, with respect to the Notes, in minimum denominations of $2,000 and in integral multiples
of $1,000 in excess thereof. The Company will deliver notice of such Asset Disposition Offer electronically or by first-class mail, with a copy to the Trustees and the Paying Agent, to each Holder of Notes at the address of such Holder appearing in
the security register or otherwise in accordance with the procedures of DTC, describing the transaction or transactions that constitute the Asset Disposition and offering to repurchase the Notes for the specified purchase price on the date specified
in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice. 

(c) To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to an
Asset Disposition Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate principal amount of the Notes surrendered in any Asset Disposition Offer
by Holders and other Pari Passu Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Excess Proceeds shall be allocated among the Notes and Pari Passu Indebtedness to be purchased on a pro rata
basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Indebtedness; provided that no Notes or other Pari Passu Indebtedness will be selected and purchased in an unauthorized denomination. Upon completion of any
Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 
 (d) To the extent that any portion of Net Available Cash
payable in respect of the Notes is denominated in a currency other than dollars, the amount thereof payable in respect of the Notes shall not exceed the net amount of funds in dollars that is actually received by the Company upon converting such
portion into dollars. 
 (e) Notwithstanding any other provisions of this Section 3.5, (i) to the extent that any
of or all the Net Available Cash of any Asset Disposition by a Foreign Subsidiary (a “Foreign Disposition”) is (x) prohibited or delayed by applicable local law, (y) restricted by applicable organizational documents or any agreement
or (z) subject to other onerous organizational or administrative impediments from being repatriated to the United States, the portion of such Net Available Cash so affected will not be required to be applied in compliance with this
Section 3.5, and such amounts may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to the United States (the Company hereby agreeing to use
reasonable efforts (as determined in the Company’s reasonable business judgment) to otherwise cause the applicable Foreign Subsidiary to within one year following the date on which the respective payment would otherwise have

  
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been required, promptly take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation), and if within one
year following the date on which the respective payment would otherwise have been required, such repatriation of any of such affected Net Available Cash is permitted under the applicable local law, applicable organizational impediment or other
impediment, such repatriation will be promptly effected and such repatriated Net Available Cash will be promptly (and in any event not later than five (5) Business Days after such repatriation could be made) applied (net of additional Taxes
payable or reserved against as a result thereof) (whether or not repatriation actually occurs) in compliance with this Section 3.5 and (ii) to the extent that the Company has determined in good faith that repatriation
of any of or all the Net Available Cash of any Foreign Disposition would have an adverse Tax cost consequence with respect to such Net Available Cash (which for the avoidance of doubt, includes, but is not limited to, any prepayment whereby doing so
Holdings, the Company, the Issuer, any Restricted Subsidiary or any of their respective affiliates and/or equity partners would incur a tax liability, including a tax dividend, deemed dividend pursuant to Code Section 956 or a withholding tax),
the Net Available Cash so affected may be retained by the applicable Foreign Subsidiary. The non-application of any prepayment amounts as a consequence of the foregoing provisions will not, for the avoidance
of doubt, constitute a Default or an Event of Default. 
 (f) For the purposes of Section 3.5(a)(2), the following
will be deemed to be cash: 
 (1) the assumption by the transferee of Indebtedness or other liabilities of the Company or a
Restricted Subsidiary (other than Subordinated Indebtedness of the Company or a Guarantor) and the release of the Company or such Restricted Subsidiary from all liability on such Indebtedness or other liability in connection with such Asset
Disposition; 
 (2) securities, notes or other obligations received by the Company or any Restricted Subsidiary of the
Company from the transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such Asset Disposition; 

(3) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition,
to the extent that the Company and each other Restricted Subsidiary are released from any Guarantee of payment of such Indebtedness in connection with such Asset Disposition; 

(4) consideration consisting of Indebtedness of the Company (other than Subordinated Indebtedness) received after the Issue
Date from Persons who are not the Company or any Restricted Subsidiary; and 
 (5) any Designated Non-Cash Consideration received by the Company or any Restricted Subsidiary in such Asset Dispositions having an aggregate fair market value, taken together with all other Designated
Non-Cash Consideration received pursuant to this Section 3.5 that is at that time outstanding, not to exceed the greater of (i) $120.0 million; and (ii) 3.0% of the Total Assets
of the Company (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value). 

(g) To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company will
comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

SECTION 3.6 Limitation on Liens. The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly,
create, Incur or permit to exist any Lien that secures Indebtedness (other than Permitted Liens) upon any of its property or assets (including Capital Stock of a Restricted Subsidiary of the Company), whether owned on the Issue Date or acquired
after that date (such Lien, the “Initial Lien”), without effectively providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. 

  
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 Any Lien created for the benefit of the Holders pursuant to the preceding sentence shall provide
by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 

With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original issue discount or liquidation preference and
increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness. 

SECTION 3.7 Limitation on Guarantees. 

(a) The Company shall not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and
non-Wholly Owned Subsidiaries if such non-Wholly Owned Subsidiaries guarantee other capital markets debt of the Issuer or any Guarantor), other than the Issuer or a
Guarantor, to Guarantee any Indebtedness of the Issuer or any Guarantor, unless: 
 (1) such Restricted Subsidiary within 30
days executes and delivers a supplemental indenture to this Indenture providing for a senior Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of the Issuer or any Guarantor, if such Indebtedness is by
its express terms subordinated in right of payment to the Notes or such Guarantor’s Note Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Guarantee
substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s Note Guarantee; and 

(2) such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any
rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until payment in full of Obligations under this
Indenture; 
 provided that this Section 3.7 shall not be applicable (i) to any guarantee of any Restricted Subsidiary
that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, or (ii) in the event that the Guarantee of the Company’s
obligations under the Notes or this Indenture by such Subsidiary would not be permitted under applicable law, or if a consent is required thereunder and cannot be reasonably obtained in the good faith judgment of the Company. 

(b) The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a
Guarantor, in which case, such Subsidiary shall only be required to comply with the 30-day period described in Section 3.7(a). 

(c) If any Guarantor becomes an Immaterial Subsidiary, the Company shall have the right, by execution and delivery of a supplemental indenture
to the Trustees, to cause such Immaterial Subsidiary to cease to be a Guarantor, subject to the requirement described in Section 3.7(a) that such Subsidiary shall be required to become a Guarantor if it ceases to be an Immaterial Subsidiary
(except that if such Subsidiary has been properly designated as an Unrestricted Subsidiary it shall not be so required to become a Guarantor or execute a supplemental indenture); provided, further, that such Immaterial Subsidiary shall
not be permitted to Guarantee any Indebtedness of the Company or the other Guarantors, unless it again becomes a Guarantor. 
 (d)
Notwithstanding any provisions contained herein, if and to the extent that any Guarantor or any other person organized under the laws of Switzerland (the “Switzerland Guarantor”) becomes liable under the Note Guarantees or otherwise
under this Indenture or any related document, such liability is limited under Swiss law (i) insofar as obligations of its direct or indirect shareholder(s) (“upstream obligations”) or of related persons or entities of its
shareholder(s) other than its direct or indirect subsidiaries (“cross-stream obligations”) and guarantees of 

  
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and/or liability for such upstream obligations and cross-stream obligations must be within the corporate purpose and interests of such Switzerland Guarantor and to the amount of such Switzerland
Guarantor’s freely disposable equity, being the balance sheet profits and non-statutory reserves available for the distribution as dividends at the time of enforcement of the Note Guarantees and/or of
such other obligation. The enforcement of the upstream or cross- stream obligations may be treated as a dividend distribution to shareholders and may be subject to certain corporate formalities, in particular, payments under such obligations, must
be approved by the shareholders of the Switzerland Guarantor, based on an auditor’s report which determines the freely distributable reserves at the time of enforcement. The granting of upstream or cross-stream obligations in breach of such
financial assistance rules could result in the invalidity and non-enforceability of such upstream or cross-stream obligations. The Switzerland Guarantor may deduct the Swiss withholding tax at the rate of
35 per cent (or such other rate as is in force at that time). 
 SECTION 3.8 Limitation on Affiliate Transactions. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any
transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”) involving aggregate value in excess of $12.5 million
unless: 
 (1) the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Company or
such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or the execution of the agreement providing for such transaction in arm’s length dealings with a
Person who is not such an Affiliate; and 
 (2) in the event such Affiliate Transaction involves an aggregate value in excess
of $50.0 million, the terms of such transaction have been approved by a majority of the members of the Board of Directors of the Company. 
 Any
Affiliate Transaction shall be deemed to have satisfied the requirements set forth in clause (2) of this Section 3.8(a) if such Affiliate Transaction is approved by a majority of the Disinterested Directors, if any.

 (b) The provisions of Section 3.8(a) above shall not apply to: 

(1) any Restricted Payment permitted to be made pursuant to Section 3.3, or any Permitted Investment;

 (2) any issuance or sale of Capital Stock, options, other equity-related interests
or other securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment, consulting, collective bargaining or benefit plan, program, agreement or
arrangement, related trust or other similar agreement and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Company or any Restricted Subsidiary, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation, severance,
retirement, savings or similar plans, programs or arrangements) or indemnities provided on behalf of officers, employees, directors or consultants approved by the Board of Directors of the Company, in each case in the ordinary course of business or
consistent with past practices; 
 (3) any transaction between or among the Company and any Restricted Subsidiary (or entity
that becomes a Restricted Subsidiary as a result of such transaction), or between or among Restricted Subsidiaries; 
 (4)
the payment of compensation, reasonable fees and reimbursement of expenses to, and customary indemnities (including under customary insurance policies) and employee benefit and pension expenses provided on behalf of, directors, officers,
contractors, consultants, distributors or employees of the Company or any Restricted Subsidiary of the Company (whether directly or indirectly and including through any Controlled Investment Affiliate of such directors, officers, contractors,
consultants, distributors or employees); 

  
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 (5) the entry into and performance of obligations of the Company or any of its
Restricted Subsidiaries under the terms of any transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect as of or on the Issue Date, as these agreements and instruments may be amended,
modified, supplemented, extended, renewed or refinanced from time to time in accordance with the other terms of this Section 3.8(b) or to the extent not more disadvantageous to the Holders in any material respect; 

(6) transactions with customers, clients, joint ventures, joint venture partners, suppliers, contractors, distributors or
purchasers or sellers of goods or services, in each case in the ordinary course of business or consistent with past practices, which are fair to the Company or the relevant Restricted Subsidiary in the reasonable determination of the Board of
Directors or the senior management of the Company or the relevant Restricted Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at such time from an unaffiliated party; 

(7) any transaction between or among the Company or any Restricted Subsidiary and any Affiliate of the Company or an Associate
or similar entity that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns an equity interest in or otherwise controls such Affiliate, Associate or similar entity; 

(8) issuances or sales of Capital Stock (other than Disqualified Stock) of the Company or options, warrants or other rights to
acquire such Capital Stock and the granting of registration and other customary rights (and the performance of the related obligations) in connection therewith or any contribution to capital of the Company or any Restricted Subsidiary; 

(9) transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustees a letter from
an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 3.8(a)(1); 

(10) any purchases by the Company’s Affiliates of Indebtedness or Disqualified Stock of the Company or any of its
Restricted Subsidiaries the majority of which Indebtedness or Disqualified Stock is purchased by Persons who are not the Company’s Affiliates; provided that such purchases by the Company’s Affiliates are on the same terms as such
purchases by such Persons who are not the Company’s Affiliates; 
 (11) intellectual property licenses in the ordinary
course of business; and 
 (12) transactions entered into by an Unrestricted Subsidiary, so long as not entered in
contemplation of the redesignation as a Restricted Subsidiary, with an Affiliate prior to the redesignation of any such Unrestricted Subsidiary as a Restricted Subsidiary as described under Section 3.15. 

SECTION 3.9 Change of Control. 

(a) If a Change of Control occurs, unless the Issuer has previously or substantially concurrently therewith delivered a redemption notice with
respect to all of the outstanding Notes under Section 5.7, each Holder shall have the right to require the Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes pursuant to a “Change of Control Offer.” In the Change of Control Offer, the Issuer shall offer a “Change of Control Payment” in cash equal to 101% of the aggregate principal amount of the Notes
repurchased, plus accrued and unpaid interest and Additional Interest thereon, if any, to the date of purchase. Within 30 days following any Change of Control, the Issuer will deliver or cause to be delivered a notice to each Holder (with a copy to
the Trustees), with the following information (provided, that to the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 3.9, the Issuer’s compliance
with such laws and regulations shall not in and of itself cause a breach of their obligations under this Section 3.9): 

(1) that a Change of Control Offer is being made pursuant to this Section 3.9, and that all Notes
properly tendered and not validly withdrawn pursuant to such Change of Control Offer will be accepted for payment by the Issuer; 

  
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 (2) the purchase price and the purchase date, which will be no earlier than
30 days nor later than 60 days from the date such notice is delivered (the “Change of Control Payment Date”); 

(3) that any Note not properly tendered or validly withdrawn will remain outstanding and continue to accrue interest; 

(4) that unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to
the Change of Control Offer will cease to accrue interest, on the Change of Control Payment Date; 
 (5) that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent
specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such
Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of the Change of Control Offer, facsimile transmission or letter setting forth the name of the Holder
of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in
principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 and any integral multiple of $1,000 in excess of $2,000; 

(8) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control; 
 (9) describing the transaction or transactions that constitute
the Change of Control; and 
 (10) the other instructions, as determined by the Issuer, consistent with this
Section 3.9, that a Holder must follow. 
 The Paying Agent will promptly deliver to each Holder so tendered the
Change of Control Payment for such Notes, and the U.S. Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if
any; provided that each such new Note will be in a minimum principal amount of $2,000 and an integral multiple of $1,000 in excess thereof. The Issuer will publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Date. 
 If the Change of Control Payment Date is on or after an interest record date and on
or before the related interest payment date, any accrued and unpaid interest will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest
will be payable to Holders whose Notes will be subject to the Change of Control Payment by the Issuer. 

  
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 (b) The Issuer will not be required to make a Change of Control Offer upon a Change of Control if
a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly
tendered and not withdrawn under such Change of Control Offer. 
 (c) In the event that Holders of not less than 90% of the aggregate
principal amount of the outstanding Notes accept a Change of Control Offer and the Issuer purchases all of the Notes held by such Holders, the Issuer will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not
more than 30 days following the purchase pursuant to the Change of Control Offer described in this Section 3.9, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to
the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes that remain outstanding, to, but not including, the date of redemption (subject to the right of holders of
record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 
 (d)
While the Notes are in global form and the Issuer makes an offer to purchase all of the Notes pursuant to the Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes through the facilities of DTC, subject to
its rules and regulations. 
 (e) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
so tendered; and 
 (3) deliver or cause to be delivered to the Trustees the Notes so accepted together with an
Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer. 
 SECTION
3.10 Reports. 
 (a) Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, so long as any Notes are outstanding, the Company will furnish to the Trustees: 
 (1) within 90 days after the end
of each fiscal year, annual reports of the Company containing substantially all of the financial information that would have been required to be contained in an Annual Report on Form 10-K under the Exchange
Act if the Company had been a reporting company under the Exchange Act (but only to the extent similar information is included in the Offering Memorandum), including (A) “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” and (B) audited financial statements prepared in accordance with GAAP; 
 (2) within
45 days after the end of each of the first three fiscal quarters of each fiscal year, quarterly reports of the Company containing substantially all of the financial information that would have been required to be contained in a Quarterly Report
on Form 10-Q under the Exchange Act if the Company had been a reporting company under the Exchange Act, including (A) “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” and (B) unaudited quarterly financial statements prepared in accordance with GAAP; and 
 (3) within
the time periods specified for filing Current Reports on Form 8-K after the occurrence of each event that would have been required to be reported in a Current Report on Form
8-K under the Exchange Act if the Company had been a reporting company under the Exchange Act, current reports containing substantially all of the information that would have been required to be contained in a
Current Report on Form 8-K under the Exchange Act if the Company had been a reporting company under the Exchange Act. 

  
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 Notwithstanding the foregoing, such reports (A) will not be required to comply with
Section 302, Section 906 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein) and (B) will not be required to contain the separate financial information for Guarantors or
Subsidiaries whose securities are pledged to secure the Notes contemplated by Rule 3-10 or Rule 3-16 of Regulation S-X
promulgated by the SEC. 
 (b) At any time that any of the Subsidiaries of the Company that have been designated as Unrestricted
Subsidiaries have combined net assets exceeding 10% of the Company’s consolidated net assets, then the quarterly and annual financial information required by Section 3.10(a) will include or be accompanied by a reasonably detailed
presentation of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 

(c) The Company shall furnish to Holders, prospective investors, broker-dealers and securities analysts, upon their request, any information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 

(d) In the event that any parent of the Company becomes a guarantor of the Notes, the Company may satisfy its obligations pursuant to this
Section 3.10 with respect to financial information relating to the Company by furnishing financial information relating to such parent; provided that the same is accompanied by consolidating information that explains
in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. 

(e) Notwithstanding anything in this Section 3.10 to the contrary, the Company will be deemed to have furnished such
reports referred to in this Section 3.10 to the Trustees and the Holders if the Company has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available; provided, however, that
the Trustees shall have no responsibility whatsoever to determine if such filing has occurred. Delivery of such reports, information and documents to the Trustees is for informational purposes only and the Trustees’ receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustees are entitled to rely
exclusively on Officer’s Certificates). 
 SECTION 3.11 Maintenance of Office or Agency. The Company will maintain an office or
agency where the Notes may be presented or surrendered for payment, where, if applicable, the Notes may be surrendered for registration of transfer or exchange. The corporate trust office of the Agent, which initially shall be located at The Bank of
New York Mellon, as U.S. Trustee, Registrar and Transfer Agent, 101 Barclay Street, Floor 7E, New York, New York 10286, Attention: Corporate Trust Administration, shall be such office or agency of the Company, unless the Company shall designate
and maintain some other office or agency for one or more of such purposes. The Company will give prompt written notice to the Trustees and the Agent of any change in the location of any such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustees and the Agent with the address thereof, such presentations and surrenders may be made or served at the corporate trust office of the Agent, and the Company hereby
appoints the Agent as its agent to receive all such presentations and surrenders. 
 The Company may also from time to time designate one or
more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation. The Company will give prompt written notice to the Agent of any such designation or
rescission and any change in the location of any such other office or agency. 
 SECTION 3.12 Corporate Existence. Except as
otherwise provided in this Article III, Article IV and Section 10.2(b) and the ability of the Company or a Restricted Subsidiary to convert (or similar action) to another
form of legal entity under the laws of the jurisdiction under which the Company or the Restricted Subsidiary then exists, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and the corporate, partnership, limited liability company or other existence of each Restricted 

  
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Subsidiary; provided, however, that the Company shall not be required to preserve any such corporate, partnership, limited liability company or other existence of any Restricted
Subsidiary if the respective Board of Directors or, with respect to a Restricted Subsidiary, senior management of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and each of
its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders. 

SECTION 3.13 Compliance Certificate. The Company shall deliver to the Trustees within 120 days after the end of each fiscal year
of the Company an Officer’s Certificate, one of the signers of which shall be the principal executive officer, principal financial officer or principal accounting officer of the Company, stating that in the course of the performance by the
signer of his or her duties as an Officer of the Company he or she would normally have knowledge of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during the previous fiscal year;
provided that no such Officer’s Certificate shall be required for any fiscal year ended prior to the Issue Date. If such Officer does have such knowledge, the certificate shall describe the Default or Event of Default, its status and the
action the Company is taking or proposes to take with respect thereto. 
 SECTION 3.14 Statement by Officers as to Default. The
Company shall deliver to the Trustees and Agent, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of any Default or Event of Default, an Officer’s Certificate setting forth the details
of such Event of Default or Default, its status and the actions which the Company is taking or proposes to take with respect thereto. 

SECTION 3.15 Designation of Restricted and Unrestricted Subsidiaries. The Board of Directors of the Company may designate any
Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the
Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments pursuant to
Section 3.3 or under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 Any designation of a Subsidiary of the Company as an
Unrestricted Subsidiary will be evidenced to the Trustees by filing with the Trustees a resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complies
with the preceding conditions and was permitted by Section 3.3. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be Incurred as of
such date pursuant to Section 3.2 herein, the Company will be in default of Section 3.2. 

The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company;
provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if
(1) such Indebtedness is permitted under Section 3.2, calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default or Event of
Default would be in existence before or after such designation. Any such designation by the Board of Directors of the Company shall be evidenced to the Trustees by filing with the Trustees a certified copy of a resolution of the Board of Directors
of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complies with the preceding conditions. 

SECTION 3.16 Suspension of Covenants on Achievement of Investment Grade Status. 

(a) If, on any date following the Issue Date, (i) the Notes have achieved Investment Grade Status and (ii) no Default or Event of
Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), then, beginning on
that day, and continuing until the Reversion Date, as defined below, the Company and its Restricted Subsidiaries shall not be subject to Sections 3.2, 3.3, 3.4, 3.5, 3.7, 3.8 and clause (3) of
Section 4.1(a) of this Indenture (collectively, the “Suspended Covenants” and each individually, a “Suspended Covenant”). 

  
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 (b) If at any time the Notes cease to have such Investment Grade Status or if a Default or Event
of Default occurs and is continuing, then the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended (the “Reversion Date”) and be applicable pursuant to the terms of this Indenture
(including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until the Notes subsequently attain Investment Grade Status and no Default or Event of Default is in
existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Status and no Default or Event of Default is in existence); provided, however, that no Default,
Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability
under this Indenture or the Notes for, any actions taken or events occurring during the Suspension Period (as defined below), or any actions taken at any time pursuant to any contractual obligation entered into during the Suspension Period and not
in contemplation of an impending Reversion Date, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the Covenant Suspension
Event and the Reversion Date is referred to as the “Suspension Period.” 
 On the Reversion Date, all Indebtedness Incurred
during the Suspension Period shall be classified to have been Incurred pursuant to Sections 3.2(a) or 3.2(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect
to the Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Sections 3.2(a) or 3.2(b) such Indebtedness will
be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 3.2(b)(4)(b). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 3.3 shall be made as though Section 3.3 had been in effect since the Issue Date and throughout the Suspension Period; provided, that, no Subsidiaries may be designated as
Unrestricted Subsidiaries during the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 3.3(a). Any Affiliate Transaction
entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 3.8(b)(5) and any
encumbrance or restriction on the ability of any Restricted Subsidiary to take any action described in Section 3.4(a)(1) through (3) that becomes effective during the Suspension Period will be deemed to have existed on the Issue
Date, so that it is classified as permitted under Section 3.4(b)(1). During the Suspension Period, any future obligation to grant further Note Guarantees shall be suspended. All such further obligation to grant Note Guarantees shall be
reinstated upon the Reversion Date. 
 On and after each Reversion Date, the Company and its Subsidiaries will be permitted to consummate
the transactions contemplated by any contract entered into during the Suspension Period, so long as such contract and such consummation would have been permitted during such Suspension Period. 

(c) The Company shall deliver promptly to the Trustees an Officer’s Certificate notifying it of the commencement or termination of any
Covenant Suspension Event or any Reversion Date. The Trustees shall have no independent obligation to determine if a Suspension Period has commenced or terminated, to notify the Holders regarding the same or to determine the consequences thereof.

 ARTICLE IV 
 SUCCESSOR
COMPANY; SUCCESSOR PERSON 
 SECTION 4.1 Merger and Consolidation. 

(a) The Company will not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any
Person, unless: 
 (1) the resulting, surviving or transferee Person (the “Successor Company”) will be a
Person organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia, Canada, Switzerland, the United Kingdom, any member of the European Union, or any state, province or division
of any of the foregoing countries and the Successor Company (if not the Company) will expressly assume, by supplemental indenture, executed and delivered to the Trustees, all the obligations of the Company under the Notes and this Indenture;
provided that if such Successor Company is not a corporation, a co-obligor of the Notes that is a Restricted Subsidiary is a corporation organized under such laws; 

  
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 (2) immediately after giving effect to such transaction (and treating any
Indebtedness that becomes an obligation of the Successor Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary at the time of such transaction), no
Default or Event of Default shall have occurred and be continuing; 
 (3) immediately after giving effect to such
transaction, either (a) the Successor Company would be able to Incur at least an additional $1.00 of Indebtedness pursuant to Section 3.2(a) or (b) the Fixed Charge Coverage Ratio of the Company and its Restricted
Subsidiaries would not be lower than it was immediately prior to giving effect to such transaction; and 
 (4) the Company
shall have delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion of
Counsel to the effect that such supplemental indenture (if any) has been duly authorized, executed and delivered and is a legal, valid and binding agreement enforceable against the Successor Company, provided that in giving an Opinion of
Counsel, counsel may rely on an Officer’s Certificate as to any matters of fact, including as to satisfaction of clauses (2) and (3) above. 

(b) For purposes of this Section 4.1, the sale, lease, conveyance, assignment, transfer, or other disposition of all
or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of
the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

(c) The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Notes and
this Indenture but in the case of a lease of all or substantially all its assets, the predecessor company will not be released from its obligations under this Indenture or the Notes. 

(d) Notwithstanding the preceding clauses (a)(2), (a)(3) and (a)(4) (which do not apply to transactions referred to in this sentence),
(i) the Company may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to a Guarantor, (ii) any Restricted Subsidiary of the Company may consolidate or otherwise combine with, merge into or
transfer all or part of its properties and assets to the Company or a Guarantor and (iii) any Restricted Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to any other
Restricted Subsidiary. Notwithstanding the preceding clauses (a)(2) and (a)(3) (which do not apply to the transactions referred to in this sentence), the Company may consolidate or otherwise combine with or merge into an Affiliate incorporated
or organized for the purpose of changing the legal domicile of the Company, reincorporating the Company in another jurisdiction, or changing the legal form of the Company. 

(e) The foregoing provisions (other than the requirements of clause (a)(2)) shall not apply to the creation of a new Subsidiary as a
Restricted Subsidiary of the Company. 
 (f) The Issuer may not consolidate with or merge with or (1) into any Person, or
(2) sell, convey, transfer or dispose of, all or substantially all its assets, in one transaction or a series of related transactions, to any Person, or (3) permit any Person to merge with or into the Issuer, unless in the case of (1), (2)
or (3): either (A)(1) either (x) the Issuer is the continuing Person or (y) the resulting, surviving or transferee Person (the “Successor Issuer”) (1) will be a Person organized and existing under the laws of the United
States of America, any State thereof or the District of Columbia, Canada, Switzerland, the United Kingdom, any member of the European Union, or any 

  
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state, province or division of any of the foregoing countries and the Successor Issuer will expressly assume, by supplemental indenture, executed and delivered to the Trustee, all the obligations
of the Issuer under the Notes and this Indenture, provided that if such Successor Issuer is not a corporation, a co-obligor of the Notes that is a Restricted Subsidiary is a corporation organized under such
laws; and (2) immediately after giving effect to such transaction, no Default has occurred and is continuing; or (B) the transaction constitutes a sale, conveyance, transfer or other disposition of all or substantially all the assets of
the Issuer (in each case other than to the Company or another Restricted Subsidiary (unless such transfer is in contemplation of the transfer to an entity that is not the Company or a Restricted Subsidiary and such transfer is consummated))
otherwise permitted by this Indenture. 
 (g) No Guarantor (other than the Company) may: 

(1) consolidate with or merge with or into any Person; or 

(2) sell, convey, transfer or dispose of, all or substantially all its assets, in one transaction or a series of related
transactions, to, any Person; or 
 (3) permit any Person to merge with or into such Guarantor, unless 

(a) the other Person is the Issuer or a Guarantor or becomes a Guarantor concurrently with the transaction; or 

(b) (A) either (x) the Issuer or a Guarantor is the continuing Person or (y) the resulting, surviving or transferee
Person expressly assumes all of the obligations of the Guarantor under its Guarantee of the Notes; and 
 (B) immediately
after giving effect to the transaction, no Default has occurred and is continuing; or 
 (c) the transaction constitutes a
sale or other disposition (including by way of consolidation or merger) of the Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (in each case other than to the Company or a Restricted Subsidiary (unless
such transfer is in contemplation of the transfer to an entity that is not the Company or a Restricted Subsidiary and such transfer is consummated)) otherwise permitted by this Indenture. 

ARTICLE V 
 REDEMPTION OF
SECURITIES 
 SECTION 5.1 Notices to Trustees. If the Issuer elects to redeem Notes pursuant to the optional redemption
provisions of Section 5.7 hereof, it must furnish to the Trustees and the Paying Agent, at least 10 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price. 

Any optional redemption referenced in such Officer’s Certificate may be cancelled by the Issuer at any time prior to notice of redemption
being sent to any Holder and thereafter shall be null and void. 
 SECTION 5.2 Selection of Notes To Be Redeemed or Purchased. If
less than all of the Notes are to be redeemed pursuant to Section 5.7 or purchased in an Asset Disposition Offer pursuant to Section 3.5 or a redemption

  
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pursuant to Section 5.8, the Notes shall be selected for redemption or purchase (a) if the Notes are in global form, in accordance with the procedures of DTC and
(b) if the Notes are in definitive form, on a pro rata basis or by lot (subject to adjustments to maintain the authorized Notes denomination requirements) except: 

(1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national
securities exchange on which the Notes are listed; or 
 (2) if otherwise required by law. 

No Notes in an unauthorized denomination or of $2,000 in aggregate principal amount or less shall be redeemed in part. In the event of partial
redemption, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the redemption or purchase date by the Agent from the outstanding Notes not
previously called for redemption or purchase. 
 The Agent will promptly notify the Issuer in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000; except
that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

SECTION 5.3 Notice of Redemption. At least 10 days but not more than 60 days before a redemption date, the Issuer will send
or cause to be sent, by electronic delivery or by first class mail postage prepaid, a notice of redemption to each Holder whose Notes are to be redeemed at the address of such Holder appearing in the Notes Register or otherwise in accordance with
the procedures of DTC, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to
Articles VIII or XI hereof. 
 The notice will identify the Notes (including the CUSIP or ISIN number) to
be redeemed and will state: 
 (1) the redemption date; 

(2) the redemption price; 

(3) if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that,
in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date so delayed; 

(4) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(5) the name and address of the Paying Agent; 

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

(7) that, unless the Issuer defaults in making such redemption payment, interest and Additional Interest, if any, on Notes
called for redemption ceases to accrue on and after the redemption date; 

  
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 (8) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; and 
 (9) that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 In addition, the Issuer may provide in such notice
that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. 

At Issuer’s request, the U.S. Trustee will give the notice of redemption in the Issuer’s name and at its expense;
provided, however, that the Issuer has delivered to the U.S. Trustee, at least 13 days prior to the redemption date (or such shorter period as the U.S. Trustee may agree), an Officer’s Certificate requesting that the U.S. Trustee
give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 SECTION 5.4
Effect of Notice of Redemption. Once notice of redemption is sent in accordance with Section 5.3 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price.
Notice of redemption may, at the Issuer’s option and discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering (in the case of redemption pursuant to
Section 5.7(b) hereof) or Change of Control (in the case of purchase pursuant to Section 3.9 hereof), as the case may be. 

SECTION 5.5 Deposit of Redemption or Purchase Price. Prior to 10:00 a.m. Eastern time on the redemption or purchase date, the Issuer
will deposit with the Trustees or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and Additional Interest, if any, on, all Notes to be redeemed or purchased on that date. The Trustees or the
Paying Agent will promptly return to the Issuer any money deposited with the Trustees or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Interest, if
any, on, all Notes to be redeemed or purchased. 
 If the Issuer complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest and Additional Interest, if any, will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or
prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If the Issuer delivers Global Notes to the Trustees for
cancellation on a date that is after the record date and on or before the next interest payment date, then interest shall be paid in accordance with the procedures of DTC. If any Note called for redemption or purchase is not so paid upon surrender
for redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on
any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 3.1 hereof. 

SECTION 5.6 Notes Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or purchased in part, in the case of
Definitive Notes the Issuer will issue and, upon receipt of an Issuer Order, the U.S. Trustee will authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note
surrendered; provided, that each such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

SECTION 5.7 Optional Redemption. 

(a) At any time prior to April 1, 2020, the Issuer may redeem the Notes in whole or in part, at its option, upon not less than 10 nor
more than 60 days’ prior notice by electronic delivery or first class mail, postage prepaid, with a copy to the Trustees and the Agent, to each Holder of Notes to the address of such Holder appearing in the Notes Register, at a redemption
price equal to 100.000% of the principal amount of Notes redeemed plus the relevant Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to but excluding the date of redemption (the
“Redemption Date”), subject to the rights of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date. 

  
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 (b) At any time and from time to time prior to April 1, 2020, the Issuer may, at its option,
upon not less than 10 nor more than 60 days’ prior notice by electronic delivery or first class mail, postage prepaid, with a copy to the Trustees and the Agent, to each Holder of Notes to the address of such Holder appearing in the Notes
Register, redeem up to 40% of the original aggregate principal amount of Notes (including Additional Notes) issued under this Indenture at a redemption price equal to 105.50% of the aggregate principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to but excluding the applicable Redemption Date, subject to the right of Holders of record of the Notes on the relevant record date to receive interest due on the relevant interest payment date, with
the Net Cash Proceeds received by the Company of one or more Equity Offerings of the Company; provided that not less than 60% of the original aggregate principal amount of Notes initially issued under this Indenture (including Additional
Notes, if any) remains outstanding immediately after the occurrence of each such redemption (excluding Notes held by the Company or any of its Restricted Subsidiaries); provided further that each such redemption occurs not later than
180 days after the date of closing of the related Equity Offering. The Agent shall select the Notes to be purchased in the manner described under Sections 5.1 through 5.6. 

(c) Except pursuant to clauses (a) and (b) of this Section 5.7, the Notes will not be redeemable at the
Issuer’s option prior to April 1, 2020. 
 (d) At any time and from time to time on or after April 1, 2020, the Issuer may
redeem the Notes, in whole or in part, upon not less than 10 nor more than 60 days’ prior notice by electronic delivery or first class mail, postage prepaid, with a copy to the Trustees and the Agent to each Holder of Notes to the address
of such Holder appearing in the Notes Register at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the table below, plus accrued and unpaid interest and Additional Interest thereon, if
any, to but excluding the applicable Redemption Date, subject to the right of Holders of record of the Notes on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on April 1 of each of the years indicated in the table below: 
  

					
	 Year
	  	Percentage	 
	 2020
	  	 	104.125	% 
	 2021
	  	 	102.750	% 
	 2022
	  	 	101.375	% 
	 2023 and thereafter
	  	 	100.000	% 

 (e) Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any redemption pursuant to this
Section 5.7 shall be made pursuant to the provisions of Sections 5.1 through 5.6. 

(g) Notwithstanding the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or Asset Disposition
Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making a such tender offer in lieu of the Issuer,
purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 15 nor more than 60 days’ prior notice, given not more than 15 days following such purchase
date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid
interest, if any, thereon, to, but not including, the date of such redemption. 
 SECTION 5.8 Mandatory Redemption. The Issuer is not
required to make mandatory redemption payments or sinking fund payments with respect to the Notes; provided; however, that under certain circumstances, the Issuer may be required to offer to purchase Notes under
Section 3.5 and Section 3.9. The Company may at any time and from time to time purchase Notes in the open market or otherwise. 

  
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 ARTICLE VI 

DEFAULTS AND REMEDIES 

SECTION 6.1 Events of Default. Each of the following is an “Event of Default”: 

(1) default in any payment of interest or Additional Interest, if any, on any Note when due and payable, and which default
remains uncured for 30 days; 
 (2) default in the payment of the principal amount of or premium, if any, on any Note
issued under this Indenture when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 

(3) failure to comply with the Company’s agreements or obligations contained in this Indenture for 60 days after
written notice by a Trustee on behalf of the Holders or by the Holders of 30% in aggregate principal amount of the outstanding Notes; 

(4) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a
Restricted Subsidiary, whether such Indebtedness or Guarantee now exists, or is created after the date hereof, which default: 

(A) is caused by a failure to pay principal of such Indebtedness, at its stated final maturity (after giving effect to any
applicable grace periods) provided in such Indebtedness (“payment default”); or 
 (B) results in the
acceleration of such Indebtedness prior to its stated final maturity (the “cross acceleration provision”); 
 and, in each
case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates to $50.0 million or
more; 
 (5) failure by the Company or any Significant Subsidiary (or group of Restricted Subsidiaries that, taken together
(as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary), to pay final judgments aggregating in excess of $50.0 million other than any judgments
covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy issuers, which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in
the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed (the “judgment default provision”); or 

(6) any Guarantee of the Notes ceases to be in full force and effect, other than in accordance with the terms of this Indenture
or a Guarantor denies or disaffirms its obligations under its Guarantee of the Notes, other than in accordance with the terms of this Indenture or upon release of such Guarantee in accordance with this Indenture; 

(7) the Company or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together as of the latest
audited consolidated financial statements for the Company, would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case or proceeding; 

  
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 (B) consents to the entry of an order for relief against it in an involuntary
case or proceeding; 
 (C) consents to the appointment of a Custodian of it or for substantially all of its property; 

(D) makes a general assignment for the benefit of its creditors; 

(E) consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; or 

(F) takes any comparable action under any foreign laws relating to insolvency; and 

(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company or Significant Subsidiary or any group of Restricted Subsidiaries that, taken together as
of the latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary, in an involuntary case; 

(B) appoints a Custodian of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together as of the latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary, for substantially all of its property; 

(C) orders the winding up or liquidation of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together as of the latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary; or 

(D) or any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for
60 consecutive days. 
 However, a default under clauses (3), (4) or (5) of this Section 6.1 will not
constitute an Event of Default until a Trustee or the Holders of 30% in principal amount of the outstanding Notes notify the Company of the default and, with respect to clauses (3) and (5) the Company does not cure such default within the time
specified in clauses (3) or (5), as applicable, of this Section 6.1 after receipt of such notice. 
 SECTION
6.2 Acceleration. If an Event of Default (other than an Event of Default described in clause (7) or (8) of Section 6.1 with respect to the Company) occurs and is continuing, a Trustee by notice to the
Company or the Holders of at least 30% in principal amount of the outstanding Notes by written notice to the Company and the Trustees, may, and a Trustee at the request of such Holders shall, declare the principal of, and accrued and unpaid
interest, if any, on all the Notes to be due and payable and to the extent such Event of Default arises from the failure to pay the redemption price that is then due and not subject to any conditions in connection with an optional redemption, the
premium then due with respect to such optional redemption on all the Notes to be due and payable. Upon such a declaration, the principal of and accrued and unpaid interest, if any, on the Notes will be due and payable immediately together with any
premium due with respect to an optional redemption. 
 In the event of a declaration of acceleration of the Notes because of an Event of
Default specified in clause (4) of Section 6.1 has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled and without any action by the Trustees or the Holders, if
within 30 days after such declaration of acceleration arose: 
  

	 	(1)	(x) the Indebtedness that gave rise to such Event of Default shall have been discharged in full; or 

  
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 (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case
may be) giving rise to such Event of Default; or 
 (z) if the default that is the basis for such Event of Default has been cured; and 

(2) (a) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction; and 
 (b) all existing Events of Default, except nonpayment of principal, premium or interest including
Additional Interest, if any, on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 
 If
an Event of Default described in clause (7) or (8) of Section 6.1 with respect to the Company occurs and is continuing, the principal of, and accrued and unpaid interest, if any, on all of the Notes will become
and be immediately due and payable without any declaration or other act on the part of the Trustees or any Holders. 
 SECTION 6.3 Other
Remedies. If an Event of Default occurs and is continuing, a Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, or interest including Additional Interest, if any,
on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 A Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustees or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

Notwithstanding any other provision of this Indenture, the sole remedy for an Event of Default relating to the failure to comply with the
reporting obligations in Section 3.10 hereunder will for the 60 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the principal amount of the Notes at a rate equal to
0.25% per annum. This Additional Interest will be payable in the same manner and subject to the same terms as other interest payable under this Indenture. This Additional Interest will accrue on all outstanding Notes from and including the date on
which an Event of Default relating to a failure to comply with the reporting obligations in Section 3.10 hereunder first occurs, to but excluding the 60th day thereafter (or such earlier date on which the Event of Default relating to
such reporting obligations is cured or waived). If the Event of Default resulting from such failure to comply with the reporting obligations is continuing on such 60th day, such Additional Interest will cease to accrue and the Notes will be subject
to the other remedies provided under this Article VI. 
 SECTION 6.4 Waiver of Past Defaults. The Holders of a majority in
aggregate principal amount of the then outstanding Notes by written notice to a Trustee may, on behalf of all of the Holders, (a) waive, by their consent (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Notes), an existing Default or Event of Default and its consequences under this Indenture except (i) a Default or Event of Default in the payment of the principal of, or premium, if any, or interest including
Additional Interest, if any, on a Note unless the consent is received of each affected Holder or (ii) a Default or Event of Default in respect of a provision that under Section 9.2 cannot be amended without the consent
of each Holder affected and (b) rescind any acceleration with respect to the Notes and its consequences if (1) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (2) all existing
Events of Default have been cured or waived except nonpayment of principal, premium, if any, interest including Additional Interest, if any, that has become due solely because of the acceleration, (3) to the extent the payment of such interest
is lawful, interest on overdue installments of interest, Additional Interest, if any, premium, if any, and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (4) the Company has paid the
Trustees and Agent their respective compensation and reimbursed the Trustees and Agent for their respective reasonable expenses, disbursements and advances and (5) in the event of the cure or waiver of an Event of Default of the type described
in clause (4) of Section 6.1, the Trustees shall have received an Officer’s Certificate and an Opinion of Counsel stating that such Event of Default has been cured or waived. No such rescission shall affect any

  
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subsequent Default or impair any right consequent thereto. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any consequent right. 
 SECTION 6.5 Control by Majority. The Holders of a majority in principal amount of
the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustees or of exercising any trust or power conferred on the Trustees. However, a Trustee may refuse to follow any direction
that conflicts with law or this Indenture or the Notes or, subject to Sections 7.1 and 7.2, that a Trustee determines, on the advice of counsel or other experts, advisors or agents, is unduly prejudicial to the
rights of other Holders or would involve a Trustee in personal liability; provided, however, that a Trustee may take any other action deemed proper by a Trustee that is not inconsistent with such direction. Prior to taking any such
action hereunder upon the request of Holders or otherwise, a Trustee shall be entitled to security or indemnification satisfactory to it against all fees, losses and expenses (including attorney’s fees and expenses) caused by taking or not
taking such action. 
 SECTION 6.6 Limitation on Suits. Subject to Sections 6.7 and 7.2, a Holder
may not pursue any remedy with respect to this Indenture or the Notes unless: 
 (1) such Holder has previously given the
Trustees written notice that an Event of Default is continuing; 
 (2) Holders of at least 30% in principal amount of the
outstanding Notes have requested in writing the Trustees to pursue the remedy; 
 (3) such Holders have offered in writing
the Trustees security or indemnity satisfactory to the Trustees against any loss, liability or expense; 
 (4) a Trustee has
not complied with such request within 60 days after the receipt of the written request and the offer of security or indemnity; and 

(5) the Holders of a majority in principal amount of the outstanding Notes have not given a Trustee a written direction that,
in the opinion of the Trustees, is inconsistent with such request within such 60-day period. 
 A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustees do not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders). 
 SECTION 6.7 Rights of Holders To Receive Payment. Notwithstanding any other
provision of this Indenture (including, without limitation, Section 6.6), the right of any Holder to receive payment of principal of, premium, if any, or interest, including Additional Interest, if any, on the Notes held by
such Holder, on or after the respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder; provided that for the avoidance of doubt, the amendment, supplement or modification in accordance with the terms of this Indenture of Articles III and IV and Sections 6.1(a)(3), (4), (5) and (6) and the related definitions shall be
deemed not to impair the contractual right of any Holder to receive payments of principal of, premium, if any, and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any such payment
on or with respect to such Holder’s Note. 
 SECTION 6.8 Collection Suit by Trustee. If an Event of Default specified in
clauses (1) or (2) of Section 6.1 occurs and is continuing, a Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together
with interest and Additional Interest, if any, on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.7. 

  
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 SECTION 6.9 Trustees May File Proofs of Claim. A Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustees (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Company, its Subsidiaries or its or their respective creditors or properties and, unless prohibited by law or applicable regulations, may be entitled and empowered to participate as a
member of any official committee of creditors appointed in such matter and may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding
is hereby authorized by each Holder to make payments to the Trustees and the Agent and, in the event that the Trustees or the Agent shall consent to the making of such payments directly to the Holders, to pay to the Trustees or the Agent any amount
due it for the compensation, expenses, disbursements and advances of the Trustees or the Agent, their respective agents and its respective counsel, and any other amounts due the Trustees or the Agent under Section 7.7. 

No provision of this Indenture shall be deemed to authorize the Trustees to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustees to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10 Priorities. 

(a) If a Trustee collects any money or property pursuant to this Article VI, it shall pay out the money or property
in the following order: 
 FIRST: to the Trustees and Agent, as applicable, for amounts due to them under this Indenture;

 SECOND: to Holders for amounts due and unpaid on the Notes for principal of, or premium, if any, and interest and
Additional Interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal of, or premium, if any, and interest (including Additional Interest), respectively; and 

THIRD: to the Issuer, or to the extent a Trustee collects any amount for any Guarantor, to such Guarantor. 

(b) The Trustees may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. At
least 15 days before such record date, the Issuer shall send or cause to be sent to each Holder and the Trustees a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustees or Agent for any action taken or omitted by either of them as a Trustee or Agent, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by a Trustee or Agent, a suit by the Issuer, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount
of the Notes. 
 ARTICLE VII 

TRUSTEES 
 SECTION 7.1
Duties of Trustees. 
 (a) If an Event of Default has occurred and is continuing, the Trustees shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(1) the Trustees undertake to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustees; and 
 (2) in the absence of bad
faith on its part, the Trustees may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, opinions or orders furnished to the Trustees and conforming to the requirements of
this Indenture or the Notes, as the case may be. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustees, the Trustees shall examine such certificates and
opinions to determine whether or not they conform to the requirements of this Indenture or the Notes, as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) A Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that: 
 (1) this paragraph does not limit the effect of Section 7.1(b);

 (2) the Trustees shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved
that such Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustees shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5; and 

(4) No provision of this Indenture or the Notes shall require the Trustees or Agent to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. 
 (d) Every provision of this Indenture that in any way relates to the
Trustees is subject to paragraphs (a), (b) and (c) of this Section 7.1. 
 (e) The Trustees shall not be
liable for interest on any money received by them except as the Trustees may agree in writing with the Issuer. 
 (f) Money held in trust by
the Trustees need not be segregated from other funds except to the extent required by law. 
 (g) Every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section 7.1. 

SECTION 7.2 Rights of Trustees. Subject to Section 7.1: 

(a) The Trustees may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustees need not investigate any fact or matter stated in the document. The Trustees shall receive and retain financial reports and statements of the Company as provided herein, but shall have no duty to review or analyze such reports
or statements to determine compliance with covenants or other obligations of the Company. 

  
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 (b) Before the Trustees or Agent act or refrain from acting, they may require an Officer’s
Certificate and/or an Opinion of Counsel. The Trustees or Agent shall not be liable for any action they take or omit to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Trustees or Agent may execute any of the trusts and powers hereunder or perform any duties hereunder either directly by or through
their attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care by them hereunder. 

(d) The Trustees or Agent shall not be liable for any action they take or omit to take in good faith which they believes to be authorized or
within their rights or powers conferred upon them by this Indenture. 
 (e) The Trustees or Agent may consult with counsel of their
selection, and the advice or opinion of counsel relating to this Indenture or the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by them hereunder or under the Notes
in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustees shall not be deemed to have notice of any
Default or Event of Default or whether any entity or group of entities constitutes a Significant Subsidiary unless written notice of any event which is in fact such a Default or of any such Significant Subsidiary is received by a Trust Officer of
the U.S. Trustee at its corporate trust office specified in Section 3.11, and such notice references the Notes and this Indenture. 

(g) The rights, privileges, protections, immunities and benefits given to the Trustees and Agent, including, without limitation, their
respective right to be indemnified, are extended to, and shall be enforceable by, the Trustees and Agent in each of their respective capacities hereunder, and to the Agent, each other agent, custodian and other Person employed to act hereunder. 

(h) The Trustees shall be under no obligation to exercise any of the rights or powers vested in them by this Indenture or the Notes at the
request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustees security or indemnity satisfactory to the Trustees against the costs, expenses and liabilities
which may be incurred therein or thereby. 
 (i) Whenever in the administration of this Indenture or the Notes the Trustees shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustees (unless other evidence be herein specifically prescribed) may, in the absence of negligence or willful
misconduct on their part, conclusively rely upon an Officer’s Certificate. 
 (j) The Trustees shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustees, in their discretion, may
make such further inquiry or investigation into such facts or matters as they may see fit, and, if the Trustees shall determine to make such further inquiry or investigation, they shall be entitled to examine, during business hours and upon
reasonable notice, the books, records and premises of the Company and the Restricted Subsidiaries, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation. 
 (k) The Trustees shall not be required to give any bond or surety in respect of the performance of their powers
and duties hereunder. 
 (l) The Trustees may request that the Issuer delivers an Officer’s Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes. 
 (m) In
no event shall the Trustees or Agent be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustees have been advised of
the likelihood of such loss or damage. 

  
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 (n) Unless otherwise specifically provided in this Indenture, any demand, request, direction or
notice from the Issuer shall be sufficient if signed by one Officer of the Issuer. 
 (o) Neither of the Trustees nor the Agent shall be
responsible or liable for the computation of any interest payments or redemption amounts. 
 SECTION 7.3 Individual Rights of Trustees
and Agent. The Trustees in their individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, the Guarantors or their Affiliates with the same rights it would have if they were not Trustees.
Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustees must comply with
Section 7.10. In addition, the Trustees or Agent shall be permitted to engage in transactions with the Issuer. 

SECTION 7.4 Trustees’ Disclaimer. The Trustees shall not be responsible for and make no representation as to the
validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the sale of the Notes, shall not be responsible for the use or application of any money received by any Paying Agent other
than the Trustees or any money paid to the Issuer pursuant to the terms of this Indenture and shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the
Notes other than the Trustee’s certificate of authentication. 
 SECTION 7.5 Notice of Defaults. If a Default or Event of
Default occurs and is continuing and if a Trust Officer has actual knowledge thereof, a Trustee shall send by electronic delivery or first class mail to each Holder at the address set forth in the Notes Register notice of the Default or Event of
Default within 60 days after it is actually known to a Trust Officer. Except in the case of a Default or Event of Default in payment of principal of, or premium, if any, or interest (including Additional Interest, if any) on any Note (including
payments pursuant to the optional redemption or required repurchase provisions of such Note), the Trustees may withhold the notice if and so long as the Trustees in good faith determine that withholding the notice is in the interests of Holders.

 SECTION 7.6 [Reserved]. 

SECTION 7.7 Compensation and Indemnity. The Issuer shall pay to the Trustees and each Agent from time to time compensation for its
services hereunder and under the Notes as the Issuer and the Trustees and each Agent shall from time to time agree in writing. The Trustees’ and each Agent’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall reimburse the Trustees and each Agent upon request for all reasonable out-of-pocket expenses incurred or made by them, including, but not
limited to, costs of collection, costs of preparing reports, certificates and other documents, costs of preparation and mailing of notices to Holders. Such expenses shall include the reasonable compensation and expenses, disbursements and advances
of the agents, counsel, accountants and experts of the Trustees and each Agent. The Issuer shall indemnify the Trustees and their respective officers, directors, employees, representatives and agents from and against any and all loss, liability,
damages, claims or expense, including taxes (other than taxes based upon the income of the Trustees) (including reasonable attorneys’ and agents’ fees and expenses) incurred by them without willful misconduct or gross negligence, as
determined by a court of competent jurisdiction, on their part in connection with the administration of this trust and the performance of their duties hereunder and under the Notes, including the costs and expenses of enforcing this Indenture
(including this Section 7.7) and the Notes and of defending themselves against any claims (whether asserted by any Holder, the Issuer or otherwise). The Trustees shall notify the Issuer promptly of any claim for which they
may seek indemnity of which they have received written notice. Failure by the Trustees to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustees shall provide reasonable
cooperation at the Issuer’s expense in the defense. The Trustees may have one separate counsel and the Issuer shall pay the fees and expenses of such counsel. 

To secure the Issuer’s payment obligations in this Section 7.7, the Trustees shall have a lien prior to the
Notes on all money or property held or collected by the Trustees other than money or property held in trust to pay principal of and interest on particular Notes. Such lien shall survive the satisfaction and discharge of this Indenture, of the
appointment of any successor Trustee. The Trustees’ right to receive payment of any amounts due under this Section 7.7 shall not be subordinate to any other liability or Indebtedness of the Issuer. 

  
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 The Issuer’s payment and other obligations pursuant to this
Section 7.7 shall survive the discharge of this Indenture and any resignation or removal of the Trustees under Section 7.8. Without prejudice to any other rights available to the Trustees under
applicable law, when the Trustees incur fees, expenses or renders services after the occurrence of a Default specified in clause (7) or clause (8) of Section 6.1, the expenses (including the reasonable fees and
expenses of their counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 SECTION 7.8 Replacement of
Trustees. The Trustees may resign at any time by so notifying the Issuer in writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in principal amount of the Notes may remove a Trustee by so
notifying the removed Trustee in writing not less than 30 days prior to the effective date of such removal and may appoint a successor Trustee with the Issuer’s written consent, which consent will not be unreasonably withheld. The Issuer
shall remove a Trustee if: 
 (1) a Trustee fails to comply with Section 7.10 hereof; 

(2) a Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of a Trustee or its property; or 

(4) a Trustee otherwise becomes incapable of acting. 

If a Trustee resigns or is removed by the Issuer or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee as described in the preceding paragraph, or if a vacancy exists in the office of a Trustee for any reason (a Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall
promptly appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of a Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Holders. The retiring Trustee shall, at the expense of the Issuer, promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7,
and the recognition thereof by the successor Trustee. 
 If a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee or the Holders of at least 10% in principal amount of the Notes may petition, at the Issuer’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

If a Trustee fails to comply with Section 7.10, any Holder, who has been a bona fide holder of a Note for at least
six months, may petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of a Trustee pursuant to this Section 7.8, the Issuer’s obligations under
Section 7.7 shall continue for the benefit of the retiring Trustee. The predecessor Trustee shall have no liability for any action or inaction of any successor Trustee. 

SECTION 7.9 Successor Trustee by Merger. If a Trustee consolidates with, merges or converts into, or transfers all or substantially all
its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

In case at the time such successor or successors by merger, conversion or consolidation to a Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to a Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to a Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to a Trustee; provided that the right to adopt the
certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall only apply to its successor or successors by merger, consolidation or conversion. 

  
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 SECTION 7.10 Eligibility. There shall at all times be a Trustee hereunder which shall have
at all times a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. 

SECTION 7.11 [Reserved]. 

SECTION 7.12 Trustees’ Application for Instruction from the Issuer. Any application by a Trustee or Agent for
written instructions from the Issuer may, at the option of a Trustee or Agent, set forth in writing any action proposed to be taken or omitted by a Trustee or Agent under this Indenture and the date on and/or after which such action shall be taken
or such omission shall be effective. A Trustee or Agent shall not be liable for any action taken by, or omission of, such Trustee or Agent in accordance with a proposal included in such application on or after the date specified in such application
(which date shall not be less than three Business Days after the date any Officer of the Issuer actually receives such application, unless any such Officer shall have consented in writing to any earlier date) unless prior to taking any such action
(or the effective date in the case of an omission), such Trustee or Agent shall have received written instructions in response to such application specifying the action to be taken or omitted. 

ARTICLE VIII 
 LEGAL DEFEASANCE
AND COVENANT DEFEASANCE 
 SECTION 8.1 Option To Effect Legal Defeasance or Covenant Defeasance; Defeasance. The Issuer may, at
its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.2 Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.1 hereof of the
option applicable to this Section 8.2, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged
from their obligations with respect to all outstanding Notes (including the Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the
Issuer and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of
Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their other obligations under such Notes, the Guarantees and this Indenture (and
the Trustees or Agent, on written demand of and at the expense of the Issuer, shall execute such instruments reasonably requested by the Issuer acknowledging the same) and to have cured all then existing Events of Default, except for the following
provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of Notes
issued under this Indenture to receive payments in respect of the principal of, premium, if any, and interest and Additional Interest, if any, on the Notes when such payments are due solely out of the trust referred to in
Section 8.4 hereof; 
 (2) the Issuer’s obligations with respect to the Notes under
Article II concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and Section 3.11 hereof concerning the maintenance of an office or agency for payment and money for
security payments held in trust; 
 (3) the rights, powers, trusts, duties and immunities of the Trustees and the
Issuer’s or Guarantors’ obligations in connection therewith; and 
 (4) this Article VIII
with respect to provisions relating to Legal Defeasance. 

  
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 SECTION 8.3 Covenant Defeasance. Upon the Issuer’s exercise under
Section 8.1 hereof of the option applicable to this Section 8.3, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in
Section 8.4 hereof, be released from each of their obligations under the covenants contained in Section 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9,
3.10, 3.13, 3.14, and Section 4.1 (except Section 4.1(a)(1) and (a)(2)) hereof with respect to the outstanding Notes on and after the date the conditions set forth in
Section 8.4 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes and Guarantees, the Issuer and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under
Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof,
Sections 6.1(3) (other than with respect to Section 4.1(a)(1) and (a)(2)), 6.1(4), 6.1(5), 6.1(6), 6.1(7) (with respect only to any Significant Subsidiary), and
6.1(8) (with respect only to any Significant Subsidiary) hereof shall not constitute Events of Default. 
 SECTION 8.4 Conditions
to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof: 

(1) the Issuer must irrevocably deposit with the Trustees (including any co-trustee or
separate trustee) or Paying Agent, in trust, for the benefit of the Holders, cash in dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of and premium, if any, interest and Additional Interest, if any, due on the Notes issued under this Indenture on the stated maturity date or on the applicable redemption date, as the case may be, and the
Issuer must specify whether such Notes are being defeased to maturity or to a particular redemption date; 
 (2) in the case
of Legal Defeasance the Issuer shall have delivered to the U.S. Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions; 

(A) the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling; or 

(B) since the issuance of such Notes, there has been a change in the applicable U.S. federal income tax law; 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the Holders, in their capacity as Holders, will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the
case of Covenant Defeasance, the Issuer shall have delivered to the U.S. Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the Holders, in their capacity as Holders, will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred; 
 (4) no Default or Event of Default (other than that resulting from borrowing funds to be
applied to make such deposit and the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 

  
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 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under the Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

(6) the Issuer shall have delivered to the Trustees an Officer’s Certificate stating that the deposit was not made by the
Issuer with the intent of defeating, hindering, delaying, defrauding or preferring any creditors of the Issuer; and 
 (7)
the Issuer shall have delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or
relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 
 SECTION 8.5 Deposited Money
and U.S. Government Obligations To Be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.6 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustees
or the Paying Agent (or other qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes
will be held in trust and applied by the Trustee or the Paying Agent, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as
the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, and interest and Additional Interest, if any, but such money need not be segregated from other funds except to the
extent required by law. 
 The Issuer will pay and indemnify the Trustee and each Paying Agent against any tax, fee or other charge imposed
on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article VIII to the
contrary, the Trustee or the Paying Agent will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.4 hereof which, in
the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee or the Paying Agent (which may be the opinion delivered under
Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

SECTION 8.6 Repayment to the Issuer. Any money deposited with the Trustees or any Paying Agent, or then held by the Issuer, in trust
for the payment of the principal of, premium or interest or Additional Interest, if any, on, any Note and remaining unclaimed for two years after such principal, premium or interest or Additional Interest, if any, has become due and payable shall be
paid to the Issuer on their written request unless an abandoned property law designates another Person or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the
Issuer for payment thereof unless an abandoned property law designates another Person, and all liability of the Trustees or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease;
provided, however, that the Trustee, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that
such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

SECTION 8.7 Reinstatement. If the Trustees or Paying Agent is unable to apply any money or dollars or U.S. Government Obligations in
accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, then the
Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until
such time as the Trustees or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuer makes any payment
of principal of, premium, or 

  
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interest or Additional Interest, if any, on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or U.S. Government Obligations held by the Trustees or Paying Agent. 
 ARTICLE IX 

AMENDMENTS 
 SECTION 9.1
Without Consent of Holders. Notwithstanding Section 9.2 of this Indenture, the Issuer, the Guarantors, if applicable, and the Trustees may amend or supplement any Note Documents: 

(1) to cure any ambiguity, omission, mistake, defect, error or inconsistency, conform any provision to any provision under the
heading “Description of Notes” in the Offering Memorandum or reduce the minimum denomination of the Notes; 
 (2)
to provide for the assumption by a successor Person of the obligations of the Company under any Note Document; 
 (3) to
provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (4) to add to the covenants or provide
for a Note Guarantee for the benefit of the Holders or to surrender any right or power conferred upon the Company or any Restricted Subsidiary; 

(5) to make any change that does not adversely affect the rights of any Holder in any material respect; 

(6) to make such provisions as necessary (as determined in good faith by the Company) for the issuance of Additional Notes;

 (7) to provide for any Restricted Subsidiary to provide a Guarantee in accordance with
Section 3.2, to add Guarantees with respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination, discharge or retaking of any Guarantee or Lien with respect
to or securing the Notes when such release, termination, discharge or retaking is provided for under this Indenture; 
 (8)
at the Company’s election, comply with any requirement of the SEC in connection with the qualification of this Indenture under the Trust Indenture Act, if such qualification is required; 

(9) to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the
requirements hereof or to provide for the accession by a Trustee to any Note Document; 
 (10) to make any amendment to the
provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of Notes; provided, however, that
(i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of
Holders to transfer Notes; or 
 (11) to make any amendments to the Indenture or the Notes to amend the identity of the
Issuer as permitted under the terms of the Indenture and the CUSIP or ISIN, as applicable. 
 Subject to
Section 9.2, upon the request of the Issuer, and upon receipt by the Trustees of the documents described in Sections 9.5 and 12.6 hereof, the Trustees will join with the Issuer and the
Guarantors, if applicable, in the execution of such amended or supplemental indenture unless such amended or supplemental indenture affects the Trustees’ own rights, duties, liabilities or immunities under this Indenture or otherwise, in which
case the Trustees may in their discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

  
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 After an amendment or supplement under this Section 9.1 becomes
effective, the Issuer shall deliver or cause to be delivered to Holders a notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an
amendment or supplement under this Section 9.1. 
 SECTION 9.2 With Consent of Holders. Except as provided
below in this Section 9.2, the Issuer, the Guarantors, if applicable, and the Trustees may amend, supplement or otherwise modify this Indenture, any Guarantee and the Notes issued hereunder with the consent of the Holders
of at least a majority in aggregate principal amount of the Notes then outstanding and issued under this Indenture, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, and,
subject to Sections 6.4 and 6.7 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest, if any, and Additional
Interest, on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes and the Guarantees may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes issued under this Indenture (including consents obtained in connection with a purchase of or tender offer or exchange offer for Notes). Section 2.10 hereof and
Section 12.6 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.2. 

Upon the request of the Issuer, and upon the filing with the Trustees of evidence of the consent of the Holders of Notes as aforesaid, and
upon receipt by the Trustees of the documents described in Sections 9.5 and 12.6 hereof, the Trustees will join with the Issuer and the Guarantors, if applicable, in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture affects the Trustees’ or Agent’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustees may in their discretion, but will not be
obligated to, enter into such amended or supplemental Indenture. 
 Without the consent of each Holder of Notes affected, an amendment,
supplement or waiver may not, with respect to any Notes issued thereunder and held by a nonconsenting Holder: 
 (1) reduce
the principal amount of such Notes whose Holders must consent to an amendment; 
 (2) reduce the stated rate of or extend the
stated time for payment of interest on any such Note (other than provisions relating to Section 3.5 and Section 3.9); 

(3) reduce the principal of or extend the Stated Maturity of any such Note; 

(4) reduce the premium payable upon the redemption of any such Note or change the time at which any such Note may be redeemed,
in each case as set forth in Section 5.7; 
 (5) make any such Note payable in money other than
that stated in such Note; 
 (6) impair the right of any Holder to institute suit for the enforcement of any payment of
principal of and interest on such Holder’s Notes on or after the due dates therefor; 
 (7) waive a Default or Event of
Default with respect to the nonpayment of principal, premium, interest or Additional Interest (except pursuant to a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such Notes and a
waiver of the payment default that resulted from such acceleration); or 
 (8) make any change in the amendment or waiver
provisions which require the Holders’ consent described in this Section 9.2. 

  
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 It shall not be necessary for the consent of the Holders under this Indenture to approve the
particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this Indenture by any Holder of the Notes given in
connection with a tender or exchange of such Holder’s Notes will not be rendered invalid by such tender or exchange. 
 After an
amendment or supplement under this Section 9.2 becomes effective, the Issuer shall deliver or cause to be delivered to Holders a notice briefly describing such amendment or supplement. The failure to give such notice to all
Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement. 
 SECTION 9.3 Revocation and
Effect of Consents and Waivers. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent or waiver as to such
Holder’s Note or portion of its Note if the Trustees receive written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 
 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the
Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who
were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
 SECTION 9.4
Notation on or Exchange of Notes. The Trustees may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the U.S. Trustee shall, upon
receipt of an Issuer Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate
notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
 SECTION 9.5 Trustees to
Sign Amendments. The Trustees shall sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustees. In executing any amended or supplemental indenture, the Trustees shall receive and (subject to Sections 7.1 and 7.2 hereof) shall be fully protected in conclusively relying upon, in
addition to the documents required by Section 12.4 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this
Indenture and is valid, binding and enforceable against the Issuer and the Guarantors in accordance with its terms. 
 ARTICLE X 

GUARANTEE 
 SECTION 10.1
Guarantee. Subject to the provisions of this Article X, each Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other
Guarantor, to each Holder of the Notes, and the Trustees and the Agent the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest (including Additional
Interest) on the Notes and all other obligations and liabilities of the Issuer under this Indenture (including without limitation interest (including Additional Interest) accruing after the filing of any petition in bankruptcy, or the commencement
of any insolvency, reorganization or like proceeding, relating to the Issuer or any Guarantor whether or not a claim for post-filing or Post-Petition Interest is allowed in such proceeding and the obligations under
Section 7.7) (all the foregoing being hereinafter collectively called the “Guaranteed  

  
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Obligations”). Each Guarantor agrees that the Guaranteed Obligations will rank equally in right of payment with other Indebtedness of such Guarantor, except to the extent such other
Indebtedness is subordinate to the Guaranteed Obligations, in which case the obligations of the Guarantors under the Guarantees will rank senior in right of payment to such other Indebtedness. 

To evidence its Guarantee set forth in this Section 10.1, each Guarantor hereby agrees that this Indenture or a
supplement hereto shall be executed on behalf of such Guarantor by an Officer of such Guarantor. 
 Each Guarantor hereby agrees that its
Guarantee set forth in this Section 10.1 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

If an Officer whose signature is on this Indenture no longer holds that office at the time the U.S. Trustee authenticates the Note, the
Guarantee shall be valid nevertheless. 
 Each Guarantor further agrees (to the extent permitted by law) that the Guaranteed Obligations may
be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Article X notwithstanding any extension or renewal of any Guaranteed Obligation. 

Each Guarantor waives presentation to, demand of payment from and protest to the issuer of any of the Guaranteed Obligations and also waives
notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. 
 Each
Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the
Guaranteed Obligations. 
 Except as set forth in Section 10.2, the obligations of each Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guaranteed Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject
to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the Guaranteed
Obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this
Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other
agreement; (d) the release of any security held by any Holder for the Guaranteed Obligations; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Company;
(g) any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent
vary the risk of any Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity. 
 Each Guarantor
agrees that its Guarantee herein shall remain in full force and effect until payment in full of all the Guaranteed Obligations or such Guarantor is released from its Guarantee in compliance with Section 10.2,
Article VIII or Article XI. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof,
of principal of, premium, if any, interest or Additional Interest, if any, on any of the Guaranteed Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any Guarantor by
virtue hereof, upon the failure of the Issuer to pay any of the Guaranteed Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and will, upon receipt
of written demand by the Trustees, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustees on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations then due and owing and
(ii) accrued and unpaid interest 

  
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(including Additional Interest) on such Guaranteed Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition in
bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Issuer or any Guarantor whether or not a claim for post-filing or Post-Petition Interest is allowed in such proceeding). 

Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of
the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guaranteed Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantor for the purposes of this Guarantee. 
 Each Guarantor also agrees to pay any and all fees, costs and expenses (including
attorneys’ fees and expenses) incurred by the Trustees, Agent or the Holders in enforcing any rights under this Section. 
 SECTION
10.2 Limitation on Liability; Termination, Release and Discharge. 
 (a) Any term or provision of this Indenture to the contrary
notwithstanding, the obligations of each Guarantor hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or
payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal, foreign or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 

(b) Any Guarantee of a Guarantor shall terminate upon: 

(1) a sale, exchange, transfer or other disposition (including by way of consolidation or merger) of the Capital Stock of such
Guarantor (after which such Guarantor is no longer a Restricted Subsidiary) or the sale or disposition of all or substantially all the assets of the Guarantor (other than to the Company or a Restricted Subsidiary) otherwise permitted by this
Indenture; 
 (2) the designation in accordance with this Indenture of the Guarantor as an Unrestricted Subsidiary or the
occurrence of any event after which the Guarantor is no longer a Restricted Subsidiary; 
 (3) defeasance or discharge of the
Notes pursuant to Article VIII or Article XI; 
 (4) to the extent that
such Guarantor is not an Immaterial Subsidiary solely due to the operation of clause (i) of the definition of “Immaterial Subsidiary,” upon the release of the guarantee referred to in such clause; or 

(5) to the extent such Guarantor is also a guarantor or borrower under the Existing Credit Agreement and, at the time of
release of its Guarantee, (x) has been released (or will be released substantially concurrently) from its guarantee of, and all pledges and security, if any, granted in connection with the Existing Credit Agreement, (y) does not Guarantee
any Indebtedness of the Company or any of the other Guarantors (or for the avoidance of doubt is substantially simultaneously released therefrom), and (z) there is no Indebtedness outstanding that was Incurred by such Guarantor under Section
3.2(a) in its status as a Guarantor. 
 SECTION 10.3 Right of Contribution. Each Guarantor hereby agrees that to the extent that
any Guarantor shall have paid more than its proportionate share of any payment made on the obligations under the Guarantees, such Guarantor shall be entitled to seek and receive contribution from and against the Issuer or any other Guarantor who has
not paid its proportionate share of such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustees and the Holders and each Guarantor shall
remain liable to the Trustees and the Holders for the full amount guaranteed by such Guarantor hereunder. 

  
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 SECTION 10.4 No Subrogation. Notwithstanding any payment or payments made by each
Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustees or any Holder against the Issuer or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustees or any
Holder for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until all
amounts owing to the Trustees and the Holders by the Issuer on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guaranteed
Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustees and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over
to the Trustees in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustees, if required), to be applied against the Guaranteed Obligations. 

ARTICLE XI 
 SATISFACTION AND
DISCHARGE 
 SECTION 11.1 Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect as
to all Notes issued hereunder, when: 
 (a) either: 

(1) all Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes and Notes for which provision
for payment was previously made and thereafter the funds have been released to the Issuer) have been delivered to the Trustees for cancellation; or 

(2) all such Notes not theretofore delivered to the Trustees for cancellation (i) have become due and payable by reason of
the making of a notice of redemption or otherwise or (ii) will become due and payable within one year at their Stated Maturity or (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustees for the
giving of notice of redemption by the Trustees (and the Paying Agent, if applicable), in the name, and at the expense of the Issuer; 

(b) the Issuer has deposited or caused to be deposited with the Trustees (including any
co-trustee or separate trustee) or the Paying Agent, as applicable, as trust funds in trust solely for the benefit of the Holders, cash in dollars, U.S. Government Obligations, or a combination thereof, in
such amounts as will be sufficient, in the opinion of a nationally recognized firm of public accountants, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Notes not previously delivered to
the Trustees (including any co-trustee or separate trustee) for cancellation, for principal, premium, if any, and interest (including Additional Interest, if any) to the date of deposit (in the case of Notes
that have become due and payable), or to the Stated Maturity or redemption date, as the case may be; 
 (c) no Default or
Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder shall have occurred and be continuing
on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Credit Facilities or any other material agreement or instrument (other than this
Indenture) to which the Company or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

  
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 (d) the Issuer has paid or caused to be paid all sums payable by the Issuer under
this Indenture; and 
 (e) the Issuer has delivered irrevocable instructions to the Agent to apply the deposited money toward
the payment of such Notes issued hereunder at maturity or the redemption date, as the case may be. 
 In addition, the Issuer shall deliver
an Officer’s Certificate and an Opinion of Counsel to the Trustees stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Registrar pursuant to clause (a)(2) of
this Section 11.1, the provisions of Sections 11.2 and 8.6 hereof will survive such satisfaction and discharge. 

SECTION 11.2 Application of Trust Money. Subject to the provisions of Section 8.6 hereof, all money deposited
with the Trustees or the Paying Agent pursuant to Section 11.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustees may determine, to the Persons entitled thereto, of the principal (and premium) and interest and Additional Interest, if any, for whose payment such money has been
deposited with the Trustees or the Paying Agent; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustees or the Paying Agent are unable to apply any money or U.S. Government Obligations in accordance with
Section 11.1 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the Issuer has made any payment of
principal of, premium or interest or Additional Interest, if any, on, any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S.
Government Obligations held by the Trustees or the Paying Agent. 
 ARTICLE XII 

MISCELLANEOUS 
 SECTION
12.1 Notices. Any notice, request, direction, consent or communication made pursuant to the provisions of this Indenture or the Notes shall be in writing and delivered in person, delivered by commercial courier service, sent by facsimile or
mailed by first-class mail, postage prepaid, addressed as follows: 
 if to the Issuer or to any Guarantor: 

Cott Corporation 
 5519 W.
Idlewild Avenue 
 Tampa, Florida 33634 

Attention: Shane Perkey and Marni Poe 

Facsimile: (813) 881-1870 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Ave 
 New York, New
York 10022 
 Attention: Christian O. Nagler 

Facsimile: (212) 446-6460 

  
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 if to the Canadian Trustee, at its corporate trust office, which corporate trust office for
purposes of this Indenture is at the date hereof located at: 
 BNY Trust Company of Canada 

320 Bay St, 11th Floor 

Toronto, Ontario M5H 4A6 

Attention: Corporate Trust Administration 

Facsimile: (416) 360-1711 

if to the U.S. Trustee, at its corporate trust office, which corporate trust office for purposes of this Indenture is at the date hereof
located at: 
 The Bank of New York Mellon 

101 Barclay St., Floor 7E 
 New
York, New York 10286 
 Attention: Corporate Trust Administration 

Facsimile: (212) 815-5603 

if to the Agent, at its corporate office, which corporate office for purposes of this Indenture is at the date hereof located at: 

The Bank of New York Mellon 
 101
Barclay St., Floor 7E 
 New York, New York 10286 

Attention: Corporate Trust Administration 

Facsimile: (212) 815-5603 

The Issuer, the Trustees or the Agent by written notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 Any notice or communication to the Issuer or the Guarantors shall be deemed to have been given or made as of the date so
delivered if personally delivered or if delivered electronically, when receipt is acknowledged, if telecopied; and seven calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address
shall not be deemed to have been given until actually received by the addressee). Any notice or communication to the Trustees or the Agent shall be deemed delivered upon receipt. 

Any notice or communication sent to a Holder shall be electronically delivered or mailed to the Holder at the Holder’s address as it
appears in the Notes Register and shall be sufficiently given if so sent within the time prescribed. 
 Failure to electronically deliver or
mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives
it, except that notices to the Trustees and the Agent shall be effective only upon receipt. 
 Notwithstanding any other provision of this
Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given
to DTC (or its designee) pursuant to the standing instructions from DTC or its designee. 
 Each of Trustees and the Agent agrees to accept
and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods. None of the Trustees or the Agent shall
be liable for any losses, costs or expenses arising directly or indirectly from their reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The
Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustees or the Agent, including without limitation the risk of such party acting on unauthorized instructions, and the
risk or interception and misuse by third parties. 

  
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 SECTION 12.2 [Reserved]. 

SECTION 12.3 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any of the Guarantors
to the Trustees to take or refrain from taking any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustees: 

(1) an Officer’s Certificate in form satisfactory to the Trustees (which shall include the statements set forth in
Section 12.4 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form satisfactory to the Trustees (which shall include the statements set forth in
Section 12.4 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been satisfied and all covenants have been complied with. 

SECTION 12.4 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include: 
 (1) a statement that the individual making such certificate or
opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement
that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 SECTION 12.5 When Notes Disregarded. In determining whether the Holders of the required aggregate principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, any Guarantor or any Affiliate of them shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustees shall
be protected in conclusively relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustees actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding at the time
shall be considered in any such determination. 
 SECTION 12.6 Rules by Trustees, Paying Agent and Registrar. The Trustees may make
reasonable rules for action by, or at meetings of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

SECTION 12.7 Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking
institutions are authorized or required to be closed in New York, New York or the state of the place of payment. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period (unless otherwise required). If a regular record date is a Legal Holiday, the record date shall not be affected. 

SECTION 12.8 Governing Law. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 

  
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 SECTION 12.9 Jurisdiction. The Issuer and the Guarantors agree that any suit, action or
proceeding against the Issuer or any Guarantor brought by any Holder, the Trustees or the Agent arising out of or based upon this Indenture, the Guarantees or the Notes may be instituted in any state or Federal court in the Borough of Manhattan, New
York, New York, and any appellate court from any thereof, and each of them irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Guarantors has
appointed Cott Holdings Inc., 5519 W. Idlewild Avenue, Tampa, Florida 33634, United States of America, Attention: Jason Ausher, Facsimile (813) 881-1870, as its authorized agent upon whom process may be served
in any such suit, action or proceeding which may be instituted in any federal or state court located in the State of New York, Borough of Manhattan arising out of or based upon this Indenture, the Guarantees or the Notes, and any action brought
under U.S. federal or state securities laws (the “Authorized Agent”). Such appointment shall be irrevocable unless and until replaced by an agent reasonably acceptable to the Trustees. The Issuer and each of the Guarantors
represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to
continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Issuer shall be deemed, in every respect, effective service of process upon any Guarantor. The
Issuer and the Guarantors irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought in connection with this Indenture, the Guarantees or the Notes, including such actions, suits
or proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an
inconvenient forum. The Issuer and the Guarantors agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuer or the Guarantors, as the case may be, and may be enforced in
any court to the jurisdiction of which the Issuer or the Guarantors, as the case may be, are subject by a suit upon such judgment. 

SECTION 12.10 Conversion of Currency. The Company covenants and agrees that the following provisions shall apply to conversion of
currency in the case of its Guarantee and this Indenture: 
 (a) If for the purposes of obtaining judgment in, or enforcing the judgment of,
any court in any country, it becomes necessary to convert into any other currency (the “judgment currency”) an amount due in dollars, then the conversion shall be made at the rate of exchange prevailing on the Business Day before
the day on which the judgment is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine). If there is a change in the rate of exchange prevailing between the Business Day before the day on which the
judgment is given or an order of endorsement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due, the Company will pay such additional (or, as the case may be, such lesser) amount,
if any, as may be necessary so that the amount paid in the judgment currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in dollars originally due; 

(b) In the event of the winding-up of the Company at any time while any amount or damages owing under
its Guarantee and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders of Notes and the Trustees harmless against any deficiency arising or resulting from
any variation in rates of exchange between (1) the date as of which the equivalent of the amount in dollars due or contingently due under the Notes and this Indenture (other than under this Subsection calculated for the purposes of such winding-up) and (2) the final date for the filing of proofs of claim in such winding-up. For the purpose of this Subsection (b) the final date for the filing of
proofs of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being the latest practicable date as at
which liabilities of the Company may be ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto; 

(c) The obligations contained in Subsections (a) and (b) of this Section 12.10 shall constitute separate and
independent obligations of the Company from its other obligations under its Guarantee and this Indenture, shall give rise to separate and independent causes of action against the Company, shall apply irrespective of any waiver or extension granted
by any Holder or the Trustees from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Company for a
liquidated sum in respect of amounts due hereunder (other than under Subsection (b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustees, as
the case may be, and no proof or evidence of any actual loss shall be required by the Company or its 

  
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liquidator. In the case of Subsection (b) above, the amount of such deficiency shall not be deemed to be reduced by any variation in rates of exchange occurring between the said final date
and the date of any liquidating distribution; and 
 (d) The term “rate(s) of exchange” shall mean the rate of exchange
quoted by the Canadian Imperial Bank of Commerce at its central foreign exchange desk in its main office in Toronto at 12:00 noon (Toronto time) on the relevant date for purchases of dollars with the judgment currency other than dollars referred to
in Subsections (a) and (b) above and includes any premiums and costs of exchange payable. 
 SECTION 12.11 Waivers of Jury
Trial. THE ISSUER, THE GUARANTORS, THE TRUSTEES AND THE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE GUARANTEES AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION 12.12 USA
PATRIOT Act Section 326 Customer Identification Program. The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal
regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that identifies each person establishing a relationship or
opening an account. The parties to this Indenture agree that they will provide to the Trustees and Agent such information as it may request, from time to time, in order for the Trustees and Agent to satisfy the requirements of the USA PATRIOT Act,
including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for formation
documents such as articles of incorporation or other identifying documents to be provided. 
 SECTION 12.13 No Recourse Against
Others. No director, officer, employee, incorporator, stockholder or shareholder of the Company or any of its Subsidiaries or Affiliates, as such (other than the Issuer and the Guarantors), shall have any liability for any obligations of the
Issuer or any Guarantor under the Note Documents or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the U.S. federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

SECTION 12.14 Successors. All agreements of the Issuer and each Guarantor in this Indenture and the Notes shall bind their respective
successors. All agreements of the Trustees in this Indenture shall bind their successors. All agreements of the Agent in this Indenture shall bind its successors. 

SECTION 12.15 Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original 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. 

SECTION 12.16 Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 12.17 Force Majeure. In no event shall the Trustees or Agent be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustees and Agent shall use reasonable best efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
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 SECTION 12.18 Severability. In case any provision in this 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 12.19 Interpretation. This Indenture shall not be used to, and is not intended to, interpret any other indenture, supplemental
indenture, loan or credit agreement of the Issuer, the Guarantors or any of the Company’s Subsidiaries. Any such indenture, supplemental indenture, loan or credit agreement may not be used to interpret this Indenture. 

SECTION 12.20 Tax Withholding Information. The Company agrees to provide the Trustees with such information it has in its possession
reasonably requested by the Trustees to determine whether any payments pursuant to this Indenture are subject to the withholding requirements 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. 
 [Signature on following pages] 

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

			
	COTT HOLDINGS INC.
		
	By:	 	 /s/ Jay Wells

	Name:	 	Jay Wells
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	 BNY TRUST COMPANY OF CANADA,

as Canadian Trustee

		
	By:	 	 /s/ James W. Briggs

	Name:	 	James W. Briggs
	Title:	 	Authorized Signing Officer

  
 [Signature Page to
Indenture] 

 
			
	 THE BANK OF NEW YORK MELLON,

as U.S. Trustee, Paying Agent, Registrar, Transfer Agent and Authenticating Agent

		
	By:	 	 /s/ James W. Briggs

	Name:	 	James W. Briggs
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
			
	 COTT CORPORATION

AQUATERRA CORPORATION
 4368479 CANADA LIMITED

9973443 CANADA LIMITED

		
	By:	 	 /s/ Marni Morgan Poe

	Name:	 	Marni Morgan Poe
	Title:	 	 Vice President, General Counsel and

Secretary

  
 [Signature Page to
Indenture] 

 
			
	 CLIFFSTAR LLC 
 DS
SERVICES OF AMERICA, INC.
 COTT BEVERAGES INC.

INTERIM BCB, LLC
 COTT VENDING INC.

DS CUSTOMER CARE, LLC
 156775 CANADA INC.

967979 ONTARIO LIMITED
 2011438 ONTARIO LIMITED

804340 ONTARIO LIMITED

		
	By:	 	 /s/ Marni Morgan Poe

	Name:	 	Marni Morgan Poe
	Title:	 	Secretary

  
 [Signature Page to
Indenture] 

 
			
	 AIMIA FOODS EBT COMPANY LIMITED

AIMIA FOODS GROUP LIMITED
 AIMIA FOODS LIMITED

AIMIA FOODS HOLDINGS LIMITED
 CALYPSO SOFT DRINKS
LIMITED
 COOKE BROS HOLDINGS LIMITED
 COOKE BROS.
(TATTENHALL). LIMITED
 COTT BEVERAGES LIMITED

COTT (NELSON) LIMITED
 COTT DEVELOPMENTS LIMITED

COTT EUROPE TRADING LIMITED
 COTT NELSON (HOLDINGS)
LIMITED
 COTT PRIVATE LABEL LIMITED
 COTT RETAIL
BRANDS LIMITED
 COTT LIMITED
 COTT UK ACQUISITION
LIMITED
 COTT VENTURES UK LIMITED
 MR FREEZE
(EUROPE) LIMITED
 COTT VENTURES LIMITED

STOCKPACK LIMITED
 TT CALCO LIMITED

		
	By:	 	 /s/ Matthew Vernon

	Name:	 	Matthew Vernon
	Title:	 	Director

  
 [Signature Page to
Indenture] 

 
			
	EDEN SPRINGS UK LIMITED
		
	By:	 	 /s/ Brian R. Macpherson

	Name:	 	Brian R. Macpherson
	Title:	 	Managing Director

  
 [Signature Page to
Indenture] 

 
			
	EDEN SPRINGS NEDERLAND B.V.
		
	By:	 	 /s/ Itamar Eder

	Name:	 	Itamar Eder
	Title:	 	Chief Financial Officer
		
	By:	 	 /s/ Veit Seemann

	Name:	 	Veit Seemann
	Title:	 	Managing Director

  
 [Signature Page to
Indenture] 

 
			
	 S. & D. COFFEE, INC.

S&D HOLDING COMPANY

		
	By:	 	 /s/ Michael James

	Name:	 	Michael James
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
			
	COTT SWITZERLAND GMBH
		
	By:	 	 /s/ Esther Notz

	Name:	 	Esther Notz
	Title:	 	Managing Officer
		
	By:	 	 /s/ Josip Milardovic

	Name:	 	Josip Milardovic
	Title:	 	Managing Officer

  
 [Signature Page to
Indenture] 

 
			
	COTT BEVERAGES LUXEMBOURG S.A.R.L.
		
	By:	 	 /s/ Matthew Vernon

	Name:	 	Matthew Vernon
	Title:	 	Class A Manager
	
	CARBON LUXEMBOURG S.A.R.L.
		
	By:	 	 /s/ Matthew Vernon

	Name:	 	Matthew Vernon
	Title:	 	Class B Manager

  
 [Signature Page to the
Indenture] 

 EXHIBIT A 

[FORM OF FACE OF GLOBAL RESTRICTED NOTE] 

[Applicable Restricted Notes Legend] 

[Depository Legend, if applicable] 
  

			
	No. [    ]	  	 Principal Amount $[            ]

[as revised by the Schedule of Increases and

Decreases in Global Note attached hereto]

CUSIP NO.             

 COTT HOLDINGS INC. 

5.50% Senior Notes due 2025 

Cott Holdings Inc., a Delaware corporation (the “Issuer”) promises to pay to [Cede & Co.], or its registered
assigns, the principal sum of                      Dollars, [as revised by the Schedule of Increases and Decreases in Global Note attached hereto],
on April 1, 2025. 
 Interest Payment Dates: April 1 and October 1, commencing on October 1, 2017 

Record Dates: March 15 and September 15 

Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-1 

 Date: March     , 2017 

 

			
	COTT HOLDINGS INC.
		
	By:	 	  

		 	Name:
		 	Title:

 This Note is one of the 5.50% Senior Notes due 2025 referred to in the within-mentioned Indenture. 

  
 A-2 

 AUTHENTICATING AGENT’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 5.50% Senior Notes due 2025 referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,

as Authenticating Agent

		
	By:	 	  

		 	Authorized Signatory

  

			
	Dated:	 	  

  
 A-3 

 [FORM OF REVERSE SIDE OF NOTE] 

COTT HOLDINGS INC. 
 5.50% SENIOR
NOTES DUE 2025 
 Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

 

	(1)	Interest 

 The Issuer promises to pay interest (including Additional Interest, if any) on
the principal amount of this Note at 5.50% per annum from March 22, 2017 until maturity. The Issuer will pay interest semi-annually in arrears every April 1 and October 1 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided, that the first Interest Payment Date shall be October 1, 2017. The Issuer shall pay interest on overdue principal at the rate specified herein, and they shall pay interest (including Post-Petition Interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (including Additional Interest) (without regard to any applicable grace period) at the same rate to the extent lawful. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  

	(2)	Method of Payment 

 By no later than 10:00 a.m. (New York City time) on the date on which
any principal of, premium, if any, interest and Additional Interest, if any, on any Note is due and payable, the Issuer shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium, interest
(including Additional Interest, if any) when due. Interest and Additional Interest, if any, on any Note which is payable, and is timely paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or
one or more predecessor Notes) is registered at the close of business on the preceding March 15 and September 15 at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.3 of the
Indenture. The principal of (and premium, if any) and interest and Additional Interest, if any, on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuer maintained for such purpose (which shall
initially be the office of the Agent maintained for such purpose), or at such other office or agency of the Issuer as may be maintained for such purpose pursuant to Section 2.3 of the Indenture; provided,
however, that each installment of interest and Additional Interest, if any, may be paid (i) at the option of the Paying Agent, by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes
Register or (ii) by wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if
any, interest and Additional Interest, if any) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depository. Payments in respect of Notes represented by Definitive
Notes (including principal, premium, if any, interest and Additional Interest, if any) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes will be made in accordance with the Notes Register, or
by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no
later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). If an Interest Payment Date is a Legal Holiday, payment shall be made on the next succeeding day that is not
a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
  

	(3)	Paying Agent and Registrar 

 The Issuer initially appoints The Bank of New York Mellon as
Registrar, Transfer Agent and Paying Agent for the Notes. The Trustees initially appoint The Bank of New York Mellon as Authenticating Agent for the Notes. The Issuer may change any Registrar, Transfer Agent or Paying Agent without prior notice to
the Holders. The Issuer or any Guarantor may act as Paying Agent, Registrar or Transfer Agent. 

  
 A-4 

	(4)	Indenture 

 The Issuer issued the Notes under an Indenture dated as of March 22,
2017 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Guarantors, the Agent and the Trustees. The terms of the Notes include those stated in the
Indenture. The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture for a statement of those terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. 
 The Notes are senior obligations of the Issuer. The aggregate principal
amount of Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one of the 5.50% Senior Notes due 2025 referred to in the Indenture. The Notes include (i) $750,000,000 aggregate principal amount of the
Issuer’s 5.50% Senior Notes due 2025 issued under the Indenture on March 22, 2017 (the “Initial Notes”) and (ii) if and when issued, additional Notes that may be issued from time to time under the Indenture subsequent
to March 22, 2017 (the “Additional Notes”) as provided in Section 2.1(a) of the Indenture. The Initial Notes and the Additional Notes shall be considered collectively as a single class for all purposes
of the Indenture. The Indenture imposes certain limitations on the incurrence of indebtedness, the making of restricted payments, the sale of assets, the incurrence of certain liens, the making of payments for consents, the entering into of
agreements that restrict distribution from restricted subsidiaries, transactions with affiliates and the consummation of mergers and consolidations. The Indenture also imposes requirements with respect to the provision of financial information and
the provision of guarantees of the Notes by certain subsidiaries. 
  

	(5)	Guarantees 

 To guarantee the due and punctual payment of the principal, premium, if any,
interest and Additional Interest, if any (including post-filing or Post-Petition Interest in any proceeding under Bankruptcy Law) on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall
be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors will unconditionally guarantee (and future guarantors, jointly and severally with the Guarantors, will fully
and unconditionally Guarantee) such obligations on a senior basis pursuant to the terms of the Indenture. 
  

	(6)	Redemption 

 (a) At any time prior to April 1, 2020, the Issuer may redeem the Notes
in whole or in part, at its option, upon not less than 10 nor more than 60 days’ prior notice by electronic delivery or first class mail, postage prepaid, with a copy to the Trustees and the Agent, to each Holder of Notes to the address of
such Holder appearing in the Notes Register, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the relevant Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to but excluding
the date of redemption (the “Redemption Date”), subject to the rights of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date. 

(b) At any time and from time to time prior to April 1, 2020, the Issuer may, at its option, upon not less than 10 nor more than
60 days’ prior notice electronic delivery or first class mail, postage prepaid, with a copy to the Trustees and the Agent, to each Holder of Notes to the address of such Holder appearing in the Notes Register, redeem up to 40% of the
original aggregate principal amount of Notes issued under this Indenture at a redemption price equal to 105.50% of the aggregate principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon, if any, to but
excluding the applicable Redemption Date, subject to the right of Holders of record of the Notes on the relevant record date to receive interest due on the relevant interest payment date, with the Net Cash Proceeds received by the Company of
one or more Equity Offerings of the Company; provided that not less than 60% of the original aggregate principal amount of Notes initially issued under the Indenture remains outstanding immediately after the occurrence of each such redemption
(excluding Notes held by the Company or any of its Restricted Subsidiaries); provided further that each such redemption occurs not later than 180 days after the date of closing of the related Equity Offering. The Agent shall select the
Notes to be purchased in the manner described under Sections 5.1 through 5.6 of the Indenture. 
 (c)
Except pursuant to clauses (a) and (b) of this paragraph 7, the Notes will not be redeemable at the Issuer’s option prior to April 1, 2020. 

  
 A-5 

 (d) At any time and from time to time on or after April 1, 2020, the Issuer may redeem the
Notes, in whole or in part, upon not less than 10 nor more than 60 days’ prior notice by electronic delivery or first class mail, postage prepaid, with a copy to the Trustees and the Agent, to each Holder of Notes to the address of such
Holder appearing in the Notes Register at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the table below, plus accrued and unpaid interest and Additional Interest, if any, thereon, to
but excluding the applicable Redemption Date, subject to the right of Holders of record of the Notes on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning
on April 1 of each of the years indicated in the table below: 
  

					
	 Period
	  	Percentage	 
	 2020
	  	 	104.125	% 
	 2021
	  	 	102.750	% 
	 2022
	  	 	101.375	% 
	 2023 and thereafter
	  	 	100.000	% 

 (e) Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any redemption pursuant to this paragraph 7
shall be made pursuant to the provisions of Sections 5.1 through 5.6 of the Indenture. 
 (g) The Issuer is
not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (h) Notwithstanding the foregoing, in
connection with any tender offer for the Notes, including a Change of Control Offer or Asset Disposition Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in
such tender offer and the Issuer, or any third party making a such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less
than 15 nor more than 60 days’ prior notice, given not more than 15 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price offered to each other Holder in
such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the date of such redemption. 

 

	(7)	Repurchase Provisions 

 If a Change of Control occurs, unless the Issuer has previously
or substantially concurrently delivered a redemption notice with respect to all of the outstanding Notes in accordance with Section 5.7 of the Indenture, each Holder will have the right to require the Issuer to repurchase
from each Holder all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest and Additional Interest, if any, to but excluding the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date as provided in, and subject to the
terms of, the Indenture. 
 Upon certain Asset Dispositions, the Issuer may be required to use the Excess Proceeds from such Asset
Dispositions to offer to offer to purchase the maximum aggregate principal amount of Notes (that is $2,000 or an integral multiple of $1,000 in excess thereof) and, at the Issuer’s option, Pari Passu Indebtedness that may be purchased out of
the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest, to the date fixed for the closing of such offer, in accordance with the procedures set forth in
Section 3.5 and in Article V of the Indenture. 
  

	(8)	Denominations; Transfer; Exchange 

 The Notes shall be issuable only in fully registered
form in minimum denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder may transfer or exchange Notes in 

  
 A-6 

 
accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and
fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem
Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date or (B) called for redemption, except the unredeemed portion of any Note being
redeemed in part. 
  

	(9)	Persons Deemed Owners 

 The registered Holder of this Note may be treated as the owner of
it for all purposes. 
  

	(10)	Unclaimed Money 

 If money for the payment of principal, premium, if any, interest or
Additional Interest, if any, remains unclaimed for two years, the Trustees or Paying Agent shall pay the money back to the Issuer at its written request unless an abandoned property law designates another Person to receive such money. After any such
payment, Holders entitled to the money must look only to the Issuer and not to the Trustees for payment as general creditors unless an abandoned property law designates another person for payment. 

 

	(11)	Discharge and Defeasance 

 Subject to certain exceptions and conditions set forth in the
Indenture, the Issuer at any time may terminate some or all of its obligations under the Notes and the Indenture if the Issuer deposits with the Agent money or U.S. Government Obligations or a combination thereof for the payment of principal,
premium, if any and interest and Additional Interest, if any, on the Notes to redemption or maturity, as the case may be. 
  

	(12)	Amendment, Supplement, Waiver 

 Subject to certain exceptions contained in the Indenture,
the Indenture and the Notes may be amended, or a Default thereunder may be waived, with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuer, the
Guarantors, the Agent and the Trustees may amend or supplement the Indenture and the Notes as provided in the Indenture. 
  

	(13)	Defaults and Remedies 

 If an Event of Default (other than an Event of Default relating
to certain events of bankruptcy, insolvency or reorganization of the Company) occurs and is continuing, the Trustees by notice to the Issuer, or the Holders of at least 30% in principal amount of the outstanding Notes by notice to the Issuer and the
Trustees, may, and the Trustees (subject to the provisions of the Indenture) at the request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest, if any), and any other
monetary obligations on all the Notes to be due and payable immediately. Upon the effectiveness of such declaration, such principal, premium, interest, Additional Interest, if any, and other monetary obligations will be due and payable immediately.
If a bankruptcy, insolvency or reorganization of the Issuer occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest, if any) and any other monetary obligations on all the Notes will
become and be immediately due and payable without any declaration or other act on the part of the Trustees or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such
acceleration with respect to the Notes and its consequences. 
  

	(14)	Trustees and Agent Dealings with the Issuer  

 Subject to certain limitations set forth
in the Indenture, the Trustees or Agent in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, Guarantors or their Affiliates with the same rights it would have if it were not a
Trustee or Agent. In addition, the Trustees or Agent shall be permitted to engage in transactions with the Issuer. 

  
 A-7 

	(15)	No Recourse Against Others 

 No director, officer, employee, incorporator or shareholder
of the Company or any of its Subsidiaries or Affiliates, as such (other than the Issuer and the Guarantors), shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees or the Indenture or for any
claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver
may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  

	(16)	Authentication 

 This Note shall not be valid until an authorized signatory of the U.S.
Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 
  

	(17)	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to
Minors Act). 
  

	(18)	CUSIP and ISIN Numbers 

 The Issuer has caused CUSIP and ISIN numbers, if applicable, to
be printed on the Notes and has directed the Trustees and Agent to use CUSIP and ISIN numbers, if applicable, in notices of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other identification numbers placed thereon. 
  

	(19)	Governing Law 

 This Note shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 The Issuer will furnish to any Holder upon written request and without charge to the Holder a copy of the
Indenture. Requests may be made to: 
 Cott Corporation 

5519 W. Idlewild Avenue 
 Tampa,
Florida 33634 
 Attention: Jason Ausher 

Facsimile: 813-881-1870 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to: 
  

 
  

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

 
  

(Insert assignee’s social security or tax I.D. No.) 

and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

							
	 Date:
	 		 	 Your Signature:
	 	
 

							
		
	 Signature Guarantee:
	 	  

		 	(Signature must be guaranteed)

  
  

 
 Sign exactly as your name appears on the other side of
this Note. 
 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 Exchange Act Rule 17Ad-15. 

The undersigned hereby certifies that it ☐ is / ☐ is not an Affiliate of the Issuer and that, to its knowledge, the proposed transferee ☐ is
/ ☐ is not an Affiliate of the Issuer. 
 In connection with any transfer or exchange of any of the Notes evidenced by this
certificate occurring prior to the date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms
that such Notes are being: 
 CHECK ONE BOX BELOW: 
  

					
	(1)	  	☐	  	acquired for the undersigned’s own account, without transfer; or
			
	(2)	  	☐	  	transferred to the Issuer; or
			
	(3)	  	☐	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	  	☐	  	transferred pursuant to an effective registration statement under the Securities Act; or
			
	(5)	  	☐	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	(6)	  	☐	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 Unless one of the boxes is checked, the Trustees will refuse to register any of the Notes evidenced by this certificate
in the name of any person other than the registered Holder thereof; provided, however, that if box (5) or (6) is checked, the Issuer may require, prior to registering any such transfer of the Notes, in its sole discretion, such
legal opinions, certifications and other information as the Issuer may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act. 
  

					
		 		 	  

		 		 	 Signature

  
 A-9 

					
	 Signature Guarantee:
	 		 	
			
	  
	 		 	  

	 (Signature must be guaranteed)
	 		 	 Signature

 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 Exchange Act Rule 17Ad-15. 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance
on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

	
	  

	 Dated:

  
 A-10 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES 

The following increases or decreases in this Global Note have been made: 

 

																	
	 Date of Exchange
	  	Amount of decrease
in Principal
Amount of this
Global Note	 	  	Amount of increase
in Principal
Amount
of this Global Note	 	  	Principal Amount of
this Global Note \
following such
decrease or increase	 	  	Signature of
authorized signatory
of Trustee or Notes
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuer pursuant to Section 3.5 or 3.9 of the Indenture, check
either box: 
 Section 3.5
☐                                        
                Section 3.9 ☐ 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 3.5 or 3.9 of
the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof): $             and specify the denomination or
denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification, one such Note will be issued
for the portion not being repurchased):                     . 
  

									
	Date:	 	  
	 		 	Your Signature	  	  

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

  

			
	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 Exchange Act Rule 17Ad-15. 

  
 A-12 

 EXHIBIT B 

Form of Supplemental Indenture to Add Guarantors 

SUPPLEMENTAL INDENTURE, (this “Supplemental Indenture”) dated as of
[                     ], by and among the parties that are signatories hereto as Guarantors (the “Guaranteeing Subsidiary”), Cott
Holdings Inc., a Delaware corporation (the “Issuer”), BNY Trust Company of Canada, as Canadian co-trustee (the “Canadian Trustee”), and The Bank of New York Mellon, as U.S. co-trustee (the “U.S. Trustee” and together with the Canadian Trustee, the “Trustees” and each, a “Trustee”), under the Indenture referred to below. 

W I T N E S S E T H: 

WHEREAS, the Issuer, each of the Guarantors, the Trustees and the Agent have heretofore executed and delivered an indenture dated as of
March 22, 2017 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $750,000,000 of 5.50% Senior Notes due 2025 of the Issuer (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and
deliver to the Trustees a supplemental indenture to which the Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the Issuer’s Obligations under the Notes and the Indenture on
the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 
 WHEREAS, pursuant to
Section 9.1 of the Indenture, the Issuer, any Guarantor and the Trustees are authorized to execute and deliver a supplemental indenture to add additional Guarantors, without the consent of any Holder; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Guaranteeing Subsidiary, the Issuer and the Trustees mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals
hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof. 
 ARTICLE II 

AGREEMENT TO BE BOUND; GUARANTEE 

SECTION 2.1. Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will
have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 
 SECTION 2.2.
Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustees and the Agent the Guaranteed
Obligations pursuant to Article X of the Indenture on a senior basis. 

  
 B-1 

 ARTICLE III 

MISCELLANEOUS 
 SECTION 3.1.
Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the Guarantor, with a copy to the Issuer as provided in the Indenture for notices to the Issuer. 

SECTION 3.2. Merger and Consolidation. The Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially all of
its assets to, or consolidate with or merge with or into another Person (other than the Company, the Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with
Section 4.1(g) of the Indenture. 
 SECTION 3.3. Release of Guarantee. This Guarantee shall only be
released in accordance with Section 10.2 of the Indenture. 
 SECTION 3.4. Parties. Nothing expressed or
mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders, the Trustees and the Agent, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the
Indenture or any provision herein or therein contained. 
 SECTION 3.5. Governing Law. This Supplemental Indenture shall be governed
by, and construed in accordance with, the laws of the State of New York. 
 SECTION 3.6. Severability. In case any provision in this
Supplemental Indenture 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 and such provision shall be ineffective only to the extent
of such invalidity, illegality or unenforceability. 
 SECTION 3.7. Benefits Acknowledged. The Guaranteeing Subsidiary’s
Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this
Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits. 

SECTION 3.8. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is
in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall not be used to, and is not intended to, interpret any other indenture (other than
the Indenture), supplemental indenture, loan or credit agreement of the Issuer, the Guarantors or any of the Company’s Subsidiaries. Any such indenture, supplemental indenture, loan or credit agreement may not be used to interpret this
Supplemental Indenture. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

SECTION 3.9. The Trustee and the Agent. Each of the Trustee and the Agent makes no representation or warranty as to the validity or
sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 

SECTION 3.10. Counterparts. The parties hereto 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. 

  
 B-2 

 SECTION 3.11. Execution and Delivery. The Guaranteeing Subsidiary agrees that the
Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantee. 

SECTION 3.12. Headings. The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference
only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 [SIGNATURE PAGES FOLLOW]

  
 B-3 

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

			
	COTT HOLDINGS INC.
		
	By:	 	  

		 	Name:
		 	Title:
		 	
	
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 BNY TRUST COMPANY OF CANADA,

as Canadian Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON,

as U.S. Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Supplemental Indenture]Exhibit 10.10

		
			 
		

		
			Exhibit 10.10
		

		
			 
		

		
			KADMON HOLDINGS, INC.
		

		
			 
		

		
			2016 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		 
		

		
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						1.

					
						 

					
					
						Establishment, Purpose and Term of Plan

					
						 

					
					
						 

					
						 

					1 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						1.1

					
						 

					
					
						Establishment

					
						 

					
					
						 

					
						 

					1 
				
	
					
						﻿

					
						 

					
					
						1.2

					
						 

					
					
						Purpose

					
						 

					
					
						 

					
						 

					1 
				
	
					
						﻿

					
						 

					
					
						1.3

					
						 

					
					
						Term of Plan

					
						 

					
					
						 

					
						 

					1 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						2.

					
						 

					
					
						Definitions and Construction

					
						 

					
					
						 

					
						 

					1 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						2.1

					
						 

					
					
						Definitions

					
						 

					
					
						 

					
						 

					1 
				
	
					
						﻿

					
						 

					
					
						2.2

					
						 

					
					
						Construction

					
						 

					
					
						 

					
						 

					8 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						3.

					
						 

					
					
						Administration

					
						 

					
					
						 

					
						 

					9 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						3.1

					
						 

					
					
						Administration by the Committee

					
						 

					
					
						 

					
						 

					9 
				
	
					
						﻿

					
						 

					
					
						3.2

					
						 

					
					
						Authority of Officers

					
						 

					
					
						 

					
						 

					9 
				
	
					
						﻿

					
						 

					
					
						3.3

					
						 

					
					
						Administration with Respect to Insiders

					
						 

					
					
						 

					
						 

					9 
				
	
					
						﻿

					
						 

					
					
						3.4

					
						 

					
					
						Committee Complying with Section 162(m)

					
						 

					
					
						 

					
						 

					9 
				
	
					
						﻿

					
						 

					
					
						3.5

					
						 

					
					
						Powers of the Committee

					
						 

					
					
						 

					
						 

					9 
				
	
					
						﻿

					
						 

					
					
						3.6

					
						 

					
					
						Option or SAR Repricing

					
						 

					
					
						 

					
						 

					10 
				
	
					
						﻿

					
						 

					
					
						3.7

					
						 

					
					
						Indemnification

					
						 

					
					
						 

					
						 

					11 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						4.

					
						 

					
					
						Shares Subject to Plan

					
						 

					
					
						 

					
						 

					11 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						4.1

					
						 

					
					
						Maximum Number of Shares Issuable

					
						 

					
					
						 

					
						 

					11 
				
	
					
						﻿

					
						 

					
					
						4.2

					
						 

					
					
						Annual Increase in Maximum Number of Shares Issuable

					
						 

					
					
						 

					
						 

					11 
				
	
					
						﻿

					
						 

					
					
						4.3

					
						 

					
					
						Adjustment for Unissued or Forfeited Predecessor Plan Shares

					
						 

					
					
						 

					
						 

					12 
				
	
					
						﻿

					
						 

					
					
						4.4

					
						 

					
					
						Share Counting

					
						 

					
					
						 

					
						 

					12 
				
	
					
						﻿

					
						 

					
					
						4.5

					
						 

					
					
						Adjustments for Changes in Capital Structure

					
						 

					
					
						 

					
						 

					12 
				
	
					
						﻿

					
						 

					
					
						4.6

					
						 

					
					
						Assumption or Substitution of Awards

					
						 

					
					
						 

					
						 

					13 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						5.

					
						 

					
					
						Eligibility, Participation and Award Limitations

					
						 

					
					
						 

					
						 

					13 
				

		 

		

			 

		

 

			
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
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						5.1

					
						 

					
					
						Persons Eligible for Awards

					
						 

					
					
						 

					
						 

					13 
				
	
					
						﻿

					
						 

					
					
						5.2

					
						 

					
					
						Participation in the Plan

					
						 

					
					
						 

					
						 

					13 
				
	
					
						﻿

					
						 

					
					
						5.3

					
						 

					
					
						Incentive Stock Option Limitations

					
						 

					
					
						 

					
						 

					13 
				
	
					
						﻿

					
						 

					
					
						5.4

					
						 

					
					
						Nonemployee Director Award Limit

					
						 

					
					
						 

					
						 

					14 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						6.

					
						 

					
					
						Stock Options

					
						 

					
					
						 

					
						 

					14 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						6.1

					
						 

					
					
						Exercise Price

					
						 

					
					
						 

					
						 

					14 
				
	
					
						﻿

					
						 

					
					
						6.2

					
						 

					
					
						Exercisability and Term of Options

					
						 

					
					
						 

					
						 

					15 
				

		
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						6.3

					
						 

					
					
						Payment of Exercise Price

					
						 

					
					
						 

					
						 

					15 
				
	
					
						﻿

					
						 

					
					
						6.4

					
						 

					
					
						Effect of Termination of Service

					
						 

					
					
						 

					
						 

					16 
				
	
					
						﻿

					
						 

					
					
						6.5

					
						 

					
					
						Transferability of Options

					
						 

					
					
						 

					
						 

					17 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						7.

					
						 

					
					
						Stock Appreciation Rights

					
						 

					
					
						 

					
						 

					17 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						7.1

					
						 

					
					
						Types of SARs Authorized

					
						 

					
					
						 

					
						 

					18 
				
	
					
						﻿

					
						 

					
					
						7.2

					
						 

					
					
						Exercise Price

					
						 

					
					
						 

					
						 

					18 
				
	
					
						﻿

					
						 

					
					
						7.3

					
						 

					
					
						Exercisability and Term of SARs

					
						 

					
					
						 

					
						 

					18 
				
	
					
						﻿

					
						 

					
					
						7.4

					
						 

					
					
						Exercise of SARs

					
						 

					
					
						 

					
						 

					18 
				
	
					
						﻿

					
						 

					
					
						7.5

					
						 

					
					
						Deemed Exercise of SARs

					
						 

					
					
						 

					
						 

					19 
				
	
					
						﻿

					
						 

					
					
						7.6

					
						 

					
					
						Effect of Termination of Service

					
						 

					
					
						 

					
						 

					19 
				
	
					
						﻿

					
						 

					
					
						7.7

					
						 

					
					
						Transferability of SARs

					
						 

					
					
						 

					
						 

					19 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						8.

					
						 

					
					
						Restricted Stock Awards

					
						 

					
					
						 

					
						 

					19 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						8.1

					
						 

					
					
						Types of Restricted Stock Awards Authorized

					
						 

					
					
						 

					
						 

					19 
				
	
					
						﻿

					
						 

					
					
						8.2

					
						 

					
					
						Purchase Price

					
						 

					
					
						 

					
						 

					20 
				
	
					
						﻿

					
						 

					
					
						8.3

					
						 

					
					
						Purchase Period

					
						 

					
					
						 

					
						 

					20 
				
	
					
						﻿

					
						 

					
					
						8.4

					
						 

					
					
						Payment of Purchase Price

					
						 

					
					
						 

					
						 

					20 
				
	
					
						﻿

					
						 

					
					
						8.5

					
						 

					
					
						Vesting and Restrictions on Transfer

					
						 

					
					
						 

					
						 

					20 
				
	
					
						﻿

					
						 

					
					
						8.6

					
						 

					
					
						Voting Rights; Dividends and Distributions

					
						 

					
					
						 

					
						 

					20 
				
	
					
						﻿

					
						 

					
					
						8.7

					
						 

					
					
						Effect of Termination of Service

					
						 

					
					
						 

					
						 

					21 
				
	
					
						﻿

					
						 

					
					
						8.8

					
						 

					
					
						Nontransferability of Restricted Stock Award Rights

					
						 

					
					
						 

					
						 

					21 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						9.

					
						 

					
					
						Restricted Stock Units

					
						 

					
					
						 

					
						 

					21 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						9.1

					
						 

					
					
						Grant of Restricted Stock Unit Awards

					
						 

					
					
						 

					
						 

					21 
				
	
					
						﻿

					
						 

					
					
						9.2

					
						 

					
					
						Purchase Price

					
						 

					
					
						 

					
						 

					22 
				

		 

		

			 

		

 

			
					
						﻿

					
						 

					
					
						9.3

					
						 

					
					
						Vesting

					
						 

					
					
						 

					
						 

					22 
				
	
					
						﻿

					
						 

					
					
						9.4

					
						 

					
					
						Voting Rights, Dividend Equivalent Rights and Distributions

					
						 

					
					
						 

					
						 

					22 
				
	
					
						﻿

					
						 

					
					
						9.5

					
						 

					
					
						Effect of Termination of Service

					
						 

					
					
						 

					
						 

					23 
				
	
					
						﻿

					
						 

					
					
						9.6

					
						 

					
					
						Settlement of Restricted Stock Unit Awards

					
						 

					
					
						 

					
						 

					23 
				
	
					
						﻿

					
						 

					
					
						9.7

					
						 

					
					
						Nontransferability of Restricted Stock Unit Awards

					
						 

					
					
						 

					
						 

					23 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						10.

					
						 

					
					
						Performance Awards

					
						 

					
					
						 

					
						 

					23 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						10.1

					
						 

					
					
						Types of Performance Awards Authorized

					
						 

					
					
						 

					
						 

					23 
				

		
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						10.2

					
						 

					
					
						Initial Value of Performance Shares and Performance Units

					
						 

					
					
						 

					
						 

					24 
				
	
					
						﻿

					
						 

					
					
						10.3

					
						 

					
					
						Establishment of Performance Period, Performance Goals and Performance Award Formula

					
						 

					
					
						 

					
						 

					24 
				
	
					
						﻿

					
						 

					
					
						10.4

					
						 

					
					
						Measurement of Performance Goals

					
						 

					
					
						 

					
						 

					24 
				
	
					
						﻿

					
						 

					
					
						10.5

					
						 

					
					
						Settlement of Performance Awards

					
						 

					
					
						 

					
						 

					26 
				
	
					
						﻿

					
						 

					
					
						10.6

					
						 

					
					
						Voting Rights; Dividend Equivalent Rights and Distributions

					
						 

					
					
						 

					
						 

					27 
				
	
					
						﻿

					
						 

					
					
						10.7

					
						 

					
					
						Effect of Termination of Service

					
						 

					
					
						 

					
						 

					28 
				
	
					
						﻿

					
						 

					
					
						10.8

					
						 

					
					
						Nontransferability of Performance Awards

					
						 

					
					
						 

					
						 

					28 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						11.

					
						 

					
					
						Cash-Based Awards and Other Stock-Based Awards

					
						 

					
					
						 

					
						 

					29 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						11.1

					
						 

					
					
						Grant of Cash-Based Awards

					
						 

					
					
						 

					
						 

					29 
				
	
					
						﻿

					
						 

					
					
						11.2

					
						 

					
					
						Grant of Other Stock-Based Awards

					
						 

					
					
						 

					
						 

					29 
				
	
					
						﻿

					
						 

					
					
						11.3

					
						 

					
					
						Value of Cash-Based and Other Stock-Based Awards

					
						 

					
					
						 

					
						 

					29 
				
	
					
						﻿

					
						 

					
					
						11.4

					
						 

					
					
						Payment or Settlement of Cash-Based Awards and Other Stock-Based Awards

					
						 

					
					
						 

					
						 

					29 
				
	
					
						﻿

					
						 

					
					
						11.5

					
						 

					
					
						Voting Rights; Dividend Equivalent Rights and Distributions

					
						 

					
					
						 

					
						 

					30 
				
	
					
						﻿

					
						 

					
					
						11.6

					
						 

					
					
						Effect of Termination of Service

					
						 

					
					
						 

					
						 

					30 
				
	
					
						﻿

					
						 

					
					
						11.7

					
						 

					
					
						Nontransferability of Cash-Based Awards and Other Stock-Based Awards

					
						 

					
					
						 

					
						 

					30 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						12.

					
						 

					
					
						Standard Forms of Award Agreement

					
						 

					
					
						 

					
						 

					31 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						12.1

					
						 

					
					
						Award Agreements

					
						 

					
					
						 

					
						 

					31 
				
	
					
						﻿

					
						 

					
					
						12.2

					
						 

					
					
						Authority to Vary Terms

					
						 

					
					
						 

					
						 

					31 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						13.

					
						 

					
					
						Change in Control

					
						 

					
					
						 

					
						 

					31 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						13.1

					
						 

					
					
						Effect of Change in Control on Awards

					
						 

					
					
						 

					
						 

					31 
				
	
					
						﻿

					
						 

					
					
						13.2

					
						 

					
					
						Effect of Change in Control on Nonemployee Director Awards

					
						 

					
					
						 

					
						 

					32 
				
	
					
						﻿

					
						 

					
					
						13.3

					
						 

					
					
						Federal Excise Tax Under Section 4999 of the Code

					
						 

					
					
						 

					
						 

					32 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				

		 

		

			 

		

 

			
					
						14.

					
						 

					
					
						Compliance with Securities Law

					
						 

					
					
						 

					
						 

					33 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						15.

					
						 

					
					
						Compliance with Section 409A

					
						 

					
					
						 

					
						 

					33 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						15.1

					
						 

					
					
						Awards Subject to Section 409A

					
						 

					
					
						 

					
						 

					33 
				
	
					
						﻿

					
						 

					
					
						15.2

					
						 

					
					
						Deferral and/or Distribution Elections

					
						 

					
					
						 

					
						 

					34 
				
	
					
						﻿

					
						 

					
					
						15.3

					
						 

					
					
						Subsequent Elections

					
						 

					
					
						 

					
						 

					34 
				
	
					
						﻿

					
						 

					
					
						15.4

					
						 

					
					
						Payment of Section 409A Deferred Compensation

					
						 

					
					
						 

					
						 

					35 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						16.

					
						 

					
					
						Tax Withholding

					
						 

					
					
						 

					
						 

					37 
				

		
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						16.1

					
						 

					
					
						Tax Withholding in General

					
						 

					
					
						 

					
						 

					37 
				
	
					
						﻿

					
						 

					
					
						16.2

					
						 

					
					
						Withholding in or Directed Sale of Shares

					
						 

					
					
						 

					
						 

					37 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						17.

					
						 

					
					
						Amendment, Suspension or Termination of Plan

					
						 

					
					
						 

					
						 

					37 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						18.

					
						 

					
					
						Miscellaneous Provisions

					
						 

					
					
						 

					
						 

					38 
				
	
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						18.1

					
						 

					
					
						Repurchase Rights

					
						 

					
					
						 

					
						 

					38 
				
	
					
						﻿

					
						 

					
					
						18.2

					
						 

					
					
						Forfeiture Events

					
						 

					
					
						 

					
						 

					38 
				
	
					
						﻿

					
						 

					
					
						18.3

					
						 

					
					
						Provision of Information

					
						 

					
					
						 

					
						 

					39 
				
	
					
						﻿

					
						 

					
					
						18.4

					
						 

					
					
						Rights as Employee, Consultant or Director

					
						 

					
					
						 

					
						 

					39 
				
	
					
						﻿

					
						 

					
					
						18.5

					
						 

					
					
						Rights as a Stockholder

					
						 

					
					
						 

					
						 

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						18.6

					
						 

					
					
						Delivery of Title to Shares

					
						 

					
					
						 

					
						 

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						18.7

					
						 

					
					
						Fractional Shares

					
						 

					
					
						 

					
						 

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						18.8

					
						 

					
					
						Retirement and Welfare Plans

					
						 

					
					
						 

					
						 

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						18.9

					
						 

					
					
						Beneficiary Designation

					
						 

					
					
						 

					
						 

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						18.10

					
						 

					
					
						Severability

					
						 

					
					
						 

					
						 

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						18.11

					
						 

					
					
						No Constraint on Corporate Action

					
						 

					
					
						 

					
						 

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						18.12

					
						 

					
					
						Unfunded Obligation

					
						 

					
					
						 

					
						 

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						18.13

					
						 

					
					
						Choice of Law

					
						 

					
					
						 

					
						 

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		KADMON HOLDINGS, INC.
		

		
			2016 Equity Incentive Plan
		

		
			 
		

		
			1. ESTABLISHMENT, PURPOSE AND TERM OF PLAN.
		

		
			 
		

		
			1.1 Establishment. The Kadmon Holdings, Inc. 2016 Equity Incentive Plan (the “Plan”) is hereby established effective as of , 2016, the date of its approval by the stockholders of the Company (the “Effective Date”).
		

		
			 
		

		
			1.2 Purpose. The purpose of the Plan is to advance the interests of the Participating Company Group and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Participating Company Group and by motivating such persons to contribute to the growth and profitability of the Participating Company Group. The Plan seeks to achieve this purpose by providing for Awards in the form of Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based Awards and Other Stock-Based Awards.
		

		
			 
		

		
			1.3 Term of Plan. The Plan shall continue in effect until its termination by the Committee; provided, however, that all Awards shall be granted, if at all, within ten (10) years from the Effective Date.
		

		
			 
		

		
			2. DEFINITIONS AND CONSTRUCTION.
		

		
			 
		

		
			2.1 Definitions.  Whenever used herein, the following terms shall have their respective meanings set forth below:
		

		
			 
		

		
			(a) “Affiliate” means (i) a parent entity, other than a Parent Corporation, that directly, or indirectly through one or more intermediary entities, controls the Company or (ii) a subsidiary entity, other than a Subsidiary Corporation, that is controlled by the Company directly or indirectly through one or more intermediary entities. For this purpose, the terms “parent,” “subsidiary,” “control” and “controlled by” shall have the meanings assigned such terms for the purposes of registration of securities on Form S-8 under the Securities Act.
		

		
			 
		

		
			(b) “Award” means any Option, Stock Appreciation Right, Restricted Stock Purchase Right, Restricted Stock Bonus, Restricted Stock Unit, Performance Share, Performance Unit, Cash-Based Award or Other Stock-Based Award granted under the Plan.
		

		
			 
		

		
			(c) “Award Agreement” means a written or electronic agreement between the Company and a Participant setting forth the terms, conditions and restrictions applicable to an Award.
		

		
			 
		

		
			(d) “Board” means the Board of Directors of the Company.
		

		
			 
		

		
			(e) “Cash-Based Award” means an Award denominated in cash and granted pursuant to Section 11.
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		 
		

		
			(f) “Cashless Exercise” means a Cashless Exercise as defined in Section 6.3(b)(i).
		

		
			 
		

		
			(g) “Cause” means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between a Participant and a Participating Company applicable to an Award, any of the following: (i) the Participant’s theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of any Participating Company documents or records; (ii) the Participant’s material failure to abide by a Participating Company’s code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct); (iii) the Participant’s unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of a Participating Company (including, without limitation, the Participant’s improper use or disclosure of a Participating Company’s confidential or proprietary information); (iv) any intentional act by the Participant which has a material detrimental effect on a Participating Company’s reputation or business; (v) the Participant’s repeated failure to perform any reasonable assigned duties after written notice from a Participating Company of, and a reasonable opportunity to cure, such failure; (vi) any material breach by the Participant of any employment, service, non-disclosure, non-competition, non-solicitation or other similar agreement between the Participant and a Participating Company, which breach is not cured pursuant to the terms of such agreement; or (vii) the Participant’s conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which impairs the Participant’s ability to perform his or her duties with a Participating Company.
		

		
			 
		

		
			(h) “Change in Control” means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between the Participant and a Participating Company applicable to an Award, the occurrence of any one or a combination of the following:
		

		
			 
		

		
			(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total Fair Market Value or total combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of Directors; provided, however, that a Change in Control shall not be deemed to have occurred if such degree of beneficial ownership results from any of the following: (A) an acquisition by any person who on the Effective Date is the beneficial owner of more than fifty percent (50%) of such voting power, (B) any acquisition directly from the Company, including, without limitation, pursuant to or in connection with a public offering of securities, (C) any acquisition by the Company, (D) any acquisition by a trustee or other fiduciary under an employee benefit plan of a Participating Company or (E) any acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the voting securities of the Company; or
		

		
			 
		

		
			(ii) an Ownership Change Event or series of related Ownership Change Events (collectively, a “Transaction”) in which the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or
		

		
			 
		

		
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			indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2.1(ee)(iii), the entity to which the assets of the Company were transferred (the “Transferee”), as the case may be; or
		

		
			 
		

		
			(iii) a date specified by the Committee following approval by the stockholders of a plan of complete liquidation or dissolution of the Company;
		

		
			 
		

		
			provided, however, that a Change in Control shall be deemed not to include a transaction described in subsections (i) or (ii) of this Section 2.1(h) in which a majority of the members of the board of directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction is comprised of Incumbent Directors.
		

		
			 
		

		
			For purposes of the preceding sentence, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company or the Transferee, as the case may be, either directly or through one or more subsidiary corporations or other business entities. The Committee shall determine whether multiple events described in subsections (i), (ii) and (iii) of this Section 2.1(h) are related and to be treated in the aggregate as a single Change in Control and its determination shall be final, binding and conclusive.
		

		
			 
		

		
			(i) “Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations and administrative guidelines promulgated thereunder.
		

		
			 
		

		
			(j) “Committee” means the Compensation Committee and such other committee or subcommittee of the Board, if any, duly appointed to administer the Plan and having such powers in each instance as shall be specified by the Board. If, at any time, there is no committee of the Board then authorized or properly constituted to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein, and, in any event, the Board may in its discretion exercise any or all of such powers.
		

		
			 
		

		
			(k) “Company” means Kadmon Holdings, Inc., a Delaware corporation, and any successor corporation thereto.
		

		
			 
		

		
			(l) “Consultant” means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to a Participating Company, provided that the identity of such person, the nature of such services or the entity to which such services are provided would not preclude the Company from offering or selling securities to such person pursuant to the Plan in reliance on registration on Form S-8 under the Securities Act.
		

		
			 
		

		
			(m) “Covered Employee” means, at any time the Plan is subject to Section 162(m), any Employee who is or may reasonably be expected to become a “covered employee” as defined in Section 162(m), or any successor statute, and who, with respect to a Performance Award, is designated, either as an individual Employee or a member of a class of Employees, by the Committee no later than the earlier of (i) the date that is ninety (90) days after the beginning of the Performance Period, or (ii) the date on which twenty-five percent (25%) of the Performance Period has elapsed, as a “Covered Employee” under this Plan for such applicable Performance Period.
		

		
			 
		

		
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			(n) “Director” means a member of the Board.
		

		
			 
		

		
			(o) “Disability” means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between the Participant and a Participating Company applicable to an Award, the permanent and total disability of the Participant, within the meaning of Section 22(e)(3) of the Code.
		

		
			 
		

		
			(p) “Dividend Equivalent Right” means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Stock for each share of Stock represented by an Award held by such Participant.
		

		
			 
		

		
			(q) “Employee” means any person treated as an employee (including an Officer or a Director who is also treated as an employee) in the records of a Participating Company and, with respect to any Incentive Stock Option granted to such person, who is an employee for purposes of Section 422 of the Code; provided, however, that neither service as a Director nor payment of a Director’s fee shall be sufficient to constitute employment for purposes of the Plan. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of employment, as the case may be. For purposes of an individual’s rights, if any, under the terms of the Plan as of the time of the Company’s determination of whether or not the individual is an Employee, all such determinations by the Company shall be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination as to such individual’s status as an Employee.
		

		
			 
		

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

		
			 
		

		
			(s) “Fair Market Value” means, as of any date, the value of a share of Stock or other property as determined by the Committee, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to the following:
		

		
			 
		

		
			(i) Except as otherwise determined by the Committee, if, on such date, the Stock is listed or quoted on a national or regional securities exchange or quotation system, the Fair Market Value of a share of Stock shall be the closing price of a share of Stock as quoted on the national or regional securities exchange or quotation system constituting the primary market for the Stock, as reported in The Wall Street Journal or such other source as the Company deems reliable. If the relevant date does not fall on a day on which the Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value shall be established shall be the last day on which the Stock was so traded or quoted prior to the relevant date, or such other appropriate day as shall be determined by the Committee, in its discretion.
		

		
			 
		

		
			(ii) Notwithstanding the foregoing, the Committee may, in its discretion, determine the Fair Market Value of a share of Stock on the basis of the opening,
		

		
			 
		

		
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			closing, or average of the high and low sale prices of a share of Stock on such date or the preceding trading day, the actual sale price of a share of Stock received by a Participant, any other reasonable basis using actual transactions in the Stock as reported on a national or regional securities exchange or quotation system, or on any other basis consistent with the requirements of Section 409A. The Committee may also determine the Fair Market Value upon the average selling price of the Stock during a specified period that is within thirty (30) days before or thirty (30) days after such date, provided that, with respect to the grant of an Option or SAR, the commitment to grant such Award based on such valuation method must be irrevocable before the beginning of the specified period. The Committee may vary its method of determination of the Fair Market Value as provided in this Section for different purposes under the Plan to the extent consistent with the requirements of Section 409A.
		

		
			 
		

		
			(iii) If, on such date, the Stock is not listed or quoted on a national or regional securities exchange or quotation system, the Fair Market Value of a share of Stock shall be as determined by the Committee in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse, and in a manner consistent with the requirements of Section 409A.
		

		
			 
		

		
			(t) “Full Value Award” means any Award settled in Stock, other than (i) an Option, (ii) a Stock Appreciation Right, or (iii) a Restricted Stock Purchase Right or an Other Stock-Based Award under which the Company will receive monetary consideration equal to the Fair Market Value (determined on the effective date of grant) of the shares subject to such Award.
		

		
			 
		

		
			(u) “Incentive Stock Option” means an Option intended to be (as set forth in the Award Agreement) and which qualifies as an incentive stock option within the meaning of Section 422(b) of the Code.
		

		
			 
		

		
			(v) “Incumbent Director” means a director who either (i) is a member of the Board as of the Effective Date or (ii) is elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but excluding a director who was elected or nominated in connection with an actual or threatened proxy contest relating to the election of directors of the Company).
		

		
			 
		

		
			(w) “Insider” means an Officer, a Director or other person whose transactions in Stock are subject to Section 16 of the Exchange Act.
		

		
			 
		

		
			(x) “Net Exercise” means a Net Exercise as defined in Section 6.3(b)(iii).
		

		
			 
		

		
			(y) “Nonemployee Director” means a Director who is not an Employee.
		

		
			 
		

		
			(z) “Nonemployee Director Award” means any Award granted to a Nonemployee Director.
		

		
			 
		

		
			(aa) “Nonstatutory Stock Option” means an Option not intended to be (as set forth in the Award Agreement) or which does not qualify as an incentive stock option within the meaning of Section 422(b) of the Code.
		

		
			 
		

		
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			(bb) “Officer” means any person designated by the Board as an officer of the Company.
		

		
			 
		

		
			(cc) “Option” means an Incentive Stock Option or a Nonstatutory Stock Option granted pursuant to the Plan.
		

		
			 
		

		
			(dd) “Other Stock-Based Award” means an Award denominated in shares of Stock and granted pursuant to Section 11.
		

		
			 
		

		
			(ee) “Ownership Change Event” means the occurrence of any of the following with respect to the Company: (i) the direct or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company representing more than fifty percent (50%) of the total combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company).
		

		
			 
		

		
			(ff) “Parent Corporation” means any present or future “parent corporation” of the Company, as defined in Section 424(e) of the Code.
		

		
			 
		

		
			(gg) “Participant” means any eligible person who has been granted one or more Awards.
		

		
			 
		

		
			(hh) “Participating Company” means the Company or any Parent Corporation, Subsidiary Corporation or Affiliate.
		

		
			 
		

		
			(ii) “Participating Company Group” means, at any point in time, the Company and all other entities collectively which are then Participating Companies.
		

		
			 
		

		
			(jj) “Performance Award” means an Award of Performance Shares or Performance Units.
		

		
			 
		

		
			(kk) “Performance Award Formula” means, for any Performance Award, a formula or table established by the Committee pursuant to Section 10.3 which provides the basis for computing the value of a Performance Award at one or more levels of attainment of the applicable Performance Goal(s) measured as of the end of the applicable Performance Period.
		

		
			 
		

		
			(ll) “Performance-Based Compensation” means compensation under an Award that satisfies the requirements of Section 162(m) for certain performance-based compensation paid to Covered Employees.
		

		
			 
		

		
			(mm) “Performance Goal” means a performance goal established by the Committee pursuant to Section 10.3.
		

		
			 
		

		
			(nn) “Performance Period” means a period established by the Committee pursuant to Section 10.3 at the end of which one or more Performance Goals are to be measured.
		

		
			 
		

		
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			(oo) “Performance Share” means a right granted to a Participant pursuant to Section 10 to receive a payment equal to the value of a Performance Share, as determined by the Committee, based upon attainment of applicable Performance Goal(s).
		

		
			 
		

		
			(pp) “Performance Unit” means a right granted to a Participant pursuant to Section 10 to receive a payment equal to the value of a Performance Unit, as determined by the Committee, based upon attainment of applicable Performance Goal(s).
		

		
			 
		

		
			(qq) “Predecessor Plan” means the Kadmon Holdings, LLC 2011 Equity Incentive Plan, and the Kadmon Holdings, LLC 2014 Long-Term Incentive Plan.
		

		
			 
		

		
			(rr) “Restricted Stock Award” means an Award of a Restricted Stock Bonus or a Restricted Stock Purchase Right.
		

		
			 
		

		
			(ss) “Restricted Stock Bonus” means Stock granted to a Participant pursuant to Section 8.
		

		
			 
		

		
			(tt) “Restricted Stock Purchase Right” means a right to purchase Stock granted to a Participant pursuant to Section 8.
		

		
			 
		

		
			(uu) “Restricted Stock Unit” means a right granted to a Participant pursuant to Section 9 to receive on a future date or occurrence of a future event a share of Stock or cash in lieu thereof, as determined by the Committee.
		

		
			 
		

		
			(vv) “Rule 16b-3” means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.
		

		
			 
		

		
			(ww) “SAR” or “Stock Appreciation Right” means a right granted to a Participant pursuant to Section 7 to receive payment, for each share of Stock subject to such Award, of an amount equal to the excess, if any, of the Fair Market Value of a share of Stock on the date of exercise of the Award over the exercise price thereof.
		

		
			 
		

		
			(xx) “Section 162(m)” means Section 162(m) of the Code.
		

		
			 
		

		
			(yy) “Section 409A” means Section 409A of the Code.
		

		
			 
		

		
			(zz) “Section 409A Deferred Compensation” means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.
		

		
			 
		

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

		
			 
		

		
			(bbb) “Service” means a Participant’s employment or service with the Participating Company Group, whether as an Employee, a Director or a Consultant. Unless otherwise provided by the Committee, a Participant’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders Service or a change in the Participating Company for which the Participant renders Service, provided that there is no interruption or termination of the Participant’s Service. Furthermore, a Participant’s
		

		
			 
		

		
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			Service shall not be deemed to have been interrupted or terminated if the Participant takes any military leave, sick leave, or other bona fide leave of absence approved by the Company. However, unless otherwise provided by the Committee, if any such leave taken by a Participant exceeds ninety (90) days, then on the ninety-first (91st) day following the commencement of such leave the Participant’s Service shall be deemed to have terminated, unless the Participant’s right to return to Service is guaranteed by statute or contract. Notwithstanding the foregoing, unless otherwise designated by the Company or required by law, an unpaid leave of absence shall not be treated as Service for purposes of determining vesting under the Participant’s Award Agreement. A Participant’s Service shall be deemed to have terminated either upon an actual termination of Service or upon the business entity for which the Participant performs Service ceasing to be a Participating Company. Subject to the foregoing, the Company, in its discretion, shall determine whether the Participant’s Service has terminated and the effective date of and reason for such termination.
		

		
			 
		

		
			(ccc) “Stock” means the common stock of the Company, as adjusted from time to time in accordance with Section 4.5.
		

		
			 
		

		
			(ddd) “Stock Tender Exercise” means a Stock Tender Exercise as defined in Section 6.3(b)(ii).
		

		
			 
		

		
			(eee) “Subsidiary Corporation” means any present or future “subsidiary corporation” of the Company, as defined in Section 424(f) of the Code.
		

		
			 
		

		
			(fff) “Ten Percent Owner” means a Participant who, at the time an Option is granted to the Participant, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of a Participating Company (other than an Affiliate) within the meaning of Section 422(b)(6) of the Code.
		

		
			 
		

		
			(ggg) “Trading Compliance Policy” means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition of the Company’s equity securities by Directors, Officers, Employees or other service providers who may possess material, nonpublic information regarding the Company or its securities.
		

		
			 
		

		
			(hhh) “Vesting Conditions” mean those conditions established in accordance with the Plan prior to the satisfaction of which an Award or shares subject to an Award remain subject to forfeiture or a repurchase option in favor of the Company exercisable for the Participant’s monetary purchase price, if any, for such shares upon the Participant’s termination of Service or failure of a performance condition to be satisfied.
		

		
			 
		

		
			2.2 Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
		

		
			 
		

		
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			3. ADMINISTRATION.
		

		
			 
		

		
			3.1 Administration by the Committee. The Plan shall be administered by the Committee. All questions of interpretation of the Plan, of any Award Agreement or of any other form of agreement or other document employed by the Company in the administration of the Plan or of any Award shall be determined by the Committee, and such determinations shall be final, binding and conclusive upon all persons having an interest in the Plan or such Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or Award Agreement or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest therein. All expenses incurred in connection with the administration of the Plan shall be paid by the Company.
		

		
			 
		

		
			3.2 Authority of Officers. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, determination or election that is the responsibility of or that is allocated to the Company herein, provided that the Officer has apparent authority with respect to such matter, right, obligation, determination or election. To the extent permitted by applicable law, the Committee may, in its discretion, delegate to a committee comprised of one or more Officers the authority to grant one or more Awards, without further approval of the Committee, to any Employee, other than a person who, at the time of such grant, is an Insider or a Covered Employee, and to exercise such other powers under the Plan as the Committee may determine; provided, however, that (a) the Committee shall fix the maximum number of shares subject to Awards that may be granted by such Officers, (b) each such Award shall be subject to the terms and conditions of the appropriate standard form of Award Agreement approved by the Board or the Committee and shall conform to the provisions of the Plan, and (c) each such Award shall conform to such other limits and guidelines as may be established from time to time by the Committee.
		

		
			 
		

		
			3.3 Administration with Respect to Insiders. With respect to participation by Insiders in the Plan, at any time that any class of equity security of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan shall be administered in compliance with the requirements, if any, of Rule 16b-3.
		

		
			 
		

		
			3.4 Committee Complying with Section 162(m). If the Company is a “publicly held corporation” within the meaning of Section 162(m), the Board may establish a Committee of “outside directors” within the meaning of Section 162(m) to approve the grant of any Award intended to result in the payment of Performance-Based Compensation.
		

		
			 
		

		
			3.5 Powers of the Committee. In addition to any other powers set forth in the Plan and subject to the provisions of the Plan, the Committee shall have the full and final power and authority, in its discretion:
		

		
			 
		

		
			(a) to determine the persons to whom, and the time or times at which, Awards shall be granted and the number of shares of Stock, units or monetary value to be subject to each Award;
		

		
			 
		

		
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			(b) to determine the type of Award granted;
		

		
			 
		

		
			(c) to determine whether an Award granted to a Covered Employee shall be intended to result in Performance-Based Compensation;
		

		
			 
		

		
			(d) to determine the Fair Market Value of shares of Stock or other property;
		

		
			 
		

		
			(e) to determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares acquired pursuant thereto, including, without limitation, (i) the exercise or purchase price of shares pursuant to any Award, (ii) the method of payment for shares purchased pursuant to any Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with any Award, including by the withholding or delivery of shares of Stock, (iv) the timing, terms and conditions of the exercisability or vesting of any Award or any shares acquired pursuant thereto, (v) the Performance Measures, Performance Period, Performance Award Formula and Performance Goals applicable to any Award and the extent to which such Performance Goals have been attained, (vi) the time of expiration of any Award, (vii) the effect of any Participant’s termination of Service on any of the foregoing, and (viii) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto not inconsistent with the terms of the Plan;
		

		
			 
		

		
			(f) to determine whether an Award will be settled in shares of Stock, cash, other property or in any combination thereof;
		

		
			 
		

		
			(g) to approve one or more forms of Award Agreement;
		

		
			 
		

		
			(h) to amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares acquired pursuant thereto;
		

		
			 
		

		
			(i) to accelerate, continue, extend or defer the exercisability or vesting of any Award or any shares acquired pursuant thereto, including with respect to the period following a Participant’s termination of Service;
		

		
			 
		

		
			(j) to prescribe, amend or rescind rules, guidelines and policies relating to the Plan, or to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Committee deems necessary or desirable to comply with the laws of, or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose residents may be granted Awards; and
		

		
			 
		

		
			(k) to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable law.
		

		
			 
		

		
			3.6 Option or SAR Repricing. Without the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the stockholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present
		

		
			 
		

		
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			or represented by proxy, the Committee shall not approve a program providing for either (a) the cancellation of outstanding Options or SARs having exercise prices per share greater than the then Fair Market Value of a share of Stock (“Underwater Awards”) and the grant in substitution therefore of new Options or SARs having a lower exercise price, Full Value Awards or payments in cash, or (b) the amendment of outstanding Underwater Awards to reduce the exercise price thereof. This Section shall not be construed to apply to (i) “issuing or assuming a stock option in a transaction to which Section 424(a) applies,” within the meaning of Section 424 of the Code, (ii) adjustments pursuant to the assumption of or substitution for an Option or SAR in a manner that would comply with Section 409A, or (iii) an adjustment pursuant to Section 4.5.
		

		
			 
		

		
			3.7 Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or the Committee or as officers or employees of the Participating Company Group, to the extent permitted by applicable law, members of the Board or the Committee and any officers or employees of the Participating Company Group to whom authority to act for the Board, the Committee or the Company is delegated shall be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same.
		

		
			 
		

		
			4. SHARES SUBJECT TO PLAN.
		

		
			 
		

		
			4.1 Maximum Number of Shares Issuable. Subject to adjustment as provided in Sections 4.2, 4.3, 4.4 and 4.5, the maximum aggregate number of shares of Stock that may be issued under the Plan shall be equal to Six Million Seven Hundred Twenty Thousand (6,720,000) shares and shall consist of authorized but unissued or reacquired shares of Stock or any combination thereof.
		

		
			 
		

		
			4.2 Annual Increase in Maximum Number of Shares Issuable. Subject to adjustment as provided in Section 4.5, the maximum aggregate number of shares of Stock that may be issued under the Plan as set forth in Section 4.1 shall be cumulatively increased on January 1, 2016 and on each subsequent January 1 through and including January 1, 2025, by a number of shares (the “Annual Increase”) equal to the smaller of (a) 4% of the number of shares of Stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the Board.
		

		

		

		 

		

			 

		

 

		 
		

		
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			4.3 Adjustment for Unissued or Forfeited Predecessor Plan Shares. The maximum aggregate number of shares of Stock that may be issued under the Plan as set forth in Section 4.1 shall be cumulatively increased from time to time by:
		

		
			 
		

		
			(a) the aggregate number of shares of Stock that remain available for the future grant of awards under the Predecessor Plan immediately prior to its termination as of the Effective Date;
		

		
			 
		

		
			(b) the number of shares of Stock subject to that portion of any option or other award outstanding pursuant to the Predecessor Plan as of the Effective Date which, on or after the Effective Date, expires or is terminated or canceled for any reason without having been exercised or settled in full; and
		

		
			 
		

		
			(c) the number of shares of Stock acquired pursuant to the Predecessor Plan subject to forfeiture or repurchase by the Company for an amount not greater than the Participant’s purchase price which, on or after the Effective Date, is so forfeited or repurchased;
		

		
			 
		

		
			provided, however, that the aggregate number of shares of Stock authorized for issuance under the Predecessor Plan that may become authorized for issuance under the Plan pursuant to this Section 4.3 shall not exceed 3,198,416 shares.
		

		
			 
		

		
			4.4 Share Counting. If an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled in full, or if shares of Stock acquired pursuant to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company for an amount not greater than the Participant’s purchase price, the shares of Stock allocable to the terminated portion of such Award or such forfeited or repurchased shares of Stock shall again be available for issuance under the Plan. Shares of Stock shall not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that is settled in cash. Upon payment in shares of Stock pursuant to the exercise of an SAR, the number of shares available for issuance under the Plan shall be reduced by the gross number of shares for which the SAR is exercised. If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of shares of Stock owned by the Participant, or by means of a Net Exercise, the number of shares available for issuance under the Plan shall be reduced by the gross number of shares for which the Option is exercised. Shares withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to the exercise or settlement of Options or SARs pursuant to Section 16.2 shall not again be available for issuance under the Plan. Shares withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to the vesting or settlement of Full Value Awards pursuant to Section 16.2 shall again become available for issuance under the Plan.
		

		
			 
		

		
			4.5 Adjustments for Changes in Capital Structure. Subject to any required action by the stockholders of the Company and the requirements of Sections 409A and 424 of the Code to the extent applicable, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the
		

		
			 
		

		
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			stockholders of the Company in a form other than Stock (excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number and kind of shares subject to the Plan and to any outstanding Awards, the Annual Increase, the Award limits set forth in Section 5.3, and in the exercise or purchase price per share under any outstanding Award in order to prevent dilution or enlargement of Participants’ rights under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” If a majority of the shares which are of the same class as the shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another corporation (the “New Shares”), the Committee may unilaterally amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment, the number of shares subject to, and the exercise or purchase price per share of, the outstanding Awards shall be adjusted in a fair and equitable manner as determined by the Committee, in its discretion. Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number and the exercise or purchase price per share shall be rounded up to the nearest whole cent. In no event may the exercise or purchase price, if any, under any Award be decreased to an amount less than the par value, if any, of the stock subject to such Award. The Committee in its discretion, may also make such adjustments in the terms of any Award to reflect, or related to, such changes in the capital structure of the Company or distributions as it deems appropriate, including modification of Performance Goals, Performance Award Formulas and Performance Periods. The adjustments determined by the Committee pursuant to this Section shall be final, binding and conclusive.
		

		
			 
		

		
			4.6 Assumption or Substitution of Awards. The Committee may, without affecting the number of shares of Stock reserved or available hereunder, authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with Section 409A and any other applicable provisions of the Code.
		

		
			 
		

		
			5. ELIGIBILITY, PARTICIPATION AND AWARD LIMITATIONS.
		

		
			 
		

		
			5.1 Persons Eligible for Awards. Awards may be granted only to Employees, Consultants and Directors.
		

		
			 
		

		
			5.2 Participation in the Plan. Awards are granted solely at the discretion of the Committee. Eligible persons may be granted more than one Award. However, eligibility in accordance with this Section shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award.
		

		
			 
		

		
			5.3 Incentive Stock Option Limitations.
		

		
			 
		

		
			(a) Maximum Number of Shares Issuable Pursuant to Incentive Stock Options. Subject to adjustment as provided in Section 4.5, the maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to the exercise of Incentive Stock Options shall not exceed One Million Eight Thousand
		

		
			 
		

		
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			(1,008,000) shares, cumulatively increased on January 1, 2016 and on each subsequent January 1, through and including January 1, 2025, by a number of shares equal to the smaller of the Annual Increase determined under Section 4.2 or Six Hundred Thousand (600,000) shares. The maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to all Awards other than Incentive Stock Options shall be the number of shares determined in accordance with Section 4.1, subject to adjustment as provided in Sections 4.2, 4.3, 4.4 and 4.5.
		

		
			 
		

		
			(b) Persons Eligible. An Incentive Stock Option may be granted only to a person who, on the effective date of grant, is an Employee of the Company, a Parent Corporation or a Subsidiary Corporation (each being an “ISO-Qualifying Corporation”). Any person who is not an Employee of an ISO-Qualifying Corporation on the effective date of the grant of an Option to such person may be granted only a Nonstatutory Stock Option.
		

		
			 
		

		
			(c) Fair Market Value Limitation. To the extent that options designated as Incentive Stock Options (granted under all stock plans of the Participating Company Group, including the Plan) become exercisable by a Participant for the first time during any calendar year for stock having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of such options which exceeds such amount shall be treated as Nonstatutory Stock Options. For purposes of this Section, options designated as Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of stock shall be determined as of the time the option with respect to such stock is granted. If the Code is amended to provide for a limitation different from that set forth in this Section, such different limitation shall be deemed incorporated herein effective as of the date and with respect to such Options as required or permitted by such amendment to the Code. If an Option is treated as an Incentive Stock Option in part and as a Nonstatutory Stock Option in part by reason of the limitation set forth in this Section, the Participant may designate which portion of such Option the Participant is exercising. In the absence of such designation, the Participant shall be deemed to have exercised the Incentive Stock Option portion of the Option first. Upon exercise of the Option, shares issued pursuant to each such portion shall be separately identified.
		

		
			 
		

		
			5.4 Nonemployee Director Award Limit. No Nonemployee Director shall be granted within any fiscal year of the Company one or more Nonemployee Director Awards pursuant to the Plan which in the aggregate are for more than a number of shares of Stock determined by dividing three hundred thousand dollars U.S. ($300,000) by the Fair Market Value of a share of Stock determined on the last trading day immediately preceding the date on which the applicable Nonemployee Director Award is granted.
		

		
			 
		

		
			6. STOCK OPTIONS.
		

		
			 
		

		
			Options shall be evidenced by Award Agreements specifying the number of shares of Stock covered thereby, in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
			6.1 Exercise Price. The exercise price for each Option shall be established in the discretion of the Committee; provided, however, that (a) the exercise price per share shall be not less than the Fair Market Value of a share of Stock on the effective date of grant of the Option
		

		
			 
		

		
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			and (b) no Incentive Stock Option granted to a Ten Percent Owner shall have an exercise price per share less than one hundred ten percent (110%) of the Fair Market Value of a share of Stock on the effective date of grant of the Option. Notwithstanding the foregoing, an Option (whether an Incentive Stock Option or a Nonstatutory Stock Option) may be granted with an exercise price less than the minimum exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in a manner that would qualify under the provisions of Section 409A or Section 424(a) of the Code.
		

		
			 
		

		
			6.2 Exercisability and Term of Options. Options shall be exercisable at such time or times, or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the Committee and set forth in the Award Agreement evidencing such Option; provided, however, that (a) no Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of such Option, (b) no Incentive Stock Option granted to a Ten Percent Owner shall be exercisable after the expiration of five (5) years after the effective date of grant of such Option and (c) no Option granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable until at least six (6) months following the date of grant of such Option (except in the event of such Employee’s death, disability or retirement, upon a Change in Control, or as otherwise permitted by the Worker Economic Opportunity Act). Subject to the foregoing, unless otherwise specified by the Committee in the grant of an Option, each Option shall terminate ten (10) years after the effective date of grant of the Option, unless earlier terminated in accordance with its provisions.
		

		
			 
		

		
			6.3 Payment of Exercise Price.
		

		
			 
		

		
			(a) Forms of Consideration Authorized. Except as otherwise provided below, payment of the exercise price for the number of shares of Stock being purchased pursuant to any Option shall be made (i) in cash, by check or in cash equivalent; (ii) if permitted by the Committee and subject to the limitations contained in Section 6.3(b), by means of (1) a Cashless Exercise, (2) a Stock Tender Exercise or (3) a Net Exercise; (iii) by such other consideration as may be approved by the Committee from time to time to the extent permitted by applicable law, or (iv) by any combination thereof. The Committee may at any time or from time to time grant Options which do not permit all of the foregoing forms of consideration to be used in payment of the exercise price or which otherwise restrict one or more forms of consideration.
		

		
			 
		

		
			(b) Limitations on Forms of Consideration.
		

		
			 
		

		
			(i) Cashless Exercise. A “Cashless Exercise” means the delivery of a properly executed notice of exercise together with irrevocable instructions to a broker providing for the assignment to the Company of the proceeds of a sale or loan with respect to some or all of the shares being acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any and all times, the right, in the Company’s sole and absolute discretion, to establish, decline to approve or terminate any program or procedures for the exercise of Options by means of a Cashless Exercise, including with respect to one or more Participants
		

		
			 
		

		
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			specified by the Company notwithstanding that such program or procedures may be available to other Participants.
		

		
			 
		

		
			(ii) Stock Tender Exercise. A “Stock Tender Exercise” means the delivery of a properly executed exercise notice accompanied by a Participant’s tender to the Company, or attestation to the ownership, in a form acceptable to the Company of whole shares of Stock owned by the Participant having a Fair Market Value that does not exceed the aggregate exercise price for the shares with respect to which the Option is exercised. A Stock Tender Exercise shall not be permitted if it would constitute a violation of the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. If required by the Company, an Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock unless such shares either have been owned by the Participant for a period of time required by the Company (and not used for another option exercise by attestation during such period) or were not acquired, directly or indirectly, from the Company.
		

		
			 
		

		
			(iii) Net Exercise. A “Net Exercise” means the delivery of a properly executed exercise notice followed by a procedure pursuant to which (1) the Company will reduce the number of shares otherwise issuable to a Participant upon the exercise of an Option by the largest whole number of shares having a Fair Market Value that does not exceed the aggregate exercise price for the shares with respect to which the Option is exercised, and (2) the Participant shall pay to the Company in cash the remaining balance of such aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued.
		

		
			 
		

		
			6.4 Effect of Termination of Service.
		

		
			 
		

		
			(a) Option Exercisability. Subject to earlier termination of the Option as otherwise provided by this Plan and unless otherwise provided by the Committee, an Option shall terminate immediately upon the Participant’s termination of Service to the extent that it is then unvested and shall be exercisable after the Participant’s termination of Service to the extent it is then vested only during the applicable time period determined in accordance with this Section and thereafter shall terminate.
		

		
			 
		

		
			(i) Disability. If the Participant’s Service terminates because of the Disability of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant’s Service terminated, may be exercised by the Participant (or the Participant’s guardian or legal representative) at any time prior to the expiration of twelve (12) months (or such longer or shorter period provided by the Award Agreement) after the date on which the Participant’s Service terminated, but in any event no later than the date of expiration of the Option’s term as set forth in the Award Agreement evidencing such Option (the “Option Expiration Date”).
		

		
			 
		

		
			(ii) Death. If the Participant’s Service terminates because of the death of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant’s Service terminated, may be exercised by the Participant’s legal representative or other person who acquired the right to exercise the Option by reason of the Participant’s death at any time prior to the expiration of twelve (12) months (or such longer or shorter period provided by the Award Agreement) after the date on which the
		

		
			 
		

		
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			Participant’s Service terminated, but in any event no later than the Option Expiration Date. The Participant’s Service shall be deemed to have terminated on account of death if the Participant dies within three (3) months (or such longer or shorter period provided by the Award Agreement) after the Participant’s termination of Service.
		

		
			 
		

		
			(iii) Termination for Cause. Notwithstanding any other provision of the Plan to the contrary, if the Participant’s Service is terminated for Cause or if, following the Participant’s termination of Service and during any period in which the Option otherwise would remain exercisable, the Participant engages in any act that would constitute Cause, the Option shall terminate in its entirety and cease to be exercisable immediately upon such termination of Service or act.
		

		
			 
		

		
			(iv) Other Termination of Service. If the Participant’s Service terminates for any reason, except Disability, death or Cause, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant’s Service terminated, may be exercised by the Participant at any time prior to the expiration of three (3) months (or such longer or shorter period provided by the Award Agreement) after the date on which the Participant’s Service terminated, but in any event no later than the Option Expiration Date.
		

		
			 
		

		
			(b) Extension if Exercise Prevented by Law. Notwithstanding the foregoing, other than termination of Service for Cause, if the exercise of an Option within the applicable time periods set forth in Section 6.4(a) is prevented by the provisions of Section 14 below, the Option shall remain exercisable until the later of (i) thirty (30) days after the date such exercise first would no longer be prevented by such provisions or (ii) the end of the applicable time period under Section 6.4(a), but in any event no later than the Option Expiration Date.
		

		
			 
		

		
			6.5 Transferability of Options. During the lifetime of the Participant, an Option shall be exercisable only by the Participant or the Participant’s guardian or legal representative. An Option shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. Notwithstanding the foregoing, to the extent permitted by the Committee, in its discretion, and set forth in the Award Agreement evidencing such Option, an Option shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions to Form S-8 under the Securities Act or, in the case of an Incentive Stock Option, only as permitted by applicable regulations under Section 421 of the Code in a manner that does not disqualify such Option as an Incentive Stock Option.
		

		
			 
		

		
			7. STOCK APPRECIATION RIGHTS.
		

		
			 
		

		
			Stock Appreciation Rights shall be evidenced by Award Agreements specifying the number of shares of Stock subject to the Award, in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
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			7.1 Types of SARs Authorized. SARs may be granted in tandem with all or any portion of a related Option (a “Tandem SAR”) or may be granted independently of any Option (a “Freestanding SAR”). A Tandem SAR may only be granted concurrently with the grant of the related Option.
		

		
			 
		

		
			7.2 Exercise Price. The exercise price for each SAR shall be established in the discretion of the Committee; provided, however, that (a) the exercise price per share subject to a Tandem SAR shall be the exercise price per share under the related Option and (b) the exercise price per share subject to a Freestanding SAR shall be not less than the Fair Market Value of a share of Stock on the effective date of grant of the SAR. Notwithstanding the foregoing, an SAR may be granted with an exercise price lower than the minimum exercise price set forth above if such SAR is granted pursuant to an assumption or substitution for another stock appreciation right in a manner that would qualify under the provisions of Section 409A of the Code.
		

		
			 
		

		
			7.3 Exercisability and Term of SARs.
		

		
			 
		

		
			(a) Tandem SARs. Tandem SARs shall be exercisable only at the time and to the extent, and only to the extent, that the related Option is exercisable, subject to such provisions as the Committee may specify where the Tandem SAR is granted with respect to less than the full number of shares of Stock subject to the related Option. The Committee may, in its discretion, provide in any Award Agreement evidencing a Tandem SAR that such SAR may not be exercised without the advance approval of the Company and, if such approval is not given, then the Option shall nevertheless remain exercisable in accordance with its terms. A Tandem SAR shall terminate and cease to be exercisable no later than the date on which the related Option expires or is terminated or canceled. Upon the exercise of a Tandem SAR with respect to some or all of the shares subject to such SAR, the related Option shall be canceled automatically as to the number of shares with respect to which the Tandem SAR was exercised. Upon the exercise of an Option related to a Tandem SAR as to some or all of the shares subject to such Option, the related Tandem SAR shall be canceled automatically as to the number of shares with respect to which the related Option was exercised.
		

		
			 
		

		
			(b) Freestanding SARs. Freestanding SARs shall be exercisable at such time or times, or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the Committee and set forth in the Award Agreement evidencing such SAR; provided, however, that (i) no Freestanding SAR shall be exercisable after the expiration of ten (10) years after the effective date of grant of such SAR and (ii) no Freestanding SAR granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable until at least six (6) months following the date of grant of such SAR (except in the event of such Employee’s death, disability or retirement, upon a Change in Control, or as otherwise permitted by the Worker Economic Opportunity Act). Subject to the foregoing, unless otherwise specified by the Committee in the grant of a Freestanding SAR, each Freestanding SAR shall terminate ten (10) years after the effective date of grant of the SAR, unless earlier terminated in accordance with its provisions.
		

		
			 
		

		
			7.4 Exercise of SARs. Upon the exercise (or deemed exercise pursuant to Section 7.5) of an SAR, the Participant (or the Participant’s legal representative or other person
		

		
			 
		

		
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			who acquired the right to exercise the SAR by reason of the Participant’s death) shall be entitled to receive payment of an amount for each share with respect to which the SAR is exercised equal to the excess, if any, of the Fair Market Value of a share of Stock on the date of exercise of the SAR over the exercise price. Payment of such amount shall be made (a) in the case of a Tandem SAR, solely in shares of Stock in a lump sum upon the date of exercise of the SAR and (b) in the case of a Freestanding SAR, in cash, shares of Stock, or any combination thereof as determined by the Committee, in a lump sum upon the date of exercise of the SAR. When payment is to be made in shares of Stock, the number of shares to be issued shall be determined on the basis of the Fair Market Value of a share of Stock on the date of exercise of the SAR. For purposes of Section 7, an SAR shall be deemed exercised on the date on which the Company receives notice of exercise from the Participant or as otherwise provided in Section 7.5.
		

		
			 
		

		
			7.5 Deemed Exercise of SARs. If, on the date on which an SAR would otherwise terminate or expire, the SAR by its terms remains exercisable immediately prior to such termination or expiration and, if so exercised, would result in a payment to the holder of such SAR, then any portion of such SAR which has not previously been exercised shall automatically be deemed to be exercised as of such date with respect to such portion.
		

		
			 
		

		
			7.6 Effect of Termination of Service. Subject to earlier termination of the SAR as otherwise provided herein and unless otherwise provided by the Committee, an SAR shall be exercisable after a Participant’s termination of Service only to the extent and during the applicable time period determined in accordance with Section 6.4 (treating the SAR as if it were an Option) and thereafter shall terminate.
		

		
			 
		

		
			7.7 Transferability of SARs. During the lifetime of the Participant, an SAR shall be exercisable only by the Participant or the Participant’s guardian or legal representative. An SAR shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. Notwithstanding the foregoing, to the extent permitted by the Committee, in its discretion, and set forth in the Award Agreement evidencing such Award, a Tandem SAR related to a Nonstatutory Stock Option or a Freestanding SAR shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions to Form S-8 under the Securities Act.
		

		
			 
		

		
			8. RESTRICTED STOCK AWARDS.
		

		
			 
		

		
			Restricted Stock Awards shall be evidenced by Award Agreements specifying whether the Award is a Restricted Stock Bonus or a Restricted Stock Purchase Right and the number of shares of Stock subject to the Award, in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
			8.1 Types of Restricted Stock Awards Authorized. Restricted Stock Awards may be granted in the form of either a Restricted Stock Bonus or a Restricted Stock Purchase Right. Restricted Stock Awards may be granted upon such conditions as the Committee shall determine, including, without limitation, upon the attainment of one or more Performance Goals
		

		
			 
		

		
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			described in Section 10.4. If either the grant of or satisfaction of Vesting Conditions applicable to a Restricted Stock Award is to be contingent upon the attainment of one or more Performance Goals, the Committee shall follow procedures substantially equivalent to those set forth in Sections 10.3 through 10.5(a).
		

		
			 
		

		
			8.2 Purchase Price. The purchase price for shares of Stock issuable under each Restricted Stock Purchase Right shall be established by the Committee in its discretion. No monetary payment (other than applicable tax withholding) shall be required as a condition of receiving shares of Stock pursuant to a Restricted Stock Bonus, the consideration for which shall be services actually rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable state corporate law, the Participant shall furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock subject to a Restricted Stock Award.
		

		
			 
		

		
			8.3 Purchase Period. A Restricted Stock Purchase Right shall be exercisable within a period established by the Committee, which shall in no event exceed thirty (30) days from the effective date of the grant of the Restricted Stock Purchase Right.
		

		
			 
		

		
			8.4 Payment of Purchase Price. Except as otherwise provided below, payment of the purchase price for the number of shares of Stock being purchased pursuant to any Restricted Stock Purchase Right shall be made (a) in cash, by check or in cash equivalent, (b) by such other consideration as may be approved by the Committee from time to time to the extent permitted by applicable law, or (c) by any combination thereof.
		

		
			 
		

		
			8.5 Vesting and Restrictions on Transfer. Shares issued pursuant to any Restricted Stock Award may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be established by the Committee and set forth in the Award Agreement evidencing such Award. During any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of other than pursuant to an Ownership Change Event or as provided in Section 8.8. The Committee, in its discretion, may provide in any Award Agreement evidencing a Restricted Stock Award that, if the satisfaction of Vesting Conditions with respect to any shares subject to such Restricted Stock Award would otherwise occur on a day on which the sale of such shares would violate the provisions of the Trading Compliance Policy, then satisfaction of the Vesting Conditions automatically shall be determined on the next trading day on which the sale of such shares would not violate the Trading Compliance Policy. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.
		

		
			 
		

		
			8.6 Voting Rights; Dividends and Distributions. Except as provided in this Section, Section 8.5 and any Award Agreement, during any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, the Participant shall
		

		
			 
		

		
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			have all of the rights of a stockholder of the Company holding shares of Stock, including the right to vote such shares and to receive all dividends and other distributions paid with respect to such shares; provided, however, that if so determined by the Committee and provided by the Award Agreement, such dividends and distributions shall be subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid, and otherwise shall be paid no later than the end of the calendar year in which such dividends or distributions are paid to stockholders (or, if later, the 15th day of the third month following the date such dividends or distributions are paid to stockholders). In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.5, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant is entitled by reason of the Participant’s Restricted Stock Award shall be immediately subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were made.
		

		
			 
		

		
			8.7 Effect of Termination of Service. Unless otherwise provided by the Committee in the Award Agreement evidencing a Restricted Stock Award, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s death or disability), then (a) the Company shall have the option to repurchase for the purchase price paid by the Participant any shares acquired by the Participant pursuant to a Restricted Stock Purchase Right which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service and (b) the Participant shall forfeit to the Company any shares acquired by the Participant pursuant to a Restricted Stock Bonus which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company.
		

		
			 
		

		
			8.8 Nontransferability of Restricted Stock Award Rights. Rights to acquire shares of Stock pursuant to a Restricted Stock Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or the laws of descent and distribution. All rights with respect to a Restricted Stock Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant’s guardian or legal representative.
		

		
			 
		

		
			9. RESTRICTED STOCK UNITS.
		

		
			 
		

		
			Restricted Stock Unit Awards shall be evidenced by Award Agreements specifying the number of Restricted Stock Units subject to the Award, in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		

		

		 

		

			 

		

 

		9.1 Grant of Restricted Stock Unit Awards. Restricted Stock Unit Awards may be granted upon such conditions as the Committee shall determine, including, without limitation, upon the attainment of one or more Performance Goals described in Section 10.4. If either the
		

		
			 
		

		
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			grant of a Restricted Stock Unit Award or the Vesting Conditions with respect to such Award is to be contingent upon the attainment of one or more Performance Goals, the Committee shall follow procedures substantially equivalent to those set forth in Sections 10.3 through 10.5(a).
		

		
			 
		

		
			9.2 Purchase Price. No monetary payment (other than applicable tax withholding, if any) shall be required as a condition of receiving a Restricted Stock Unit Award, the consideration for which shall be services actually rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable state corporate law, the Participant shall furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock issued upon settlement of the Restricted Stock Unit Award.
		

		
			 
		

		
			9.3 Vesting. Restricted Stock Unit Awards may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be established by the Committee and set forth in the Award Agreement evidencing such Award. The Committee, in its discretion, may provide in any Award Agreement evidencing a Restricted Stock Unit Award that, if the satisfaction of Vesting Conditions with respect to any shares subject to the Award would otherwise occur on a day on which the sale of such shares would violate the provisions of the Trading Compliance Policy, then the satisfaction of the Vesting Conditions automatically shall be determined on the first to occur of (a) the next trading day on which the sale of such shares would not violate the Trading Compliance Policy or (b) the last day of the calendar year in which the original vesting date occurred.
		

		
			 
		

		
			9.4 Voting Rights, Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated. Dividend Equivalent Rights, if any, shall be paid by crediting the Participant with a cash amount or with additional whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as determined by the Committee. The number of additional Restricted Stock Units (rounded to the nearest whole number), if any, to be credited shall be determined by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of shares of Stock represented by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. If so determined by the Committee and provided by the Award Agreement, such cash amount or additional Restricted Stock Units shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.5, appropriate adjustments shall be made in the Participant’s Restricted Stock Unit Award so that it represents
		

		
			 
		

		
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			the right to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same Vesting Conditions as are applicable to the Award.
		

		
			 
		

		
			9.5 Effect of Termination of Service. Unless otherwise provided by the Committee and set forth in the Award Agreement evidencing a Restricted Stock Unit Award, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s death or disability), then the Participant shall forfeit to the Company any Restricted Stock Units pursuant to the Award which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service.
		

		
			 
		

		
			9.6 Settlement of Restricted Stock Unit Awards. The Company shall issue to a Participant on the date on which Restricted Stock Units subject to the Participant’s Restricted Stock Unit Award vest or on such other date determined by the Committee in compliance with Section 409A, if applicable, and set forth in the Award Agreement one (1) share of Stock (and/or any other new, substituted or additional securities or other property pursuant to an adjustment described in Section 9.4) for each Restricted Stock Unit then becoming vested or otherwise to be settled on such date, subject to the withholding of applicable taxes, if any. If permitted by the Committee, the Participant may elect, consistent with the requirements of Section 409A, to defer receipt of all or any portion of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section, and such deferred issuance date(s) and amount(s) elected by the Participant shall be set forth in the Award Agreement. Notwithstanding the foregoing, the Committee, in its discretion, may provide for settlement of any Restricted Stock Unit Award by payment to the Participant in cash of an amount equal to the Fair Market Value on the payment date of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section.
		

		
			 
		

		
			9.7 Nontransferability of Restricted Stock Unit Awards. The right to receive shares pursuant to a Restricted Stock Unit Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant’s guardian or legal representative.
		

		
			 
		

		
			10. PERFORMANCE AWARDS.
		

		
			 
		

		
			Performance Awards shall be evidenced by Award Agreements in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
			10.1 Types of Performance Awards Authorized. Performance Awards may be granted in the form of either Performance Shares or Performance Units. Each Award Agreement evidencing a Performance Award shall specify the number of Performance Shares or
		

		
			 
		

		
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			Performance Units subject thereto, the Performance Award Formula, the Performance Goal(s) and Performance Period applicable to the Award, and the other terms, conditions and restrictions of the Award.
		

		
			 
		

		
			10.2 Initial Value of Performance Shares and Performance Units. Unless otherwise provided by the Committee in granting a Performance Award, each Performance Share shall have an initial monetary value equal to the Fair Market Value of one (1) share of Stock, subject to adjustment as provided in Section 4.5, on the effective date of grant of the Performance Share, and each Performance Unit shall have an initial monetary value established by the Committee at the time of grant. The final value payable to the Participant in settlement of a Performance Award determined on the basis of the applicable Performance Award Formula will depend on the extent to which Performance Goals established by the Committee are attained within the applicable Performance Period established by the Committee.
		

		
			 
		

		
			10.3 Establishment of Performance Period, Performance Goals and Performance Award Formula. In granting each Performance Award, the Committee shall establish in writing the applicable Performance Period, Performance Award Formula and one or more Performance Goals which, when measured at the end of the Performance Period, shall determine on the basis of the Performance Award Formula the final value of the Performance Award to be paid to the Participant. Unless otherwise permitted in compliance with the requirements under Section 162(m) with respect to each Performance Award intended to result in the payment of Performance-Based Compensation, the Committee shall establish the Performance Goal(s) and Performance Award Formula applicable to each Performance Award no later than the earlier of (a) the date ninety (90) days after the commencement of the applicable Performance Period or (b) the date on which 25% of the Performance Period has elapsed, and, in any event, at a time when the outcome of the Performance Goals remains substantially uncertain. Once established, the Performance Goals and Performance Award Formula applicable to a Performance Award intended to result in the payment of Performance-Based Compensation to a Covered Employee shall not be changed during the Performance Period. The Company shall notify each Participant granted a Performance Award of the terms of such Award, including the Performance Period, Performance Goal(s) and Performance Award Formula.
		

		
			 
		

		
			10.4 Measurement of Performance Goals. Performance Goals shall be established by the Committee on the basis of targets to be attained (“Performance Targets”) with respect to one or more measures of business or financial performance (each, a “Performance Measure”), subject to the following:
		

		
			 
		

		
			(a) Performance Measures. Performance Measures shall be calculated in accordance with the Company’s financial statements, or, if such measures are not reported in the Company’s financial statements, they shall be calculated in accordance with generally accepted accounting principles, a method used generally in the Company’s industry, or in accordance with a methodology established by the Committee prior to the grant of the Performance Award. As specified by the Committee, Performance Measures may be calculated with respect to the Company and each Subsidiary Corporation consolidated therewith for financial reporting purposes, one or more Subsidiary Corporations or such division or other business unit of any of them selected by the Committee. Unless otherwise determined by the Committee prior to the grant of the Performance Award, the Performance Measures applicable to the Performance
		

		
			 
		

		
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			Award shall be calculated prior to the accrual of expense for any Performance Award for the same Performance Period and excluding the effect (whether positive or negative) on the Performance Measures of any change in accounting standards or any extraordinary, unusual or nonrecurring item, as determined by the Committee, occurring after the establishment of the Performance Goals applicable to the Performance Award. Each such adjustment, if any, shall be made solely for the purpose of providing a consistent basis from period to period for the calculation of Performance Measures in order to prevent the dilution or enlargement of the Participant’s rights with respect to a Performance Award. Performance Measures may be based upon one or more of the following, as determined by the Committee:
		

		
			 
		

		
			(i) revenue;
		

		
			 
		

		
			(ii) sales;
		

		
			 
		

		
			(iii) expenses;
		

		
			 
		

		
			(iv) operating income;
		

		
			 
		

		
			(v) gross margin;
		

		
			 
		

		
			(vi) operating margin;
		

		
			 
		

		
			(vii) earnings before any one or more of: stock-based compensation expense, interest, taxes, depreciation and amortization;
		

		
			 
		

		
			(viii) pre-tax profit;
		

		
			 
		

		
			(ix) net operating income;
		

		
			 
		

		
			(x) net income;
		

		
			 
		

		
			(xi) economic value added;
		

		
			 
		

		
			(xii) free cash flow;
		

		
			 
		

		
			(xiii) operating cash flow;
		

		
			 
		

		
			(xiv) balance of cash, cash equivalents and marketable securities;
		

		
			 
		

		
			(xv) stock price;
		

		
			 
		

		
			(xvi) earnings per share;
		

		
			 
		

		
			(xvii) return on stockholder equity;
		

		
			 
		

		
			(xviii) return on capital;
		

		
			 
		

		
			(xix) return on assets;
		

		
			 
		

		
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			(xx) return on investment;
		

		
			 
		

		
			(xxi) total stockholder return;
		

		
			 
		

		
			(xxii) market share;
		

		
			 
		

		
			(xxiii) product development;
		

		
			 
		

		
			(xxiv) research and development expenses;
		

		
			 
		

		
			(xxv) completion of an identified special project; and
		

		
			 
		

		
			(xxvi) completion of a joint venture or other corporate transaction.
		

		
			 
		

		
			(b) Performance Targets. Performance Targets may include a minimum, maximum, target level and intermediate levels of performance, with the final value of a Performance Award determined under the applicable Performance Award Formula by the Performance Target level attained during the applicable Performance Period. A Performance Target may be stated as an absolute value, an increase or decrease in a value, or as a value determined relative to an index, budget or other standard selected by the Committee.
		

		
			 
		

		
			10.5 Settlement of Performance Awards.
		

		
			 
		

		
			(a) Determination of Final Value. As soon as practicable following the completion of the Performance Period applicable to a Performance Award, the Committee shall certify in writing the extent to which the applicable Performance Goals have been attained and the resulting final value of the Award earned by the Participant and to be paid upon its settlement in accordance with the applicable Performance Award Formula.
		

		
			 
		

		
			(b) Discretionary Adjustment of Award Formula. In its discretion, the Committee may, either at the time it grants a Performance Award or at any time thereafter, provide for the positive or negative adjustment of the Performance Award Formula applicable to a Performance Award granted to any Participant who is not a Covered Employee to reflect such Participant’s individual performance in his or her position with the Company or such other factors as the Committee may determine. If permitted under a Covered Employee’s Award Agreement, the Committee shall have the discretion, on the basis of such criteria as may be established by the Committee, to reduce some or all of the value of the Performance Award that would otherwise be paid to the Covered Employee upon its settlement notwithstanding the attainment of any Performance Goal and the resulting value of the Performance Award determined in accordance with the Performance Award Formula. No such reduction may result in an increase in the amount payable upon settlement of another Participant’s Performance Award that is intended to result in Performance-Based Compensation.
		

		
			 
		

		
			(c) Effect of Leaves of Absence. Unless otherwise required by law or a Participant’s Award Agreement, payment of the final value, if any, of a Performance Award held by a Participant who has taken in excess of thirty (30) days in unpaid leaves of absence during a Performance Period shall be prorated on the basis of the number of days of the Participant’s
		

		
			 
		

		
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			Service during the Performance Period during which the Participant was not on an unpaid leave of absence.
		

		
			 
		

		
			(d) Notice to Participants. As soon as practicable following the Committee’s determination and certification in accordance with Sections 10.5(a) and (b), the Company shall notify each Participant of the determination of the Committee.
		

		
			 
		

		
			(e) Payment in Settlement of Performance Awards. As soon as practicable following the Committee’s determination and certification in accordance with Sections 10.5(a) and (b), but in any event within the Short-Term Deferral Period described in Section 15.1 (except as otherwise provided below or consistent with the requirements of Section 409A), payment shall be made to each eligible Participant (or such Participant’s legal representative or other person who acquired the right to receive such payment by reason of the Participant’s death) of the final value of the Participant’s Performance Award. Payment of such amount shall be made in cash, shares of Stock, or a combination thereof as determined by the Committee. Unless otherwise provided in the Award Agreement evidencing a Performance Award, payment shall be made in a lump sum. If permitted by the Committee, the Participant may elect, consistent with the requirements of Section 409A, to defer receipt of all or any portion of the payment to be made to the Participant pursuant to this Section, and such deferred payment date(s) elected by the Participant shall be set forth in the Award Agreement. If any payment is to be made on a deferred basis, the Committee may, but shall not be obligated to, provide for the payment during the deferral period of Dividend Equivalent Rights or interest.
		

		
			 
		

		
			(f) Provisions Applicable to Payment in Shares. If payment is to be made in shares of Stock, the number of such shares shall be determined by dividing the final value of the Performance Award by the Fair Market Value of a share of Stock determined by the method specified in the Award Agreement. Shares of Stock issued in payment of any Performance Award may be fully vested and freely transferable shares or may be shares of Stock subject to Vesting Conditions as provided in Section 8.5. Any shares subject to Vesting Conditions shall be evidenced by an appropriate Award Agreement and shall be subject to the provisions of Sections 8.5 through 8.8 above.
		

		
			 
		

		
			10.6 Voting Rights; Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares of Stock represented by Performance Share Awards until the date of the issuance of such shares, if any (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Performance Share Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date the Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date on which the Performance Shares are settled or the date on which they are forfeited. Such Dividend Equivalent Rights, if any, shall be credited to the Participant either in cash or in the form of additional whole Performance Shares as of the date of payment of such cash dividends on Stock, as determined by the Committee. The number of additional Performance Shares (rounded to the nearest whole number), if any, to be so credited shall be determined by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of shares of Stock represented by the Performance Shares
		

		
			 
		

		
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			previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. Dividend Equivalent Rights, if any, shall be accumulated and paid to the extent that the related Performance Shares become nonforfeitable. Settlement of Dividend Equivalent Rights may be made in cash, shares of Stock, or a combination thereof as determined by the Committee, and may be paid on the same basis as settlement of the related Performance Share as provided in Section 10.5. Dividend Equivalent Rights shall not be paid with respect to Performance Units. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.5, appropriate adjustments shall be made in the Participant’s Performance Share Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Performance Share Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same Performance Goals as are applicable to the Award.
		

		
			 
		

		
			10.7 Effect of Termination of Service. Unless otherwise provided by the Committee and set forth in the Award Agreement evidencing a Performance Award, the effect of a Participant’s termination of Service on the Performance Award shall be as follows:
		

		
			 
		

		
			(a) Death or Disability. If the Participant’s Service terminates because of the death or Disability of the Participant before the completion of the Performance Period applicable to the Performance Award, the final value of the Participant’s Performance Award shall be determined by the extent to which the applicable Performance Goals have been attained with respect to the entire Performance Period and shall be prorated based on the number of months of the Participant’s Service during the Performance Period. Payment shall be made following the end of the Performance Period in any manner permitted by Section 10.5.
		

		
			 
		

		
			(b) Other Termination of Service. If the Participant’s Service terminates for any reason except death or Disability before the completion of the Performance Period applicable to the Performance Award, such Award shall be forfeited in its entirety; provided, however, that in the event of an involuntary termination of the Participant’s Service, the Committee, in its discretion, may waive the automatic forfeiture of all or any portion of any such Award and determine the final value of the Performance Award in the manner provided by Section 10.7(a). Payment of any amount pursuant to this Section shall be made following the end of the Performance Period in any manner permitted by Section 10.5.
		

		
			 
		

		
			10.8 Nontransferability of Performance Awards. Prior to settlement in accordance with the provisions of the Plan, no Performance Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to a Performance Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant’s guardian or legal representative.
		

		
			 
		

		
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			11. CASH-BASED AWARDS AND OTHER STOCK-BASED AWARDS.
		

		
			 
		

		
			Cash-Based Awards and Other Stock-Based Awards shall be evidenced by Award Agreements in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
			11.1 Grant of Cash-Based Awards. Subject to the provisions of the Plan, the Committee, at any time and from time to time, may grant Cash-Based Awards to Participants in such amounts and upon such terms and conditions, including the achievement of performance criteria, as the Committee may determine.
		

		
			 
		

		
			11.2 Grant of Other Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise described by the terms of this Plan (including the grant or offer for sale of unrestricted securities, stock-equivalent units, stock appreciation units, securities or debentures convertible into common stock or other forms determined by the Committee) in such amounts and subject to such terms and conditions as the Committee shall determine. Other Stock-Based Awards may be made available as a form of payment in the settlement of other Awards or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may involve the transfer of actual shares of Stock to Participants, or payment in cash or otherwise of amounts based on the value of Stock and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.
		

		
			 
		

		
			11.3 Value of Cash-Based and Other Stock-Based Awards. Each Cash-Based Award shall specify a monetary payment amount or payment range as determined by the Committee. Each Other Stock-Based Award shall be expressed in terms of shares of Stock or units based on such shares of Stock, as determined by the Committee. The Committee may require the satisfaction of such Service requirements, conditions, restrictions or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be established by the Committee and set forth in the Award Agreement evidencing such Award. If the Committee exercises its discretion to establish performance criteria, the final value of Cash-Based Awards or Other Stock-Based Awards that will be paid to the Participant will depend on the extent to which the performance criteria are met. The establishment of performance criteria with respect to the grant or vesting of any Cash-Based Award or Other Stock-Based Award intended to result in Performance-Based Compensation shall follow procedures substantially equivalent to those applicable to Performance Awards set forth in Section 10.
		

		
			 
		

		
			11.4 Payment or Settlement of Cash-Based Awards and Other Stock-Based Awards. Payment or settlement, if any, with respect to a Cash-Based Award or an Other Stock-Based Award shall be made in accordance with the terms of the Award, in cash, shares of Stock or other securities or any combination thereof as the Committee determines. The determination and certification of the final value with respect to any Cash-Based Award or Other Stock-Based Award intended to result in Performance-Based Compensation shall comply with the requirements applicable to Performance Awards set forth in Section 10. To the extent
		

		
			 
		

		
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			applicable, payment or settlement with respect to each Cash-Based Award and Other Stock-Based Award shall be made in compliance with the requirements of Section 409A.
		

		
			 
		

		
			11.5 Voting Rights; Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares of Stock represented by Other Stock-Based Awards until the date of the issuance of such shares of Stock (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), if any, in settlement of such Award. However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Other Stock-Based Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated. Such Dividend Equivalent Rights, if any, shall be paid in accordance with the provisions set forth in Section 9.4. Dividend Equivalent Rights shall not be granted with respect to Cash-Based Awards. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.5, appropriate adjustments shall be made in the Participant’s Other Stock-Based Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of such Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same Vesting Conditions and performance criteria, if any, as are applicable to the Award.
		

		
			 
		

		
			11.6 Effect of Termination of Service. Each Award Agreement evidencing a Cash-Based Award or Other Stock-Based Award shall set forth the extent to which the Participant shall have the right to retain such Award following termination of the Participant’s Service. Such provisions shall be determined in the discretion of the Committee, need not be uniform among all Cash-Based Awards or Other Stock-Based Awards, and may reflect distinctions based on the reasons for termination, subject to the requirements of Section 409A, if applicable.
		

		
			 
		

		
			11.7 Nontransferability of Cash-Based Awards and Other Stock-Based Awards. Prior to the payment or settlement of a Cash-Based Award or Other Stock-Based Award, the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. The Committee may impose such additional restrictions on any shares of Stock issued in settlement of Cash-Based Awards and Other Stock-Based Awards as it may deem advisable, including, without limitation, minimum holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares of Stock are then listed and/or traded, or under any state securities laws or foreign law applicable to such shares of Stock.
		

		
			 
		

		
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			12.STANDARD FORMS OF AWARD AGREEMENT.
		

		
			 
		

		
			12.1Award Agreements. Each Award shall comply with and be subject to the terms and conditions set forth in the appropriate form of Award Agreement approved by the Committee and as amended from time to time. No Award or purported Award shall be a valid and binding obligation of the Company unless evidenced by a fully executed Award Agreement, which execution may be evidenced by electronic means.
		

		
			 
		

		
			12.2Authority to Vary Terms. The Committee shall have the authority from time to time to vary the terms of any standard form of Award Agreement either in connection with the grant or amendment of an individual Award or in connection with the authorization of a new standard form or forms; provided, however, that the terms and conditions of any such new, revised or amended standard form or forms of Award Agreement are not inconsistent with the terms of the Plan.
		

		
			 
		

		
			13.CHANGE IN CONTROL.
		

		
			 
		

		
			13.1Effect of Change in Control on Awards. Subject to the requirements and limitations of Section 409A, if applicable, the Committee may provide for any one or more of the following:
		

		
			 
		

		
			(a)Accelerated Vesting. In its discretion, the Committee may provide in the grant of any Award or at any other time may take such action as it deems appropriate to provide for acceleration of the exercisability, vesting and/or settlement in connection with a Change in Control of each or any outstanding Award or portion thereof and shares acquired pursuant thereto upon such conditions, including termination of the Participant’s Service prior to, upon, or following the Change in Control, and to such extent as the Committee determines.
		

		
			 
		

		
			(b)Assumption, Continuation or Substitution. In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of any Participant, assume or continue the Company’s rights and obligations under each or any Award or portion thereof outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award with respect to the Acquiror’s stock, as applicable. For purposes of this Section, if so determined by the Committee in its discretion, an Award denominated in shares of Stock shall be deemed assumed if, following the Change in Control, the Award confers the right to receive, subject to the terms and conditions of the Plan and the applicable Award Agreement, for each share of Stock subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Stock); provided, however, that if such consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror, provide for the consideration to be received upon the exercise or settlement of the Award, for each share of Stock subject to the Award, to consist solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration received by holders of Stock pursuant to the Change in Control. Any Award
		

		
			 
		

		
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			or portion thereof which is neither assumed or continued by the Acquiror in connection with the Change in Control nor exercised or settled as of the time of consummation of the Change in Control shall terminate and cease to be outstanding effective as of the time of consummation of the Change in Control.
		

		
			 
		

		
			(c)Cash-Out of Outstanding Stock-Based Awards. The Committee may, in its discretion and without the consent of any Participant, determine that, upon the occurrence of a Change in Control, each or any Award denominated in shares of Stock or portion thereof outstanding immediately prior to the Change in Control and not previously exercised or settled shall be canceled in exchange for a payment with respect to each vested share (and each unvested share, if so determined by the Committee) of Stock subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (iii) other property which, in any such case, shall be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control, reduced (but not below zero) by the exercise or purchase price per share, if any, under such Award. In the event such determination is made by the Committee, an Award having an exercise or purchase price per share equal to or greater than the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control may be canceled without payment of consideration to the holder thereof. Payment pursuant to this Section (reduced by applicable withholding taxes, if any) shall be made to Participants in respect of the vested portions of their canceled Awards as soon as practicable following the date of the Change in Control and in respect of the unvested portions of their canceled Awards in accordance with the vesting schedules applicable to such Awards.
		

		
			 
		

		
			13.2Effect of Change in Control on Nonemployee Director Awards. Subject to the requirements and limitations of Section 409A, if applicable, including as provided by Section 15.4(f), in the event of a Change in Control, each outstanding Nonemployee Director Award shall become immediately exercisable and vested in full and, except to the extent assumed, continued or substituted for pursuant to Section 13.1(b), shall be settled effective immediately prior to the time of consummation of the Change in Control.
		

		
			 
		

		
			13.3Federal Excise Tax Under Section 4999 of the Code.
		

		
			 
		

		
			(a)Excess Parachute Payment. If any acceleration of vesting pursuant to an Award and any other payment or benefit received or to be received by a Participant would subject the Participant to any excise tax pursuant to Section 4999 of the Code due to the characterization of such acceleration of vesting, payment or benefit as an “excess parachute payment” under Section 280G of the Code, then, provided such election would not subject the Participant to taxation under Section 409A, the Participant may elect to reduce the amount of any acceleration of vesting called for under the Award in order to avoid such characterization.
		

		
			 
		

		
			(b)Determination by Tax Firm. To aid the Participant in making any election called for under Section 13.3(a), no later than the date of the occurrence of any event that might reasonably be anticipated to result in an “excess parachute payment” to the Participant as described in Section 13.3(a), the Company shall request a determination in writing by the professional firm engaged by the Company for general tax purposes, or, if the tax firm so engaged by the Company is serving as accountant or auditor for the Acquiror, the Company will
		

		
			 
		

		
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			appoint a nationally recognized tax firm to make the determinations required by this Section (the “Tax Firm”). As soon as practicable thereafter, the Tax Firm shall determine and report to the Company and the Participant the amount of such acceleration of vesting, payments and benefits which would produce the greatest after-tax benefit to the Participant. For the purposes of such determination, the Tax Firm may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Participant shall furnish to the Tax Firm such information and documents as the Tax Firm may reasonably request in order to make its required determination. The Company shall bear all fees and expenses the Tax Firm charges in connection with its services contemplated by this Section.
		

		
			 
		

		
			14.COMPLIANCE WITH SECURITIES LAW.
		

		
			 
		

		
			The grant of Awards and the issuance of shares of Stock pursuant to any Award shall be subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under the Securities Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award, or (b) in the opinion of legal counsel to the Company, the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares under the Plan shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.
		

		
			 
		

		
			15.COMPLIANCE WITH SECTION 409A.
		

		
			 
		

		
			15.1Awards Subject to Section 409A. The Company intends that Awards granted pursuant to the Plan shall either be exempt from or comply with Section 409A, and the Plan shall be so construed. The provisions of this Section 15 shall apply to any Award or portion thereof that constitutes or provides for payment of Section 409A Deferred Compensation. Such Awards may include, without limitation:
		

		
			 
		

		
			(a)A Nonstatutory Stock Option or SAR that includes any feature for the deferral of compensation other than the deferral of recognition of income until the later of (i) the exercise or disposition of the Award or (ii) the time the stock acquired pursuant to the exercise of the Award first becomes substantially vested.
		

		
			 
		

		
			(b)Any Restricted Stock Unit Award, Performance Award, Cash-Based Award or Other Stock-Based Award that either (i) provides by its terms for settlement of all or any portion of the Award at a time or upon an event that will or may occur later than the end of the Short-Term Deferral Period (as defined below) or (ii) permits the Participant granted the
		

		
			 
		

		
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			Award to elect one or more dates or events upon which the Award will be settled after the end of the Short-Term Deferral Period.
		

		
			 
		

		
			Subject to the provisions of Section 409A, the term “Short-Term Deferral Period” means the 21⁄2 month period ending on the later of (i) the 15th day of the third month following the end of the Participant’s taxable year in which the right to payment under the applicable portion of the Award is no longer subject to a substantial risk of forfeiture or (ii) the 15th day of the third month following the end of the Company’s taxable year in which the right to payment under the applicable portion of the Award is no longer subject to a substantial risk of forfeiture. For this purpose, the term “substantial risk of forfeiture” shall have the meaning provided by Section 409A.
		

		
			 
		

		
			15.2Deferral and/or Distribution Elections. Except as otherwise permitted or required by Section 409A, the following rules shall apply to any compensation deferral and/or payment elections (each, an “Election”) that may be permitted or required by the Committee pursuant to an Award providing Section 409A Deferred Compensation:
		

		
			 
		

		
			(a)Elections must be in writing and specify the amount of the payment in settlement of an Award being deferred, as well as the time and form of payment as permitted by this Plan.
		

		
			 
		

		
			(b)Elections shall be made by the end of the Participant’s taxable year prior to the year in which services commence for which an Award may be granted to the Participant.
		

		
			 
		

		
			(c)Elections shall continue in effect until a written revocation or change in Election is received by the Company, except that a written revocation or change in Election must be received by the Company prior to the last day for making the Election determined in accordance with paragraph (b) above or as permitted by Section 15.3.
		

		
			 
		

		
			15.3Subsequent Elections. Except as otherwise permitted or required by Section 409A, any Award providing Section 409A Deferred Compensation which permits a subsequent Election to delay the payment or change the form of payment in settlement of such Award shall comply with the following requirements:
		

		
			 
		

		
			(a)No subsequent Election may take effect until at least twelve (12) months after the date on which the subsequent Election is made.
		

		
			 
		

		
			(b)Each subsequent Election related to a payment in settlement of an Award not described in Section 15.4(a)(ii), 15.4(a)(iii) or 15.4(a)(vi) must result in a delay of the payment for a period of not less than five (5) years from the date on which such payment would otherwise have been made.
		

		
			 
		

		
			(c)No subsequent Election related to a payment pursuant to Section 15.4(a)(iv) shall be made less than twelve (12) months before the date on which such payment would otherwise have been made.
		

		
			 
		

		
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			(d)Subsequent Elections shall continue in effect until a written revocation or change in the subsequent Election is received by the Company, except that a written revocation or change in a subsequent Election must be received by the Company prior to the last day for making the subsequent Election determined in accordance the preceding paragraphs of this Section 15.3.
		

		
			 
		

		
			15.4Payment of Section 409A Deferred Compensation.
		

		
			 
		

		
			(a)Permissible Payments. Except as otherwise permitted or required by Section 409A, an Award providing Section 409A Deferred Compensation must provide for payment in settlement of the Award only upon one or more of the following:
		

		
			 
		

		
			(i)The Participant’s  “separation from service” (as defined by Section 409A);
		

		
			 
		

		
			(ii)The Participant’s becoming “disabled” (as defined by Section 409A);
		

		
			 
		

		
			(iii)The Participant’s death;
		

		
			 
		

		
			(iv)A time or fixed schedule that is either (i) specified by the Committee upon the grant of an Award and set forth in the Award Agreement evidencing such Award or (ii) specified by the Participant in an Election complying with the requirements of Section 15.2 or 15.3, as applicable;
		

		
			 
		

		
			(v)A change in the ownership or effective control or the Company or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 409A; or
		

		
			 
		

		
			(vi)The occurrence of an “unforeseeable emergency” (as defined by Section 409A).
		

		
			 
		

		
			(b)Installment Payments. It is the intent of this Plan that any right of a Participant to receive installment payments (within the meaning of Section 409A) shall, for all purposes of Section 409A, be treated as a right to a series of separate payments.
		

		
			 
		

		
			(c)Required Delay in Payment to Specified Employee Pursuant to Separation from Service. Notwithstanding any provision of the Plan or an Award Agreement to the contrary, except as otherwise permitted by Section 409A, no payment pursuant to Section 15.4(a)(i) in settlement of an Award providing for Section 409A Deferred Compensation may be made to a Participant who is a “specified employee” (as defined by Section 409A) as of the date of the Participant’s separation from service before the date (the “Delayed Payment Date”) that is six (6) months after the date of such Participant’s separation from service, or, if earlier, the date of the Participant’s death. All such amounts that would, but for this paragraph, become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date.
		

		
			 
		

		
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			(d)Payment Upon Disability. All distributions of Section 409A Deferred Compensation payable pursuant to Section 15.4(a)(ii) by reason of a Participant becoming disabled shall be paid in a lump sum or in periodic installments as established by the Participant’s Election. If the Participant has made no Election with respect to distributions of Section 409A Deferred Compensation upon becoming disabled, all such distributions shall be paid in a lump sum upon the determination that the Participant has become disabled.
		

		
			 
		

		
			(e)Payment Upon Death. If a Participant dies before complete distribution of amounts payable upon settlement of an Award subject to Section 409A, such undistributed amounts shall be distributed to his or her beneficiary under the distribution method for death established by the Participant’s Election upon receipt by the Committee of satisfactory notice and confirmation of the Participant’s death. If the Participant has made no Election with respect to distributions of Section 409A Deferred Compensation upon death, all such distributions shall be paid in a lump sum upon receipt by the Committee of satisfactory notice and confirmation of the Participant’s death.
		

		
			 
		

		
			(f)Payment Upon Change in Control. Notwithstanding any provision of the Plan or an Award Agreement to the contrary, to the extent that any amount constituting Section 409A Deferred Compensation would become payable under this Plan by reason of a Change in Control, such amount shall become payable only if the event constituting a Change in Control would also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A. Any Award which constitutes Section 409A Deferred Compensation and which would vest and otherwise become payable upon a Change in Control as a result of the failure of the Acquiror to assume, continue or substitute for such Award in accordance with Section 13.1(b) shall vest to the extent provided by such Award but shall be converted automatically at the effective time of such Change in Control into a right to receive, in cash on the date or dates such award would have been settled in accordance with its then existing settlement schedule (or as required by Section 15.4(c)), an amount or amounts equal in the aggregate to the intrinsic value of the Award at the time of the Change in Control.
		

		
			 
		

		
			(g)Payment Upon Unforeseeable Emergency. The Committee shall have the authority to provide in the Award Agreement evidencing any Award providing for Section 409A Deferred Compensation for payment pursuant to Section 15.4(a)(vi) in settlement of all or a portion of such Award in the event that a Participant establishes, to the satisfaction of the Committee, the occurrence of an unforeseeable emergency. In such event, the amount(s) distributed with respect to such unforeseeable emergency cannot exceed the amounts reasonably necessary to satisfy the emergency need plus amounts necessary to pay taxes reasonably anticipated as a result of such distribution(s), after taking into account the extent to which such emergency need is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cessation of deferrals under the Award. All distributions with respect to an unforeseeable emergency shall be made in a lump sum upon the Committee’s determination that an unforeseeable emergency has occurred. The Committee’s decision with respect to whether an unforeseeable emergency has occurred and the manner in which, if at all, the payment in settlement of an Award shall be altered or modified, shall be final, conclusive, and not subject to approval or appeal.
		

		
			 
		

		
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			(h)Prohibition of Acceleration of Payments. Notwithstanding any provision of the Plan or an Award Agreement to the contrary, this Plan does not permit the acceleration of the time or schedule of any payment under an Award providing Section 409A Deferred Compensation, except as permitted by Section 409A.
		

		
			 
		

		
			(i)No Representation Regarding Section 409A Compliance. Notwithstanding any other provision of the Plan, the Company makes no representation that Awards shall be exempt from or comply with Section 409A. No Participating Company shall be liable for any tax, penalty or interest imposed on a Participant by Section 409A.
		

		
			 
		

		
			16.TAX WITHHOLDING.
		

		
			 
		

		
			16.1Tax Withholding in General. The Company shall have the right to deduct from any and all payments made under the Plan, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes (including social insurance), if any, required by law to be withheld by any Participating Company with respect to an Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Stock, to release shares of Stock from an escrow established pursuant to an Award Agreement, or to make any payment in cash under the Plan until the Participating Company Group’s tax withholding obligations have been satisfied by the Participant.
		

		
			 
		

		
			16.2Withholding in or Directed Sale of Shares. The Company shall have the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant upon the exercise or settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of any Participating Company. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates. The Company may require a Participant to direct a broker, upon the vesting, exercise or settlement of an Award, to sell a portion of the shares subject to the Award determined by the Company in its discretion to be sufficient to cover the tax withholding obligations of any Participating Company and to remit an amount equal to such tax withholding obligations to such Participating Company in cash.
		

		
			 
		

		
			17.AMENDMENT, SUSPENSION OR TERMINATION OF PLAN.
		

		
			 
		

		
			The Committee may amend, suspend or terminate the Plan at any time. However, without the approval of the Company’s stockholders, there shall be (a) no increase in the maximum aggregate number of shares of Stock that may be issued under the Plan (except by operation of the provisions of Sections 4.2, 4.3, 4.4 and 4.5), (b) no change in the class of persons eligible to receive Incentive Stock Options, and (c) no other amendment of the Plan that would require approval of the Company’s stockholders under any applicable law, regulation or rule, including the rules of any stock exchange or quotation system upon which the Stock may then be listed or quoted. No amendment, suspension or termination of the Plan shall affect any then outstanding Award unless expressly provided by the Committee. Except as provided by the next sentence, no amendment, suspension or termination of the Plan may have a materially
		

		
			 
		

		
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			adverse effect on any then outstanding Award without the consent of the Participant. Notwithstanding any other provision of the Plan or any Award Agreement to the contrary, the Committee may, in its sole and absolute discretion and without the consent of any Participant, amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Award Agreement to any present or future law, regulation or rule applicable to the Plan, including, but not limited to, Section 409A.
		

		
			 
		

		
			18.MISCELLANEOUS PROVISIONS.
		

		
			 
		

		
			18.1Repurchase Rights. Shares issued under the Plan may be subject to one or more repurchase options, or other conditions and restrictions as determined by the Committee in its discretion at the time the Award is granted. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.
		

		
			 
		

		
			18.2Forfeiture Events.
		

		
			 
		

		
			(a)The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, termination of Service for Cause or any act by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service, or any accounting restatement due to material noncompliance of the Company with any financial reporting requirements of securities laws as a result of which, and to the extent that, such reduction, cancellation, forfeiture, or recoupment is required by applicable securities laws.
		

		
			 
		

		
			(b)If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, any Participant who knowingly or through gross negligence engaged in the misconduct, or who knowingly or through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, shall reimburse the Company for (i) the amount of any payment in settlement of an Award received by such Participant during the twelve- (12-) month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement, and (ii) any profits realized by such Participant from the sale of securities of the Company during such twelve- (12-) month period.
		

		
			 
		

		
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			18.3Provision of Information. Each Participant shall be given access to information concerning the Company equivalent to that information generally made available to the Company’s common stockholders.
		

		
			 
		

		
			18.4Rights as Employee, Consultant or Director. No person, even though eligible pursuant to Section 5, shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the Plan shall confer on any Participant a right to remain an Employee, Consultant or Director or interfere with or limit in any way any right of a Participating Company to terminate the Participant’s Service at any time. To the extent that an Employee of a Participating Company other than the Company receives an Award under the Plan, that Award shall in no event be understood or interpreted to mean that the Company is the Employee’s employer or that the Employee has an employment relationship with the Company.
		

		
			 
		

		
			18.5Rights as a Stockholder. A Participant shall have no rights as a stockholder with respect to any shares covered by an Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 4.5 or another provision of the Plan.
		

		
			 
		

		
			18.6Delivery of Title to Shares. Subject to any governing rules or regulations, the Company shall issue or cause to be issued the shares of Stock acquired pursuant to an Award and shall deliver such shares to or for the benefit of the Participant by means of one or more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited to the account of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the Participant has an account relationship, or (c) by delivering such shares of Stock to the Participant in certificate form.
		

		
			 
		

		
			18.7Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award.
		

		
			 
		

		
			18.8Retirement and Welfare Plans. Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards may be included as “compensation” for purposes of computing the benefits payable to any Participant under any Participating Company’s retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant’s benefit.
		

		
			 
		

		
			18.9Beneficiary Designation. Subject to local laws and procedures, each Participant may file with the Company a written designation of a beneficiary who is to receive any benefit under the Plan to which the Participant is entitled in the event of such Participant’s death before he or she receives any or all of such benefit. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. If a married Participant designates a beneficiary other than the Participant’s spouse, the effectiveness of such designation may be subject to the consent of the Participant’s spouse. If a
		

		
			 
		

		
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			Participant dies without an effective designation of a beneficiary who is living at the time of the Participant’s death, the Company will pay any remaining unpaid benefits to the Participant’s legal representative.
		

		
			 
		

		
			18.10Severability. If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan shall not in any way be affected or impaired thereby.
		

		
			 
		

		
			18.11No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the Company’s or another Participating Company’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit the right or power of the Company or another Participating Company to take any action which such entity deems to be necessary or appropriate.
		

		
			 
		

		
			18.12Unfunded Obligation. Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan shall be considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. No Participating Company shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the Committee or any Participating Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of any Participating Company. The Participants shall have no claim against any Participating Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan.
		

		
			 
		

		
			18.13Choice of Law. Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each Award Agreement shall be governed by the laws of the State of Delaware without regard to its conflict of law rules.
		

		
			 
		

		
			IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies that the foregoing sets forth the Kadmon Holdings, Inc. 2016 Equity Incentive Plan as duly adopted by the Board on , 2016.
		

		
			 
		

		
			 
		

			
					
						 

					
						 

					
					
						 

					
						 

				
	
					
						﻿

					
						 

					
					
						, Secretary

					
						 

				

		
			   
		

		
			 
		

		
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			﻿

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