Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

dated as of

 

October 30, 2020

among

 

GATOS SILVER, INC.

 

and

 

THE STOCKHOLDERS THAT ARE SIGNATORIES
HERETO

 

    

     

    

 

TABLE OF CONTENTS

  

 

 

	 	Page
	 	 
	Article 1
    
 Definitions
	 	 
	Section 1.01.
    Definitions	1
	 	 
	Section 1.02.
    Other Definitional and Interpretative Provisions	4
	 	 
	Article 2
    
 Registration Rights
	 	 
	Section 2.01.
    Demand Registration	5
	 	 
	Section 2.02.
    Piggyback Registration	6
	 	 
	Section 2.03.
    Lock-Up Agreements	7
	 	 
	Section 2.04.
    Registration Procedures	7
	 	 
	Section 2.05.
    Indemnification by the Company	10
	 	 
	Section 2.06.
    Indemnification by Participating Stockholders	11
	 	 
	Section 2.07.
    Conduct of Indemnification Proceedings	11
	 	 
	Section 2.08.
    Contribution	12
	 	 
	Section 2.09.
    Participation in Public Offering	13
	 	 
	Section 2.10.
    Other Indemnification	13
	 	 
	Section 2.11.
    Cooperation by the Company	13
	 	 
	Section 2.12.
    No Transfer of Registration Rights	13
	 	 
	Article 3
    
 Miscellaneous
	 	 
	Section 3.01.
    Binding Effect; Assignability; Benefit	13
	 	 
	Section 3.02.
    Notices	13
	 	 
	Section 3.03.
    Waiver; Amendment; Termination	14
	 	 
	Section 3.04.
    Governing Law	15
	 	 
	Section 3.05.
    Jurisdiction	15
	 	 
	Section 3.06.
    Waiver of Jury Trial	15
	 	 
	Section 3.07.
    Specific Performance	15
	 	 
	Section 3.08.
    Counterparts; Effectiveness	15
	 	 
	Section 3.09.
    Entire Agreement	15
	 	 
	Section 3.10.
    Severability	16

  

    

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (as
it may be amended from time to time in accordance with the terms hereof, this “Agreement”), dated as of October 30,
2020, is made by and among Gatos Silver, Inc., a Delaware corporation (the “Company”), and the stockholders
that are or become signatories hereto (each a “Stockholder” and collectively, the “Stockholders”).

 

RECITALS

 

WHEREAS, the Company is proposing to sell
Shares to the public in an initial public offering (the “IPO”); and

 

WHEREAS, subject to the terms and conditions
herein, the Stockholders and the Company desire to enter into this Agreement to provide for certain rights and obligations of
the Stockholders and the Company.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Article 1

Definitions

 

Section 1.01. Definitions. As
used in this Agreement, the following terms have the following meanings:

 

“Affiliate” means (a) with
respect to any Electrum Party, any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person, (b) with respect to the MERS Party, any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person and (c) with respect to any other Person,
any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. It
being understood and agreed that, for purposes hereof, (i) each Electrum Party shall be deemed to be an Affiliate of every
other Electrum Party, (ii) neither the Company nor any subsidiary of the Company shall be deemed to be an Affiliate of any
Stockholder, and, (iii) except as set forth in clause (i) above, no Stockholder shall be deemed to be an Affiliate of
any other Stockholder.

 

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

 

“Business Day” means
any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are authorized or obligated by
law or executive order to close.

 

“Common Equivalents”
means (i) with respect to Common Stock, the number of Shares and (ii) with respect to any Company Securities that are
convertible into or exchangeable for Common Stock, the number of Shares issuable in respect of the conversion or exchange of such
securities into Common Stock.

 

“Common Stock” means
the common stock of the Company, par value $0.001 per share, and any and all securities of any kind whatsoever of the Company
that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Common Stock, pursuant
to any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like
occurring after the date hereof.

 

     

     

    

 

“Company Securities”
means (i) the Common Stock, (ii) securities convertible into or exchangeable for Common Stock and (iii) any options,
warrants or other rights to acquire Common Stock.

 

“Electrum Parties” means,
collectively, Electrum Silver US LLC, Electrum Silver US II LLC, Tigris Financial Group Ltd., GRAT Holdings LLC and Manul Capital
Management LLC and any Affiliates of the foregoing to whom Common Stock is Transferred by a Stockholder (as defined in the Shareholders
Agreement) after the IPO Date in accordance with the Shareholders Agreement.

 

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

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Fully-Diluted” means
all outstanding Shares, all Shares issuable in respect of all outstanding securities convertible into or exchangeable for Common
Stock and all Shares issuable in respect of all outstanding options, warrants and other rights to acquire Common Stock; provided
that, if any of the foregoing Company Securities are subject to vesting, such Company Securities subject to vesting shall
be included in the definition of “Fully-Diluted” only upon and to the extent of such vesting.

 

“IPO Date” means the
date on which the IPO is consummated.

 

“MERS Party” means Municipal
Employees’ Retirement System of Michigan and any Affiliates of the foregoing to whom Common Stock is Transferred by a Stockholder
(as defined in the Shareholders Agreement) after the IPO Date in accordance with the Shareholders Agreement.

 

“Other Stockholders”
means all Stockholders other than the Electrum Parties and the MERS Party.

 

“Person” means an individual,
partnership, limited liability company, corporation, trust, other entity, association, estate, unincorporated organization or
a government or any agency or political subdivision thereof.

 

“Public Offering” means
an underwritten public offering of Registrable Securities pursuant to an effective registration statement under the Securities
Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

 

“Registrable Securities”
means, at any time, any Shares until (i) a registration statement covering such Shares has been declared effective by the
SEC and such Shares have been disposed of pursuant to such effective registration statement, (ii) such Shares are sold under
circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities
Act are met or (iii) such Shares are otherwise Transferred, the Company has delivered a new certificate or other evidence
of ownership for such Shares not bearing a restricted legend and such Shares may be resold without subsequent registration under
the Securities Act.

 

    2 

     

    

 

“Registration Expenses”
means any and all expenses incident to the performance of or compliance with any registration or marketing of Company Securities,
including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of
securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with
any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue
sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing
and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements
thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries
and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements
of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company
(including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public
accountants of any comfort letters requested pursuant to Section 2.04(h)), (vii) reasonable fees and expenses of any
special experts retained by the Company (including independent mining consultants) in connection with such registration, (viii) reasonable
fees, out-of-pocket costs and expenses of the Stockholders, including one counsel for all of the Stockholders participating in
the offering selected (A) by the Electrum Parties, in the case of any offering in which any of the Electrum Parties participates,
or (B) if no Electrum Parties participate and if the MERS Party participates, then the MERS Party, (ix) fees and expenses
in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses
of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto, (x) fees
and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts
and commissions attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among
underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and
other documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’
and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such
offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in
connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in
connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies
and (xv) all out-of pocket costs and expenses incurred by the Company or its appropriate officers in connection with their
compliance with Section 2.04(m).

 

“Rule 144” means
Rule 144 (or any successor provisions) under the Securities Act.

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

“Shares” means shares
of Common Stock.

 

“Shareholders Agreement”
means the shareholders agreement entered into among the Company, the Electrum Parties and the MERS Party dated as October 30,
2020.

 

“Transfer” means (a) a
direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of Common
Stock, or any legal or beneficial interest therein, including the grant of an option or other right or the grant of any interest
that would result in a Stockholder no longer having the power to vote, or cause to be voted, such Stockholder’s Common Stock,
whether directly or indirectly, whether voluntarily, involuntarily or by operation of law or (b) any agreement to take or
commit to any of the foregoing actions; and “Transferred,” “Transferee,” “Transferor,”
and “Transferability” shall each have a correlative meaning. For the avoidance of doubt, a transfer, sale,
exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct
or indirect parent thereof, all or substantially all of whose assets are, directly or indirectly, Company Shares shall constitute
a “Transfer” of Common Stock for purposes of this Agreement. For the avoidance of doubt, a transfer, sale, exchange,
assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Stockholder, or direct or indirect
parent thereof, which has substantial assets in addition to Common Stock shall not constitute a “Transfer” of Common
Stock for purposes of this Agreement.

 

    3 

     

    

 

(a)            Each
of the following terms is defined in the Section set forth opposite such term:

 

	Term	 	Section	 
	Company	 	Preamble	 
	Damages	 	2.05	 
	Demand Registration	 	2.01(a)	
	Indemnified Party	 	2.07	 
	Indemnifying Party	 	2.07	 
	Inspectors	 	2.04(g)	
	IPO	 	Preamble	 
	Maximum Offering Size	 	2.01(c)	
	Piggyback Registration	 	2.02(a)	
	Records	 	2.04(g)	
	Registering Stockholders	 	2.01(a)	
	Requesting Stockholder	 	2.01(a)	
	Shelf Registration	 	2.01(f)	
	Stockholder	 	Preamble	 

 

Section 1.02. Other Definitional
and Interpretative Provisions.

 

(a)            The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)            The
words “hereof,” “herein,” “hereunder” and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are
to this Agreement unless otherwise specified.

 

(c)            The
term “including” is not limiting and means “including without limitation.”

 

(d)            The
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement.

 

(e)            Whenever
the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

    4 

     

    

 

Article 2

Registration Rights

 

Section 2.01. Demand Registration.

 

(a)     If
at any time following the expiration of the period during which the managing underwriters for the IPO shall prohibit the Company
from effecting any other public sale or distribution of Registrable Securities, the Company shall receive a request from either
the Electrum Parties or the MERS Party (that party shall be referred to herein as the “Requesting Stockholder”)
that the Company effected the registration under the Securities Act of all or any portion of such Requesting Stockholder’s
Registrable Securities, and specifying the intended method of disposition thereof, then the Company shall promptly give notice
of such requested registration (each such request shall be referred to herein as a “Demand Registration”) at
least 2 Business Days prior to the anticipated pricing date of the offering relating to such Demand Registration to the other
Stockholders and thereupon shall use its best efforts to effect, as expeditiously as possible, the registration under the Securities
Act of:

 

(i)            all
Registrable Securities for which the Requesting Stockholders have requested registration under this Section 2.01; and

 

(ii)            subject
to the restrictions set forth in Sections 2.01(d) and 2.02, all other Registrable Securities of the same class as those requested
to be registered by the Requesting Stockholders that any Stockholders with rights to request registration under Section 2.01
(all such Stockholders, together with the Requesting Stockholders, and any Stockholders participating in a Piggyback Registration
pursuant to Section 2.02, the “Registering Stockholders”) have requested the Company to register by request
received by the Company within 1 Business Day after such Stockholders receive the Company’s notice of the Demand Registration;

 

all to the extent necessary to permit the disposition (in accordance
with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered; provided that, subject
to Section 2.01(c), the Company shall not be obligated to effect more than three Demand Registrations within a 12-month period.

 

(b)            The
Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether
such Registration is effected.

 

(c)            A
Demand Registration shall not be deemed to have occurred:

 

(i)            unless
the registration statement relating thereto (A) has become effective under the Securities Act and (B) has remained effective
for a period of at least 180 days (or such shorter period in which all Registrable Securities of the Registering Shareholders
included in such registration have actually been sold thereunder); provided that such registration statement shall not
be considered a Demand Registration if, after such registration statement becomes effective, (1) such registration statement
is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court
and (2) less than 75% of the Registrable Securities included in such registration statement have been sold thereunder; or

 

(ii)            if
the Maximum Offering Size is reduced in accordance with Section 2.01(d) such that less than 66 2/3% of the Registrable
Securities of the Requesting Shareholders sought to be included in such registration are included.

 

    5 

     

    

 

(d)            If
a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Company and the Requesting
Stockholders that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including
any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of shares
that can be sold without having an adverse effect on such offering, including the price at which such shares can be sold (the
 “Maximum Offering Size”), the Company shall include in such registration, in the priority listed below, up
to the Maximum Offering Size:

 

(i)            first,
all Registrable Securities of a party with rights under Section 2.01 (allocated, if necessary for the offering not to exceed
the Maximum Offering Size, pro rata among such entities on the basis of the relative number of Registrable Securities so requested
to be included in such registration by each such Stockholder); and

 

(ii)            second,
all Registrable Securities requested to be included in such registration by any other Registering Stockholder or Person, including
the Company (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such other Stockholders
on the basis of the relative number of Registrable Securities so requested to be included in such registration by each such Stockholder).

 

(e)            Upon
notice to each Requesting Stockholder, the Company may postpone effecting a registration pursuant to this Section 2.01 on
one occasion during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 90 days
(which period may not be extended or renewed), if (i) an investment banking firm of recognized national standing shall advise
the Company and the Requesting Stockholders in writing that effecting the registration would materially and adversely affect an
offering of securities of such Company the preparation of which had then been commenced or (ii) the Company is in possession
of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes
would not be in the best interests of the Company.

 

(f)            At
any time following the consummation of the IPO, upon the request of the Electrum Parties, the Company shall use its best efforts
to file a “shelf” registration statement (the “Shelf Registration”) with respect to the Registrable
Securities on an appropriate form pursuant to Rule 415 (or any similar provision that may be adopted by the SEC) under the
Securities Act and to cause such Shelf Registration to become effective and to keep such Shelf Registration in effect until the
Stockholders no longer hold any Registrable Securities. Any offer or sale of Registrable Securities pursuant to the Shelf Registration
in any underwritten Public Offering shall be deemed to be a Demand Registration subject to the provisions of Section 2.01(a).

 

Section 2.02. Piggyback Registration. 

 

(a)     If
the Company proposes to register any Company Securities under the Securities Act (other than a registration on Form S-8,
S-4 or F-4, or any successor forms, relating to Shares issuable upon exercise of employee stock options or in connection with
any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another
Person), whether or not for sale for its own account, the Company shall each such time give prompt notice at least 2 Business
Days prior to the anticipated pricing date of the offering relating to such registration to each Stockholder, which notice shall
set forth such Stockholder’s rights under this Section 2.02 and shall offer such Stockholder the opportunity to include
in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered
as each such Stockholder may request (a “Piggyback Registration”), subject to the provisions of Section 2.02(b).
Upon the request of any such Stockholder made within 1 Business Day after the receipt of notice from the Company (which request
shall specify the number of Registrable Securities intended to be registered by such Stockholder), the Company shall use its reasonable
best efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so requested
to register by all such Stockholders, to the extent requisite to permit the disposition of the Registrable Securities so to be
registered; provided that (i) if such registration involves an underwritten Public Offering, all such Stockholders
requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected
as provided in Section 2.04(f) on the same terms and conditions as apply to the Company or the Requesting Stockholders,
as applicable, and (ii) if, at any time after giving notice of its intention to register any Company Securities pursuant
to this Section 2.02(a) and prior to the effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason not to register such securities, the Company shall give notice to all
such Stockholders and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with
such registration. No registration effected under this Section 2.02 shall relieve the Company of its obligations to effect
a Demand Registration to the extent required by Section 2.01. The Company shall pay all Registration Expenses in connection
with each Piggyback Registration.

 

    6 

     

    

 

(b)            If
a Piggyback Registration involves an underwritten Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in Section 2.01(d) shall apply) and the managing underwriter
advises the Company that, in its view, the number of Registrable Securities that the Company and such Stockholders intend to include
in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority,
up to the Maximum Offering Size:

 

(i)            first,
so much of the Registrable Securities proposed to be registered for the account of the Company as would not cause the offering
to exceed the Maximum Offering Size;

 

(ii)            second,
all Registrable Securities of a party with rights under Section 2.01 (allocated, if necessary for the offering not to exceed
the Maximum Offering Size, pro rata among such Stockholders on the basis of the relative number of shares of Registrable Securities
so requested to be included in such registration by each); and

 

(iii)           third,
all Registrable Securities requested to be included in such registration by any Stockholders who do not have Demand Registration
rights pursuant to Section 2.01 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata
among such Stockholders on the basis of the relative number of shares of Registrable Securities so requested to be included in
such registration by each such Stockholder).

 

Section 2.03. Lock-Up Agreements.
If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither the Company nor
any Stockholder who is a director or executive officer of the Company shall effect any public sale or distribution, including
any sale pursuant to Rule 144, of Registrable Securities during the period beginning 14 days prior to the anticipated pricing
of the offering until 180 days following the pricing of the offering (subject to customary exceptions to be agreed upon with the
lead-managing underwriter for the Public Offering).

 

Section 2.04. Registration Procedures.
Whenever Stockholders request that any Registrable Securities be registered pursuant to Section 2.01 or 2.02, subject to
the provisions of such Sections, the Company shall use its reasonable best efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of disposition thereof as quickly as practicable, and, in connection
with any such request:

 

(a)            The
Company shall as expeditiously as possible prepare and file with the SEC a registration statement on any form for which the Company
then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable
Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its reasonable
best efforts to cause such filed registration statement to become and remain effective for a period of not less than 180 days,
or in the case of a shelf registration statement, one year (or such shorter period in which all of the Registrable Securities
of the Stockholders included in such registration statement shall have actually been sold thereunder).

 

    7 

     

    

 

(b)            Prior
to filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish
to each participating Stockholder and each underwriter, if any, of the Registrable Securities covered by such registration statement
copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to such Stockholder and
underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration
statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424,
Rule 430A, Rule 430B or Rule 430C under the Securities Act and such other documents as such Stockholder or underwriter
may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Stockholder. Each Stockholder
shall have the right to request that the Company modify any information contained in such registration statement, amendment and
supplement thereto pertaining to such Stockholder and the Company shall use its reasonable best efforts to comply with such request;
provided, however, that the Company shall not have any obligation so to modify any information if the Company reasonably
expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading.

 

(c)            After
the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply
with the provisions of the Securities Act with respect to the disposition of all Securities covered by such registration statement
during the applicable period in accordance with the intended methods of disposition by the Stockholders thereof set forth in such
registration statement or supplement to such prospectus and (iii) promptly notify each Stockholder holding Registrable Securities
covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission and
take all reasonable actions required to prevent the entry of such stop order or to remove it if entered.

 

(d)            The
Company shall use its reasonable best efforts to (i) register or qualify the Registrable Securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering
Stockholder holding such Registrable Securities reasonably (in light of such Stockholder’s intended plan of distribution)
requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies
or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Stockholder to consummate the disposition of the Registrable Securities
owned by such Stockholder; provided that the Company shall not be required to (A) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.04(d), (B) subject itself
to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

 

    8 

     

    

 

(e)            The
Company shall immediately notify each Registering Stockholder holding such Registrable Securities covered by such registration
statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence
of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly
prepare and make available to each such Stockholder and file with the SEC any such supplement or amendment.

 

(f)            The
Electrum Parties shall have the right, in their sole discretion, to select an underwriter or underwriters in connection with any
Public Offering resulting from the exercise by the Electrum Parties of a Demand Registration. The Company shall select an underwriter
or underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall enter
into customary agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including
the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements
with FINRA.

 

(g)            Upon
execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall make available
for inspection by any Stockholder and any underwriter participating in any disposition pursuant to a registration statement being
filed by the Company pursuant to this Section 2.04 and any attorney, accountant or other professional retained by any such
Stockholder or underwriter (collectively, the “Inspectors”), all financial and other records (including technical
information), pertinent corporate documents and properties of the Company (collectively, the “Records”) as
shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any Inspectors in connection with such registration
statement. Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential
shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement
or omission in such registration statement or (ii) the release of such Records is ordered pursuant to a subpoena or other
order from a court of competent jurisdiction. Each Stockholder agrees that information obtained by it as a result of such inspections
shall be deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Registrable
Securities unless and until such information is made generally available to the public. Each Stockholder further agrees that,
upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company
and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential.

 

(h)            The
Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a signed counterpart, addressed to
such Registering Stockholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort
letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters
of the kind customarily covered by opinions or comfort letters, as the case may be, as a majority of such Stockholders or the
managing underwriter therefor reasonably requests.

 

(i)            The
Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and
make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall
satisfy the provisions of Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder.

 

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(j)            The
Company may require each Stockholder promptly to furnish in writing to the Company such information regarding the distribution
of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally
required in connection with such registration.

 

(k)            Each
Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.04(e),
such Stockholder shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering
such Registrable Securities until such Stockholder’s receipt of the copies of the supplemented or amended prospectus contemplated
by Section 2.04(e), and, if so directed by the Company, such Stockholder shall deliver to the Company all copies, other than
any permanent file copies then in such Stockholder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during
which such registration statement shall be maintained effective (including the period referred to in Section 2.04(a)) by
the number of days during the period from and including the date of the giving of notice pursuant to Section 2.04(e) to
the date when the Company shall make available to such Stockholder a prospectus supplemented or amended to conform with the requirements
of Section 2.04(e).

 

(l)            The
Company shall use its reasonable best efforts to list all Registrable Securities covered by such registration statement on any
securities exchange or quotation system on which any of the Registrable Securities are then listed or traded.

 

(m)            The
Company shall have appropriate officers of the Company (i) prepare and make presentations at any “road shows”
and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable
Securities and (iii) otherwise use their reasonable best efforts to cooperate as reasonably requested by the underwriters
in the offering, marketing or selling of the Registrable Securities.

 

Section 2.05. Indemnification by
the Company. The Company agrees to indemnify and hold harmless each Stockholder beneficially owning any Registrable Securities
covered by a registration statement, its officers, directors, employees, partners and agents, and each Person, if any, who controls
such Stockholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against
any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’
fees and expenses) (“Damages”) caused by or relating to any untrue statement or alleged untrue statement of
a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented
if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or free writing prospectus
(as defined in Rule 405 under the Securities Act), or caused by or relating to any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as such Damages are caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made
based upon information furnished in writing to the Company by such Stockholder or on such Stockholder’s behalf expressly
for use therein. The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors
and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act on substantially the same basis as that of the indemnification of the Stockholders provided in this Section 2.05.

 

    10 

     

    

 

Section 2.06. Indemnification by
Participating Stockholders. Each Stockholder holding Registrable Securities included in any registration statement agrees,
severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if
any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act to the same extent as the foregoing indemnity from the Company to such Stockholder, but only with respect to information furnished
in writing by such Stockholder or on such Stockholder’s behalf expressly for use in any registration statement or prospectus
relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. Each such Stockholder
also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person
who controls such underwriters within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act on substantially the same basis as that of the indemnification of the Company provided in this Section 2.06. As a condition
to including Registrable Securities in any registration statement filed in accordance with Article 2, the Company may require
that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless
to the extent customarily provided by underwriters with respect to similar securities. No Stockholder shall be liable under this
Section 2.06 for any Damages in excess of the net proceeds realized by such Stockholder in the sale of Registrable Securities
of such Stockholder to which such Damages relate.

 

Section 2.07. Conduct of Indemnification
Proceedings. If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect
of which indemnity may be sought pursuant to this Article 2, such Person (an “Indemnified Party”) shall
promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing
and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Party, and shall assume the payment of all fees and expenses; provided that the failure of any Indemnified
Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the
extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified
Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention
of such counsel or (ii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with
any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable
fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified
Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for
the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not
be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there
be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from
and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Without the prior written
consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in
respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such
proceeding.

 

    11 

     

    

 

Section 2.08. Contribution.
If the indemnification provided for in this Article 2 is unavailable to the Indemnified Parties in respect of any Damages,
then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable
by such Indemnified Party as a result of such Damages (i) as between the Company and the Stockholders holding Registrable
Securities covered by a registration statement on the one hand and the underwriters on the other, in such proportion as is appropriate
to reflect the relative benefits received by the Company and such Stockholders on the one hand and the underwriters on the other,
from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and such Stockholders on
the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Damages,
as well as any other relevant equitable considerations and (ii) as between the Company on the one hand and each such Stockholder
on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of each such Stockholder in
connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received
by the Company and such Stockholders on the one hand and such underwriters on the other shall be deemed to be in the same proportion
as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received
by the Company and such Stockholders bear to the total underwriting discounts and commissions received by such underwriters, in
each case as set forth in the table on the cover page of the prospectus. The relative fault of the Company and such Stockholders
on the one hand and of such underwriters on the other shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company and such Stockholders or by such underwriters. The relative fault of the Company on the one hand and of
each such Stockholder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such
party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

The Company and the Stockholders agree
that it would not be just and equitable if contribution pursuant to this Section 2.08 were determined by pro rata allocation
(even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified
Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 2.08, no underwriter shall be required
to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by
it and distributed to the public were offered to the public exceeds the amount of any Damages that such underwriter has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no Stockholder
shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities
of such Stockholder were offered to the public (less underwriters’ discounts and commissions) exceeds the amount of any
Damages that such Stockholder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Stockholder’s
obligation to contribute pursuant to this Section 2.08 is several in the proportion that the proceeds of the offering received
by such Stockholder bears to the total proceeds of the offering received by all such Stockholders and not joint.

 

    12 

     

    

 

Section 2.09. Participation in
Public Offering. No Stockholder may participate in any Public Offering hereunder unless such Stockholder (i) agrees to
sell such Stockholder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions
of this Agreement in respect of registration rights.

 

Section 2.10. Other Indemnification.
Indemnification similar to that specified herein (with appropriate modifications) shall be given by the Company and each Stockholder
participating therein with respect to any required registration or other qualification of securities under any federal or state
law or regulation or governmental authority other than the Securities Act.

 

Section 2.11. Cooperation by the
Company. If any Stockholder shall transfer any Registrable Securities pursuant to Rule 144, the Company shall cooperate,
to the extent commercially reasonable, with such Stockholder and shall provide to such Stockholder such information as such Stockholder
shall reasonably request.

 

Section 2.12. No Transfer of Registration
Rights. None of the rights of Stockholders under this Article 2 shall be assignable by any Stockholder to any Person
acquiring Securities in any Public Offering or pursuant to Rule 144, except a transfer to an Affiliate of an Electrum Party
or the MERS Party in accordance with Article 4 of the Shareholders Agreement or in connection with the transfer of all Common
Stock held by the Electrum Parties or the MERS Party to a third party.

 

Article 3

Miscellaneous

 

Section 3.01. Binding Effect; Assignability;
Benefit.

 

(a)     This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal representatives
and permitted assigns. Any Stockholder that ceases to own beneficially any Company Securities shall cease to be bound by the terms
hereof (other than (i) the provisions of Sections 2.05, 2.06, 2.07, 2.08 and 2.10 applicable to such Stockholder with respect
to any offering of Registrable Securities completed before the date such Stockholder ceased to own any Company Securities and
(ii) Sections 3.02, 3.04, 3.05, 3.06 and 3.07).

 

(b)      Nothing
in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

 

Section 3.02. Notices. Unless
otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications
authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall
be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic
mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by
air courier guaranteeing overnight delivery, addressed to the Company, the Electrum Parties and the MERS Party at the address
set forth below or to the applicable Stockholder at the address indicated on Annex A hereto (or at such other address for a Stockholder
as shall be specified by like notice):

 

    13 

     

    

 

If to the Company, to:

 

Gatos Silver, Inc.

8400 E. Crescent Pkwy 

Suite 600

Greenwood Village, CO 80111

Attention: Roger Johnson

Fax: (303) 784-5351

E-mail: roger.johnson@ssmines.com

 

with a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Richard D. Truesdell, Jr.

Facsimile No.: (212) 701-5674

E-mail:     richard.truesdell@davispolk.com

 

with a copy to the Electrum Parties and
the MERS Party at the address listed below.

 

If to the Electrum Parties, to:

 

Tigris Financial Group Ltd.

535 Madison Avenue, 12th Floor 

New York, NY 10022

Attention: Andrew M. Shapiro

Fax: (646) 365-1637

Email: ashapiro@tigris.com

 

If to the MERS Party, to:

 

Municipal Employees’ Retirement System of Michigan

1134 Municipal Way 

Lansing, MI 48917

Attention: Brian LaVictoire

Fax: (517) 703-9722

Email: blavictoire@mersofmich.com

 

Any Person that becomes a Stockholder shall
provide its address and fax number to the Company, which shall promptly provide such information to each other Stockholder.

 

Section 3.03. Waiver; Amendment;
Termination.

 

(a)     Subject
to Section 3.03(b), no provision of this Agreement may be amended, waived or otherwise modified except by an instrument in
writing executed by the Company with approval of the Board of Directors and Stockholders holding at least a majority of all Shares
(as determined on a Common Equivalents and Fully-Diluted basis), held by the parties hereto at the time of such proposed amendment
or modification. In addition, any party may waive any provision of this Agreement with respect to itself by an instrument in writing
executed by the party against whom the waiver is to be effective.

 

    14 

     

    

 

(b)            In
addition, any amendment, waiver or modification of any provision of this Agreement that would materially and adversely affect
any Stockholder in a manner that is disparate from the manner in which it affects other Stockholders may be effected only with
the consent of the Stockholder so affected.

 

Section 3.04. Governing Law.
This Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, excluding any conflict-of-laws
rule or principle (whether of Delaware or any other jurisdiction) that might refer the governance or the construction of
this Agreement to the law of another jurisdiction.

 

Section 3.05. Jurisdiction.
Each of the parties (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware
in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from such court and (c) agrees that it will not bring any action relating
to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the
State of Delaware. Each Party hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice
or document by U.S. registered mail to the respective addresses set forth in Section 3.02 shall be effective service of process
for any suit or proceeding in connection with this Agreement.

 

Section 3.06. WAIVER OF JURY TRIAL.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. The Company or any Stockholder
may file an original counterpart or a copy of this Section 3.06 with any court as written evidence of the consent of any
of the Parties to the waiver of their rights to trial by jury.

 

Section 3.07. Specific Performance.
It is hereby agreed and acknowledged that it will be impossible to measure the money damages that would be suffered if the parties
fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an aggrieved
party will be irreparably damaged and will not have an adequate remedy at law. Each party shall, therefore, be entitled (in addition
to any other remedy to which such party may be entitled at law or in equity) to seek injunctive relief, including specific performance,
to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of
the provisions of this Agreement, none of the parties shall raise the defense that there is an adequate remedy at law.

 

Section 3.08. Counterparts; Effectiveness.
This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an
original.

 

Section 3.09. Entire Agreement.
This Agreement, the Stockholder Agreement and the Subscription Agreement constitute the entire agreement among the parties hereto
and supersede all prior and contemporaneous agreements and understandings, both oral and written, among the parties hereto with
respect to the subject matter hereof and thereof.

 

    15 

     

    

 

Section 3.10. Severability.
In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall be construed
by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability
of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

 

 

    16 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

  

	
	 	THE COMPANY:
	 	 
	 	 
	 	GATOS SILVER, INC.
	 	 
	 	 
		By:	/s/ Roger Johnson
	 		Name:	Roger Johnson
	 		Title:	Chief Financial Officer

  

	
	 	THE ELECTRUM PARTIES:
	 	 
		ELECTRUM SILVER US LLC
	 	 
	 	 
		By:	/s/ Andrew M. Shapiro
	 		Name:	Andrew M. Shapiro
	 		Title:	Managing Director

 

 

	
	 	ELECTRUM SILVER US II LLC
	 	 
	 	 
		By:	/s/ Andrew M. Shapiro
	 		Name:	Andrew M. Shapiro
	 		Title:	Managing Director

 

	
	 	TIGRIS FINANCIAL GROUP LTD.
	 	 
	 	 
		By:	/s/ Andrew M. Shapiro
	 		Name:	Andrew M. Shapiro
	 		Title:	President

 

	
	 	GRAT HOLDINGS LLC
	 	 
	 	 
		By:	/s/ Andrew M. Shapiro
	 		Name:	Andrew M. Shapiro
	 		Title:	President

 

	
	 	MANUL CAPITAL MANAGEMENT LLC
	 	 
	 	 
		By:	/s/ Andrew M. Shapiro
	 		Name:	Andrew M. Shapiro
	 		Title:	President

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

	 	THE MERS PARTY:
	 	 
	 	 
	 	THE MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM OF MICHIGAN
	 	 
	 	 
		By:	/s/ Brian LaVictoire
	 		Name:  Brian LaVictoire
	 		Title:    Deputy General Counsel for Investments & Compliance

 

[Signature Page to
Registration Rights Agreement]

 

     

     

    

 

Annex A

 

Other Stockholder AddressesEX-4.1

 Exhibit 4.1 

TRACTOR SUPPLY COMPANY 

INDENTURE 
 Dated as of
October 30, 2020 
 between 

Tractor Supply Company 
 as
Company 
 and 
 Regions Bank

 as Trustee 
 Senior Debt
Securities 

 TRACTOR SUPPLY COMPANY 

Reconciliation and tie showing the location in the Indenture dated as of October 30, 2020 of the provisions inserted pursuant to Sections 310 to 318(a),
inclusive, of the Trust Indenture Act of 1939, as amended. 
  

					
	 Trust Indenture Act Section
	  	Indenture Section	 
	 SECTION 310 (a) (1)
	  	 	7.9	 
	 SECTION 310 (a) (2)
	  	 	7.9	 
	 SECTION 310 (b)
	  	 	7.7, 7.9	 
	 SECTION 311 (a)
	  	 	7.10	 
	 SECTION 311 (b)
	  	 	7.10	 
	 SECTION 312 (a)
	  	 	2.6	 
	 SECTION 312 (b)
	  	 	10.2	 
	 SECTION 312 (c)
	  	 	10.2	 
	 SECTION 313 (a)
	  	 	7.11	 
	 SECTION 313 (b)
	  	 	7.11	 
	 SECTION 313 (c)
	  	 	7.11	 
	 SECTION 313 (d)
	  	 	7.11	 
	 SECTION 314 (a)
	  	 	4.2, 4.5	 
	 SECTION 314 (c) (1)
	  	 	10.3	 
	 SECTION 314 (c) (2)
	  	 	10.3	 
	 SECTION 314 (e)
	  	 	10.4	 
	 SECTION 316 (a)
	  	 	1.1	 
	 SECTION 316 (a) (1) (A)
	  	 	6.12	 
	 SECTION 316 (a) (1) (B)
	  	 	6.13	 
	 SECTION 316 (b)
	  	 	6.8	 
	 SECTION 317 (a) (1)
	  	 	6.3	 
	 SECTION 317 (a) (2)
	  	 	6.4	 
	 SECTION 317 (b)
	  	 	2.5	 
	 SECTION 318 (a)
	  	 	1.4	 

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 i 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.1.
	  	Definitions.	  	 	1	 
	 Section 1.2.
	  	Other Definitions.	  	 	4	 
	 Section 1.3.
	  	Rules of Construction.	  	 	5	 
	 Section 1.4.
	  	Conflict with Trust Indenture Act.	  	 	5	 
		
	 ARTICLE II. THE SECURITIES
	  	 	6	 
	 Section 2.1.
	  	Issuable in Series.	  	 	6	 
	 Section 2.2.
	  	Establishment of Terms of Series of Securities.	  	 	6	 
	 Section 2.3.
	  	Execution and Authentication.	  	 	9	 
	 Section 2.4.
	  	Registrar, Paying Agent and Transfer Agent.	  	 	10	 
	 Section 2.5.
	  	Paying Agent to Hold Money in Trust.	  	 	10	 
	 Section 2.6.
	  	Securityholder Lists.	  	 	11	 
	 Section 2.7.
	  	Transfer and Exchange.	  	 	11	 
	 Section 2.8.
	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	 	11	 
	 Section 2.9.
	  	Outstanding Securities.	  	 	12	 
	 Section 2.10.
	  	Treasury Securities.	  	 	13	 
	 Section 2.11.
	  	Temporary Securities.	  	 	13	 
	 Section 2.12.
	  	Cancellation.	  	 	13	 
	 Section 2.13.
	  	Defaulted Interest.	  	 	13	 
	 Section 2.14.
	  	Global Securities.	  	 	13	 
	 Section 2.15.
	  	CUSIP Numbers.	  	 	15	 
		
	 ARTICLE III. REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	15	 
	 Section 3.1.
	  	Notice to Trustee; No Liability for Calculations.	  	 	15	 
	 Section 3.2.
	  	Selection of Securities to be Redeemed.	  	 	16	 
	 Section 3.3.
	  	Notice of Redemption.	  	 	16	 
	 Section 3.4.
	  	Effect of Notice of Redemption.	  	 	17	 
	 Section 3.5.
	  	Deposit of Redemption Price.	  	 	17	 
	 Section 3.6.
	  	Securities Redeemed in Part.	  	 	17	 
	 Section 3.7.
	  	Sinking Fund.	  	 	18	 
	 Section 3.8.
	  	Satisfaction of Sinking Fund Payments with Securities.	  	 	18	 
	 Section 3.9.
	  	Redemption of Securities for Sinking Fund.	  	 	18	 
		
	 ARTICLE IV. COVENANTS
	  	 	18	 
	 Section 4.1.
	  	Payment of Principal, Premium and Interest.	  	 	18	 
	 Section 4.2.
	  	Compliance Certificate.	  	 	19	 
	 Section 4.3.
	  	Stay, Extension and Usury Laws.	  	 	19	 
	 Section 4.4.
	  	Corporate Existence.	  	 	19	 
	 Section 4.5.
	  	Reports.	  	 	20	 
		
	 ARTICLE V. SUCCESSORS
	  	 	20	 
	 Section 5.1.
	  	Consolidation, Merger and Sale of Assets.	  	 	20	 

  
 ii 

							
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	20	 
	 Section 6.1.
	  	Events of Default.	  	 	20	 
	 Section 6.2.
	  	Acceleration of Maturity; Rescission and Annulment.	  	 	22	 
	 Section 6.3.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	23	 
	 Section 6.4.
	  	Trustee May File Proofs of Claim.	  	 	23	 
	 Section 6.5.
	  	Trustee May Enforce Claims Without Possession of Securities.	  	 	24	 
	 Section 6.6.
	  	Application of Money Collected.	  	 	24	 
	 Section 6.7.
	  	Limitation on Suits.	  	 	24	 
	 Section 6.8.
	  	Unconditional Right of Holders to Receive Principal and Interest.	  	 	25	 
	 Section 6.9.
	  	Restoration of Rights and Remedies.	  	 	25	 
	 Section 6.10.
	  	Rights and Remedies Cumulative.	  	 	25	 
	 Section 6.11.
	  	Delay or Omission Not Waiver.	  	 	26	 
	 Section 6.12.
	  	Control by Holders.	  	 	26	 
	 Section 6.13.
	  	Waiver of Past Defaults.	  	 	26	 
	 Section 6.14.
	  	Undertaking for Costs.	  	 	26	 
		
	 ARTICLE VII. TRUSTEE
	  	 	27	 
	 Section 7.1.
	  	Duties of Trustee.	  	 	27	 
	 Section 7.2.
	  	Rights of Trustee.	  	 	28	 
	 Section 7.3.
	  	May Hold Securities.	  	 	30	 
	 Section 7.4.
	  	Trustee’s Disclaimer.	  	 	30	 
	 Section 7.5.
	  	Notice of Defaults.	  	 	30	 
	 Section 7.6.
	  	Compensation and Indemnity.	  	 	30	 
	 Section 7.7.
	  	Replacement of Trustee.	  	 	31	 
	 Section 7.8.
	  	Successor Trustee by Merger, Etc.	  	 	33	 
	 Section 7.9.
	  	Eligibility; Disqualification.	  	 	33	 
	 Section 7.10.
	  	Preferential Collection of Claims Against Company.	  	 	34	 
	 Section 7.11.
	  	Reports by Trustee.	  	 	34	 
		
	 ARTICLE VIII. DISCHARGE OF INDENTURE
	  	 	34	 
	 Section 8.1.
	  	Termination of Company’s Obligations.	  	 	34	 
	 Section 8.2.
	  	Application of Trust Money.	  	 	37	 
	 Section 8.3.
	  	Repayment to Company.	  	 	38	 
	 Section 8.4.
	  	Reinstatement.	  	 	38	 
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	38	 
	 Section 9.1.
	  	Without Consent of Holders.	  	 	38	 
	 Section 9.2.
	  	With Consent of Holders.	  	 	39	 
	 Section 9.3.
	  	Limitations.	  	 	40	 
	 Section 9.4.
	  	Form of Amendments.	  	 	41	 
	 Section 9.5.
	  	Revocation and Effect of Consents.	  	 	41	 
	 Section 9.6.
	  	Notation on or Exchange of the Securities.	  	 	41	 
	 Section 9.7.
	  	Trustee Protected.	  	 	41	 
		
	 ARTICLE X. MISCELLANEOUS
	  	 	41	 
	 Section 10.1.
	  	Notices.	  	 	41	 
	 Section 10.2.
	  	Communication by Holders with Other Holders.	  	 	43	 
	 Section 10.3.
	  	Certificate and Opinion as to Conditions Precedent.	  	 	43	 
	 Section 10.4.
	  	Statements Required in Certificate or Opinion.	  	 	43	 
	 Section 10.5.
	  	Rules by Trustee and Agents.	  	 	44	 
	 Section 10.6.
	  	Legal Holidays.	  	 	44	 

  
 iii 

							
	 Section 10.7.
	  	No Personal Liability of Directors, Officers, Employees and Certain Others.	  	 	44	 
	 Section 10.8.
	  	Counterparts.	  	 	44	 
	 Section 10.9.
	  	Governing Laws.	  	 	45	 
	 Section 10.10.
	  	No Adverse Interpretation of Other Agreements.	  	 	45	 
	 Section 10.11.
	  	Successors.	  	 	45	 
	 Section 10.12.
	  	Severability.	  	 	45	 
	 Section 10.13.
	  	Table of Contents, Headings, Etc.	  	 	45	 
	 Section 10.14.
	  	Judgment Currency.	  	 	45	 
	 Section 10.15.
	  	English Language.	  	 	46	 
	 Section 10.16.
	  	Submission to Jurisdiction.	  	 	46	 
	 Section 10.17.
	  	Waiver of Immunity.	  	 	46	 
	 Section 10.18.
	  	Waiver of Jury Trial.	  	 	47	 
	 Section 10.19.
	  	USA Patriot Act.	  	 	47	 

  
 iv 

 Indenture dated as of October 30, 2020 between Tractor Supply Company, a Delaware corporation, (the
“Company”), and Regions Bank, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders (as defined below) of the Securities (as defined below) issued under this Indenture. 

ARTICLE I. 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1.    Definitions. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under 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, Paying Agent or Transfer Agent or any other agent appointed pursuant to this Indenture. 

“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 certification and delivered to the Trustee. 

“Business Day” means any day except a Saturday, Sunday or a Legal Holiday in the City of New York on which banking institutions or the
Corporate Trust Office are authorized or required by law, regulation or executive order to close. 
 “Capital Stock” of any Person means
any and all shares, interests, participations or other equivalents (however designated) in the equity of such Person. 
 “Certificated
Securities” means definitive Securities in registered non-global certificated form. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Order” or “Company Request” means a written order signed in the name of the Company by one of the Company’s
Officers. 

 “Corporate Trust Office” means the office of the Trustee at which at any particular time
its corporate trust business shall be principally administered, which, as of the date hereof is the address set forth in Section 10.1. 

“Default” means any event that is, or after notice or lapse 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 in 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 6.2. 

“Dollars” or “$” means the currency of the United States of America. 

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

“GAAP” means accounting principles generally accepted in the United States of America, which are in effect as of the date of application
thereof. 
 “Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form
established pursuant to Section 2.2 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. 

“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 in the case of (i) and (ii) 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 Government Obligation or a specific payment of interest on or principal of any such 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 with respect to the Government Obligation evidenced by such depository
receipt. 
 “Holder” or “Securityholder” means a Person in whose name a Security is registered in the register maintained
by the Registrar. 
 “Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of
each Series of Securities established as contemplated hereunder. 

  
 2 

 “Issue Date” means, with respect to any Security, the date of original issuance of such
Security. 
 “Maturity” means, when used with respect to any Security, the date on which the principal of such Security 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 Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice-President (whether or not
designated by a number or numbers or a word or words added before or after the title “Vice President”), the Chief Operating Officer, the Chief Financial Officer, the Treasurer, the Secretary, the Controller, any Assistant Treasurer, any
Assistant Secretary, or any Assistant Controller of the Company. 
 “Officers’ Certificate” means a certificate signed by (1) the
Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice-President, the Chief Financial Officer or the Chief Operating Officer, and (2) the Treasurer, an Assistant Treasurer, the Controller, an Assistant
Controller, the Secretary or an Assistant Secretary of the Company. 
 “Opinion of Counsel” means a written opinion of legal counsel that
is acceptable to the Trustee. The counsel may be a direct or indirect employee of or counsel to the Company. 
 “Periodic Offering” means
an offering of the Securities of a Series from time to time, during which any or all of the specific terms of the Securities, including the rate or rates of interest, if any, thereon, the maturity or maturities thereof and the redemption provisions,
if any, with respect thereto, are to be determined by the Company or its agents upon the issuance of such Securities in accordance with the terms of the relevant supplemental indenture. 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust,
unincorporated organization or any other entity, including any 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 the Security. 
 “Responsible Officer” means
any officer of the Trustee in its Corporate Trust Office having 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 who shall have direct responsibility for the administration of this Indenture. 

“Restricted Security” means, with respect to any Series of Securities, a Security of such Series, unless or until it has been
(i) disposed of in a transaction registered under the Securities Act pursuant to a registration statement with respect to such Series or (ii) distributed to the public pursuant to Rule 144 under the Securities Act or any similar provision
then in force. 
 “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. 

  
 3 

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

“Series” or “Series of Securities” means each series of Securities of the Company created pursuant to Sections 2.1 and 2.2
hereof. 
 “Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which
the principal of such Security is due and payable. 
 “Subsidiary” of any specified Person means any corporation, partnership, limited
liability company or other entity of which more than 50% of the total voting power of outstanding shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof (or Persons performing similar functions) is at the time owned (and, in the case of a partnership, more than 50% of whose total general partnership interests then outstanding is at the time owned), directly or indirectly, by such Person or
other Subsidiaries of such Person or a combination thereof and, in the case of an entity other than a corporation or a partnership, such Person has the power to direct, directly or indirectly, the policies, management and affairs of such entity.

 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust
Indenture Act or a particular provision thereof shall mean such Trust Indenture Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time by rules or regulations adopted by the SEC under or
in furtherance of the purpose of such Trust Indenture Act or provision, as the case may be. 
 “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 or include 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, which shall be appointed pursuant
to a supplemental indenture. 
 “Unrestricted Securities” means, with respect to any Series of Securities, a Security (i) disposed of
in a transaction registered under the Securities Act pursuant to a registration statement with respect to such Series or (ii) distributed to the public pursuant to Rule 144 under the Securities Act or any similar provision then in force. 

Section 1.2.    Other Definitions. 
  

					
	Term	  	Defined in Section	 
	 “Bankruptcy Law”
	  	 	6.1	 
	 “covenant defeasance”
	  	 	8.1(b)	 
	 “Custodian”
	  	 	6.1	 
	 “Events of Default”
	  	 	6.1	 
	 “Judgment Currency”
	  	 	10.14	 
	 “legal defeasance”
	  	 	8.1(c)	 
	 “Legal Holiday”
	  	 	10.6	 
	 “New York Banking Day”
	  	 	10.14	 

  
 4 

					
	 “Paying Agent”
	  	 	2.4	 
	 “Registrar”
	  	 	2.4	 
	 “Related Proceeding”
	  	 	10.16	 
	 “Required Currency”
	  	 	10.14	 
	 “Transfer Agent”
	  	 	2.4	 

 Section 1.3.    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 GAAP; 

(c)    “or” is not exclusive and “including” means including without limitation; 

(d)    words in the singular include the plural, and in the plural include the singular; and 

(e)    provisions apply to successive events and transactions. 

Section 1.4.    Conflict with Trust Indenture Act; Incorporation by Reference. 

If any provision hereof limits, qualifies or conflicts with the duties imposed by any of §§ 310 through 317, inclusive, of the TIA through the
operation of § 318(c) thereof, such imposed duties shall control. 
 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. 

“default” means Event of Default. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

  
 5 

 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. 
 ARTICLE II. 

THE SECURITIES 

Section 2.1.    Issuable in Series. 

The aggregate principal amount of the 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 in, or pursuant to a Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of such Series of Securities. 

Section 2.2.    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 2.2.1
and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.28) by or pursuant to a Board Resolution, Officers’ Certificate or supplemental indenture: 

2.2.1.    the title of the Series of Securities (which shall distinguish the Securities of that particular Series from the Securities of
any other Series); 
 2.2.2.    any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated
and delivered under this Indenture (except for the Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

2.2.3.    the date or dates on which the principal of and premium, if any, on the Securities of the Series is payable; 

2.2.4.    the rate or rates, which may be fixed or variable, at which the Securities of the Series shall bear interest or the manner of
calculation of such rate or rates, if any, including any procedures to vary or reset such rate or rates, and the basis upon which interest will be calculated if other than that of a 360-day year or twelve 30-day months; 
 2.2.5.    the date or dates from which interest shall accrue, the dates on which
such interest will be payable or the manner of determination of such dates, and the record date for the determination of holders to whom interest is payable on any such dates; 

2.2.6.    the place or places where the principal of, and premium, if any, and interest 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 with respect to 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 if other than as set forth in this Indenture; 

  
 6 

 2.2.7.     the right, if any, to extend the interest payment periods or defer the
payment of interest and the duration of such extension or deferral; 
 2.2.8.    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 if other than as set forth in this Indenture; 

2.2.9.    the obligation, if any, of the Company to redeem, purchase or repay, if other than as set forth herein, the Securities of the
Series pursuant to any sinking fund or analogous provisions, including payments made in cash in anticipation of future sinking fund obligations, 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, the Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 

2.2.10.    the terms of any repurchase or remarketing rights; 

2.2.11.    if other than denominations of $2,000 or integral multiples of $1,000 in excess thereof, the denominations in which the
Securities of the Series shall be issuable; 
 2.2.12.    the forms of the Securities of the Series including the form of the
Trustee’s certificate of authentication for such Series; 
 2.2.13.    any trustees, authenticating agents or paying agents with
respect to the Securities of the Series, if different from those set forth in this Indenture; 
 2.2.14.    if the Securities of the
Series shall be issued in whole or in part in the form of one or more Global Securities, the type of Global Securities to be issued; the terms and conditions, if different from those contained in this Indenture, upon which such Global Securities may
be exchanged in whole or in part for other individual Securities in definitive registered form; the Depositary for such Global Securities; and the form of any legend or legends to be borne by any such Global Securities in addition to or in lieu of
the legend referred to in Section 2.14.2; 
 2.2.15.    any provisions granting special rights to Holders when a specified event
occurs; 
 2.2.16.    if the amount of principal of or any premium or interest on the Securities of any Series may be determined with
reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 
 2.2.17.    any special tax
implications of the Securities, including provisions for original issue discount securities, if offered; 
 2.2.18.    whether and upon
what terms the Securities of the Series may be defeased if different from the provisions set forth in this Indenture; 
 2.2.19.    with
regard to the Securities of any Series that do not bear interest, the dates for certain required reports to the Trustee; 

  
 7 

 2.2.20.    whether the Securities of any Series will be issued as Unrestricted
Securities or Restricted Securities, and, if issued as Restricted Securities, the rule or regulation promulgated under the Securities Act in reliance on which they will be sold; 

2.2.21.    any guarantees on the Securities of the Series; 

2.2.22.    the currency or currencies in which payment of the principal of, and premium, if any, and interest on, the Securities of the
Series shall be payable; 
 2.2.23.    if the principal amount payable at the Stated Maturity of the Securities of the Series will not
be determinable as of any one or more dates prior to such Stated Maturity, the amount which will be deemed to be such principal amount as of any such date for any purpose, including the portion of the principal amount thereof that will be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2 or upon any maturity other than the Stated Maturity or that will be deemed to be outstanding as of any such date, or, in any such case, the manner in which
such deemed principal amount is to be determined; 
 2.2.24.    the provisions, if any, relating to any security provided for the
Securities of the Series; 
 2.2.25.    any additional restrictive covenants or Events of Default that will apply to the Securities of
the Series, or any changes to the restrictive covenants set forth in Article IV or the Events of Default set forth in Section 6.1 that will apply to the Securities of the Series, which may consist of establishing different terms or provisions
from those set forth in Article IV or Section 6.1 or eliminating any such restrictive covenant or Event of Default with respect to the Securities of the Series; 

2.2.26.    any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to the
Securities of such Series if other than those appointed herein; 
 2.2.27.    whether the Securities of the Series will be convertible
into or exchangeable for other Securities, common shares or other securities of any kind of the Company or another obligor, and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the initial
conversion or exchange price or rate or the method of calculation, how and when the conversion price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at the Company’s option, the
conversion or exchange period, and any other provision in addition to or in lieu of those described herein; and 
 2.2.28.    any and
all additional, eliminated or changed terms that shall apply to the Securities of the Series, including any terms that may be required by or advisable under United States laws or regulations, including the Securities Act and the rules and
regulations promulgated thereunder, or advisable in connection with the marketing of the Securities of that Series. 
 The 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, Officers’ Certificate or supplemental indenture referred to above. 

  
 8 

 Section 2.3.    Execution and Authentication. 

An Officer of the Company shall sign the Securities for the Company by manual, electronic 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 the
Securities for original issue in the principal amount provided in the Board Resolution, Officers’ Certificate or supplemental indenture, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication
unless otherwise provided by the relevant Board Resolution, Officers’ Certificate or supplemental indenture. 
 Notwithstanding the provisions of
Section 2.2 and the preceding paragraph, in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with a Company Order or such other procedures
acceptable to the Trustee as may be specified by or pursuant to a supplemental indenture or the written order of the Company delivered to the Trustee prior to the time of the first authentication of the Securities of such Series. 

The aggregate principal amount of the 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, Officers’ Certificate or supplemental indenture delivered pursuant to Section 2.2. 
 Prior to the
issuance of the Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, Officers’ Certificate or supplemental indenture 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 10.4, and (c) an
Opinion of Counsel complying with Section 10.4. With respect to Securities of a Series subject to a Periodic Offering, the Trustee conclusively may rely, as to the authorization by the Company of any of such Securities, the forms and terms
thereof and the legality, validity, binding effect and enforceability thereof, upon the written order of the Company, Opinion of Counsel, Officers’ Certificate and other documents delivered pursuant to this Section 2.3 at or prior to the
time of the first authentication of the Securities of such Series unless and until such written order, Opinion of Counsel, Officers’ Certificate or other documents have been superseded or revoked, and written notice thereof is provided to the
Trustee, or expire by their terms. 
 The Trustee shall have the right to decline to authenticate and deliver the Securities of any Series: (a) if the
Trustee, being advised by counsel, determines that such action may not be taken lawfully; (b) if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability or (c) if the Trustee in good faith
shall determine that the terms of any such Securities as set forth in the Board Resolutions or Officer’s Certificate would materially adversely affect it. 

  
 9 

 The Trustee may appoint an authenticating agent to authenticate the Securities. An authenticating agent may
authenticate the 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 2.4.    Registrar, Paying Agent and Transfer Agent. 

The Company will maintain one or more paying agents (each, a “Paying Agent”) for the Securities. The initial Paying Agents will be Regions
Bank and thereafter “Paying Agent” shall mean or include each Person who is then a Paying Agent hereunder, and if at any time there is more than one such Person, “Paying Agent” as used with respect to the Securities of any Series
shall mean the Paying Agent with respect to the Securities of that Series. The Company, upon written notice to the Trustee accompanied by an Officers’ Certificate, may appoint one or more paying agents, other than the Trustee, for all or any
Series of the Securities. If the Company fails to appoint or maintain another entity as paying agent, the Trustee shall act as such. The Company or any of its Subsidiaries, upon notice to the Trustee, may act as paying agent. 

The Company will maintain one or more registrars (each, a “Registrar”) for the Securities. The initial Registrar will be Regions Bank and
thereafter “Registrar” shall mean or include each Person who is then a Registrar hereunder, and if at any time there is more than one such Person, “Registrar” as used with respect to the Securities of any Series shall mean the
Registrar with respect to the Securities of that Series. The Company, upon written notice to the Trustee accompanied by an Officers’ Certificate, may appoint one or more registrars, other than the Trustee, for all or any series of the
Securities. If the Company fails to appoint or maintain another entity as registrar, the Trustee shall act as such. The Company or any of its Subsidiaries, upon notice to the Trustee, may act as registrar. 

The Company will also maintain a transfer agent (each, a “Transfer Agent”) for the Securities. The initial Transfer Agent will Regions Bank
and thereafter “Transfer Agent” shall mean or include each Person who is then a Transfer Agent hereunder, and if at any time there is more than one such Person, “Transfer Agent” as used with respect to the Securities of any
Series shall mean the Transfer Agent with respect to the Securities of that Series. The Company, upon written notice to the Trustee accompanied by an Officers’ Certificate, may appoint one or more transfer agents, other than the Trustee, for
all or any series of the Securities. If the Company fails to appoint or maintain another entity as transfer agent, the Trustee shall act as such. The Company or any of its Subsidiaries, upon notice to the Trustee, may act as transfer agent. 

The Company may change any Paying Agent, Registrar or Transfer Agent for its Securities without prior notice to the Holders. 

Section 2.5.    Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent appointed by it other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of 

  
 10 

 
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 Securityholders of any Series of Securities all money
held by it as Paying Agent. 
 Section 2.6.    Securityholder 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
Securityholders of each Series of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten 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 Securityholders of each Series of Securities. 

Section 2.7.    Transfer and Exchange. 

Where the 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 the requirements for such transactions set forth in this Indenture are met. To permit
registrations of transfers and exchanges, the Trustee shall authenticate the Securities at the Registrar’s request upon the Trustee’s receipt of a Company Order from the Company. 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, 3.6 or 9.6). 
 Neither the Company nor the Registrar shall be required
(a) to issue, register the transfer of, or exchange the 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 the 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 the 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 2.8.    Mutilated,
Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

  
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 If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the
destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to hold 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 receipt of a Company Order, the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a replacement
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 or is about to become due and payable, the Company in its discretion may, instead of issuing a replacement Security, pay such Security. 

Upon the issuance of any replacement Security under this Section 2.8, 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 replacement Security of any Series issued pursuant to this Section 2.8 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 2.8 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 2.9.    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, and those described in this Section 2.9 as not outstanding. 
 If a Security is replaced pursuant to Section 2.8, it ceases to be
outstanding unless 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. 
 The Company may purchase or otherwise acquire the Securities, whether by open market
purchases, negotiated transactions or otherwise. 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 6.2. 

  
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 Section 2.10.    Treasury Securities. 

In determining whether the Holders of the required principal amount of the Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, the Securities of a Series owned by the Company or any Affiliate of 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 the Securities of a Series that a Responsible Officer of the Trustee actually 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 Agents 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 transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement
of the Exchange Act) and deliver a certificate of such destruction to the Company. The Company may not issue new Securities to replace the 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, plus, to the extent permitted by law, any
interest payable on the defaulted interest, to the Persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the record date, the Company shall
deliver to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 

Section 2.14.    Global Securities. 

2.14.1.    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of this Indenture
and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of this Indenture for the Securities registered in the names of Holders 

  
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other than the Depositary for such Security or its nominee only if (a) 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 or (b) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall
be exchangeable for the 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. 

Except as provided in this Section 2.14.1, 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. 

Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any tax or securities laws with
respect to any restrictions on transfer imposed under this Indenture or under applicable law (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 2.14.2.    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.” 
 2.14.3.    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 this Indenture. 

2.14.4.    Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof, which in the case of a Depositary therefor will be made in accordance with its applicable procedures. 

  
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 2.14.5.    Holders. The Company, the Trustee and each Agent shall treat the
Person in whose name any Security is registered in the register maintained by the Registrar as the Holder for all purposes including for purposes of obtaining any consents, declarations, waivers or directions permitted or required to be given by the
Holders pursuant to this Indenture. 
 2.14.6.    None of the Trustee or any Agent shall have any responsibility or obligation to any
beneficial owner of an interest in a Global Security, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect
to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount or
delivery of any Securities (or other security or property) under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders with respect to the Securities shall be given or
made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject
to the applicable rules and procedures of the Depositary. The Trustee and each Agent may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

 Section 2.15.    CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP,” “ISIN” and/or “Common Code” numbers (if then generally in use), and, if
so, the Trustee shall use “CUSIP,” “ISIN” and/or “Common Code” 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. 
 ARTICLE III. 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.1.    Notice to Trustee; No Liability for Calculations. 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay such Series of Securities or may covenant to redeem and pay
such Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for, as applicable, in the Board Resolution, Officers’ Certificate or supplemental indenture relating to such Series.
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 in writing of
the redemption date and the principal amount of Series of Securities to be redeemed at least 45 days before a redemption date (or such shorter notice period as may be acceptable to the Trustee). The Trustee shall have no liability with respect
to or obligation to calculate the redemption price of any Securities to be redeemed pursuant to this Indenture. 

  
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 Section 3.2.    Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, Officers’ Certificate or a supplemental indenture, if less than all of the
Securities of a Series are to be redeemed at any time, the Trustee will select the Securities of a Series to be redeemed by lot, in accordance with the Depositary’s applicable procedures unless otherwise required by law or applicable stock
exchange. The Trustee will not be liable for selections made by it as contemplated in this Section 3.2. 
 Notices of purchase or redemption will be
given to each Holder pursuant to Section 3.3 and Section 10.1. 
 Section 3.3.    Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, Officers’ Certificate or supplemental indenture, at least 30 days but not more
than 60 days before a redemption date, the Company will deliver a notice of redemption to each Holder whose Securities are to be redeemed in accordance with Section 10.1, except that redemption notices may be given more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture pursuant to Article VIII hereof. 

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

(a)    the redemption date; 

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

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

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

(f)    that the Securities called for redemption must be surrendered to the relevant Paying Agent to collect the redemption price, plus
accrued and unpaid interest, if any; 

  
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 (g)    that, unless the Company defaults in making such redemption payment, interest on
the Securities called for redemption cease to accrue on and after the redemption date; 
 (h)    that the Securities of the Series
called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (i)    the paragraph of the Securities
and/or Section of this Indenture pursuant to which the Securities called for redemption are being redeemed; and 
 (j)    that No
representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code numbers, if any, listed in such notice or printed on the Securities. 

At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense;
provided, however, that unless otherwise indicated for a particular Series by Board Resolution, Officers’ Certificate or supplemental indenture, the Company has delivered to the Trustee, at least 35 days prior to the redemption date
(unless a shorter period is agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.4.    Effect of Notice of Redemption. 

Once notice of redemption is mailed or published as provided in Section 3.3, the Securities of a Series called for redemption become due and payable on
the redemption date and at the redemption price. Unless otherwise indicated for a particular Series by Board Resolution, Officers’ Certificate or supplemental indenture, 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 and unpaid interest up to but not including the redemption date. 
 On or
after any purchase or redemption date, unless the Company defaults in payment of the purchase or redemption price, interest shall cease to accrue on the Securities or portions thereof tendered for purchase or called for redemption. 

Section 3.5.    Deposit of Redemption Price. 

On or before 10:00 a.m., New York City time any redemption date, the Company shall deposit with the Paying Agent money in immediately available funds
sufficient to pay the redemption price of and accrued and unpaid interest, if any, on all Securities to be redeemed on that date. 

Section 3.6.    Securities Redeemed in Part. 

Upon surrender of a Certificated Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Certificated Security of the same
Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered and concurrently cancel the surrendered Certificated Security. 

  
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 Section 3.7.    Sinking Fund. 

Unless otherwise indicated for a particular Series by Board Resolution, Officers’ Certificate or supplemental indenture, the provisions of Sections 3.7,
3.8 and 3.9 shall be applicable to any sinking fund for the retirement of the Securities of a Series. 
 The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any series is referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of the Securities of any Series is referred to as an
“optional sinking fund payment.” If provided for by the terms of the Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.8. Each sinking fund payment shall be
applied to the redemption of the Securities of any Series as provided for by the terms of the Securities of such Series. 

Section 3.8.    Satisfaction of Sinking Fund Payments with Securities. 

The Company (a) may deliver outstanding Securities of a Series other than any Securities previously called for redemption and (b) may apply as a
credit the Securities of a Series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such Series required to be made pursuant to the terms of such Securities, provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption 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. 
 Section 3.9.    Redemption of Securities for Sinking Fund. 

Not less than 35 days prior to each sinking fund payment date for any Series of Securities (unless a shorter period is agreed to by the Trustee), the Company
will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that Series pursuant to the terms of the Series, the portion thereof, if any, that is to be satisfied by payment of cash in
the currency in which the Securities of such Series are denominated (except as provided pursuant to Section 2.2), the portion thereof, if any, that is to be satisfied by delivering and crediting the Securities of that Series pursuant to
Section 3.8 and the basis for such credit. Together with such Officers’ Certificate, the Company will deliver to the Trustee any Securities to be so delivered. Not less than 30 days 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 3.2 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 3.3. 
 ARTICLE IV. 

COVENANTS 

Section 4.1.    Payment of Principal, Premium 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
premium, if any, and interest on, the Securities of that Series in accordance with the terms of such Securities and this Indenture. 

  
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Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture for a particular Series, at or before 10:00 a.m., New York City time, on the applicable
payment date, redemption date or repurchase date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of, and premium, if any, and interest on, the Securities of each such Series in accordance with the terms of such
Securities and this Indenture. 
 Section 4.2.    Compliance Certificate. 

The Company shall deliver to the Trustee, within 120 days after the end of the fiscal year of the Company (which as of the date of this Indenture is
December 31, or if the fiscal year with respect to the Company is changed so that it ends on a date other than December 31, such other fiscal year end date as the Company shall notify to the Trustee in writing,) an Officers’
Certificate (which need not contain the statements provided for in Section 10.4), signed by the principal executive, principal financial or principal accounting officer, stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to his or her knowledge the Company is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge). Such Officers’ Certificate need not include a reference to any non-compliance that has been fully
cured prior to the date as of which such certificate speaks. 
 The Company will, so long as any of the Securities are outstanding, deliver to the Trustee,
within 30 days upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.3.    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; 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. 
 Section 4.4.    Corporate Existence. 

Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and
rights (charter and statutory); provided, however, that the Company shall not be required to preserve any such right if its Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of its business
and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders of the Securities. 

  
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 Section 4.5.    Reports. 

(a)    Whether or not required by the rules and regulations of the SEC, so long as any Securities are outstanding, the Company shall file
with the Trustee, within the time periods specified by the SEC’s rules and regulations, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from
time to time by rules and regulations prescribe) that the Company would be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act. The Company shall be deemed to have complied with the previous sentence
to the extent that such information, documents and reports are filed with the SEC via EDGAR (or any successor electronic delivery procedure). 

(b)    Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
 ARTICLE V. 

SUCCESSORS 

Section 5.1.    Consolidation, Merger and Sale of Assets. 

The Company may not consolidate with or merge into any other Person or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all
of the assets of the Company and its Subsidiaries, taken as a whole, to any Person unless either the Company is the surviving corporation or the resulting, surviving or transferee entity is a corporation organized under the laws of the United States
or, if such Person is not a corporation, a co-obligor of the Securities is a corporation organized under any such laws, and any successor or purchaser expressly assumes the Company’s obligations under
this Indenture and the Securities, by an indenture supplemental to this Indenture to which the Company is a party to, and immediately after which, no Default or Event of Default, shall have occurred and be continuing. An Officers’ Certificate
and an Opinion of Counsel will be delivered to the Trustee, which will serve as conclusive evidence of compliance with this Section 5.1. 

ARTICLE VI. 
 DEFAULTS
AND REMEDIES 
 Section 6.1.    Events of Default. 

The following are “Events of Default” with respect to the Securities of any Series, unless in the establishing Board Resolution, Officers’
Certificate or supplemental indenture, it is provided that such Series shall not have the benefit of said Event of Default: 

(a)    failure to pay any interest on the Securities within 30 days after such interest becomes due and payable by the terms of the
Securities of such Series; 

  
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 (b)    failure to pay principal of (or premium, if any, on) the Securities at maturity,
or if applicable, the redemption price, when the same becomes due and payable; 
 (c)    failure to pay any sinking fund installment as
and when the same shall become due and payable by the terms of the Securities, and continuance of such default for a period of 30 days; 

(d)    failure to comply with any of the covenants or agreements in the Securities or this Indenture (other than an agreement or covenant
that the Company has included in this Indenture solely for the benefit of another Series of Securities) for 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company by the Holders of at
least 25% in principal amount of all outstanding Securities of a Series affected by that failure a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(e)    default in the payment of principal when due or resulting in acceleration of other indebtedness of the Company for borrowed money
where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $25,000,000 and the indebtedness is not discharged or acceleration is not rescinded or annulled within ten days after written notice of the
default to us by the Trustee or to the Company and the Trustee by the Holders of at least 25.0% in aggregate principal amount of the Securities of such series then outstanding; provided that the Event of Default will be deemed cured or waived if the
Default that resulted in the acceleration of the other indebtedness is cured or waived or the indebtedness is discharged; 
 (f)    the
Company pursuant to or within the meaning of any Bankruptcy Law: 
 (i)    commences a voluntary case, 

(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, 

(v)    generally is unable to pay its debts as the same become due; 

(g)    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; and 

  
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 (h)    any other Event of Default provided in the supplemental indenture, Officers’
Certificate or Board Resolution under which such Series of Securities is issued or in the form of Security for such Series. 
 The term “Bankruptcy
Law” means title 11, 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. 

A Default under one Series of Securities issued under this Indenture will not necessarily be a default under another Series of Securities under this
Indenture. 
 Section 6.2.    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default for a Series of Securities occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)), the
Trustee or the Holders of at least 25% in principal amount of such Series of Securities may require the Company to pay immediately the principal amount plus accrued and unpaid interest on such Securities. If an Event of Default referred to in
Section 6.1(e) or (f) occurs, the principal amount plus accrued and unpaid interest on such Series of Securities will become immediately due and payable without any action 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 VI provided, 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 consequences if: 
 (a)    the Company has paid or deposited with the Trustee a sum sufficient to pay: 

(i)    all overdue interest on all Securities of that Series, 

(ii)    the principal of (and premium, if any, on) any Securities of that Series which have become due otherwise than by such declaration
of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (iii)    to the extent that
payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

(iv)    all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and 
 (b)    all Events of Default with respect to the Securities of that Series, other than the non-payment of the principal and interest, if any, of the 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. 

  
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 Section 6.3.    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, 
 (b)    default is made in the payment of principal of any Security at the Maturity thereof, or

 (c)    default is made in the deposit of any sinking fund payment when and as due by the terms of a Security, 

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 the 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 6.4.    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 with
respect to 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 

  
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 (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 amounts due the Trustee under Section 7.6. 

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 with respect to the claim of any Holder in any such proceeding. 

Section 6.5.    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 with respect to which such judgment has been recovered. 

Section 6.6.    Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article VI 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 7.6; 

Second: To the payment of the amounts then due and unpaid for principal of, and premium, if any, and interest on, the Securities with respect to 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 6.7.    Limitation on Suits. 

A Holder of the Securities of any Series may pursue any remedy under this Indenture applicable to the Securities of such Series only if: 

(a)    the Holder gives the Trustee written notice of a continuing Event of Default for the Securities of such Series; 

  
 24 

 (b)    the Holders of at least 25% in principal amount of the outstanding Securities of
such Series make a written request to the Trustee to pursue the remedy; 
 (c)    the Holders furnish to the Trustee indemnity
reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request; 

(d)    the Trustee fails to act for a period of 60 days after receipt of notice and furnishing of indemnity; and 

(e)    during that 60-day period, the Holders of a majority in principal amount of the outstanding
Securities of such Series do not give the Trustee a direction inconsistent with the request. 
 This provision does not, however, affect the right of a
Holder of Securities to sue for enforcement of any overdue payment with respect to such Securities. 

Section 6.8.    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 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 6.9.    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 2.8, 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. 

  
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 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 VI 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. 

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)    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 expose the Trustee to personal liability or that it will not be adequately indemnified against the costs, expenses and liabilities which might be incurred by it in complying
with such direction. 
 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 in the payment of the principal of or interest on any Security of such Series (provided, 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). 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, her or its 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 

  
 26 

 
litigant; but the provisions of this Section 6.14 shall not apply to any suit instituted by any Holder for the enforcement of the payment of the principal and interest, if any, on any
Security on or after the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) or to any suit instituted by the Company, the Trustee, or any Holder, or group of Holders, holding in the aggregate more than
10% in principal amount of the outstanding Securities of any Series. 
 ARTICLE VII. 

TRUSTEE 

Section 7.1.    Duties of Trustee. 

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

(b)    Except during the continuance of an Event of Default with respect to the Securities of any Series: 

(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, other than as required under the TIA; and 
 (ii)    in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture. However, the Trustee shall examine such certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 

(c)    The Trustee may not be relieved from liabilities 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 7.1; and 

(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 grossly negligent in ascertaining the pertinent facts. 
 (d)    Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Article VII. 
 (e)    No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity reasonably satisfactory to it
against any loss, liability or expense. 

  
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 (f)    The Trustee shall not be liable for interest on or investment of 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. All money received by the Trustee shall, until applied as
herein provided, be held in trust for the payment of the principal of, premium (if any) and interest on the Securities. 

Section 7.2.    Rights of Trustee. 

(a)    The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting, upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note, debenture or other paper or 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 any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, security or other paper or document. 

(b)    Before the Trustee acts or refrains from acting, it shall be required to receive an Officers’ Certificate and an Opinion of
Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such instruction, Officers’ Certificate or Opinion of Counsel. 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 with respect to any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c)    The Trustee may act through agents, attorneys, custodians or nominees and shall not be responsible for the misconduct or negligence
of any agent, attorney, custodian or nominee 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 conferred upon it by this Indenture or with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the Holders of a majority in aggregate principal amount of the relevant
Series of Securities. 
 (e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from
the Company shall be sufficient if signed by an Officer of the Company. 
 (f)    Anything in this Indenture to the contrary
notwithstanding, in no event shall the Trustee be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits,
whether or not foreseeable, even if the Trustee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. 

(g)    The Trustee shall be under No obligation to exercise any of the trusts or powers vested in it by this Indenture at the request,
order or direction of any of the Holders of Securities pursuant to the provisions of this Indenture, unless such Holders of Securities shall have offered to the Trustee, security or indemnity reasonably satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred therein or thereby. 

  
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 (h)    The Trustee shall not be deemed to have notice of any Event of Default with
respect to the Securities 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 and this Indenture and states that it is a notice of default. 
 (i)    The Trustee may at any
time request, and the Company shall deliver an Officers’ Certificate setting forth the specimen signatures and the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture,
which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(j)    Notwithstanding any provision herein to the contrary, in no event shall the Trustee be liable for any failure or delay in the
performance of its obligations under this Indenture because of circumstances beyond its control, including, but not limited to, acts of God, pandemics, epidemics, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work
stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture, inability to obtain material, equipment, or
communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond its control whether or not of the same class or kind as specifically named above. 

(k)    The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, each Agent, and each other agent, custodian and other Person employed to act hereunder. 

(l)    Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or
consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes, and upon Notes executed and delivered in exchange therefor or
in place thereof. 
 (m)    The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and
powers under this Indenture. 
 (n)    Notwithstanding anything to the contrary set forth herein, in no event shall the Trustee or the
Paying Agent be liable for interest on any money received by it (including, but not limited to, any negative interest) except as the Trustee or the Paying Agent may otherwise agree in writing with the Company. In the event that market conditions are
such that negative interest applies to amounts deposited with the Trustee or the Paying Agent, the Company shall be responsible for the payment of such interest and the Trustee or the Paying Agent shall be entitled to deduct from amounts on deposit
with it an amount necessary to pay such negative interest. For the avoidance of doubt, the compensation, reimbursement and indemnification protections afforded to the Trustee and the Paying Agent under Section 7.7 of this Indenture shall cover
any interest-related expenses incurred by the Trustee or the Paying Agent in the performance of their duties hereunder. 

  
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 (o)    The permissive right of the Trustee to take the actions permitted by this
Indenture shall not be construed as an obligation or duty to do so. 
 Section 7.3.    May Hold Securities. 

The Trustee in its individual or any other capacity may become the owner or pledgee of the Securities and may otherwise deal with the Company or any of its
Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee is subject to Sections 7.9 and 7.10. 

Section 7.4.    Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity, sufficiency or adequacy of any offering materials, this Indenture or the Securities; it shall not be
accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof; and it shall not be responsible for any statement or recital herein or any
statement in any offering materials or the Securities other than its certificate of authentication. 
 Section 7.5.    Notice of
Defaults. 
 If a Default or Event of Default with respect to the Securities of any Series occurs and is continuing and it is actually known to the
Trustee, the Trustee shall mail to Holders of Securities of such Series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium (if any) and
interest on or any sinking fund installment with respect to the Securities of such Series, the Trustee may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests of
Holders of Securities of such Series to do so. 
 Section 7.6.    Compensation and Indemnity. 

The Company agrees to pay to the Trustee for its acceptance of this Indenture and services hereunder such compensation as the Company and the Trustee shall
from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company agrees to reimburse the Trustee upon request for all reasonable disbursements, advances
and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Company hereby indemnifies the Trustee, including its officers, directors, employees and agents from, and holds it harmless against any damage, cost,
claim, loss, liability or expense (including the reasonable fees and expenses of the Trustee’s agents and counsel and the costs of enforcement of this Indenture or any provision thereof) incurred by it (or with which it may be threatened by
reason of acting as or on behalf of the Trustee under this Indenture) arising out of or in connection with its acceptance and administration of the trusts set forth under this Indenture, the performance of its obligations and/or the exercise of its
rights hereunder, including the reasonable costs and expenses of defending itself against any claim (whether asserted by the Company, any Holder, or any other Person) or liability except as set forth in the next following paragraph. The Trustee
shall notify the Company promptly of any claim for which it may seek 

  
 30 

 
indemnity; provided, that, such failure to notify the Company shall not relieve the Company from its duty to defend any such claim. The Company shall defend any third party claim, with
counsel reasonably acceptable to the Trustee, and the Trustee shall cooperate in the defense, unless, the Trustee, in its reasonable discretion, determines that any actual or potential conflict of interest may exist, in which case the Trustee may
have separate counsel, reasonably acceptable to the Company 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 (such consent not to be unreasonably
withheld). 
 The Company shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee as shall have
been finally adjudicated by a court of competent jurisdiction to have been directly caused by the Trustee’s own gross negligence or willful misconduct. 

To secure the payment obligations of the Company in this Section 7.6, the Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on the Securities of any Series. Such lien and the obligations of the Company under this Section 7.6 shall survive the satisfaction and
discharge of this Indenture, the payment of the Securities and/or the resignation or removal of the Trustee. 
 When the Trustee incurs expenses or renders
services in connection with an Event of Default, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or
State bankruptcy, insolvency or other similar law. 
 Section 7.7.    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 7.7. 
 The Trustee may resign and be discharged at any time with respect to the Securities of one or more
Series by so notifying the Company in writing. The Holders of a majority in principal amount of the then outstanding Securities of any Series may remove the Trustee with respect to the Securities of such Series by so notifying the Trustee and the
Company. The Company may remove the Trustee for any or all Series of the Securities if: 
 (a)    the Trustee fails to comply with
Section 7.9, 
 (b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law, 
 (c)    a Custodian or public officer takes charge of the Trustee or its property, or 

(d)    the Trustee becomes incapable of acting. 

  
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 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason with
respect to the Securities of one or more Series, the Company shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those Series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such Series). Within one year after the successor Trustee with respect to the Securities of any series takes office, the Holders of a majority in principal amount of the Securities of such Series
then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the
Securities of any Series does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the then outstanding Securities of such Series may
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such Series. 
 If the Trustee
with respect to the Securities of a Series fails to comply with Section 7.9, any Holder of Securities of such Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with
respect to the Securities of such Series. 
 In case of the appointment of a successor Trustee with respect to the Securities of all Series, each such
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the retiring Trustee under this Indenture. The successor Trustee shall give a notice of its succession to Holders in accordance with Section 10.2. The retiring Trustee shall promptly transfer all property held by it
as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6. Notwithstanding replacement of the Trustee pursuant to this Section 7.7, the Company’s obligations under Section 7.6 hereof shall continue for
the benefit of the retiring Trustee with respect to expense and liabilities incurred by it for actions taken or omitted ty be taken in accordance with its rights, powers, and duties under this Indenture prior to such replacement. 

In case of the appointment of a successor Trustee with respect to the Securities of one or more (but not all) Series, the Company, the retiring Trustee and
each successor Trustee with respect to the Securities of one or more Series shall execute and deliver an indenture supplement hereto in which each successor Trustee shall accept such appointment and that (a) shall confer to each successor
Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those Series to which the appointment of such successor Trustee relates, (b) if the retiring Trustee is not retiring with respect to all
Securities, shall confirm that all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those Series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and
(c) shall 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. Nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee. 

  
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Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor
Trustee shall have all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. On request of the Company, or any successor Trustee, such
retiring Trustee shall transfer to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the Securities of that or those Series to which the appointment of such successor Trustee relates. Such retiring Trustee
shall, however, have the right to deduct its unpaid fees and expenses, including attorneys’ fees. 
 Notwithstanding replacement of the Trustee or
Trustees pursuant to this Section 7.7, the obligations of the Company under Section 7.6 shall continue for the benefit of the retiring Trustee or Trustees. 

Section 7.8.    Successor Trustee by Merger, Etc. 

Subject to Section 7.9, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business
(including this transaction) to, another corporation, the successor corporation without any further act shall be the successor Trustee. 
 In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.9.    Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States, any State
thereof or the District of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of Columbia) authority and shall have, or be a subsidiary of a
bank or bank holding company having, a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 

The Trustee for the Securities shall be subject to the provisions of TIA § 310(b) during the period of time required thereby. Nothing herein shall
prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA § 310(b). In determining whether the Trustee has a conflicting interest as defined in TIA § 310(b) with respect to the Securities
of any Series, there shall be excluded Securities of any particular Series of Securities other than that Series. 

  
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 Section 7.10.    Preferential Collection of Claims Against Company. 

The Trustee is subject to and shall comply with the provisions of TIA § 311(a), as if such section applied hereto, excluding any creditor relationship
listed in TIA § 311(b). A Trustee that has resigned or been removed shall be subject to TIA § 311(a), as if such section applied hereto, to the extent indicated therein. 

Section 7.11.    Reports by Trustee. 

(a)    Within 60 days after May 15 of each year commencing with the first May 15 following the first issuance of Securities
pursuant to Section 2.1, if required by TIA § 313(a), the Trustee shall transmit, pursuant to TIA § 313(c), a brief report that complies with TIA § 313(a) which may have occurred since the later of the immediately preceding
May 15 and the date of this Indenture. 
 (b)    The Trustee shall transmit any reports required by TIA § 313(a) at the times
specified therein. 
 (c)    A copy of such report, if any, described in Section 7.11(a) and (b) shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities are listed, with the SEC and with the Company. The Company will promptly notify the Trustee when the Securities are listed on any stock
exchange and of any delisting thereof. 
 ARTICLE VIII. 

DISCHARGE OF INDENTURE 

Section 8.1.    Termination of Company’s Obligations. 

(a)    This Indenture shall cease to be of further effect with respect to the Securities of a Series (except that all obligations of the
Company under Section 7.6, the Trustee’s and Paying Agent’s obligations under Section 8.3 and the rights, powers, protections and privileges accorded the Trustee under Article VII shall survive), and the Trustee, on written
demand of the Company shall execute instruments acknowledging the satisfaction and discharge of this Indenture with respect to the Securities of such Series, when: 

(i)    either 

(A)    all outstanding Securities of such Series theretofore authenticated and issued (other than destroyed, lost or stolen Securities that
have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (B)    all outstanding Securities of such Series
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 

  
 34 

 (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, in the case of clause (1), (2)
or (3) above, the Company has irrevocably deposited or caused to be deposited with the Trustee as funds the entire amount (immediately available to the Holders in the case of clause (1)) in trust for such purpose (x) cash in an amount, or
(y) Government Obligations, maturing as to principal and interest at such times and in such amounts as will ensure the availability of cash in an amount or (z) a combination thereof which will be sufficient, in the opinion (in the case of
(y) or (z)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on the Securities of such Series for principal and
interest to the date of such deposit (in the case of Securities which have become due and payable) or for principal, premium, if any, and interest to the Stated Maturity or redemption date, as the case may be; or 

(C)    the Company has properly fulfilled such other means of satisfaction and discharge, as contemplated by Section 2.2 to be
applicable to the Securities of such Series: 
 (ii)    the Company has paid or caused to be paid all other sums payable by it hereunder
with respect to the Securities of such Series; and 
 (iii)    the Company has delivered to the Trustee an Officers’ Certificate
stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities of such Series have been complied with, together with an Opinion of Counsel to the same effect. 

(b)    Unless this Section 8.1(b) is specified as not being applicable to the Securities of a Series as contemplated by
Section 2.2, the Company may terminate certain of its obligations under this Indenture (“covenant defeasance”) with respect to the Securities of a Series if: 

(i)    the Company has irrevocably deposited or caused to be deposited with the Trustee as 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 Securities of such Series, (x) cash in an amount, or (y) Government Obligations with respect to such Series, maturing as to
principal and interest at such times and in such amounts as will ensure the availability of cash in an amount or (z) a combination thereof which will be sufficient, in the opinion (in the case of (y) or (z)) of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal of and premium (if any) and interest on all Securities of such Series on each date that such principal, premium (if any) or
interest is due and payable and (at the Stated Maturity thereof or upon redemption as provided in Section 8.1(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall have been irrevocably instructed to apply
such money and/or the proceeds of such Government Obligations to the payment of said principal, premium (if any) and interest with respect to the Securities of such Series as the same shall become due; 

  
 35 

 (ii)    the Company has delivered to the Trustee an Officers’ Certificate stating
that all conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities of such Series have been complied with, and an Opinion of Counsel to the same effect; 

(iii)    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 (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any lien securing such borrowings); 

(iv)    such defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material
agreement or instrument to which the Company is a Party or by which it is bound; 
 (v)    the Company shall have delivered to the
Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee to the effect that the Holders and beneficial owners of the Securities of such Series will not recognize income, gain or loss for Federal income tax
purposes as a result of such Company’s exercise of its option under this Section 8.1(b) and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option
had not been exercised; and 
 (vi)    the Company has complied with any additional conditions specified pursuant to Section 2.2 to
be applicable to the discharge of the Securities of such Series pursuant to this Section 8.1. 
 In such event, this Indenture shall cease to be of
further effect (except as set forth in this paragraph), and the Trustee, on written demand of the Company, shall execute instruments acknowledging satisfaction and discharge under this Indenture. However, the Company’s obligations in
Sections 2.4, 2.5, 2.6, 2.7, 2.8, 4.1, 5.1, 7.6 and 7.7, the Trustee’s and Paying Agent’s obligations in Section 8.3 and the rights, powers, protections and privileges accorded the Trustee under Article VII shall survive until
all Securities of such Series are no longer outstanding. Thereafter, only the obligations of the Company in Section 7.6 and the Trustee’s and Paying Agent’s obligations in Section 8.3 shall survive with respect to the Securities
of such Series. 
 In order to have money available on a payment date to pay principal of or premium (if any) or interest on the Securities, the Government
Obligations shall be payable as to principal or interest on or before such payment date in such amounts as will provide the necessary money. Government Obligations shall not be callable at the issuer’s option. 

(c)    If the Company has previously complied or is concurrently complying with the conditions set forth in Section 8.1(b) (other
than any additional conditions specified pursuant to Section 2.2 that are expressly applicable only to covenant defeasance) with respect to the Securities of a Series, then unless this Section 8.1(c) is specified as not being applicable to
the Securities of such Series as contemplated by Section 2.2, the Company may elect to be discharged (“legal defeasance”) from its obligations to make payments with respect to the Securities of such Series, if: 

  
 36 

 (i)    unless otherwise specified with respect to the Securities of such Series as
contemplated by Section 2.2, the Company has delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee to the effect that the Holders and beneficial owners of the Securities of such Series
will not recognize income, gain or loss for Federal income tax purposes as a result of such Company’s exercise of its option under this Section 8.1(c) and will be subject to Federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such option had not been exercised, which opinion is based on (A) a private ruling of the Internal Revenue Service addressed to the Company, (B) a published ruling of the Internal Revenue
Service or (C) a change in the applicable Federal income tax law (including regulations) after the Issue Date of the Securities of such Series; and the Company has complied with any other conditions specified pursuant to Section 2.2 to be
applicable to the legal defeasance of Securities of such Series pursuant to this Section 8.1(c); and 
 (ii)    the Company has
delivered to the Trustee a Company Request requesting such legal defeasance of the Securities of such Series and an Officers’ Certificate stating that all conditions precedent with respect to such legal defeasance of the Securities of such
Series have been complied with, together with an Opinion of Counsel to the same effect. 
 In such event, the Company will be discharged from its
obligations under this Indenture and the Securities of such Series to pay principal of, premium (if any) and interest on, the Securities of such Series, the Company’s obligations under Sections 4.1 and 5.1 shall terminate with respect to such
Securities, and the entire indebtedness of the Company evidenced by such Securities shall be deemed paid and discharged. 
 (d)    If
and to the extent additional or alternative means of satisfaction, discharge or defeasance of the Securities of a Series are specified to be applicable to such Series as contemplated by Section 2.2, the Company may terminate any or all of its
obligations under this Indenture with respect to its Securities of a Series and any or all of its obligations under the Securities of such Series if it fulfills such other means of satisfaction and discharge as may be so specified, as contemplated
by Section 2.2, to be applicable to the Securities of such Series. 
 (e)    If the Securities of any Series subject to paragraphs
(a), (b), (c) or (d) of this Section 8.1 are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of the
applicable trust arrangement shall provide for such redemption, and the Company shall make such arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption in the name, and at the expense, of the Company. 

Section 8.2.    Application of Trust Money. 

The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money or Government Obligations deposited with it pursuant to
Section 8.1 hereof. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of premium (if any) and interest on the Securities of
the Series with respect to which the deposit was made. 

  
 37 

 Section 8.3.    Repayment to Company. 

The Trustee and the Paying Agent shall promptly pay to the Company upon written request any excess money or Government Obligations (or proceeds therefrom)
held by them at any time upon the written request of the Company. 
 Subject to the requirements of any applicable abandoned property laws, the Trustee and
the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal, premium (if any), interest that remains unclaimed for two years after the date upon which such payment shall have become due. After
payment to the Company, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying Agent with respect
to such money shall cease. 
 Section 8.4.    Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money or Government Obligations deposited with respect to the Securities of any Series in accordance
with Section 8.1 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 8.1 until such time as the Trustee or the Paying Agent is
permitted to apply all such money or Government Obligations in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of, premium (if any) or interest on 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 or Government Obligations held by the Trustee or the Paying Agent. 

ARTICLE IX. 
 AMENDMENTS
AND WAIVERS 
 Section 9.1.    Without Consent of Holders. 

Without the consent of any Holder of Securities of a Series, the Company and the Trustee may amend or supplement this Indenture or the Series of Securities in
the following circumstances: 
 (a)    to cure any ambiguity, or correct or supplement any inconsistency; 

(b)    to conform the text of this Indenture or the Notes to any Provision of the Description of Notes; 

(c)    to provide for the assumption of the Company’s obligations under this Indenture by a successor or transferee upon any merger,
consolidation or asset transfer; 
 (d)    to provide for uncertificated Securities in addition to or in place of Certificated
Securities; 

  
 38 

 (e)    to provide any security for or guarantees of its Securities or for the addition
of an additional obligor on its Securities; 
 (f)    to comply with any requirement to effect or maintain the qualification of this
Indenture under the TIA, if applicable; 
 (g)    to add covenants that would benefit the Holders of its Securities under this
Indenture; 
 (h)    to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall
not become effective with respect to any outstanding Securities of any Series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; 

(i)    to provide for the issuance of and establish forms and terms and conditions of a new series of Securities; 

(j)    to facilitate the defeasance and discharge of the Securities of any Series otherwise in accordance with Article VIII;
provided that any such action does not adversely affect the rights of any holder of outstanding Securities of such Series in any material respect; 

(k)    to issue additional Securities of any Series; provided that such additional Securities have the same terms as, and be deemed part
of the same Series as, the applicable Series of Securities to the extent required under this Indenture; provided further that if the additional Securities are not fungible with such Series for U.S. federal income tax purposes, the additional
Securities will have a separate CUSIP number; 
 (l)    to evidence and provide for the acceptance of and appointment by a successor
trustee or a separate 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 trust by more than one
trustee; 
 (m)    to add additional Events of Default with respect to any Series of Securities; and 

(n)    to make any change that does not adversely affect the rights of any Holder of any of its outstanding Securities in any material
respect. 
 Section 9.2.    With Consent of Holders. 

This Indenture or the Securities of a Series may be amended or supplemented, and waivers may be obtained, with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Securities of such Series voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, such Securities of a Series), and
any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, or interest on, such Securities of a Series, except a payment Default resulting from an acceleration that has
been rescinded) or compliance with any provision of this Indenture or the Securities of such Series may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Securities of such Series voting as
a single class (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Securities of a Series). 

  
 39 

 The Holders of a majority in principal amount of the outstanding Securities of a Series issued by the
Company may waive any existing or past Default or Event of Default with respect to those Securities. Those Holders may not, however, waive any Default or Event of Default in any payment on any Security. 

For the avoidance of doubt, any amendment, supplement or waiver to any Series of Securities made with the consent of Holders of such Series of Securities,
shall be made with respect to that Series of Securities only, and not any other Series of Securities. 

Section 9.3.    Limitations. 

Without the consent of each Holder of Securities of a Series affected thereby, an amendment, supplement or waiver may not (with respect to any Securities of
such Series held by a non-consenting Holder): 
 (a)    reduce the percentage in principal
amount of the Securities, the consent of whose Holders is required for any amendment, supplement or waiver; 
 (b)    reduce the rate of
or change the time for payment of interest on the Securities of such Series; 
 (c)    reduce the principal of the Securities of such
Series or change the Stated Maturity of the Securities of such Series; 
 (d)    reduce any premium payable on the redemption of the
Securities of such Series or change the time at which the Securities of such Series may or must be redeemed or alter or waive any of the provisions with respect to the redemption of the Securities of such series; 

(e)    make payments on the Security of such Series payable in currency other than as originally stated in such Security; 

(f)    impair the Holder’s right to institute suit for the enforcement of any payment on the Security of such Series; 

(g)    impair a Holder’s conversion rights; or 

(h)    waive a continuing Default or Event of Default regarding any payment on the Securities of such Series. 

In the event that consent is obtained from some of the Holders but not from all of the Holders with respect to any amendments or waivers pursuant to clauses
(a) through (g) of this Section 9.3, new Securities of such Series with such amendments or waivers will be issued to those consenting Holders. Such new Securities shall have separate CUSIP, ISIN or Common Code numbers from those Securities
of such Series held by non-consenting Holders. 

  
 40 

 Section 9.4.    Form of Amendments. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture. 

Section 9.5.    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, her or its Security or portion of a Security if the Trustee receives the written 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 Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security that 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 9.6.    Notation on or Exchange of the 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 its 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 9.7.    Trustee Protected. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with the terms of such supplemental indenture. The Trustee may,
but shall not be obligated to, enter into any supplemental indentures or modifications which affect the Trustee’s own rights, duties, liabilities, immunities, or indemnities under this Indenture, the Securities or otherwise. 

ARTICLE X. 

MISCELLANEOUS 

Section 10.1.    Notices. 
 Any
request, direction, instruction, demand, document, notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, shall be in English and in writing and delivered in person, mailed by first-class
mail, or delivered by 

  
 41 

 
overnight courier as provided below, or if sent by facsimile transmission or email in PDF format, to a facsimile number or email address, as the case may be, provided by the Company or the
Trustee, with a copy, mailed by first-class mail, to the Company or the Trustee, as provided below: 
 if to the Company: 

Tractor Supply Company 
 5401
Virginia Way 
 Brentwood, Tennessee 37027 

Facsimile No: (615) 484-4842 

Attention: Chief Financial Officer 
 with a copy
to: 
 Bass Berry & Sims PLC 

150 Third Avenue South, Suite 2800 

Nashville, TN 37201 
 Facsimile
No: (615) 742-2765
 Attention: Jennifer Noonan 

if to the Trustee: 
 Regions Bank 

1180 West Peachtree Street 
 Suite
1200 
 Atlanta, GA 30309 

Email: Kristine.prall@Regions.com 

Attention: Kristine Prall 
 with a copy to: 

Alston & Bird 
 101 S.
Tryon St, Suite 4000 
 Charlotte, NC 28280 

Email: adam.smith@alston.com 

Attention: Adam Smith 
 Notices shall be
effective upon the recipient’s actual receipt thereof. Any party by notice to the other parties may designate additional or different addresses for subsequent notices or communications. 

Notwithstanding anything to the contrary, any notice or communication to (a) a Securityholder of a Certificated Security shall be mailed by first-class
mail to his, her or its address shown on the register kept by the Registrar and (b) a Securityholder of a Global Security shall be delivered to the Depositary in accordance with its applicable procedures. Failure to mail a notice or
communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 

  
 42 

 If a notice or communication to any Securityholder is mailed or published in the manner provided above,
within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. 
 With respect to this Indenture, the Trustee shall not have any duty
or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports,
notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as
a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all risks arising out of the use of electronic methods to submit
instructions, directions, reports, notices or other communications or information to the Trustee, including the risk of the Trustee acting on unauthorized instructions, directions, reports, notices or other communications or information, and the
risk of interception and misuse by third parties. 
 Section 10.2.    Communication by Holders with Other Holders. 

Securityholders of a Series may communicate pursuant to TIA § 312(b), as if such section applied hereto, with other Securityholders of such Series with
respect to their rights under this Indenture or the Securities. The Trustee shall comply with the obligations imposed upon it by TIA § 312. 

Section 10.3.    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 signer, 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 10.4.    Statements Required in Certificate or
Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(a)    a statement that the Person making such certificate or opinion has read such covenant or condition; 

  
 43 

 (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 or she has made such examination or investigation as is necessary to enable him or her 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 10.5.    Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 10.6.    Legal Holidays. 

Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture 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 10.7.    No Personal Liability of Directors, Officers, Employees and Certain Others. 

No director, officer, employee, incorporator or similar founder, stockholder or member of the Company will have any liability for or any obligations of the
Company under this Indenture or the Securities or for any claim based on, with respect to or by reason of, such obligations or their creation. Each Holder of the Securities by accepting a Security waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws. 

Section 10.8.    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, electronic 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, electronic or PDF transmission shall be deemed to be their
original signatures for all purposes. For the avoidance of doubt, the words “execution,” “signed,” “signature,” “delivery” and words of like import in or relating to this Indenture or any document to be signed
in connection with this Indenture shall be deemed to include electronic signatures, deliveries or 

  
 44 

 
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any
obligation to agree to accept electronic signatures in any form or in any format unless agreed to by it pursuant to procedures approved by such it. 

Section 10.9.    Governing Laws. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK. 
 Section 10.10.    No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary of the Company. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.11.    Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its respective successors. All agreements of the Trustee in this Indenture shall
bind its successor. 
 Section 10.12.    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 10.13.    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 10.14.    Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due with respect to the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the recipient could purchase in The City of New York the Required Currency with the Judgment Currency on the day
on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be 

  
 45 

 
the rate at which in accordance with normal banking procedures the recipient could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a) of this clause), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable with respect to such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by
which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a Legal Holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

Section 10.15.    English Language. 

This Indenture has been negotiated and executed in the English language. All certificates, reports, notices and other documents and communications delivered
pursuant to this Indenture (including any modifications or supplements hereto), shall be in the English language, or accompanied by a certified English translation thereof. In the case of any document originally issued in a language other than
English, the English language version of any such document shall for purposes of this Indenture, and absent manifest error, control the meaning of the matters set out therein. 

Section 10.16.    Submission to Jurisdiction. 

Any suit, action or proceeding against the Company or its respective properties, assets or revenues with respect to this Indenture or the Securities (a
“Related Proceeding”) may be brought in any state or Federal court in the Borough of Manhattan in The City of New York, New York, as the Person bringing such Related Proceeding may elect in its sole discretion. The Company hereby
consents to the non-exclusive jurisdiction of each such court for the purpose of any Related Proceeding and has irrevocably waived any objection to the laying of venue of any Related Proceeding brought in any
such court and to the fullest extent it may effectively do so and the defense of an inconvenient forum to the maintenance of any Related Proceeding or any such suit, action or proceeding in any such court. 

Section 10.17.    Waiver of Immunity. 

To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise) with respect to itself or its property, it hereby irrevocably waives, to the fullest extent permitted by applicable law,
such immunity with respect to its obligations under this Indenture, and, the Securities. 

  
 46 

 Section 10.18.    Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE TRUSTEE HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 10.19.    USA Patriot Act. 

The parties hereto acknowledge that in accordance with § 326 of the USA 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 parties to this
Indenture agree that they will provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA Patriot Act as such requirements pertain to this Indenture. 

Section 10.20.    Entire Agreement. This Indenture sets forth the entire agreement and understanding of the parties related to
this transaction and supersedes all prior written agreements and understandings, oral or written. 

  
 47 

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

			
	By:	 	 /s/ Kurt D. Barton

		 	Name: Kurt D. Barton
		 	Title:   Executive Vice President –
		 	            Chief Financial Officer and Treasurer

 Regions Bank, as Trustee 
  

			
	By:	 	 /s/ Kristine Prall

		 	Name: Kristine Prall
		 	Title:   Vice President

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