Document:

FIRST SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL INDENTURE, dated as
of October 2, 2007 (this “First Supplemental Indenture”), between EATON VANCE CORP., a Maryland corporation (the “Company”), and
WILMINGTON TRUST COMPANY, as Trustee (the “Trustee”).

W I T N E S S E T H:

WHEREAS, on the date hereof, the
Company has issued $500,000,000 aggregate principal amount of 6.500% Notes due 2017 (the “Notes”) pursuant to an Indenture between the
Company and the Trustee dated as of October 2, 2007 (the “Base Indenture”, as supplemented hereby, the
“Indenture”);

WHEREAS, pursuant to the Section 2.02
of the Base Indenture, the terms of the Notes may be established by this First Supplemental Indenture;

WHEREAS, pursuant to Section 9.01(12)
of the Base Indenture, the Trustee and the Company are authorized to enter into a supplemental indenture, without notice to or consent of any Holders
of the Notes, to establish the form or terms of the Securities of any Series; and

WHEREAS, this First Supplemental
Indenture has been duly authorized by all necessary corporate action on the part of the Company;

NOW THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Trustee
mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

The amendment set forth below shall
become effective upon the execution and delivery of this First Supplemental Indenture by the Company and the Trustee.

ARTICLE I

Relation to Indenture; Definitions

Section 1.1  Part of
Indenture. With respect to the Notes, this First Supplemental Indenture constitutes an integral part of the Indenture.

Section
1.2  Definitions. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Indenture. For
purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, the following terms
shall have the following meanings:

“Permitted Liens” means (a)
Liens on Voting Stock or profit participating equity interests of any Subsidiary of the Company existing at the time such entity becomes a Subsidiary
of the Company or is merged into a Subsidiary of the Company, (b) statutory Liens, Liens for taxes or assessments or governmental charges or levies not
yet due or delinquent or which can be paid

without penalty or are being
contested in good faith, and (c) other Liens of a similar nature as those described above.

“Voting Stock” as applied to
stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having
ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations
or other equivalents having such power only by reason of the occurrence of a contingency.

Section
1.3  Construction. All references in this First Supplemental Indenture to Articles and Sections, unless otherwise specified, refer to
the corresponding Articles and Sections of this First Supplemental Indenture; and the term “herein”, “hereof”,
“hereunder” and any other word of similar import refers to this First Supplemental Indenture.

ARTICLE II

Terms of the Series of Securities

Section 2.1  6.500% Notes
due 2017.

(a)  There is hereby
established a new Series of Securities to be issued under the Indenture to be designated as the Company’s 6.500% Notes due 2017. The Notes shall
be issued in registered form substantially in the form attached as Exhibit A hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as the Company may deem appropriate or as may be required or appropriate to comply with any laws or
with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the Notes may be listed or
traded, or to conform to general usage, or as may, consistently with the Indenture, be determined by the Officers executing such Notes, as evidenced by
their execution thereof. The Notes shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be
subject to, the terms, conditions and covenants of the Base Indenture as supplemented by this First Supplemental Indenture (including the form of Note
attached as Exhibit A hereto, the terms of which are incorporated by reference herein and shall be deemed to be a part of this First
Supplemental Indenture).

(b)  The aggregate principal
amount of the Notes which may be authenticated and delivered pursuant hereto is unlimited. The Trustee shall initially authenticate and deliver Notes
for original issue in an aggregate principal amount of up to $500,000,000 upon the Company meeting the requirements of Section 2.04 of the Base
Indenture. The aggregate principal amount of the Notes to be issued hereunder may be increased at any time hereafter and the Series may be reopened for
issuances of additional Notes without the consent of any Holder. The Notes issued on the date hereof and any such additional Notes that may be issued
hereafter shall be part of the same Series of Securities for all purposes under the Indenture.

(c)  The Stated Maturity of
the Notes shall be October 2, 2017.

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(d)  The rate or rates at
which the Notes shall bear interest, the date or dates from which such interest shall accrue, the interest payment dates on which any such interest
shall be payable and the regular record date for any interest payable on any interest payment date, and the other terms, conditions and provisions of
the Notes, in each case, shall be as set forth in the form of Note attached as Exhibit A hereto, the terms of which are incorporated by
reference herein.

Section 2.2  Ranking.
The Notes are unsecured and unsubordinated obligations of the Company and rank equal in right of payment with all existing and future unsubordinated
indebtedness of the Company.

Section 2.3  Limitation on
Liens. Solely with respect to the Notes, the Base Indenture is hereby amended by adding the following new Section 4.08 to the Base
Indenture:

“SECTION 4.08. Limitation on
Liens. The Company shall not, and may not cause or permit any Subsidiary to, create, assume, incur or guarantee any indebtedness for money borrowed
that is secured by a pledge, mortgage or other Lien on any Voting Stock or profit participating equity interests of the Company’s Subsidiaries or
any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of the
Company’s Subsidiaries, without providing that the Securities of this Series (together with, if the Company shall so determine, any other
indebtedness of, or guarantee by, the Company ranking equally with the Securities of this Series and existing as of the closing of the offering of the
Securities of this Series or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge,
mortgage or other Lien on the Voting Stock or profit participating equity interests of the Company’s Subsidiaries; provided, however, that the
foregoing restriction will not apply to Permitted Liens.”

Section
2.4  Cross-Default. Solely with respect to the Notes, Section 6.01 the Base Indenture is hereby amended by deleting the word
“or” at the end of clause (6)(D) of such Section, substituting the period at the end of clause 7(C) of such Section for the phrase “;
or”, and adding the following new clause (8):

“default under any Debt for money
borrowed by the Company or any Subsidiary of the Company that results in the acceleration of the maturity of such Debt, or failure to pay any such Debt
at maturity, in an aggregate amount greater than $50.0 million or its foreign currency equivalent at the time and such acceleration shall have not been
rescinded or annulled, or Debt paid, within 30 days after notice to the Company by the Trustee or Holders of 25% or more of the then outstanding
Securities of such Series.”

Section 2.5  Global
Securities. The Notes shall initially be issuable in whole or in part in the form of one or more Global Securities. Such Global Securities (i)
shall be deposited with, or on behalf of, the Depository Trust Company, New York, New York, which shall act as Depositary with respect to the Notes,
(ii) shall bear the legends applicable to Global Securities set forth in Section 2.15(c) of the Base Indenture, (iii) may be exchanged in whole or in
part for

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Notes in definitive form upon the
terms and subject to the conditions provided in Section 2.15(b) of the Base Indenture, and (iv) shall otherwise be subject to the applicable provisions
of the Indenture.

ARTICLE III

Miscellaneous

Section 3.1  Effect of
First Supplemental Indenture. Upon the execution and delivery of this First Supplemental Indenture by the Company and the Trustee, the Base
Indenture shall be supplemented in accordance herewith, and this First Supplemental Indenture shall form a part of the Indenture for all purposes, and
every Holder of the outstanding Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby.

Section 3.2  Base
Indenture Remains in Full Force and Effect. Except as supplemented hereby, all provisions of the Base Indenture shall remain in full force and
effect.

Section 3.3  Base
Indenture and First Supplemental Indenture Construed Together. This First Supplemental Indenture is an indenture supplemental to and in
implementation of the Base Indenture, and the Base Indenture and this First Supplemental Indenture shall henceforth be read and construed
together.

Section 3.4  Conflict with
Trust Indenture Act. If any provision of this First Supplemental Indenture limits, qualifies or conflicts with any provision of the TIA that is
required under the TIA to be part of and govern any provision of this First Supplemental Indenture, the provision of the TIA shall control. If any
provision of this First Supplemental Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the provision of the
TIA shall be deemed to apply to the Indenture as so modified or to be excluded by this First Supplemental Indenture, as the case may
be.

Section
3.5  Severability. If any court of competent jurisdiction shall determine that any provision in this First 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.

Section 3.6  Headings.
The Article and Section headings of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a
part of this First Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

Section 3.7  Benefits of
First Supplemental Indenture. Except as otherwise set forth in the Base Indenture, nothing in this First Supplemental Indenture, express or
implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder, any benefit of any legal or
equitable right, remedy or claim under the Indenture, this First Supplemental Indenture or the Notes.

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Section
3.8  Successors. All agreements of the Company in this First Supplemental Indenture shall bind its successors and authorized assigns.
All agreements of the Trustee in this First Supplemental Indenture shall bind its successors and authorized assigns.

Section 3.9  Trustee Not
Responsible for Recitals. The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture.

Section 3.10  Certain
Duties and Responsibilities of the Trustee. In entering into this First Supplemental Indenture, the Trustee shall be entitled to the benefit of
every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere
herein so provided.

Section 3.11  Governing
Law. This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York but without giving
effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required
thereby.

Section 3.12  Counterpart
Originals. The parties may sign any number of counterparts of this First Supplemental Indenture. Each signed counterpart shall be an original, but
all of them together represent the same agreement.

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

EATON VANCE CORP.

By:
Name: Thomas E. Faust Jr.
 Title: President

WILMINGTON TRUST COMPANY
 as
Trustee

By:
Name:
 Title:

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Exhibit A

Form of NoteTHIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON
UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (B) THIS SECURITY MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY MAY BE TRANSFERRED,
IN WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.

EATON VANCE CORP.
 6.500% Note due 2017

	
REGISTERED

	 	$500,000,000

	
R-__ 
	 	CUSIP 278265 AC 7

Eaton Vance Corp., a corporation duly
organized and existing under the laws of Maryland (herein called the “Company,” which term includes any successor Person under the Indenture
described on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
$500,000,000 on October 2, 2017, and to pay interest thereon at the rate of 6.500% per annum from October 2, 2007, payable on April 2 and October 2 of each year,
each of which shall be an Interest Payment Date, commencing on April 2, 2008. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest, which shall be
the March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such regular record date and may either be paid to the Person
in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of
such defaulted interest to be fixed by the Company, notice whereof shall be given to the Trustee and Holders of Securities of this Series not less than
30 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this Series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
the Indenture described on the reverse hereof.

Payment of the principal of, premium,
if any, on and any interest on this Security will be made at the Corporate Trust Office of the Trustee, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company
payment of interest may be made by check

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mailed to the address of the Person
entitled thereto as such address shall appear on the books of the Registrar.

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

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

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

Dated: October 2, 2007

EATON VANCE CORP.

	By:  
	 	

Name: Thomas E. Faust
Jr.
 Title: President

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

WILMINGTON TRUST COMPANY,
 as Trustee, certifies that this is
one
 of the Securities referred to in the
 within-mentioned Indenture.

By 

Authorized Signatory

Dated: October 2, 2007

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[REVERSE OF SECURITY]
 EATON VANCE CORP.
 6.500% Note
due 2017

1. Securities; Indenture.

This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more Series under an
Indenture, dated as of October 2, 2007 (the “Base Indenture”), between the Company and Wilmington Trust Company, as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), as amended and supplemented by the First Supplemental
Indenture, dated October 2, 2007, between the Company and the Trustee (the “Supplemental Indenture,” together with the Base Indenture, the
“Indenture”) and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the Series designated on the face hereof, initially limited in aggregate principal amount to
$500,000,000. The Company may, from time to time, without the consent of the holders of this Series of Securities, issue additional Securities under
the Indenture having the same ranking and the same interest rate, maturity and other terms as this Series of Securities. Any additional Securities
having such similar terms, together with any outstanding Securities of this Series, will constitute a single Series of Securities under the
Indenture.

2. Optional Redemption.

The Securities of this Series will be
redeemable as a whole or in part, at the Company’s option at any time, at a redemption price equal to the greater of (i) 100% of the principal
amount of such Securities and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of
interest accrued to the redemption date), discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (defined below) plus 30 basis points, plus in each case, accrued interest thereon to the date of
redemption.

For purposes of the Securities of this
Series:

“Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date.

“Comparable Treasury Issue”
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term of the Securities of this Series to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing

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new issues of corporate debt
securities of a comparable maturity to the remaining term of such Securities.

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

“Comparable Treasury Price”
means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations,
the average of all such quotations.

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid
and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee
by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such redemption date.

“Reference Treasury Dealer”
means each of Citigroup Global Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Banc of America Securities
LLC, J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC, or their affiliates which are primary U.S. Government securities dealers, and their
respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. Government securities
dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury
Dealer.

Notice of any redemption will be mailed
at least 30 days but not more than 60 days before the redemption date to each Holder of Securities of this Series.

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

In the event of redemption of this
Security in part only, a new Security or Securities of this Series and of like tenor for the unredeemed portion hereof will be issued in the name of
the Holder hereof upon the cancellation hereof.

3. Events of Default.

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

4. Amendments and Waivers.

The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each Series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a
majority in principal amount of

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the outstanding Securities at the
time of each Series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
outstanding Securities of each Series at the time, on behalf of the Holders of all Securities of such Series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security.

5. Holder Action.

As provided in and subject to the
provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this Series, the Holders of at least 25% in aggregate principal amount of the outstanding
Securities of this Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee indemnity satisfactory to it, and the Trustee shall not have received from the Holders majority in aggregate principal amount of
the outstanding Securities of this Series a direction inconsistent with such request, and the Trustee shall have failed to institute any such
proceeding within 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.

6. Obligations Absolute.

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

7. Defeasance.

The Indenture contains provisions for
defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the related defaults
and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to Securities of this
Series.

8. Transfer and Exchange.

The Securities of this Series are
issuable only in registered form without coupons in denominations of $1,000 and integral multiples thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this Series are exchangeable for a like aggregate principal amount of Securities of this Series
with like tenor and terms, as requested by the Holder surrendering the same. Notwithstanding the foregoing, the Securities shall be exchangeable
pursuant to Section 2.08, subject to Section 2.15, of the Base Indenture for

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Securities of this Series
registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary within 90 days of such event, (ii) the Company
executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event
of Default with respect to the Securities represented by such Global Security shall have occurred and be continuing.

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

9. Change of Control.

If a Change of Control Repurchase Event
(defined below) occurs, the Company will make an offer to each Holder of Securities of this Series to repurchase all or any part (in multiples of
$1,000 principal amount) of that Holder’s Securities of this Series at a repurchase price in cash equal to 101% of the aggregate principal amount
of Securities of this Series repurchased plus any accrued and unpaid interest on the Securities of this Series repurchased to the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public
announcement of the Change of Control (defined below), the Company will mail a notice to each Holder describing the transaction or transactions that
constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Securities of this Series on the payment 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 mailed. The notice shall, if mailed
prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event
occurring on or prior to the payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of
the Securities as a result of a Change of Control Repurchase Event.

To the extent that the provisions of
any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Securities of this Series, the Company will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control
Repurchase Event provisions of the Securities of a Series by virtue of such conflict.

On the Change of Control Repurchase
Event payment date, the Company will, to the extent lawful:

	(1)  
	 	accept for payment all Securities or portions of Securities
properly tendered pursuant to its offer;

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	(2)  
	 	deposit with the Paying Agent an amount equal to the aggregate
purchase price in respect of all Securities of this Series or portions of Securities properly tendered; and

	(3)  
	 	deliver or cause to be delivered to the Trustee the Securities
of this Series properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Securities of this Series being
purchased by the Company.

The Paying Agent will promptly mail to
each Holder of Securities of this Series properly tendered the purchase price for the Securities of this Series, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security equal in principal amount to any unpurchased portion of
any Securities of this Series surrendered; provided that each new Security of this Series will be in a principal amount of $1,000 or an integral
multiple of $1,000.

The Company will not be required to
make an offer to repurchase the Securities of this Series upon a Change of Control Repurchase Event if a third party makes an offer in respect of the
Securities in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Securities properly tendered and not withdrawn under its offer.

For purposes of the Securities of this
Series:

“Below Investment Grade Rating
Event” means the Securities of this Series are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice
of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of
Control (which period shall be extended so long as the rating of the Securities of this Series is under publicly announced consideration for possible
downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction
in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade
Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to
which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was
the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

“Capital Stock” means any and
all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership
interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing.

“Change of Control” means the
occurrence of the following:

	(1)  
	 	the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all

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	 	or substantially all of the Company’s properties or assets
and those of its subsidiaries, taken as a whole, to any “person” or “group” (as those terms are used in Sections 13(d) and 14(d)of
the Exchange Act), other than the Company or one or more of its Controlled Subsidiaries;

	(2)  
	 	the adoption of a plan relating to the Company’s
liquidation or dissolution; or

	(3)  
	 	the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that (i) the Permitted Holders own less than 50 percent of the Company’s Voting
Stock, measured by voting power rather than number of shares, and (ii) any “person” or “group” (as those terms are used in Sections
13(d) and 14(d) of the Exchange Act), becomes the beneficial owner, directly or indirectly, of more of the Company’s Voting Stock than the
Permitted Holders, measured by voting power rather than number of shares;

provided, however, that a transaction effected to create a
holding company for the Company will not be deemed to involve a Change of Control if (1) pursuant to such transaction the Company becomes a Controlled
Subsidiary of such holding company and (2) the holders of the Voting Stock of such holding company immediately following such transaction are the same
as the holders of the Company’s Voting Stock immediately prior to such transaction.

“Change of Control Repurchase
Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

“Company Employees” means, at
any time, individuals then devoting substantially all of their business and professional time to the Company’s activities or any of the
Company’s Subsidiaries or any such individuals who, within the 270 days prior thereto, have so devoted their professional time and the estates and
legal representatives of such individuals.

“Controlled Subsidiary” means
any subsidiary of the Company (or a holding company of the Company, as described in the proviso to the definition of “Change of Control”),
50% or more of the outstanding equity interests of which are owned by the Company (or any such holding company) and its direct or indirect Subsidiaries
and of which the Company (or any such holding company) possesses, directly or indirectly, the power to direct or cause the direction of the management
or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

“Investment Grade” means a
rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or
its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Securities of this Series
for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a
replacement Rating Agency).

“Moody’s” means
Moody’s Investor Services Inc., or any successor thereto.

“Permitted Holders” means (i)
the Company, (ii) one or more of the Company’s Controlled Subsidiaries, (iii) Company Employees, and (iv) a voting trust having a majority of
its

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trustees who are Company Employees
and a majority of holders of its trust certificates or holders of uncertificated interests in such voting trust are Company Employees.

“Rating Agency”
means:

	(1)  
	 	each of Moody’s and S&P; and

	(2)  
	 	if either of Moody’s or S&P ceases to rate the
Securities of this Series or fails to make a rating of the Securities of this Series publicly available for reasons outside of the Company’s
control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act
selected by the Company as a replacement agency for Moody’s or S&P, or both, as the case may be.

“S&P” means Standard
& Poor’s Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto.

10. Defined Terms.

All capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Indenture.

11. Governing Law.

This Security shall be governed by, and
construed in accordance with, the law of the State of New York but without giving effect to applicable principles of conflicts of law to the extent
that the application of the laws of another jurisdiction would be required thereby.

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