Document:

EX-4.1

 Exhibit 4.1 

DATED February 3, 2014 

BRASKEM FINANCE LIMITED, 
 AS
COMPANY 
 AND 
 BRASKEM S.A.,

 AS GUARANTOR 
 AND 

THE BANK OF NEW YORK MELLON 
 AS
TRUSTEE 
  
  

FIRST SUPPLEMENTAL INDENTURE 

$500,000,000 
 6.450% NOTES DUE
2024 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 1.
	  	 Definitions
	  	 	2	  
	 2.
	  	 General Terms And Conditions of The Notes
	  	 	3	  
	 3.
	  	 Amendments to the Base Indenture
	  	 	4	  
	 4.
	  	 Miscellaneous Provisions
	  	 	12	  
	 5.
	  	 The Trustee and Agents
	  	 	13	  

  
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 First Supplemental Indenture, dated as of February 3, 2014, among BRASKEM FINANCE
LIMITED, a Cayman Islands exempted company incorporated with limited liability (herein called the “Company”), having its registered office at c/o at P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and its
principal executive office is located at Rua Lemos Monteiro, 120, 24th Floor, São Paulo, SP, CEP 05501-050, Brazil, BRASKEM S.A., a company duly organized under the laws of the Federative
Republic of Brazil (the “Guarantor”), having its executive office at Rua Lemos Monteiro, 120, 24th Floor, São Paulo, SP, CEP 05501-050, Brazil, and THE BANK OF NEW YORK
MELLON, a New York banking corporation, as Trustee (in such capacity, the “Trustee”), among the Company, the Guarantor and the Trustee (the “Base Indenture”). 

W I T N E S S E T H : 
 Whereas,
the Base Indenture provides for the issuance from time to time thereunder, in series, of Securities of the Company carrying the Guaranty of the Guarantor, and Section 9.1 of the Base Indenture provides for the establishment of the form or terms
of Securities issued thereunder through one or more supplemental indentures; 
 Whereas, the Company and the Guarantor desire by this
First Supplemental Indenture to create a new series of Securities to be issuable under the Base Indenture, as supplemented by this First Supplemental Indenture, and to be known as the Company’s 6.450% Notes due 2024 (the
“Notes”) the terms and provisions of which are to be as specified in this First Supplemental Indenture; 
 Whereas,
the Company and the Guarantor have duly authorized the execution and delivery of this First Supplemental Indenture to establish the Notes as a series of Securities under the Base Indenture and to provide for, among other things, the issuance of and
the form and terms of the Notes and additional covenants for the benefit of the Holders thereof and the Trustee; and 
 Whereas, all things
necessary to make this First Supplemental Indenture a valid and binding legal obligation of the Company and the Guarantor according to its terms have been done. 

Now, therefore, for and in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof and for the
purpose of setting forth, as provided in the Base Indenture, the form of the Notes and the terms, provisions and conditions thereof, the Company and the Guarantor covenant and agree with the Trustee and the Paying Agent: 

 

	1.	DEFINITIONS 

  

	1.1	Provisions of the Base Indenture 

 Except insofar as herein otherwise expressly provided,
all the definitions, provisions, terms and conditions of the Base Indenture shall remain in full force and effect. The Base Indenture, as amended and supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this First Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes. 

  
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	1.2	Definitions 

 For all purposes of this First Supplemental Indenture and the Notes, except
as otherwise expressly provided or unless the subject matter or context otherwise requires: 
  

	 	1.2.1	any reference to a “Section” refers to a Section of this First Supplemental Indenture; 

  

	 	1.2.2	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Section
or other subdivision; 

  

	 	1.2.3	all terms used in this First Supplemental Indenture that are defined in the Base Indenture have the meanings assigned to them in the Base Indenture, except as otherwise provided in this First Supplemental Indenture;

  

	 	1.2.4	the term “Securities” as defined in the Base Indenture and as used in any definition therein, shall be deemed to include or refer to, as applicable, the Notes; and 

 

	 	1.2.5	the following terms have the meanings given to them in this Section 1.2.5. 

“Applicable Procedures” means with respect to any transfer or transaction involving a Global Note or beneficial
interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream, Luxembourg for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Depositary” means The Depository Trust Company, its nominees and their respective assigns or such other depositary
institution herein after appointed by the Company. 
 “Global Note” means a Note that evidences all or part
of the Notes and is authenticated and delivered to, and registered in the name of, the Depositary for such Notes or a nominee thereof. 

“Interest Payment Date” has the meaning set forth in Section 2.1 hereof. 

“Notes” has the meaning specified in the recitals hereof. 

“Stated Maturity” has the meaning specified in Section 2.1 hereof. 

 

	2.	GENERAL TERMS AND CONDITIONS OF THE NOTES 

  

	2.1	Designation, Principal Amount and Redemption. 

 There is hereby authorized and
established a new series of Securities designated the “6.450% Notes due 2024”. The Notes will initially be limited to an aggregate principal amount of $500,000,000 (which amount does not include Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 9.06 or 11.05 of the Base Indenture). 

The principal of the Notes shall be due and payable at the Stated Maturity. The stated maturity of the Notes shall be on
February 3, 2024 (the “Stated Maturity”). The Notes shall 

  
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(subject to Section 10.09 of the Base Indenture) be unsecured and shall bear interest at the rate of 6.450% per annum, from February 3, 2014 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually on February 3 and August 3 of each year, commencing on August 3, 2014 (each, an “Interest Payment
Date”), until the principal thereof is paid or made available for payment. Interest on the Securities shall be computed on the basis of a 360-day year consisting of twelve 30-day months.  

The Company may from time to time, without the consent of the Holders, create and issue additional Notes having the same terms and conditions
as the Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional Notes issued in this manner shall increase the aggregate principal amount of, and shall form a single series with and vote
together with the previously outstanding Notes. 
  

	2.2	Forms Generally 

 The Notes shall be in substantially the form set forth in Annex A, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this First Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Officers executing such Notes, as evidenced by their execution thereof. 

 

	2.3	Payments 

 Principal of, premium, if any, interest and any Additional Amounts on the
Notes will be payable at the office of the Trustee and at the offices of the Paying Agents, and the transfer of the Notes will be registrable at the office of the Trustee. 
  

	3.	AMENDMENTS TO THE BASE INDENTURE 

  

	 	(a)	With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof) Section 1.01 of the Base
Indenture is hereby amended by adding new defined terms as follows (without any effect on the other defined terms contained therein): 

“Change of Control” means: 

(1) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the
Exchange Act), other than one or more Permitted Holders or a group that includes one or more Permitted Holders in which such Permitted Holder or Permitted Holders hold and have voting power over at least a majority of the Voting Stock of the
Guarantor held by such group, is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Guarantor,
including as a result of any merger or consolidation transaction including the Guarantor; or 
 (2) the Permitted Holders,
directly or indirectly, cease to have the power to direct or cause the direction of the management and policies of the Guarantor, whether through the ownership of voting securities, by contract or otherwise. 

  
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 “Comparable Treasury Issue” means the United States Treasury security selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury
Price” means (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than
four Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption Date. 

“Designated Affiliate” means, at any time, one or more Persons designated by the Guarantor to be the purchaser of Notes under
an Offer to Purchase. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company or the Guarantor. 
 “Investment Grade” means BBB- or higher by Standard & Poor’s, Baa3 or higher by
Moody’s or BBB- or higher by Fitch, or the equivalent of such global ratings by Standard & Poor’s, Moody’s or Fitch. 

“Permitted Holder” means each of (1) Odebrecht S.A. and its Affiliates and (2) Petróleo Brasileiro S.A.—
Petrobras and its Subsidiaries. 
 “Person” means any corporation, partnership, joint venture, trust, limited liability
company or unincorporated organization. 
 “Rating Agency” means each of (1) Standard & Poor’s,
(2) Moody’s and (3) Fitch, or their respective successors. 
 “Ratings Decline” means that at any time within
90 days after the earlier of the date of public notice of a Change of Control and the date on which the Guarantor or any other Person publicly declares its intention to effect a Change of Control, (1) in the event the Notes are assigned an
Investment Grade rating by at least two of the Rating Agencies prior to such public notice or declaration, the rating assigned to the Notes by at least two of the Rating Agencies is below an Investment Grade rating; or (2) in the event the
ratings assigned to the Notes by at least two of the Rating Agencies prior to such public notice or declaration are below an Investment Grade rating, the rating assigned to the Notes by at least two of the Rating Agencies is decreased by one or more
categories (i.e., notches); provided that, in each case, any such Ratings Decline is expressly stated by the applicable Rating Agencies to have been the result of the Change of Control. 

  
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 “Reference Treasury Dealer” means at least four primary U.S. government
securities dealers in New York City, New York designated by the Company not later than the fifth Business Day preceding such Redemption Date. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
arithmetic average, as determined by the Company or the Guarantor, 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 Company by such Reference
Treasury Dealer by 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means the remaining scheduled payments of the principal and interest that would be due after the applicable Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an Interest
Payment Date, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated yield to maturity of the Comparable Treasury Issue. In determining the Treasury Rate, the price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) will be assumed to be equal to the
Comparable Treasury Price for such Redemption Date. 
 “Voting Stock” means, with respect to the Guarantor as of any date,
the Capital Stock of the Guarantor that is at the time entitled to vote generally in the election of the Board of Directors of the Guarantor and in respect of other matters presented at shareholders’ meetings of the Guarantor. 

 

	 	(b)	With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof) Section 11.01 of the Base
Indenture is hereby deleted in its entirety and amended and restated in their entirety as follows: 

 “Section 11.01
Right of Redemption. 
  

	 	(a)	Except as described in this Section 11.01, Sections 11.08 and 11.09 and Paragraphs 2, 3 and 4 of the Notes, the Notes may not be redeemed prior to their Stated Maturity. 

 

	 	(b)	The Notes shall be redeemable, at the option of the Company or the Guarantor, in whole or in part, at any time, upon giving not less than five Business Days’ nor more than 60 days’ notice to the Holders with a
copy to the Trustee (which notice shall be irrevocable), at the Redemption Price and on the terms and conditions, described in Paragraph 3 of the Notes. 

  

	 	(c)	 The Company or the Guarantor may enter into an arrangement under which the Guarantor or a subsidiary of the Guarantor may, in lieu of

  
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redemption by the Company or the Guarantor, purchase for a purchase price equal to the full Redemption Price any Note to be redeemed pursuant to this Section 11.01, Sections 11.08 and 11.09
or Paragraphs 2, 3 and 4 of the Notes.” 

  

	 	(c)	With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof), the following new Section 1.18
shall be inserted into the Base Indenture: 

 “Section 1.18 Currency Indemnity. U.S. Dollars are the sole currency
of account and payment for all sums payable by the Company or the Guarantor under or in connection with the Notes, including damages. Any amount received or recovered in a currency other than U.S. Dollars (whether as a result of, or of the
enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Guarantor, the Company or otherwise) by any Holder in respect of any sum expressed to be due to it from the Company or the Guarantor shall
only constitute a discharge of the Company or the Guarantor, as the case may be, to the extent of the U.S. Dollar amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that
receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Dollar amount is less than the U.S. Dollar amount expressed to be due to the
recipient under any Notes, the Company or the Guarantor, as the case may be, shall indemnify such Holder against any loss sustained by it as a result; and if the amount of U.S. Dollars so purchased is greater than the sum originally due to such
Holder, such Holder shall, by accepting the Notes, be deemed to have agreed to repay such excess. In any event, the Company or the Guarantor, as the case may be, shall indemnify the recipient against the cost of making any such purchase. For the
purposes of this Section 1.18, it shall be sufficient for the Holder to certify in a satisfactory manner (indicating the sources of information used) that it would have suffered a loss had an actual purchase of U.S. Dollars been made with the
amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Dollars on such date had not been practicable, on the first date on which it would have been practicable, it being required that the need for a
change of date be certified in the manner mentioned above). These indemnities constitute a separate and independent obligation from the other obligations of the Company and the Guarantor, shall give rise to a separate and independent cause of
action, shall apply irrespective of any indulgence granted by any Holder and shall continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Notes.” 

  
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	 	(d)	With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof), the following new Section 10.10
shall be inserted into the Base Indenture: 

 “Section 10.10 Additional Limitations on the Company. 

 

	 	(a)	For so long as any of the Notes is outstanding: 

  

	 	(i)	the Company shall not engage in any business, or conduct any operations, other than to finance the operations of the Guarantor and its Subsidiaries and activities that are reasonably ancillary thereto (including,
without limitation, on-lending of funds, repurchases of Debt not prohibited by the Base Indenture or this Supplemental Indenture, entering into transactions involving Hedging Obligations relating to such Debt and Investments not prohibited by the
Base Indenture or this Supplemental Indenture); 

  

	 	(ii)	the Company shall not incur any Debt other than (1) the Notes and (2) any other indebtedness which (i) ranks equally with the Notes or (ii) is subordinated to the Notes; 

 

	 	(iii)	the Company will not redeem any shares of its Capital Stock; and 

  

	 	(iv)	the Company shall not incur any Liens on any of its assets, except for any Liens imposed by operation of law. 

  

	 	(b)	For so long as any of the Notes is outstanding, neither the Company nor the Guarantor shall take any corporate action with respect to: 

 

	 	(i)	the consolidation or merger of the Company with or into any other Person, except that the Company may merge with the Guarantor or a Wholly-Owned Subsidiary; 

 

	 	(ii)	the voluntary liquidation, wind-up or dissolution of the Company while the Company is the issuer of the Notes, unless the Guarantor fully and unconditionally assumes all of the obligations of the Company, including the
Notes; or 

  

	 	(iii)	the transfer or disposition by the Guarantor of the Company to any Person other than a Wholly-Owned Subsidiary, except as permitted under Article VIII of the Base Indenture. 

  
 - 8 - 

	 	(e)	With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof), the following new Section 11.09
shall be inserted into the Base Indenture: 

 “Section 11.09 Change of Control. 

 

	 	(a)	If a Change of Control that results in a Ratings Decline occurs, unless the Company has exercised its option to redeem the Notes under Sections 11.01 or 11.08 or Paragraphs 2 or 3 of the Notes, the Guarantor, acting on
behalf of the Company, shall make, directly or through a Designated Affiliate, an offer to purchase all of the Notes pursuant to the offer described below (the “Offer to Purchase”) at a price in cash (the “Offer to Purchase
Payment”) equal to 101% of the principal amount thereof plus accrued and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the Offer to Purchase Payment Date. Not later than 30 days after the occurrence of a Change
of Control that results in a Ratings Decline, the Guarantor or a Designated Affiliate shall send notice of such Offer to Purchase, together with a letter of transmittal, by first class mail, with a copy to the Trustee, to each Holder at the address
of such Holder appearing in the Register or otherwise in accordance with the procedures of the Depositary with the following information: 

  

	 	(i)	information concerning the business of the Guarantor and its Subsidiaries which the Guarantor believes will enable the Holders to make an informed decision with respect to the Offer to Purchase; 

 

	 	(ii)	that an Offer to Purchase is being made pursuant to this Section 11.09 and that all Notes properly tendered pursuant to such Offer to Purchase will be accepted for payment; 

 

	 	(iii)	that a Holder may tender all or any portion of its Notes pursuant to such Offer to Purchase, subject to the requirement if a Holder tenders only a portion of its Notes, the remaining Notes must be no less than
U.S.$200,000 in principal amount and integral multiples of U.S.$1,000 in excess thereof; 

  

	 	(iv)	the purchase price, the expiration date (the “Expiration Date”) of the Offer to Purchase, which will be no less than 30 days nor more than 60 days after the date such notice is mailed, and the
purchase date, which will be no more than five Business Days after the Expiration Date (the “Offer to Purchase Payment Date”); 

  

	 	(v)	any Note not properly tendered will remain outstanding and continue to accrue interest; 

  

	 	(vi)	unless the Guarantor or its Designated Affiliate defaults in the payment of the Offer to Purchase Payment, all Notes accepted for payment pursuant to the Offer to Purchase will cease to accrue interest on the Offer to
Purchase Payment Date; 

  
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	 	(vii)	Holders electing to have any Notes purchased pursuant to an Offer to Purchase will be required to surrender the Notes, together with a duly executed letter of transmittal properly completed in accordance with the
instructions thereto, to the Paying Agent specified in such notice at the address specified in such notice prior to the close of business on the Expiration Date; 

  

	 	(viii)	Holders shall be entitled to withdraw their tendered Notes and their election to require the Guarantor or a Designated Affiliate to purchase such Notes; provided that such Paying Agent receives, not later than
the close of business on the Expiration Date, a telegram, 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; and 

  

	 	(ix)	that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered; provided that each such new Note will be in a
principal amount of U.S.$200,000 or an integral multiple of U.S.$1,000 in excess thereof. 

 If (a) notice is mailed in a
manner provided in this Section 11.09 and (b) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of
the Offer to Purchase as to all other Holders that properly received such notice without defect. 
  

	 	(b)	On or before the Offer to Purchase Payment Date, the Guarantor or a Designated Affiliate shall, to the extent lawful: 

  

	 	(i)	accept for payment for all Notes properly tendered and not withdrawn pursuant to the Offer to Purchase; 

  

	 	(ii)	deposit with such Paying Agent an amount equal to the aggregate Offer to Purchase Payment in respect of all Notes or portions thereof so tendered; and 

 

	 	(iii)	deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating that such Notes or portions thereof have been tendered to and purchased by the
Guarantor or a Designated Affiliate. 

  

	 	(c)	 The Paying Agent shall promptly mail to each Holder the Offer to Purchase Payment for its Notes that have been accepted for payment in the Offer to
Purchase, and the Trustee shall promptly authenticate and 

  
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deliver (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 principal amount of U.S.$200,000 or an integral multiple of U.S.$1,000 in excess thereof. 

  

	 	(d)	Notwithstanding Section 11.09(a) or Paragraph 4 of the Notes, the Guarantor shall not be required to make an Offer to Purchase upon a Change of Control that results in a Ratings Decline if (i) a third party
makes an offer to purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 11.09 applicable to an Offer to Purchase made by the Guarantor and such third party purchases all Notes properly
tendered and not withdrawn under such offer, or (ii) a notice of redemption for all Outstanding Notes has been given pursuant to Sections 11.01, 11.08 or 11.09 or Paragraphs 2, 3 or 4 of the Notes, unless and until there is a default in payment
of the applicable Redemption Price. Notwithstanding anything to the contrary contained herein or in the Notes, an Offer to Purchase may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if a
definitive agreement is in place for the Change of Control at the time the Offer to Purchase is made. 

  

	 	(e)	the Guarantor shall not purchase any of the Notes if there has occurred and is continuing on the Offer to Purchase Payment Date an Event of Default, other than an Event of Default resulting from the failure to make a
Offer to Purchase Payment when due. 

  

	 	(f)	the Guarantor and any Designated Affiliate will comply with Rule 14e-1 under the Exchange Act (to the extent applicable) and all other applicable laws in making any Offer to Purchase. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Indenture, the provisions of this Indenture and Paragraph 4 of the Notes shall be deemed to be modified to the extent necessary to permit such compliance. If the provisions
of such securities laws or regulations cannot be complied with as a result of such deemed modifications, the Guarantor shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
this Section 11.09 or Paragraph 4 of the Notes by virtue thereof. 

  

	 	(g)	In the event that the Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept an Offer to Purchase and the Guarantor or a third party purchases all the notes held by such Holders,
the Company and the Guarantor will have the right, on not less than 30 nor more than 60 days’ prior notice (with a copy to the Trustee), given not more than 30 days following the purchase pursuant to the Offer to Purchase described above, to
redeem all of the Notes that remain outstanding following such purchase at the purchase price equal to that in the Offer to Purchase plus, to the extent not included in the Offer to Purchase payment, accrued and unpaid interest and Additional
Amounts, if any, on the Notes that remain outstanding, to the date of redemption.” 

  
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	 	(f)	With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof) Sections 5.01(d) and 5.01(e) of the
Base Indenture are hereby deleted in their entirety and amended and restated in their entirety as follows: 

“5.01(d) The Guarantor or any Significant Subsidiary defaults under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Debt for money borrowed by the Guarantor or any such Significant Subsidiary (or the payment of which is guaranteed by the Guarantor or any such Significant Subsidiary) whether such Debt or
guarantee now exists, or is created after the date of this Indenture, which default (1) is caused by failure to pay principal of (and premium, if any, on) or interest on such Debt after giving effect to any grace period provided in such Debt on
the date of such default (“Payment Default”) or (2) results in the acceleration of such Debt prior to its express maturity and, in each case, the principal amount of any such Debt or guarantee, as applicable, together with the
principal amount of any other such Debt or guarantee under which there has been a Payment Default or the maturity of which has been so accelerated, totals U.S.$100,000,000 (or the equivalent thereof at the time of determination) or more in the
aggregate; provided that such Event of Default will be automatically rescinded or annulled if the Payment Default and/or the acceleration of Indebtedness is remedied or cured by the Guarantor or such Significant Subsidiary or waived by the Holders
of such Debt within 60 days after the Payment Default and/or acceleration in respect of such Debt;” 
 “5.01(e) One or more
final judgments or decrees for the payment of money of U.S.$100,000,000 (or the equivalent in another currency at the time of determination, if applicable) or more in the aggregate are rendered against the Guarantor or any Significant Subsidiary and
are not paid (whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged (and otherwise not covered by an insurance policy or policies issued by reputable and creditworthy insurance companies) and, in
the case of each such judgment or decree, either (a) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 90 days following commencement of such enforcement proceedings or
(b) there is a period of 90 days following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed;” 
  

	4.	MISCELLANEOUS PROVISIONS 

  

	4.1	Separability of Invalid Provisions 

 In case any one or more of the provisions contained
in this First Supplemental Indenture should be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions contained in this First Supplemental Indenture, and to the extent
and only to the extent that any such provision is invalid, illegal or unenforceable, this First Supplemental Indenture shall be construed as if such provision had never been contained herein. 

  
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	4.2	Execution in Counterparts 

 This First Supplemental Indenture may be simultaneously
executed and delivered in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

 

	5.	THE TRUSTEE AND AGENTS 

  

	 	(a)	The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect of the recitals contained herein, all of which are
made solely by the Company and the Guarantor, as applicable. 

  

	 	(b)	The rights, protections, indemnities and immunities of the Trustee and Agents as enumerated under the Base Indenture are incorporated by reference into this Supplemental Indenture. 

  
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 In witness whereof, each of the parties hereto has caused this First Supplemental Indenture to be
duly executed on its behalf, all as of the day and year first written above. 
  

					
	BRASKEM FINANCE LIMITED
	as Company
		
	By:	 	 /s/ Danilo Garcez Doria

		 	Name:	 	Danilo Garcez Doria
		 	Title:	 	Attorney-in-Fact
		
	By:	 	 /s/ Pedro Teixeira de Carvalho

		 	Name:	 	Pedro Teixeira de Carvalho
		 	Title:	 	Attorney-in-Fact
	
	 BRASKEM S.A.,
 as
Guarantor

		
	By:	 	 /s/ Danilo Garcez Doria

		 	Name:	 	Danilo Garcez Doria
		 	Title:	 	Attorney-in-Fact
		
	By:	 	 /s/ Pedro Teixeira de Carvalho

		 	Name:	 	Pedro Teixeira de Carvalho
		 	Title:	 	Attorney-in-Fact

 (Signature Page to Supplemental Indenture) 

 
			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	 /s/ John T. Needham, Jr.

		 	Name: John T. Needham, Jr.
		 	Title:   Vice President

 (Signature Page to Supplemental Indenture) 

 Annex A 

[Form of Face of Note] 
 THIS IS
A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY BRASKEM FINANCE LIMITED, BRASKEM S.A. AND THE TRUSTEE AND ANY AGENT
THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED NOTES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN SECTION 3.04 OF THE INDENTURE, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO BRASKEM FINANCE LIMITED OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE FOR THIS GLOBAL NOTE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 BRASKEM FINANCE LIMITED 

6.450% NOTES DUE 2024 
 GUARANTEED
BY BRASKEM S.A. 
  

					
		 		  	CUSIP: 10553YAF2
		 		  	ISIN: US10553YAF25
		 		  	COMMON CODE: 102122003
			
		 		  	No. 1
		 		  	US$500,000,000

 BRASKEM FINANCE LIMITED, a company organized and existing under the laws of the Cayman Islands (herein called
the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred
Million United States Dollars on February 3, 2024, and to pay interest thereon from February 3, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 3 and
August 3 in each year, commencing August 3, 2014, and at the Maturity thereof, at the rate of 6.450% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest,
which shall be the January 19 or July 19 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for on any Interest Payment
Date will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes 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. 

If any payment is due on the Notes on a day that is not a Business Day, payment will be made on the day that is the next Business Day.
Payments postponed to the next Business Day in this situation will be treated as if they were made on the original payment date. Postponement of this kind will not result in a default under the Notes or the Indenture, and no interest will accrue on
the postponed amount from the original payment date to the next day that is a Business Day. 
 Payment of the principal of (and premium, if
any, on) and any such interest on this Note will be made by wire transfer of same-day funds to the Holder and paid to beneficial holders of this Note pursuant to the Applicable Procedures of the Depositary as permitted in the Base Indenture. 

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 All terms used in this Note that are
not defined herein but are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual, facsimile or electronic signature of an authorized signatory, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company and the Guarantor have caused this instrument to be duly executed manually, in
facsimile or electronically. 
 Dated: February 3, 2014 
  

			
	BRASKEM FINANCE LIMITED
	as Company
		
	By:	 	  

		 	Name:
		 	Title:
	
	 BRASKEM S.A.
 as
Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 (Signature Page to Global Note) 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Notes 

referred to in the within 
 mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

	Authorized Officer

  
 (Authentication Page
to Global Note) 

 [Form of Reverse of Note] 

 

	1.	This Note is one of a duly authorized issue of notes of the Company (herein called the “Notes”), issued and to be issued in one or more tranches of one or more series under an Indenture, dated as
of December 16, 2013 (the “Base Indenture”) as supplemented by a First Supplemental Indenture, dated as of February 3, 2014 (collectively with the Base Indenture, the “Indenture”), among the Company,
Braskem S.A., as Guarantor (herein called the “Guarantor”) and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are
to be, authenticated and delivered. The full and punctual payment of the principal of (and premium, if any, on) and interest on, Additional Amounts, if any, and all other amounts payable under, this Note is unconditionally guaranteed, on a senior
unsecured basis, by the Guarantor and such Guarantee shall rank: 

  

	 	a.	equal in right of payment to all other existing and future senior unsecured debt of the Guarantor subject to certain statutory preferences under applicable law, including labor and tax claims; 

 

	 	b.	senior in right of payment to the Guarantor’s subordinated debt; and 

  

	 	c.	effectively subordinated to the debt and other liabilities (including subordinated debt and trade payables) of the Guarantor’s Subsidiaries (other than the Company) and jointly controlled companies and to secured
debt of the Guarantor to the extent of such Note. 

 This Note is one of the series designated on the face hereof. 

The Company may from time to time, without the consent of the Holders, create and issue additional Notes having the same terms and conditions
as the Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional Notes issued in this manner shall increase the aggregate principal amount of, and shall form a single series with and vote
together with the previously outstanding Notes. 
  

	2.	 The Notes shall be redeemable, at the option of the Company, the Guarantor or any successor, in whole, but not in part, upon giving not less than five
Business Days nor more than 60 days’ notice to the Holders with a copy to the Trustee (which notice shall be irrevocable), at 100% of the principal amount thereof, plus accrued and unpaid interest thereon and Additional Amounts, if any, to, but
excluding, the Redemption Date, only if (i) the Company, the Guarantor or any successor has or will become obligated to pay Additional Amounts with respect to the Notes or the Guarantees (x) in excess of the Additional Amounts that the
Company, the Guarantor or any successor would pay if payments in respect of the Notes or the Guarantees were subject to deduction or withholding for Brazilian Taxes at a rate of (A) 15% generally in case of any taxes imposed by Brazil or
(B) 25% in case of taxes imposed by Brazil on amounts paid to residents of countries which do not impose any income tax or which impose it at a maximum rate lower than 20% or where the laws of that

	 	
country or location impose restrictions on the disclosure of (1) shareholding composition; (2) the ownership of the investment; or (3) the beneficial ownership of income paid to
nonresident persons, pursuant to Law No. 9,779, dated January 19, 1999, or (y) in respect of deduction or withholding for Cayman Islands Taxes, in either case, as a result of any change in, or amendment to, the laws or regulations of
Brazil or the Cayman Islands (or the jurisdiction of any successor) or any political subdivision or governmental authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or
regulations, which change or amendment occurs after the date of the Indenture and (ii) such obligation cannot be avoided by the Company, the Guarantor or any successor taking reasonable measures available to it; provided, however,
that for this purpose reasonable measures shall not include any change in the Company’s, the Guarantor’s or any successor’s jurisdiction of incorporation or organization or location of its principal executive office or registered
office. No such notice of redemption shall be given earlier than 60 days prior to the earliest date on which the Company, the Guarantor or any successor, as the case may be, would be obligated to pay such Additional Amounts if a payment in respect
of such Notes or the Guarantees were then due. 

 Prior to the publication or mailing of any notice of redemption pursuant to
the preceding paragraph, the Company, the Guarantor or any successor shall deliver to the Trustee an Officer’s Certificate to the effect that the obligation of the Company, the Guarantor or any successor, as the case may be, to pay Additional
Amounts cannot be avoided by the Company, the Guarantor or any successor taking reasonable measures available to it. The Company, the Guarantor or any successor, as the case may be, shall also deliver to the Trustee an Opinion of Counsel stating
that the Company, the Guarantor or any successor, as the case may be, would be obligated to pay Additional Amounts due to the changes in tax laws or regulations. The Trustee shall accept such certificate and opinion as sufficient evidence of the
satisfaction of the conditions precedent set forth in clauses (i) and (ii) of the preceding paragraph of this paragraph, in which event it shall be conclusive and binding on the Holders. 

 

	3.	The Notes shall be redeemable, at the option of the Company or the Guarantor, in whole or in part, at any time, upon giving not less than five Business Days’ nor more than 60 days’ notice to the Holders with a
copy to the Trustee (which notice shall be irrevocable), at a Redemption Price equal to the greater of the following amounts, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date: 

 

	 	a.	100% of the principal amount of the Notes be redeemed; and 

  

	 	b.	the sum of the present values of the Remaining Scheduled Payments. 

 In determining the present
values of the remaining scheduled payments, such payments shall be discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 0.50%.

 For the purpose of the previous paragraph, the following terms have the indicated meanings: 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated yield to maturity of the Comparable Treasury Issue. In determining the Treasury Rate, the price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) will be assumed to be equal to the Comparable
Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means at least
four primary U.S. government securities dealers in New York City, New York designated by the Company not later than the fifth Business Day preceding such Redemption Date. 

“Comparable Treasury Price” means (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption
Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such
Redemption Date. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the arithmetic average, as determined by the Company, 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 Company by such Reference Treasury
Dealer by 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means the remaining scheduled payments of the principal and interest that would be due after the applicable Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an interest payment date, the
amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 

In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
  

	4.	 If a Change of Control that results in a Ratings Decline occurs, unless the Company has exercised its option to redeem the Notes under Sections 11.01
or 11.08 of the Indenture or Paragraphs 2 or 3 hereof, the Guarantor, acting on behalf of the Company, shall make, directly or through a Designated Affiliate, an offer to purchase all of the Notes pursuant to an Offer to Purchase described in
Section 11.09 of the Indenture at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the Offer to Purchase Payment Date. Not later than
30 days after the 

	 	
occurrence of a Change of Control that results in a Ratings Decline, the Guarantor or a Designated Affiliate shall send notice of such Offer to Purchase, together with a letter of transmittal, by
first class mail, with a copy to the Trustee, to each Holder at the address of such Holder appearing in the Register or otherwise in accordance with the procedures of the Depositary and containing the information specified in Section 11.09(a)
of the Indenture. 

  

	 	a.	On or before the Offer to Purchase Payment Date, the Guarantor or a Designated Affiliate shall, to the extent lawful: (i) accept for payment for all Notes properly tendered and not withdrawn pursuant to the Offer
to Purchase; (ii) deposit with a Paying Agent an amount equal to the aggregate Offer to Purchase Payment in respect of all Notes or portions thereof so tendered and (iii) deliver, or cause to be delivered, to the Trustee for cancellation
the Notes so accepted together with an Officer’s Certificate stating that such Notes or portions thereof have been tendered to and purchased by the Guarantor or a Designated Affiliate. 

 

	 	b.	Notwithstanding Section 11.09(a) of the Indenture or this Paragraph 4, the Guarantor shall not be required to make an Offer to Purchase upon a Change of Control that results in a Ratings Decline if (i) a third
party makes an offer to purchase in the manner, at the times and otherwise in compliance with the requirements set forth in Section 11.09 of the Indenture applicable to an Offer to Purchase made by the Guarantor and such third party purchases
all Notes properly tendered and not withdrawn under such offer, or (ii) a notice of redemption for all Outstanding Notes has been given pursuant to Section 11.01 of the Indenture and this Paragraph 4, unless and until there is a default in
payment of the applicable Redemption Price. Notwithstanding anything to the contrary contained herein or in the Indenture, an Offer to Purchase may be made in advance of a Change of Control, conditioned upon the consummation of such Change of
Control, if a definitive agreement is in place for the Change of Control at the time the Offer to Purchase is made. 

  

	 	c.	The Guarantor shall not purchase any of the Notes if there has occurred and is continuing on the Offer to Purchase Payment Date an Event of Default, other than an Event of Default resulting from the failure to make a
Offer to Purchase Payment when due. 

  

	 	d.	The Guarantor and any Designated Affiliate will comply with Rule 14e-1 under the Exchange Act (to the extent applicable) and all other applicable laws in making any Offer to Purchase. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of the Indenture, the provisions of the Indenture and this Paragraph 4 shall be deemed to be modified to the extent necessary to permit such compliance. If the provisions of such
securities laws or regulations cannot be complied with as a result of such deemed modifications, the Guarantor shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
Section 11.09 of the Indenture or this Paragraph 4 by virtue thereof. 

  

	 	e.	 In the event that the Holders of not less than 90% of the aggregate principal amount of the outstanding notes accept an Offer to Purchase and the
Guarantor 

	 	
or a third party purchases all the notes held by such Holders, the Company and the Guarantor will have the right, on not less than 30 nor more than 60 days’ prior notice (with a copy to the
Trustee), given not more than 30 days following the purchase pursuant to the Offer to Purchase described above, to redeem all of the Notes that remain outstanding following such purchase at the purchase price equal to that in the Offer to Purchase
plus, to the extent not included in the Offer to Purchase payment, accrued and unpaid interest and Additional Amounts, if any, on the Notes that remain outstanding, to the date of redemption. 

 

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

  

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

  

	7.	The Company, the Guarantor or its or their affiliates may at any time purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at
negotiated prices. Notes so purchased by the Company or Guarantor may, in their discretion, be held, resold or canceled, but will only be resold in compliance with applicable requirements or exemptions under the relevant securities laws.

  

	8.	All payments by the Company and the Guarantor in respect of the Notes or the Guarantee, as the case may be, shall be made without withholding or deduction for or on account of, Brazilian Taxes or Cayman Islands Taxes,
unless such withholding or deduction is required by law. In that event, the Company or the Guarantor, as the case may be, shall pay to each Holder such Additional Amounts as may be necessary in order that every net payment made by the Company or the
Guarantor, as the case may be, on each Note or Guarantee after deduction or withholding for or on account of any Brazilian Taxes or Cayman Islands Taxes shall not be less than the amount then due and payable on such Note or Guarantee.

  

	9.	The foregoing obligation to pay Additional Amounts shall not apply to or in respect of: 

  

	 	(a)	any tax, assessment or other governmental charge which would not have been imposed but for the existence of any present or former connection between a Holder (or between a fiduciary, settlor, beneficiary, member or
shareholder of such Holder, if such Holder is an estate, a trust, a partnership or a corporation), on the one hand, and Brazil or the Cayman Islands, on the other hand (including, without limitation, such Holder (or such fiduciary, settlor,
beneficiary, member or shareholder) being or having been a citizen or resident thereof or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein), other than the mere receipt of such
payment or the ownership or holding of a Note or Guarantee; 

	 	(b)	any tax, assessment or other governmental charge which would not have been so imposed but for the presentation by a Holder for payment on a date more than 30 days after the date on which such payment became due and
payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  

	 	(c)	any tax, duty, assessment or other governmental charge to the extent that such tax, duty, assessment or other governmental charge would not have been imposed but for the failure of a Holder or beneficial owner to comply
with any certification, identification or other reporting requirements concerning the nationality, residence, identity or connection with Brazil or the Cayman Islands of such Holder if (A) such compliance is required or imposed by law as a
precondition to exemption from all or a part of such tax, duty, assessment or other governmental charge and (B) at least 30 days prior to the date on which the Company or the Guarantor, as the case may be, shall apply this Clause (iii),
the Company or the Guarantor, as the case may be, shall have notified all Holders of Notes that some or all of the Holders of Notes shall be required to comply with such requirement; 

 

	 	(d)	any estate, inheritance, gift, sales, transfer, excise or personal property or similar tax, assessment or governmental charge; 

  

	 	(e)	any withholding or deduction imposed on a payment to an individual and that is required to be made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive
on the taxation of savings; 

  

	 	(f)	any tax, assessment or other governmental charge which would have been avoided by such Holder presenting the relevant Note (if presentation is required) or requesting that such payment be made to another Paying Agent in
a member state of the European Union; 

  

	 	(g)	any tax, assessment or other governmental charge which is payable other than by deduction or withholding from payments of principal of (and premium, if any, on) and interest on a Note; or 

 

	 	(h)	any combination of the above. 

  

	10.	Notwithstanding anything to the contrary in the preceding paragraph, the Company, the Guarantor and any Paying Agent, the Trustee or any other Person shall be entitled to make any deduction or withholding without any
liability, and shall not be required to pay any additional amounts with respect to any such deduction or withholding, imposed on or in respect of any Note pursuant to Section 1471 through Section 1474 of the Code
(“FATCA”), any treaty, law, regulation or other official guidance enacted by any jurisdiction in which the Company or the Guarantor is organized, or in which payments on the Notes are made (each such jurisdiction, a “Taxing
Jurisdiction”), implementing FATCA, or any agreement between the Company, the Guarantor, the Trustee or a Paying Agent and the United States, a Taxing Jurisdiction or any authority of any of the foregoing implementing FATCA.

  

	11.	 The Company hereby covenants with the Trustee that it will promptly inform the Trustee if it determines in its reasonable discretion that any payment
made by it is a 

	 	
payment which could be subject to FATCA withholding if a recipient of such payment had not complied with obligations imposed pursuant to Sections 1471 through 1474 of the Code and any
regulations, or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof or any law implementing such an intergovernmental
agreement (including obligations to deliver proper documentation establishing the recipient’s status) at the time such payment was made. 

  

	12.	The Company or the Guarantor, as the case may be, shall pay any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies which arise in any jurisdiction from
the execution, delivery, registration or the making of payments in respect of the Notes and the Guarantee, excluding any such taxes, charges or similar levies imposed by any jurisdiction outside of Brazil or the Cayman Islands other than those
resulting from, or required to be paid in connection with, the enforcement of the Notes and the Guarantee following the occurrence of any Default or Event of Default. 

 

	13.	No Additional Amounts shall be paid with respect to a payment on any Note or the Guarantee to a Holder that is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a
beneficiary or settlor with respect to such fiduciary or a member of such partnership or beneficial owner would not have been entitled to receive payment of the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the
Holder of the Note or the Guarantee. 

  

	14.	The Company or the Guarantor, as applicable, shall provide the Trustee with the official acknowledgment of the relevant taxing authority (or, if such acknowledgment is not available, other reasonable documentation)
evidencing any payment of Brazilian Taxes or Cayman Islands Taxes in respect of which the Company or the Guarantor has paid any Additional Amounts. Copies of such documentation shall be made available to the Holders of the Notes or the Paying
Agents, as applicable, upon request therefor. 

  

	15.	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 Notes 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 the Notes at the time Outstanding of each series to be affected. The Indenture also contains provisions
(i) permitting the Holders of a majority in principal amount of the Notes at the time Outstanding of any series to be affected under the Indenture, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with
certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Notes at the time Outstanding of any series to be affected under the Indenture, on behalf of the Holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

	16.	As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note of this series will have any right to institute any proceeding with respect to the Indenture, this Note or for any remedy
thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes of this series, the Holders of not less than 25% in principal amount of the Outstanding Notes of this
series shall have made written request, and offered indemnity or security satisfactory to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of the Outstanding
Notes of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or interest on this Note on or after the respective due dates expressed herein. 

  

	17.	No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if
any, on) and interest on this Note at the times, Place of Payment and rate, and in the coin or currency, herein prescribed or to convert or exchange this Note as provided in the Indenture. 

 

	18.	The Notes of this series are issuable only in registered form without coupons in denominations of U.S.$200,000 and any integral multiples of U.S.$1,000 thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Note Register, upon surrender of this Note for registration of transfer at the office or agency of the Company at any Place of Payment, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Note Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of
this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  

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

  

	20.	Prior to due presentment of this Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Guarantor or the Trustee nor any such agent shall be affected by notice to the contrary. 

 

	21.	The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. 

  

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

 Schedule A 

SCHEDULE OF PRINCIPAL AMOUNT 

The initial principal amount of this Note shall be U.S.$500,000,000. The following decreases/increases in the principal amount of this Note
have been made: 
  

									
	 Date of

Decrease/Increase
	  	Decrease in
Principal
Amount	  	Increase in
Principal
Amount	  	Total Principal
Amount
Following Such
Decrease/Increase	  	Notation Made
by or on Behalf
of TrusteeEX-4.16

 Exhibit 4.16 
 EMPIRE RESORTS, INC., as 
 ISSUER 

and 

[                       
  ], as 
 INDENTURE TRUSTEE 
 INDENTURE 
 Dated as of
[                 ] 

 TABLE OF CONTENTS 

 

					
	 	 	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	  
		
	 Section 1.01 Definitions
	 	 	1	  
	 Section 1.02 Other Definitions
	 	 	4	  
	 Section 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	4	  
	 Section 1.04 Rules of Construction
	 	 	5	  
		
	 ARTICLE II THE SECURITIES
	 	 	5	  
		
	 Section 2.01 Issuable in Series
	 	 	5	  
	 Section 2.02 Establishment of Terms of Series of Securities
	 	 	5	  
	 Section 2.03 Execution and Authentication
	 	 	7	  
	 Section 2.04 Registrar and Paying Agent
	 	 	8	  
	 Section 2.05 Paying Agent to Hold Money in Trust
	 	 	8	  
	 Section 2.06 Holder Lists
	 	 	8	  
	 Section 2.07 Transfer and Exchange
	 	 	8	  
	 Section 2.08 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	9	  
	 Section 2.09 Outstanding Securities
	 	 	9	  
	 Section 2.10 Treasury Securities
	 	 	10	  
	 Section 2.11 Temporary Securities
	 	 	10	  
	 Section 2.12 Cancellation
	 	 	10	  
	 Section 2.13 Defaulted Interest
	 	 	10	  
	 Section 2.14 Global Securities
	 	 	10	  
	 Section 2.15 CUSIP Numbers
	 	 	11	  
		
	 ARTICLE III REDEMPTION
	 	 	12	  
		
	 Section 3.01 Notice to Trustee
	 	 	12	  
	 Section 3.02 Selection of Securities to be Redeemed
	 	 	12	  
	 Section 3.03 Notice of Redemption
	 	 	12	  
	 Section 3.04 Effect of Notice of Redemption
	 	 	13	  
	 Section 3.05 Deposit of Redemption Price
	 	 	13	  
	 Section 3.06 Securities Redeemed in Part
	 	 	13	  
		
	 ARTICLE IV COVENANTS
	 	 	13	  
		
	 Section 4.01 Payment of Principal and Interest
	 	 	13	  
	 Section 4.02 SEC Reports
	 	 	13	  
	 Section 4.03 Compliance Certificate
	 	 	13	  
	 Section 4.04 Stay, Extension and Usury Laws
	 	 	13	  
		
	 ARTICLE V SUCCESSORS
	 	 	14	  
		
	 Section 5.01 When Company May Merge, Etc.
	 	 	14	  
	 Section 5.02 Successor Corporation Substituted
	 	 	14	  

  
 2 

					
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	14	  
		
	 Section 6.01 Events of Default
	  	 	14	  
	 Section 6.02 Acceleration of Maturity; Rescission and Annulment
	  	 	15	  
	 Section 6.03 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	16	  
	 Section 6.04 Trustee May File Proofs of Claim
	  	 	16	  
	 Section 6.05 Trustee May Enforce Claims Without Possession of Securities
	  	 	17	  
	 Section 6.06 Application of Money Collected
	  	 	17	  
	 Section 6.07 Limitation on Suits
	  	 	17	  
	 Section 6.08 Unconditional Right of Holders to Receive Principal and Interest
	  	 	18	  
	 Section 6.09 Restoration of Rights and Remedies
	  	 	18	  
	 Section 6.10 Rights and Remedies Cumulative
	  	 	18	  
	 Section 6.11 Delay or Omission Not Waiver
	  	 	18	  
	 Section 6.12 Control by Holders
	  	 	18	  
	 Section 6.13 Waiver of Past Defaults
	  	 	18	  
	 Section 6.14 Undertaking for Costs
	  	 	19	  
		
	 ARTICLE VII TRUSTEE
	  	 	19	  
		
	 Section 7.01 Duties of Trustee
	  	 	19	  
	 Section 7.02 Rights of Trustee
	  	 	20	  
	 Section 7.03 Individual Rights of Trustee
	  	 	21	  
	 Section 7.04 Trustee’s Disclaimer
	  	 	21	  
	 Section 7.05 Notice of Defaults
	  	 	22	  
	 Section 7.06 Reports by Trustee to Holders
	  	 	22	  
	 Section 7.07 Compensation and Indemnity
	  	 	22	  
	 Section 7.08 Replacement of Trustee
	  	 	22	  
	 Section 7.09 Successor Trustee by Merger, etc.
	  	 	23	  
	 Section 7.10 Eligibility; Disqualification
	  	 	23	  
	 Section 7.11 Preferential Collection of Claims Against Company
	  	 	23	  
		
	 ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	23	  
		
	 Section 8.01 Satisfaction and Discharge of Indenture
	  	 	23	  
	 Section 8.02 Application of Trust Funds; Indemnification
	  	 	24	  
	 Section 8.03 Legal Defeasance of Securities of any Series
	  	 	24	  
	 Section 8.04 Covenant Defeasance
	  	 	26	  
	 Section 8.05 Repayment to Company
	  	 	27	  
	 Section 8.06 Reinstatement
	  	 	27	  
		
	 ARTICLE IX AMENDMENTS AND WAIVERS
	  	 	27	  
		
	 Section 9.01 Without Consent of Holders
	  	 	27	  
	 Section 9.02 With Consent of Holders
	  	 	28	  
	 Section 9.03 Limitations
	  	 	28	  
	 Section 9.04 Compliance with Trust Indenture Act
	  	 	29	  
	 Section 9.05 Revocation and Effect of Consents
	  	 	29	  
	 Section 9.06 Notation on or Exchange of Securities
	  	 	29	  
	 Section 9.07 Trustee Protected
	  	 	29	  

  
 3 

					
	 ARTICLE X MISCELLANEOUS
	  	 	30	  
		
	 Section 10.01 Trust Indenture Act Controls
	  	 	30	  
	 Section 10.02 Notices
	  	 	30	  
	 Section 10.03 Communication by Holders with Other Holders
	  	 	30	  
	 Section 10.04 Certificate and Opinion as to Conditions Precedent
	  	 	31	  
	 Section 10.05 Statements Required in Certificate or Opinion
	  	 	31	  
	 Section 10.06 Rules by Trustee and Agents
	  	 	31	  
	 Section 10.07 Legal Holidays
	  	 	31	  
	 Section 10.08 No Recourse Against Others
	  	 	31	  
	 Section 10.09 Counterparts
	  	 	31	  
	 Section 10.10 Governing Laws
	  	 	31	  
	 Section 10.11 No Adverse Interpretation of Other Agreements
	  	 	32	  
	 Section 10.12 Successors
	  	 	32	  
	 Section 10.13 Severability
	  	 	32	  
	 Section 10.14 Table of Contents, Headings, Etc.
	  	 	32	  
	 Section 10.15 Securities in a Foreign Currency
	  	 	32	  
	 Section 10.16 U.S.A. Patriot Act
	  	 	32	  
	 Section 10.17 Waiver of Jury Trial
	  	 	32	  
		
	 ARTICLE XI SINKING FUNDS
	  	 	33	  
		
	 Section 11.01 Applicability of Article
	  	 	33	 
	 Section 11.02 Satisfaction of Sinking Fund Payments with Securities
	  	 	33	  
	 Section 11.03 Redemption of Securities for Sinking Fund
	  	 	33	  

  
 4 

 EMPIRE RESORTS, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of             . 

 

					
	 Section 310 (a)(1)
	  	 	7.10	  
	 (a)(2)
	  	 	7.10	  
	 (a)(3)
	  	 	NOT APPLICABLE	  
	 (a)(4)
	  	 	NOT APPLICABLE	  
	 (a)(5)
	  	 	7.10	  
	 (b)
	  	 	7.10	  
	 Section 311 (a)
	  	 	7.11	  
	 (b)
	  	 	7.11	  
	 (c)
	  	 	NOT APPLICABLE	  
	 Section 312 (a)
	  	 	2.06	  
	 (b)
	  	 	10.03	  
	 (c)
	  	 	10.03	  
	 Section 313 (a)
	  	 	7.06	  
	 (b)(1)
	  	 	7.06	  
	 (b)(2)
	  	 	7.06	  
	 (c)(1)
	  	 	7.06	  
	 (d)
	  	 	7.06	  
	 Section 314 (a)
	  	 	4.02, 10.05	  
	 (b)
	  	 	NOT APPLICABLE	  
	 (c)(1)
	  	 	10.04	  
	 (c)(2)
	  	 	10.04	  
	 (c)(3)
	  	 	NOT APPLICABLE	  
	 (d)
	  	 	NOT APPLICABLE	  
	 (e)
	  	 	10.05	  
	 (f)
	  	 	NOT APPLICABLE	  
	 Section 315 (a)
	  	 	7.01	  
	 (b)
	  	 	7.05	  
	 (c)
	  	 	7.01	  
	 (d)
	  	 	7.01	  
	 (e)
	  	 	6.14	  
	 Section 316 (a)
	  	 	2.10	  
	 (a)(1)(a)
	  	 	6.12	  
	 (a)(1)(b)
	  	 	6.13	  
	 (b)
	  	 	6.08	  
	 Section 317 (a)(1)
	  	 	6.03	  
	 (a)(2)
	  	 	6.04	  
	 (b)
	  	 	2.05	  
	 Section 318 (a)
	  	 	10.01	  

  
 5 

 INDENTURE, dated as of [         ], between
Empire Resorts, Inc., a Delaware corporation (“Company”), and [                     ], as trustee (“Trustee”).

 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Securities issued under this Indenture. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 
 “Additional Amounts” means
any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such
Holders, as calculated by the Company. 
 “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” (including, with correlative meanings, the terms “controlled by” and
“under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership
of voting securities or by agreement or otherwise. 
 “Agent” means any Registrar or Paying Agent. 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial
interest therein, the rules and procedures of DTC or any successor Depositary, in each case to the extent applicable to such transaction and as in effect from time to time. 
 “Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be
closed in the State of New York. 
 “Capital Interests” means any and all shares, interests, participations,
rights or other equivalents (however designated) of capital stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or participation that confers on a person the
right to receive a share of the profits and losses of, or distributions of assets of, such partnership. 

“Company” means the party named as such above until a successor replaces it and thereafter means the successor.

  
 1 

 “Company Order” means a written order signed in the name of the Company by
two Officers, one of whom must be the Company’s principal executive officer, principal financial and accounting officer. 

“Company Request” means a written request signed in the name of the Company by its Chief Executive Officer or Chief
Financial Officer and delivered to the Trustee. 
 “Corporate Trust Office” means the address of the Trustee
specified in Section 10.02, or such other address as to which the Trustee may give notice to the Holders and the Company. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Depositary” means, with respect to the Securities of any Series issuable or issued in whole or part in
the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person,
“Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 
 “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.02. 
 “Dollars” and “$” means the currency of The United
States of America. 
 “DTC” means the Depository Trust Company, a New York corporation. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America. 
 “Foreign Government Obligations” means, with respect to
Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or
(ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in
either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession. 
 “Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part
of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 
 “Holder” means a person in whose name a Security is registered. 

  
 2 

 “Indenture” means this Indenture as amended or supplemented from time to
time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 

“interest” with respect to any Discount Security which by its terms bears interest only after Maturity means interest
payable after Maturity. 
 “Maturity,” when used with respect to any Security or installment of principal
thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise. 
 “Officer” means the Chief Executive Officer, Chief Financial Officer or any Senior Vice-President
of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers, one of whom must be
the Company’s principal executive officer or principal financial and accounting officer. 
 “Opinion of
Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. 
 “person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof. 
 “principal” of a Security means the principal of the Security
plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 
 “Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any
corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject. 

“SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and
delivered under this Indenture. 
 “Series” or “Series of Securities” means each series
of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof. 

“Stated Maturity” means when used with respect to any Security or any installment of principal thereof or interest
thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” means, with respect to any person, any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Interests
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof or, in the case of a partnership, more than 50% of the partners’ Capital Interests (considering all partners’
Capital Interests as a single class), is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of such person or combination thereof. 

  
 3 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code
Sections 77aaa-77bbbb) as in effect on the date of this Indenture and the rules and regulations promulgated thereunder; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to
the extent required by any such amendment, the Trust Indenture Act as so amended. 
 “Trustee” means the person
named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is
then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are (i) direct obligations of The United States of America for
the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by The United States of America, and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository 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 depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository
receipt. 
 Section 1.02 Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 Bankruptcy Law
	  	 	6.01	  
	 Custodian
	  	 	6.01	  
	 Event of Default
	  	 	6.01	  
	 Legal Holiday
	  	 	10.07	  
	 mandatory sinking fund payment
	  	 	11.01	  
	 Market Exchange Rate
	  	 	10.15	  
	 optional sinking fund payment
	  	 	11.01	  
	 Paying Agent
	  	 	2.04	  
	 Registrar
	  	 	2.04	  
	 Successor Person
	  	 	5.01	  

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the
SEC. 
 “indenture securities” means the Securities. 

“indenture security holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 

  
 4 

 “indenture trustee” or “institutional trustee” means the
Trustee. 
 “obligor” on the indenture securities means the Company and any successor obligor upon the
Securities. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute
or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.04 Rules of
Construction. 
 Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles; 

(c) references to “generally accepted accounting principles” and “GAAP” shall mean generally accepted accounting
principles in effect as of the time when and for the period as to which such accounting principles are to be applied; 
 (d)
“or” is not exclusive; 
 (e) words in the singular include the plural, and in the plural include the singular; and

 (f) provisions apply to successive events and transactions. 

ARTICLE II 
 THE SECURITIES 
 Section 2.01 Issuable in Series. The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the
manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued
from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms
(such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and
ratably entitled to the benefits of the Indenture. 
 Section 2.02 Establishment of Terms of Series of Securities. At or
prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the
Series generally in the case of Subsections 2.02(b) through 2.02(s)) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officers’ Certificate:

 (a) the form and title of the Series (which shall distinguish the Securities of that particular Series from the
Securities of any other Series); 

  
 5 

 (b) the price or prices (expressed as a percentage of the principal amount thereof) at which
the Securities of the Series will be issued; 
 (c) any limit upon the aggregate principal amount of the Securities of the
Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to
Sections 2.07, 2.08, 2.11, 3.06 or 9.06); 
 (d) the date or dates on which the principal of the Securities of the
Series is payable; 
 (e) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used
to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such
interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

(f) the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the
Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the method of such
payment, if by wire transfer, mail or other means; 
 (g) if applicable, the period or periods within which, the price or prices
at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 (h) the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period
or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(i) the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at
the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
 (j) if other than
denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable; 
 (k) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof
pursuant to Section 6.02; 
 (l) the currency of denomination of the Securities of the Series, which may be Dollars or any
Foreign Currency, and the agency or organization, if any, responsible for overseeing such composite currency; 
 (m) the
provisions, if any, relating to any security provided for the Securities of the Series; 

  
 6 

 (n) any addition to or change in the Events of Default which applies to any Securities of
the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02; 

(o) any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; 

(p) the provisions, if any, relating to conversion of any Securities of such Series, including, if applicable, the securities into which
the Securities are convertible, the conversion price, the conversion period, provisions as to whether conversion will be mandatory, at the option of the Holders or at the option of the Company, the events requiring an adjustment of the conversion
price and provisions affecting conversion if such Series of Securities are redeemed; 
 (q) whether the Securities of such
Series will be senior debt securities or subordinated debt securities and, if applicable, a description of the subordination terms thereof; 
 (r) any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein; and

 (s) any other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar
as it applies to such Series). 
 All Securities of any one Series need not be issued at the same time and may be issued
from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above, and, unless otherwise provided in such Board
Resolution, a Series may be reopened, without the consent of the Holders, for increases in the aggregate principal amount of such Series and issuances of additional Securities of such Series. 

Section 2.03 Execution and Authentication. At least one Officer shall sign the Securities for the Company by manual or facsimile
signature. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of
the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the
principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to electronic
instructions in PDF from the Company or its duly authorized agent or agents. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate. The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.02 or 2.08. Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully
protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities
of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04 and (c)(1) an Opinion of Counsel complying with Section 10.04 or (2) an Opinion of Counsel (or reliance
letter with respect to an Opinion of Counsel) that the Securities have been duly authorized, executed and delivered by the Company and such Securities will constitute valid and binding obligations of the Company, enforceable against the Company in
accordance with its terms. The Trustee may appoint an authenticating agent acceptable to the 

  
 7 

 
Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 

Section 2.04 Registrar and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at the place or
places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), and where Securities of such
Series may be surrendered for registration of transfer or exchange (“Registrar”). The Registrar shall keep a register with respect to each Series of Securities and of their transfer and exchange. The Company hereby
appoints the Trustee as Paying Agent and Registrar. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying Agent. The Company may also from time to time
designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a
Registrar and a Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any
change in the name or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar; and the term “Paying Agent” includes any additional paying agent. The Company hereby appoints the
Trustee as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 

Section 2.05 Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify
the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. Upon an Event of Default under Section 6.01(d) or (e), the Trustee shall be the
Paying Agent. 
 Section 2.06 Holder Lists. The 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 of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least
ten (10) days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each
Series of Securities. 
 Section 2.07 Transfer and Exchange. Where Securities of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.06 or 9.06). Neither the Company nor the Registrar shall be 

  
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required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the delivery
of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such delivery, or (b) to register the transfer of or exchange Securities of any Series selected, called
or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
 Section 2.08 Mutilated, Destroyed, Lost and Stolen Securities. 
 (a)
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding. If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as
may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon its
request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. In case any such mutilated, destroyed, lost or stolen Security has become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

(b) Upon the issuance of any new Security under this Section, the Company may require the payment of 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 the Trustee) connected therewith. Every new Security of any Series issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. The provisions of this Section 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 Securities. 
 Section 2.09 Outstanding
Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected
by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory
to it that the replaced Security is held by a protected purchaser. If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay
such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue. A Security does not cease to be outstanding because the Company or an Affiliate of
the Company holds the Security. In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a
Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.02. 

  
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 Section 2.10 Treasury Securities. In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded. 
 Section 2.11 Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities
shall have the same rights under this Indenture as the definitive Securities. 
 Section 2.12 Cancellation. The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation in accordance with its customary procedures. The Company may not issue new Securities to replace Securities that it has paid or delivered to the
Trustee for cancellation. 
 Section 2.13 Defaulted Interest. If the Company defaults in a payment of interest on a
Series of Securities, it shall pay the defaulted interest at the rate established for the particular Series, if any, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of the
Series on a subsequent special record date. The Company shall fix the special record date and payment date; provided that if no rate for defaulted interest is specified for any Series of Securities, then the defaulted interest rate shall be the
interest rate specified for such Series of Securities. At least ten (10) days before the special record date, the Company shall deliver to the Trustee and to each Holder of the Series a notice that states the record date, the related
payment date and the amount of interest to be paid. The Company may also pay defaulted interest in any other lawful manner. 

Section 2.14 Global Securities 
 (a) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in
the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
 (b) Transfer and
Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities 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 registered as a clearing agency under the Exchange Act 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
happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to
the principal amount of the Global Security with like tenor and terms. 

  
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 (c) Except as provided in this Section 2.14(c), a Global Security may not be
transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such a successor Depositary. 
 (d) Legend. Any Global Security issued hereunder shall
bear a legend in substantially the following form: 
 “This Security is a Global Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.” 
 (e) Acts of
Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture. 
 (f) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated
by Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
 (g) Consents, Declaration and Directions. Except as provided in Section 2.14(h), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding
Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required
to be given by the Holders pursuant to this Indenture. 
 (h) The Depositary or its nominee, as registered owner of a Global
Security, shall be the Holder of such Global Security for all purposes under the Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to the Applicable Procedures. Accordingly, any
such owner’s beneficial interest in a Global Security will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee and such owners of beneficial interests in a
Global Security will not be considered the owners or holders thereof. Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Global Security provides for notice of any event (including any notice of
redemption or repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its
designee, including by electronic mail in accordance with applicable Depositary procedures. 
 Section 2.15 CUSIP Numbers. The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in “CUSIP” numbers of which the Company becomes aware. 

  
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 ARTICLE III 

REDEMPTION 

Section 3.01 Notice to Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the
Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is
redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the
principal amount of the Series of Securities to be redeemed. 
 Section 3.02 Selection of Securities to be
Redeemed. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall
select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. Securities
of a Series and portions selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(j), the minimum
principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.
The Trustee shall not be liable for the selection made in accordance with this Section 3.02. 
 Section 3.03 Notice of Redemption.

 (a) Unless otherwise specified for a particular Series by a Board Resolution, a supplemental indenture or an
Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall deliver notice of redemption to each Holder whose Securities are to be redeemed. The notice shall identify the Securities of the
Series to be redeemed and shall state: 
 (i) the redemption date; 

(ii) the redemption price or the manner of the calculation of the redemption price; 

(iii) the name and address of the Paying Agent; 
 (iv) that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(v) that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; 

(vi) the CUSIP number, if any; and 
 (vii) any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. 

At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided
that the Company shall have delivered to the Trustee, at least five Business Days (or such shorter period as the Trustee may consent to in writing) before notice of redemption is required to be delivered or caused to be delivered to Holders pursuant
to this Section 3.03, an Officers’ Certificate of the Company requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

  
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 Section 3.04 Effect of Notice of Redemption. Once notice of redemption is delivered as
provided in Section 3.03, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the redemption date; provided that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or
one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture. 
 Section 3.05 Deposit of Redemption Price. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, on or
before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 

Section 3.06 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and the Trustee
shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV 
 COVENANTS 

Section 4.01 Payment of Principal and Interest. The Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. 

Section 4.02 SEC Reports. Any information, documents or other reports that the Company shall file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission; provided that any such information, documents or reports filed or furnished with the Commission pursuant to its
Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system shall be deemed filed with the Trustee as of the time such information, documents or reports are filed or furnished via EDGAR. 

Section 4.03 Compliance Certificate. The Company shall, so long as any of the Securities are outstanding, deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating whether or not to the knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and
conditions hereof (without regard to any period of grace or requirement of notice provided hereunder), and if a Default or Event of Default shall have occurred, specifying all such Defaults or Events of Default and the nature and status thereof of
which they may have knowledge. 
 Section 4.04 Stay, Extension and Usury Laws. The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture or the Securities or any other law that would prohibit or forgive the Company from paying all or any portion of the principal of, or interest on, the Securities as contemplated in the Indenture, any
indenture supplemental thereto relating to the Securities or the Securities and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

  
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 ARTICLE V 
 SUCCESSORS 
 Section 5.01 When Company May Merge, Etc. The Company shall
not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, another person (a “Successor Person”) unless: 

(a) the Company is the surviving corporation or the Successor Person (if other than the Company) is organized and validly existing under
the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and 
 (b) immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed
transaction and any supplemental indenture comply with this Indenture. 
 Section 5.02 Successor Corporation Substituted. Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor corporation formed by such consolidation or into or with
which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such
Successor Person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this
Indenture and the Securities. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following
events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default or the terms of such Event of Default have been
modified or superceded as set forth in the Board Resolution, supplemental indenture or Officers’ Certificate for such Securities of any Series: 
 (a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such
payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or 
 (b) default in the payment of principal of any Security of that Series at its Maturity; or 
 (c) default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences of nonperformance or breach are
addressed elsewhere in this Section 6.01 and other than a covenant or warranty that has been included 

  
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in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than a majority in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (d) the Company
pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case or proceeding; 

(ii) consents to the entry of an order for relief against it in an involuntary case, 

(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, 

(iv) makes a general assignment for the benefit of its creditors, or 

(v) makes an admission in writing that it is generally unable to pay its debts as the same become due; or 

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

(i) is for relief against the Company in an involuntary case, 
 (ii) appoints a Custodian of the Company or for all or substantially all of its property, or 
 (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days; or 
 (f) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance
with Section 2.02(n). 
 The term “Bankruptcy Law” means Title 11 of the U.S. Code or any similar
federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 Section 6.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing
(other than an Event of Default referred to in Section 6.01(d) or (e)), then in every such case the Trustee or the Holders of not less than a majority in principal amount of the outstanding Securities of that Series may declare the
principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of
that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.01(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article; provided that the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind
and annul such declaration and its 

  
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consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have
become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

Section 6.03 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 
 (a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 

(b) default is made in the payment of principal of any Security at the Maturity thereof, then the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any
overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Company fails to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and
may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities,
wherever situated. 
 If an Event of Default with respect to any Securities of any Series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.04 Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and (b) to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other 

  
 16 

 
amounts due the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.05 Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or
the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been recovered. 
 Section 6.06 Application of Money Collected.

 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 First: To the payment of all amounts due the Trustee under Section 7.07; and 

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 

Third: To the Company. 

Section 6.07 Limitation on Suits. No Holder of any Security of any Series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series; 

(b) the Holders of at least a majority in principal amount of the outstanding Securities of that Series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (c)
such Holder or Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and 
 (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the
Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such Holders. 

  
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 Section 6.08 Unconditional Right of Holders to Receive Principal and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the
Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder. 
 Section 6.09 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted. 
 Section 6.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12 Control by Holders. Subject
to Section 7.02(f), the Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that: 
 (a)
such direction shall not be in conflict with any rule of law or with this Indenture, 
 (b) the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such direction, and 
 (c) subject to the provisions of
Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability. 
 Section 6.13 Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the
outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default (i) in the payment of the
principal of or interest on any Security of such Series (provided, 

  
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however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration) or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such
waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon. 
 Section 6.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of
the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date). 

ARTICLE VII 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 

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

(b) Except during the continuance of an Event of Default: 
 (i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against the
Trustee. 
 (ii) In the absence of bad faith on its part, the Trustee may conclusively rely and is fully protected, as to the
truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such
Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or
not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein) . 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i) This paragraph does not limit the effect of paragraph (b) of this Section. 

  
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 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to
the Securities of such Series. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section. 
 (e) The Trustee may refuse to perform any duty or exercise any right or
power at the request or direction of any Holder unless it receives indemnity reasonably satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to risk its
own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk is not reasonably assured to it. 
 (h) The rights, privileges, protections, immunities and benefits given to
the Trustee, including the right to be indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and to its agents. The provisions set forth in paragraphs (a), (b) and (c) of this
Section shall apply to the Trustee in each of its capacities hereunder and its agents. 
 Section 7.02 Rights of Trustee.

 (a) The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document
believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting at the direction of the Company, it may require an Officers’ Certificate. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officers’ Certificate. 
 (c) The Trustee may act through agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for any act or omission by any Depositary. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers, provided that the Trustee’s conduct does not constitute negligence or willful misconduct. 

  
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 (e) The Trustee may consult with counsel, and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good faith and in reliance thereon. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by the Trustee to be genuine and to have been signed or
delivered by the proper person. 
 (h) The Trustee shall not be deemed to have notice of any Default or Event of Default, other
than a failure by the Company to make any payment hereunder when due if the Trustee is the Paying Agent, unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default
is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture and states that it is a “notice of default.”

 (i) The permissive rights of the Trustee enumerated herein shall not be construed as duties. 

(j) In no event shall the Trustee be responsible or liable for any special, indirect, punitive, incidental or consequential loss or
damage of any kind whatsoever (including, but not limited to, lost profits) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(k) Neither the Trustee nor any Agent shall be responsible or liable for any failure or delay in the performance of its obligation under
this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage;
epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that each of
the Trustee and Agents shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances. 

(l) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or
pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and
7.11. 
 Section 7.04 Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

  
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 Section 7.05 Notice of Defaults. If a Default or Event of Default occurs and is continuing
with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall deliver to each Holder of the Securities of that Series notice of a Default or Event of Default within 90 days after
it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the
Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Holders of that Series. 
 Section 7.06 Reports by Trustee to Holders. Within 60 days after March 15 in each year, the Trustee shall transmit by deliver to all Holders, as their names and addresses appear on
the register kept by the Registrar a brief report dated as of such March 15, in accordance with, and to the extent required under, TIA Section 313. A copy of each report at the time of its delivery to Holders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange. 

Section 7.07 Compensation and Indemnity. The Company shall pay to the Trustee from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. The Company shall indemnify each of the Trustee and any predecessor Trustee (including
the cost of defending itself) against any loss, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in this Section 7.07 in the
performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure or delay by the Trustee to so notify the Company of any claim for which it may
seek indemnity shall not relieve the Company of its obligations hereunder except to the extent such failure or delay shall have materially prejudiced the Company. The Company shall defend the claim and the Trustee shall cooperate in the defense. The
Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through the gross negligence or willful misconduct of any such persons as determined by a final order of a court of competent jurisdiction. When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any insolvency, bankruptcy or similar law. The provisions of this
Section shall survive the resignation or removal of the Trustee and the termination or discharge of this Indenture. 
 Section 7.08
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. The Trustee may
resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may
remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 

(a) the Trustee fails to comply with Section 7.10; 
 (b) the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any insolvency, bankruptcy or similar law; 

  
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 (c) a custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. 

If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment
of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and
to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall deliver a notice
of its succession to each Holder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee
with respect to expenses and liabilities incurred by it prior to the date of such replacement. 
 Section 7.09 Successor Trustee by
Merger, etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business (including administration of this Indenture) to, another corporation, the successor corporation
without any further act shall be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification. This Indenture shall
always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5) and has a combined capital and surplus of at least $50,000,000. The Trustee shall comply with TIA Section 310(b). 

Section 7.11 Preferential Collection of Claims Against Company. The Trustee is subject to TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 
 ARTICLE VIII  
 SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.01 Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when 
 (a) any of the following shall have occurred:

 (i) no Securities have been issued hereunder; 
 (ii) all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for
cancellation; or 

  
 23 

 (iii) all such Securities not theretofore delivered to the Trustee for cancellation
(1) have become due and payable, or (2) will become due and payable at their Stated Maturity within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company; and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and
discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the
date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 
 (b) the Company has paid or caused to
be paid all other sums payable hereunder by the Company; and 
 (c) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07 and, if money shall have been deposited with the Trustee pursuant to
clause (a) of this Section, the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.01, 8.02 and 8.05 shall survive. 

Section 8.02 Application of Trust Funds; Indemnification. 
 (a) Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04,
shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may
determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or analogous payments as contemplated by Sections 8.03 or 8.04. 

(b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S.
Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 

(c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign
Government Obligations or money held by it as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the
Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision
shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.03 Legal Defeasance of Securities of any Series. Unless this Section 8.03 is otherwise specified, pursuant to
Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit
referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request,
execute such instruments reasonably requested by the Company acknowledging the same), except as to: 

  
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 (a) the rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal
or interest, and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of
such Series; and 
 (b) the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.02, 8.03 and 8.05; and 

(c) the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

 (d) with reference to this Section 8.03, the Company shall have deposited or caused to be irrevocably deposited (except
as provided in Section 8.02(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in
the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency),
money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such
sinking fund payments are due; 
 (e) such deposit will not result in a breach or violation of, or constitute a default under,
this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default
or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance
and discharge and will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

(h) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; 

  
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 (i) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with; and 
 (j) such defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall
be registered under such Act or exempt from registration thereunder. 
 Section 8.04 Covenant Defeasance. Unless this
Section 8.04 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to
comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.02, 4.03, and 5.01 as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under
Section 6.01) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 and designated as an Event of
Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied: 

(a) with reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in
Section 8.02(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of
Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or
Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later
than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking
fund payments are due; 
 (b) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any
other agreement or instrument to which the Company is a party or by which it is bound; 
 (c) no Default or Event of Default with respect to the
Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 
 (d) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not
occurred; 
 (e) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with; and 

  
 26 

 (f) Such defeasance shall not result in the trust arising from such deposit constituting an
investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder. 
 Section 8.05 Repayment to Company. The Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal and interest that
remains unclaimed for two years, and after such time, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 

Section 8.06 Reinstatement. If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any
series in accordance with Section 8.01 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 obligations of the
Company under this Indenture with respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee or the
Paying Agent is permitted to apply all such money in accordance with Section 8.01; provided, however, that if the Company has made any payment of principal of, premium (if any) or interest on any Additional Amounts with respect to any
Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or the Paying Agent. 

ARTICLE IX 
 AMENDMENTS AND WAIVERS 
 Section 9.01 Without Consent of Holders. Unless
otherwise specified for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, the Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the
consent of any Holder: 
 (a) to evidence the succession of another person to the Company under this Indenture and the Securities
and the assumption by any such Successor Person of the obligations of the Company hereunder and under the Securities; 
 (b) to
add covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included for the
benefit of such series) or to surrender any right or power herein conferred upon the Company provided such action does not adversely affect the interests of the Holders; 
 (c) to add any additional Events of Default; 
 (d) to add to or change any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the
issuance of Securities in uncertificated form; 
 (e) to add to, change or eliminate any of the provisions of this Indenture in
respect of one or more series of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the
benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; 

  
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 (f) to establish the forms or terms of the Securities of any series issued pursuant to the
terms hereof; 
 (g) to cure any ambiguity or correct any inconsistency in this Indenture; 

(h) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; 

(i) to qualify this Indenture under the Trust Indenture Act; 
 (ii) 
 (j) to provide for uncertificated securities in addition to certificated
securities; 
 (k) to supplement any provisions of this Indenture necessary to permit or facilitate the defeasance and discharge
of any series of Securities, provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series; 
 (l) to conform the Indenture to any Description of Securities for a particular Series of Securities; and 
 (m) to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may be listed or traded. 

Section 9.02 With Consent of Holders. The Company and the Trustee may enter into a supplemental indenture with the written consent of
the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of each such Series.
Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange
offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. It shall not be necessary for the consent of the Holders of Securities under this
Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes
effective, the Company shall deliver to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to deliver such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture or waiver. 
 Section 9.03 Limitations. Unless otherwise
specified for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, without the consent of each Holder affected, an amendment or waiver may not: 

(a) reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 

  
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 (c) reduce the principal or change the Stated Maturity of any Security or reduce the amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 
 (d) reduce the principal amount
of Discount Securities payable upon acceleration of the maturity thereof; 
 (e) waive a Default or Event of Default in the
payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such
Series and a waiver of the payment default that resulted from such acceleration); 
 (f) make the principal of or interest,
if any, on any Security payable in any currency other than that stated in the Security; 
 (g) make any change in
Sections 6.08, 6.13, or 9.03; or 
 (h) waive a redemption payment with respect to any Security. 

Section 9.04 Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities of one or more Series shall
be set forth in a supplemental indenture hereto that complies with the TIA as then in effect. 
 Section 9.05 Revocation and Effect of
Consents. Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a
Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a
Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. Any amendment or waiver once effective shall bind every Holder of each Series affected by such
amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.03. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder
of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 Section 9.06 Notation
on or Exchange of Securities. The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and
the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 
 Section 9.07
Trustee Protected. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, in
addition to the documents required by Section 10.04, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that all conditions precedent in this Indenture to the execution of such
supplemental indenture, if any, have been complied with, such supplemental indenture is authorized hereunder, and, that such supplemental indenture is the valid and legally binding obligation of the Company. The Trustee shall sign all supplemental
indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 

  
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 ARTICLE X 
 MISCELLANEOUS 
 Section 10.01 Trust Indenture Act Controls. If any
provision of this Indenture limits, qualifies or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control. 

Section 10.02 Notices. 
 (a) Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail
or sent by telecopier transmission or electronic transmission in PDF addressed as follows: 
 if to the Company: 

Empire Resorts, Inc. 
 c/o Monticello Casino and Raceway 
 204 State Route 17B, P.O. Box 5013 

Monticello, New York 12701 
 Attention: Joseph A. D’Amato, Chief Executive Officer 
 Telephone:
(845) 701-0001 
 if to the Trustee: 
 [                     ] 
 (b) The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to a Holder shall be delivered
to his address shown on the register kept by the Registrar. Failure to deliver a notice or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Holders of that or any other Series.
If a notice or communication is delivered in the manner provided above, within the time prescribed, it is duly given, whether or not the Holder receives it. If the Company delivers a notice or communication to Holders, it shall deliver a copy to the
Trustee and each Agent at the same time. 
 (c) Any notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Company may, at the Company’s written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date on
which such notice must be given or served, be given or served by the Trustee in the name of and at the expense of the Company. 

Section 10.03 Communication by Holders with Other Holders. Holders of any Series may communicate pursuant to TIA
Section 312(b) with other Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA Section 312(c). 

  
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 Section 10.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 

(a) an Officers’ Certificate 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 complied with; and 
 (b) an Opinion of Counsel stating that, in the opinion
of such counsel, all such conditions precedent have been complied with. 
 Section 10.05 Statements Required in Certificate or
Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA
Section 314(e) and shall include: 
 (a) a statement that the person making such certificate or opinion has read such
covenant or condition; 
 (b) 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; 
 (c) a statement that, in the opinion of such
person, 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 

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

Section 10.06 Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or a meeting of Holders of one or more
Series. Any Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 10.07 Legal
Holidays. Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
 Section 10.08 No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the
Securities 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 Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities. 
 Section 10.09 Counterparts. This Indenture may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this 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 10.10 Governing
Laws. This Indenture and the Securities will be governed by, and construed in accordance with, the internal laws of the State of New York. 

  
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 Section 10.11 No Adverse Interpretation of Other Agreements. This Indenture may not be used
to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12 Successors. All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its
successor. 
 Section 10.13 Severability. In case any provision in this Indenture or in the Securities 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 10.14 Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 10.15 Securities in a Foreign Currency. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to
Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all
Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount
of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this
Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not
available for any reason with respect to such currency, the Company shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from
one or more major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. All decisions and determinations of the
Company regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Company, the Trustee and all Holders. The Trustee shall have no duty to calculate or verify the calculations made pursuant to this Section 10.15. 

Section 10.16 U.S.A. Patriot Act. The Company acknowledges that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions, and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The Company agrees that it will provide the Trustee with such information as it may reasonably request as required in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 10.17 Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS BETWEEN THE COMPANY AND THE TRUSTEE ONLY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES. 

  
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 ARTICLE XI 

SINKING FUNDS 

Section 11.01 Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of the
Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any
Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02. Each sinking fund payment shall be applied to the redemption of Securities of any
Series as provided for by the terms of the Securities of such Series. 
 Section 11.02 Satisfaction of Sinking Fund Payments with
Securities. The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of
such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund
payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with
an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified
in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except
upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall
from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the
Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 
 Section 11.03 Redemption
of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund
payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series,
the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.02, and the optional amount,
if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution,
Officers’ Certificate or supplemental indenture in respect of a 

  
 33 

 
particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06. 
 [Remainder of page intentionally left
blank] 

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

			
	EMPIRE RESORTS, INC.
		
	 By:
	 	 
	 Name:
	 	Joseph A. D’Amato
	 Title:
	 	Chief Executive Officer
	
	 [
                    ].

	 as Trustee

  

			
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

 [Signature Page to Indenture] 

  
 35

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