Document:

EX-4.1

 Exhibit 4.1 

ANADARKO PETROLEUM CORPORATION 

OFFICERS’ CERTIFICATE 

MARCH 17, 2016 

Pursuant to the authority delegated to the undersigned by the Management Group by written consent dated March 14, 2016, which was
delegated to the Management Group by the Board of Directors of Anadarko Petroleum Corporation (the “Company”) by resolutions adopted by written consent on March 10, 2016 the undersigned officers of the Company hereby
adopt this Officers’ Certificate for the purpose of establishing one or more series of Securities under the Indenture, dated as of September 19, 2006 (the “Indenture”), between the Company and The Bank of New York
Mellon Trust Company, N.A. (formerly, The Bank of New York Trust Company, N.A.), as trustee (the “Trustee”). This Officers’ Certificate is executed pursuant to Section 301 of the Indenture. In addition to the
terms provided in the Indenture with respect to any series of Securities issued thereunder, the terms of the Securities shall be as follows (capitalized terms used herein but not otherwise defined herein having the respective meanings ascribed to
them in the Indenture): 
 1. The title of the Securities shall be the “4.85% Senior Notes due 2021” (the
“2021 Notes”), the “5.55% Senior Notes due 2026” (the “2026 Notes”) and the “6.60% Senior Notes due 2046” (the
“2046 Notes” and, together with the 2021 Notes and the 2026 Notes, the
“Notes”) of the Company. 
 2.
The aggregate principal amount of each series of Notes which may be authenticated and delivered under the Indenture is limited to (a) $800,000,000, with respect to the 2021 Notes; (b) $1,100,000,000, with respect to the 2026 Notes and
(c) $1,100,000,000, with respect to the 2046 Notes (plus, in each case, such additional amounts of such series of Notes as may be authorized for issuance from time to time by or pursuant to a Board Resolution and set forth in an Officers’
Certificate prior to the issuance thereof) except for 2021 Notes, 2026 Notes or 2046 Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other 2021 Notes, 2026 Notes or 2046 Notes, as applicable,
pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture. 
 3. The
principal of the 2021 Notes shall be payable on March 15, 2021 (the “2021 Maturity Date”), the principal of the 2026 Notes shall be payable on March 15, 2026 (the “2026 Maturity
Date”), and the principal of the 2046 Notes shall be payable on March 15, 2046 (the “2046 Maturity Date” and, together with the 2021 Maturity Date and the 2026 Maturity Date, the
“Maturity Date”). 

 4. The 2021 Notes shall bear interest at the rate of 4.85% per annum,
the 2026 Notes shall bear interest at the rate of 5.55% per annum and the 2046 Notes shall bear interest at the rate of 6.60% per annum, in each case from March 17, 2016 or the most recent March 15 or September 15 to which
interest has been paid or duly provided for on the applicable series of Notes. Each such March 15 or September 15, commencing September 15, 2016, shall be an “Interest Payment Date”
for each series of Notes. The March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date shall be the “Regular Record
Date” for the interest payable on such Interest Payment Date. Interest shall be calculated on the basis of a 360-day year composed of twelve 30-day months. 

5. The principal of (and premium, if any) and interest on each series of Notes shall be payable at the office or agency
of the Company maintained for that purpose in New York, New York; provided, however, that (x) if such series of Notes are not Global Securities, (i) payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register and all other payments will be made by check against surrender of the applicable Notes; and (ii) notwithstanding the first proviso, if such series of Notes are in denominations of at
least $1,000,000 and the Holder at the time of surrender or on the related Regular Record Date of any payment of interest on any Interest Payment Date delivers a written request to the Paying Agent to make such payment by wire transfer, the Company
may make such payments by wire transfer until new instructions are given; and (y) if such series of Notes are Global Securities, payment will be made pursuant to the Applicable Procedures of the relevant Depositary. 

6. The Company may, at its option, at any time and from time to time, redeem each series of Notes, in whole or in part,
upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail (or with respect to Global Securities, to the extent permitted or required by applicable Depositary procedures or regulations, sent electronically) to each
Holder’s registered address. If the Company redeems the 2021 Notes before February 15, 2021, the 2026 Notes before December 15, 2025 or the 2046 Notes before September 15, 2045, such series of Notes may be redeemed at a
Redemption Price equal to the greater of (1) 100% of the principal amount of the series of Notes to be redeemed or (2) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and
interest on the series of Notes to be redeemed, not including any portion of these payments of interest accrued to the date on which the series of Notes are to be redeemed, discounted from the Maturity Date to the date on which the series of Notes
are to be redeemed on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate plus 0.50% (2021 Notes), 0.50% (2026 Notes) or 0.50% (2046 Notes), plus in each case, accrued interest on the series
of Notes to be redeemed to the date on which the series of Notes are to be redeemed. If the Company redeems the 2021 Notes on or after February 15, 2021, the 2026 Notes on or after December 15, 2025 or the 2046 Notes on or after
September 15, 2045, the Redemption Price will equal 100% of the principal amount of the series of Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 

  
 2 

 “Adjusted Treasury Rate”
means the semi-annual equivalent yield to maturity of a security whose price, expressed as a percentage of its principal amount, is equal to the Comparable Treasury Price. 

“Calculation Agent” means the Company, unless it appoints another Person to
so act. 
 “Comparable Treasury Issue” means a United States Treasury security selected
by the Quotation Agent which has a maturity comparable to the remaining maturity of the series of Notes being redeemed (assuming for such purpose that the 2021 Notes matured on February 15, 2021, the 2026 Notes matured on December 15, 2025
and the 2046 Notes matured on September 15, 2045) that would be used in accordance with customary financial practice to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the series of Notes
being redeemed (assuming for such purpose that the 2021 Notes matured on February 15, 2021, the 2026 Notes matured on December 15, 2025 and the 2046 Notes matured on September 15, 2045). 

“Comparable Treasury Price” means the result of the calculation of the
Calculation Agent of the average of the Reference Dealer Quotations of the Comparable Treasury Issue provided by each Reference Dealer, after the Calculation Agent has eliminated the highest and lowest Reference Dealer Quotations; provided, that, if
the Calculation Agent obtains fewer than three Reference Dealer Quotations, it will calculate the average of all of the Reference Dealer Quotations and not eliminate any Reference Dealer Quotations. 

“Quotation Agent” means Merrill Lynch, Pierce, Fenner & Smith
Incorporated or its successor. 
 “Reference Dealers” means each of
Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA Inc. (or their respective successors). If any such bank (or its successor) is no longer a primary U.S. Government securities dealer, the
Company will substitute another primary U.S. Government securities dealer in its place as a Reference Dealer and as Quotation Agent. 

“Reference Dealer Quotations” means each of the bid and ask prices for the
Comparable Treasury Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as provided by the Reference Dealers to the Quotation Agent, Calculation Agent and Trustee. 

The Calculation Agent, if other than the Company, shall be entitled to all of the rights, privileges, protections, immunities
and benefits afforded the Trustee under the Indenture, including but not limited to its right to be compensated, reimbursed and indemnified. 

If the Redemption Price is not known at the time notice of redemption is to be given, the Company shall provide written notice
of the actual Redemption Price calculated as described in the terms of the Notes to be delivered to the Trustee no later than two Business Days prior to the Redemption Date. 

  
 3 

 7. No series of Notes shall be subject to redemption at the option of the
Holders or to a sinking fund requirement. 
 8. Each series of Notes shall be issuable only in fully registered form
without coupons in denominations of $1,000 and any integral multiple thereof, with a minimum denomination of $2,000. 
 9.
The provisions of Section 1302 and Section 1303 of the Indenture with respect to defeasance of the Securities of a series and covenant defeasance of the Securities of a series, respectively, shall be applicable to each
series of Notes. 
 10. Each series of Notes shall be issued initially wholly in the form of Global Securities and The
Depository Trust Company shall be the initial Depositary with respect thereto. 
 11. The price at which the 2021
Notes, the 2026 Notes and the 2046 Notes will be sold to the underwriters named in the Terms Agreement dated March 14, 2016 among the Company and the representatives of the underwriters named therein shall be 99.374%, 99.040% and 99.048%,
respectively, of the aggregate principal amount of each series of Notes. 
 12. The form of the 2021 Notes, the 2026
Notes and the 2046 Notes shall be in substantially the form set forth in Exhibit I, Exhibit II and Exhibit III attached hereto, respectively, pursuant to Article II of the Indenture. 

[Signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Officers’ Certificate on
the date first set forth above. 
  

			
	/s/ Albert L. Richey
	Name:	 	Albert L. Richey
	Title:	 	 Senior Vice President, Finance and Treasurer
  

	
	 /s/ Robert G. Gwin

	Name:	 	Robert G. Gwin
	Title:	 	Executive Vice President, Finance and Chief Financial Officer

 [Signature Page to Officers’ Certificate Establishing the Notes] 

 EXHIBIT I 

FORM OF 4.85% SENIOR NOTES DUE 2021 

[See attached.] 

 [Form of Face of Note] 

[Insert if Global Security: THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 ANADARKO PETROLEUM
CORPORATION 
 4.85% SENIOR NOTES DUE 2021 

 

			
	No.	  	$                        
	CUSIP No. 032511 BM8	  	
	ISIN No. US032511BM81	  	

 ANADARKO PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the
State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of                      Dollars on March 15, 2021, and to pay interest thereon from March 17, 2016 or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September 15, 2016, and at the Maturity thereof, at the rate of 4.85% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and interest
on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts, against surrender of this Security in the case of 

 
any payment due at the Maturity of the principal thereof or any payment of interest becomes payable on a day other than an Interest Payment Date; provided, however, that if this
Security is not a Global Security, (i) payment of interest on an Interest Payment Date will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and all other payments will
be made by check against surrender of this Security; (ii) all payments by check will be made in next-day funds (i.e., funds that become available on the day after the check is cashed); and (iii) notwithstanding clauses (i) and
(ii) above, with respect to any payment of any amount due on this Security, if this Security is in a denomination of at least $1,000,000 and the Holder hereof at the time of surrender hereof or, in the case of any payment of interest on any
Interest Payment Date, the Holder thereof on the related Regular Record Date delivers a written request to the Paying Agent to make such payment by wire transfer at least five Business Days before the date such payment becomes due, together with
appropriate wire transfer instructions specifying an account at a bank in New York, New York, the Company shall make such payment by wire transfer of immediately available funds to such account at such bank in New York City, any such wire
instructions, once properly given by a Holder as to this Security, remaining in effect as to such Holder and this Security unless and until new instructions are given in the manner described above; and provided further, that notwithstanding
anything in the foregoing to the contrary, if this Security is a Global Security, payment shall be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of page left intentionally blank.] 

  
 F-2 

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

							
	[SEAL]	 		 	ANADARKO PETROLEUM CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name: Albert L. Richey
		 		 		 	Title: Senior Vice President, Finance and Treasurer

  

			
	Attest:	 	  

		 	Name: Margaret Roark
		 	Title: Assistant Secretary

  
 F-3 

 This is one of the Securities of the series designated herein and referred to in the within- mentioned Indenture.

  

					
	Dated:
                                         
                               	  	THE BANK OF NEW YORK MELLON
		  	TRUST COMPANY, N.A., AS TRUSTEE
			
		  	 By:
	  	  

		  		  	 Authorized Signatory

  
 F-4 

 [Form of Reverse of Note] 

This Security is one of a duly authorized issue of senior securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture, dated as of September 19, 2006 (the “Indenture”, which term shall have the meaning assigned to it in such
instrument), between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly, The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof limited in aggregate principal amount to $800,000,000 (plus such additional amounts of Securities of this series
as may be authorized for issuance from time to time in the manner set forth in the Indenture). 
 The Company may, at its
option, at any time and from time to time, redeem the Securities of this series, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail (or with respect to Global Securities, to the extent
permitted or required by applicable Depositary procedures or regulations, sent electronically) to each Holder’s registered address. If the Company redeems the Securities of this series before February 15, 2021, such Securities of this
series may be redeemed at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Securities of this series to be redeemed or (2) as determined by the Quotation Agent, the sum of the present values of the
remaining scheduled payments of principal and interest on the Securities of this series to be redeemed, not including any portion of these payments of interest accrued to the date on which the Securities of this series are to be redeemed, discounted
from March 15, 2021 to the date on which the Securities of this series are to be redeemed on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate plus 0.50%, plus in each case, accrued
interest on the Securities of this series to be redeemed to the date on which the Securities of this series are to be redeemed. If the Company redeems the Securities of this series on or after February 15, 2021, the Redemption Price of the
Securities of this series will equal 100% of the principal amount of the Securities of this series to be redeemed plus accrued and unpaid interest to the Redemption Date. 

“Adjusted Treasury Rate” means the semi-annual equivalent yield to maturity of a security whose price, expressed as a
percentage of its principal amount, is equal to the Comparable Treasury Price. 
 “Calculation Agent” means the
Company, unless it appoints another Person to so act. 
 “Comparable Treasury Issue” means a United States Treasury
security selected by the Quotation Agent which has a maturity comparable to the remaining maturity of the Securities of this series being redeemed (assuming for such purpose that the Securities matured on February 15, 2021) that would be used
in accordance with customary financial practice to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the Securities of this series being redeemed (assuming for such purposes that the Securities
matured on February 15, 2021). 

  
 R-1 

 “Comparable Treasury Price” means the result of the calculation of the
Calculation Agent of the average of the Reference Dealer Quotations of the Comparable Treasury Issue provided by each Reference Dealer, after the Calculation Agent has eliminated the highest and lowest Reference Dealer Quotations; provided,
that, if the Calculation Agent obtains fewer than three Reference Dealer Quotations, it will calculate the average of all of the Reference Dealer Quotations and not eliminate any Reference Dealer Quotations. 

“Quotation Agent” means Merrill Lynch, Pierce, Fenner & Smith Incorporated or its successor. 

“Reference Dealers” means each of Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated
and Mizuho Securities USA Inc. (or their respective successors). If any such bank (or its successor) is no longer a primary U.S. Government securities dealer, the Company will substitute another primary U.S. Government securities dealer in its place
as a Reference Dealer and as Quotation Agent. 
 “Reference Dealer Quotations” means each of the bid and ask prices
for the Comparable Treasury Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as provided by the Reference Dealers to the Quotation Agent, Calculation Agent and Trustee. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for
defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (considered together as one class for this purpose). The Indenture also contains provisions
(i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture (considered together as one class for this purpose), on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected
under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 

  
 R-2 

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

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple
thereof, with a minimum denomination of $2,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

  
 R-3 

 This Security and the Indenture shall be governed by and construed in accordance with the law of
the State of New York. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 

  
 R-4 

 EXHIBIT II 

FORM OF 5.55% SENIOR NOTES DUE 2026 

[See attached.] 

 [Form of Face of Note] 

[Insert if Global Security: THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 ANADARKO PETROLEUM
CORPORATION 
 5.55% SENIOR NOTES DUE 2026 

 

			
	No.	  	$                        
	 CUSIP No. 032511 BN6
	  	
	 ISIN No. US032511BN64
	  	

 ANADARKO PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of                      Dollars on March 15, 2026, and to pay interest thereon from March 17, 2016 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September 15, 2016, and at the Maturity thereof, at the rate of
5.55% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and interest
on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts, against surrender of this Security in the case of 

 
any payment due at the Maturity of the principal thereof or any payment of interest becomes payable on a day other than an Interest Payment Date; provided, however, that if this
Security is not a Global Security, (i) payment of interest on an Interest Payment Date will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and all other payments will
be made by check against surrender of this Security; (ii) all payments by check will be made in next-day funds (i.e., funds that become available on the day after the check is cashed); and (iii) notwithstanding clauses (i) and
(ii) above, with respect to any payment of any amount due on this Security, if this Security is in a denomination of at least $1,000,000 and the Holder hereof at the time of surrender hereof or, in the case of any payment of interest on any
Interest Payment Date, the Holder thereof on the related Regular Record Date delivers a written request to the Paying Agent to make such payment by wire transfer at least five Business Days before the date such payment becomes due, together with
appropriate wire transfer instructions specifying an account at a bank in New York, New York, the Company shall make such payment by wire transfer of immediately available funds to such account at such bank in New York City, any such wire
instructions, once properly given by a Holder as to this Security, remaining in effect as to such Holder and this Security unless and until new instructions are given in the manner described above; and provided further, that
notwithstanding anything in the foregoing to the contrary, if this Security is a Global Security, payment shall be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of page left intentionally blank.] 

  
 F-2 

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

									
	[SEAL]	 		 	ANADARKO PETROLEUM CORPORATION
				
		 		 	By:  	 	  

		 		 		 	 Name:
	 	 Albert L. Richey

		 		 		 	Title:	 	Senior Vice President, Finance and Treasurer

  

			
	Attest:	 	  

		 	Name: Margaret Roark
		 	Title: Assistant Secretary

  
 F-3 

 This is one of the Securities of the series designated herein and referred to in the within- mentioned Indenture.

  

							
	
Dated:                      
                                         
     
	 		 	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., AS TRUSTEE

				
		 		 	 By:
	 	 
		 		 		 	 Authorized Signatory

		 		 		 	

  
 F-4 

 [Form of Reverse of Note] 

This Security is one of a duly authorized issue of senior securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an indenture, dated as of September 19, 2006 (the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of
New York Mellon Trust Company, N.A. (formerly, The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made
to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof limited in aggregate principal amount to $1,100,000,000 (plus such additional amounts of Securities of this series as may be authorized for issuance from
time to time in the manner set forth in the Indenture). 
 The Company may, at its option, at any time and from time to time, redeem the
Securities of this series, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail (or with respect to Global Securities, to the extent permitted or required by applicable Depositary procedures
or regulations, sent electronically) to each Holder’s registered address. If the Company redeems the Securities of this series before December 15, 2025, such Securities of this series may be redeemed at a Redemption Price equal to the
greater of (1) 100% of the principal amount of the Securities of this series to be redeemed or (2) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the
Securities of this series to be redeemed, not including any portion of these payments of interest accrued to the date on which the Securities of this series are to be redeemed, discounted from March 15, 2026 to the date on which the Securities
of this series are to be redeemed on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate plus 0.50%, plus in each case, accrued interest on the Securities of this series to be redeemed to the
date on which the Securities of this series are to be redeemed. If the Company redeems the Securities of this series on or after December 15, 2025, the Redemption Price of the Securities of this series will equal 100% of the principal amount of
the Securities of this series to be redeemed plus accrued and unpaid interest to the Redemption Date. 

“Adjusted Treasury Rate” means the semi-annual
equivalent yield to maturity of a security whose price, expressed as a percentage of its principal amount, is equal to the Comparable Treasury Price. 

“Calculation Agent” means the Company, unless it appoints another Person to so act. 

“Comparable Treasury Issue” means a United States Treasury security selected by the
Quotation Agent which has a maturity comparable to the remaining maturity of the Securities of this series being redeemed (assuming for such purpose that the Securities matured on December 15, 2025) that would be used in accordance with
customary financial practice to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the Securities of this series being redeemed (assuming for such purpose that the Securities matured on
December 15, 2025). 

  
 R-1 

 “Comparable Treasury Price” means the result
of the calculation of the Calculation Agent of the average of the Reference Dealer Quotations of the Comparable Treasury Issue provided by each Reference Dealer, after the Calculation Agent has eliminated the highest and lowest Reference Dealer
Quotations; provided, that, if the Calculation Agent obtains fewer than three Reference Dealer Quotations, it will calculate the average of all of the Reference Dealer Quotations and not eliminate any Reference Dealer Quotations. 

“Quotation Agent” means Merrill Lynch, Pierce, Fenner & Smith Incorporated or its
successor. 
 “Reference Dealers” means each of Barclays Capital Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Mizuho Securities USA Inc. (or their respective successors). If any such bank (or its successor) is no longer a primary U.S. Government securities dealer, the Company will substitute another primary
U.S. Government securities dealer in its place as a Reference Dealer and as Quotation Agent. 
 “Reference Dealer
Quotations” means each of the bid and ask prices for the Comparable Treasury Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as provided by the Reference Dealers to the Quotation Agent,
Calculation Agent and Trustee. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and
of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The
Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth
in the Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (considered together as one class for this purpose). The Indenture also
contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture (considered together as one class for this purpose), on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to
be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security. 

  
 R-2 

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

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple
thereof, with a minimum denomination of $2,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

  
 R-3 

 This Security and the Indenture shall be governed by and construed in accordance with the law of
the State of New York. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 

  
 R-4 

 EXHIBIT III 

FORM OF 6.60% SENIOR NOTES DUE 2046 

[See attached.] 

 [Form of Face of Note] 

[Insert if Global Security: THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 ANADARKO PETROLEUM
CORPORATION 
 6.60% SENIOR NOTES DUE 2046 

 

			
	No.	  	$                        
	CUSIP No. 032511 BP1	  	
	ISIN No. US032511BP13	  	

 ANADARKO PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of                      Dollars on March 15, 2046, and to pay interest thereon from March 17, 2016 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September 15, 2016, and at the Maturity thereof, at the rate of 6.60% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts, against surrender of this Security in the case of 

 
any payment due at the Maturity of the principal thereof or any payment of interest becomes payable on a day other than an Interest Payment Date; provided, however, that if this
Security is not a Global Security, (i) payment of interest on an Interest Payment Date will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and all other payments will
be made by check against surrender of this Security; (ii) all payments by check will be made in next-day funds (i.e., funds that become available on the day after the check is cashed); and (iii) notwithstanding clauses (i) and
(ii) above, with respect to any payment of any amount due on this Security, if this Security is in a denomination of at least $1,000,000 and the Holder hereof at the time of surrender hereof or, in the case of any payment of interest on any
Interest Payment Date, the Holder thereof on the related Regular Record Date delivers a written request to the Paying Agent to make such payment by wire transfer at least five Business Days before the date such payment becomes due, together with
appropriate wire transfer instructions specifying an account at a bank in New York, New York, the Company shall make such payment by wire transfer of immediately available funds to such account at such bank in New York City, any such wire
instructions, once properly given by a Holder as to this Security, remaining in effect as to such Holder and this Security unless and until new instructions are given in the manner described above; and provided further, that
notwithstanding anything in the foregoing to the contrary, if this Security is a Global Security, payment shall be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of page left intentionally blank.] 

  
 F-2 

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

					
	[SEAL]	  	 ANADARKO PETROLEUM CORPORATION

			
		  	 By:
	  	  

		  		  	Name: Albert L. Richey
		  		  	 Title: Senior Vice President, Finance and Treasurer

  

			
	Attest:	 	  

		 	 Name: Margaret Roark

		 	 Title: Assistant Secretary

  
 F-3 

 This is one of the Securities of the series designated herein and referred to in the within- mentioned Indenture.

  

					
	Dated:
                                         
                                       	  		  	
		  	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., AS TRUSTEE

			
		  	By:	  	  

		  		  	Authorized Signatory

  
 F-4 

 [Form of Reverse of Note] 

This Security is one of a duly authorized issue of senior securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture, dated as of September 19, 2006 (the “Indenture”, which term shall have the meaning
assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly, The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee”, which
term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof limited in aggregate principal amount to $1,100,000,000 (plus such additional
amounts of Securities of this series as may be authorized for issuance from time to time in the manner set forth in the Indenture). 
 The
Company may, at its option, at any time and from time to time, redeem the Securities of this series, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail (or with respect to Global
Securities, to the extent permitted or required by applicable Depositary procedures or regulations, sent electronically) to each Holder’s registered address. If the Company redeems the Securities of this series before September 15, 2045,
such Securities of this series may be redeemed at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Securities of this series to be redeemed or (2) as determined by the Quotation Agent, the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities of this series to be redeemed, not including any portion of these payments of interest accrued to the date on which the Securities of this series are to
be redeemed, discounted from March 15, 2046 to the date on which the Securities of this series are to be redeemed on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate plus 0.50%, plus
in each case, accrued interest on the Securities of this series to be redeemed to the date on which the Securities of this series are to be redeemed. If the Company redeems the Securities of this series on or after September 15, 2045, the
Redemption Price of the Securities of this series will equal 100% of the principal amount of the Securities of this series to be redeemed plus accrued and unpaid interest to the Redemption Date. 

“Adjusted Treasury Rate” means the semi-annual equivalent yield to maturity of a security whose price,
expressed as a percentage of its principal amount, is equal to the Comparable Treasury Price. 
 “Calculation
Agent” means the Company, unless it appoints another Person to so act. 
 Comparable Treasury
Issue” means a United States Treasury security selected by the Quotation Agent which has a maturity comparable to the remaining maturity of the Securities of this series being redeemed (assuming for such
purpose that the Securities matured on September 15, 2045) that would be used in accordance with customary financial practice to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the
Securities of this series being redeemed (assuming for such purpose that the Securities matured on September 15, 2045).  

  
 R-1 

 “Comparable Treasury Price” means the result of the
calculation of the Calculation Agent of the average of the Reference Dealer Quotations of the Comparable Treasury Issue provided by each Reference Dealer, after the Calculation Agent has eliminated the highest and lowest Reference Dealer Quotations;
provided, that, if the Calculation Agent obtains fewer than three Reference Dealer Quotations, it will calculate the average of all of the Reference Dealer Quotations and not eliminate any Reference Dealer Quotations. 

“Quotation Agent” means Merrill Lynch, Pierce, Fenner & Smith Incorporated or its successors.

 “Reference Dealers” means each of Barclays Capital Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Mizuho Securities USA Inc. (or their respective successors). If any such bank (or its successor) is no longer a primary U.S. Government securities dealer, the Company will substitute another primary U.S. Government securities
dealer in its place as a Reference Dealer and as Quotation Agent. 
 “Reference Dealer Quotations”
means each of the bid and ask prices for the Comparable Treasury Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as provided by the Reference Dealers to the Quotation Agent, Calculation Agent and Trustee. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for
defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (considered together as one class for this purpose). The Indenture also contains provisions
(i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture (considered together as one class for this purpose), on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected
under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 

  
 R-2 

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

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple
thereof, with a minimum denomination of $2,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

  
 R-3 

 This Security and the Indenture shall be governed by and construed in accordance with the law of
the State of New York. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 

  
 R-4Exhibit

Exhibit 10.4

NORTHSTAR REAL ESTATE INCOME TRUST, INC.

SECOND AMENDED AND RESTATED
INDEPENDENT DIRECTORS COMPENSATION PLAN

ARTICLE 1
PURPOSE

1.1. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not employees of NorthStar Real Estate Income Trust, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with competitive compensation and an ownership interest in the Stock of the Company. The Company intends that the Plan will benefit the Company and its stockholders by allowing Independent Directors and Non-Management Directors to have a personal financial stake in the Company through an ownership interest in the Stock and will closely associate the interests of Independent Directors and Non-Management Directors with that of the Company’s stockholders.

1.2. ELIGIBILITY. Independent Directors and Non-Management Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan.

ARTICLE 2
DEFINITIONS

2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Incentive Plan. Unless the context clearly indicates otherwise, the following terms shall have the following meanings:

“Base Annual Retainer” means the annual retainer payable by the Company to an Independent Director or a Non-Management Director pursuant to Section 5.1 hereof for service as a director of the Company (i.e., excluding any Supplemental Annual Retainer), as such amount may be changed from time to time.

“Eligible Participant” means any person who is or becomes an Independent Director or a Non-Management Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible Participant.

“Incentive Plan” means the NorthStar Real Estate Income Trust, Inc.  Long Term Incentive Plan, or any subsequent equity compensation plan approved by the Board and designated as the Incentive Plan for purposes of this Plan.

“Non-Management Director” means a director of the Company who is not a common law employee of the Company, the Company’s sponsor or the Company’s advisor but who does not otherwise meet the additional requirements set forth for an “independent director” in the Charter.

“Plan” means this NorthStar Real Estate Income Trust, Inc. Second Amended and Restated Independent Directors Compensation Plan, as amended from time to time.

“Plan Year(s)” means the approximate twelve-month period beginning with the annual stockholders meeting and ending at the next annual stockholders meeting.

“Share Value,” on any date, means (i) if the Company is engaged in any “best efforts” public offering of the Stock prior to the date the Stock is listed on a national securities exchange or quoted on an interdealer quotation system, the offering price of the Stock; (ii) if following the termination of any such “best efforts” public offering but prior to the date the Stock is listed on a national securities exchange or quoted on an interdealer quotation system, the most recent estimated per share value of the Stock disclosed by the Company or if no estimated per share value of the Stock has been disclosed, the most recent offering price of the Stock; (iii) if the Stock is listed on a national securities exchange, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported, or (iv) if the Stock is quoted on an interdealer quotation system but not listed on a national securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation system for such date; provided that if it is determined that the fair market value is not properly reflected by such quotations, Share Value will be determined by such other method as the Board determines in good faith to be reasonable and in compliance with Code Section 409A.

“Supplemental Annual Retainer” means the annual retainer payable by the Company to an Independent Director pursuant to Section 5.2 hereof for service as the chair of the Audit Committee of the Board, as such amount may be changed from time to time.

ARTICLE 3
ADMINISTRATION

3.1. ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned, including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board.

3.2. RELIANCE. In administering the Plan, the Board may rely upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise.

2

ARTICLE 4
SHARES

4.1. SOURCE OF SHARES FOR THE PLAN. The shares of Stock that may be issued pursuant to the Plan shall be issued under the Incentive Plan, subject to all of the terms and conditions of the Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this Plan with respect to shares of Stock, Restricted Stock and any other equity granted pursuant hereto and any such grant shall be governed by and construed in accordance with the Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Incentive Plan and the provisions of this Plan, the provisions of the Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of shares for the grant of Restricted Stock or shares of Stock described herein.

ARTICLE 5
RETAINERS AND EXPENSES

5.1. BASE ANNUAL RETAINER. Each Eligible Participant shall be paid a Base Annual Retainer for service as a director during each Plan Year, payable in such form as shall be elected by the Eligible Participant in accordance with Section 6.1. The amount of the Base Annual Retainer shall be established from time to time by the Board. Until changed by the Board, the Base Annual Retainer for a full Plan Year shall be $90,000. The Base Annual Retainer shall be payable in approximately equal quarterly installments in arrears. Each person who first becomes an Eligible Participant on a date other than an annual meeting date shall be paid a retainer equal to the quarterly installment of the Base Annual Retainer for the first quarter of eligibility, based on the number of full months he or she serves as an Independent Director or a Non-Management Director during such quarter. In no event shall any installment of the Base Annual Retainer be paid later than March 15 of the year following the year to which such installment relates.

5.2. AUDIT COMMITTEE CHAIRPERSON SUPPLEMENTAL ANNUAL RETAINER. The chairperson of the Audit Committee of the Board shall be paid a Supplemental Annual Retainer for his or her service as such chairperson during a Plan Year, payable at the same times as installments of the Base Annual Retainer are paid and in such form as shall be elected by such chairperson in accordance with Section 6.1. The amount of the Supplemental Annual Retainer for the chairperson of the Audit Committee shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the chairperson of the Audit Committee shall be $15,000. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the chairperson of the Audit Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as a chairperson of the Audit Committee of the Board during the Plan Year. In no event shall any installment of the Supplemental Annual Retainer be paid later than March 15 following the year to which such installment relates.

5.3. TRAVEL EXPENSE REIMBURSEMENT. All Eligible Participants shall be reimbursed for reasonable travel expenses in connection with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or 

3

Chair of the Board requests the Independent Director or the Non-Management Director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this Section 5.3 shall be limited to expenses incurred during such director’s service as an Independent Director or a Non-Management Director. Such payments will be made within 30 days after delivery of the Independent Director’s or the Non-Management Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the last day of the Independent Director’s or the Non-Management Director’s tax year following the tax year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ or Non-Management Directors’ right to reimbursement pursuant to this Section 5.3 shall not be subject to liquidation or exchange for another benefit.

ARTICLE 6
ALTERNATIVE FORM OF PAYMENT FOR BASE ANNUAL RETAINER AND  
SUPPLEMENTAL ANNUAL RETAINER

6.1. PAYMENT OF BASE ANNUAL RETAINER AND SUPPLEMENTAL ANNUAL RETAINER. At the election of each Eligible Participant, in accordance with Section 6.2, the Base Annual Retainer or the Supplemental Annual Retainer for a given Plan Year shall be either: (i) payable in cash in approximately equal quarterly installments in arrears, with the first quarter of the Plan Year beginning on the date of the annual stockholders meeting; or (ii) subject to share availability under the Incentive Plan, payable by a grant on the day an installment of the Base Annual Retainer or Supplemental Annual Retainer is normally paid (the “Stock Grant Date”) of that number of shares of Stock (rounded up to the nearest whole share) determined by dividing the Base Annual Retainer or Supplemental Annual Retainer installment otherwise payable by the Share Value as of the Stock Grant Date. Any shares of Stock granted under the Plan as the Base Annual Retainer or Supplemental Annual Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Stock Grant Date, and the Eligible Participant receiving such shares of Stock (or his or her custodian, if any) will have immediate rights of ownership in the shares of Stock, including the right to vote the shares of Stock and the right to receive dividends or other distributions thereon.

6.2. TIMING AND MANNER OF PAYMENT ELECTION. Each Eligible Participant shall elect the form of payment desired for his or her Base Annual Retainer and Supplemental Annual Retainer (if applicable) for a Plan Year by delivering a valid election form in such form as the Board or the plan administrator shall prescribe (the “Election Form”) to the Board or the plan administrator prior to the beginning of such Plan Year, which will be effective as of the first day of the Plan Year beginning after the Board or the plan administrator receives the Eligible Participant’s Election Form. The Election Form signed by the Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, an Eligible Participant may change his or her election for future Plan Years by executing and delivering a new Election Form indicating different choices. If an Eligible Participant fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, or if there are 

4

insufficient shares of Stock in the Incentive Plan, the Base Annual Retainer and Supplemental Annual Retainer (if applicable) will be paid in cash.

ARTICLE 7
EQUITY COMPENSATION

7.1. INITIAL RESTRICTED STOCK GRANT.  Subject to share availability under the Incentive Plan and the terms of this Section 7.1, on the first date that an Independent Director or a Non-Management Director is initially elected or appointed to the Board, he or she shall receive an award of Restricted Stock (the “Initial Stock Grant”) in an amount established from time to time by the Board. Until changed by the Board, the Initial Stock Grant shall be $75,000 in shares of Restricted Stock, with the number of shares of Stock determined by dividing the amount of the Initial Stock Grant by the Share Value as of the grant date.  Such shares of Restricted Stock shall be subject to the terms and restrictions described below in Section 7.3 and shall be in addition to any otherwise applicable annual grant of Restricted Stock granted to such Independent Director or Non-Management Director under Section 7.2.

7.2. SUBSEQUENT RESTRICTED STOCK GRANT. Subject to share availability under the Incentive Plan and the terms of this Section 7.2, on the date following an Independent Director’s or a Non-Management Director’s subsequent re-election to the Board, such director shall receive a subsequent grant of Restricted Stock (the “Subsequent Stock Grant”) in an amount established from time to time by the Board. Until changed by the Board, the Subsequent Stock Grant shall be $50,000 in shares of Restricted Stock, with the number of shares of Stock determined by dividing the amount of the Subsequent Stock Grant by the Share Value as of the grant date. Such shares of Restricted Stock shall be subject to the terms and restrictions described below in Section 7.3. 

7.3. TERMS AND CONDITIONS OF RESTRICTED STOCK. Shares of Restricted Stock shall be evidenced by a written Award Certificate, and shall be subject to such restrictions and risk of forfeiture as determined by the Board, and shall be granted under and pursuant to the terms of the Incentive Plan. Unless and until provided otherwise by the Board, the Restricted Stock granted pursuant to Section 7.1 and Section 7.2 herein shall vest and become non-forfeitable over two (2) years in equal quarterly installments beginning on the first day of the first quarter following the Restricted Stock grant date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent Director’s or the Non-Management Director’s service as a director of the Company due to his or her death or Disability; or (ii) a Change in Control of the Company. If the Independent Director’s or the Non-Management Director’s service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director or the Non-Management Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director or the Non-Management Director.

5

ARTICLE 8
AMENDMENT, MODIFICATION AND TERMINATION

8.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board, require stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities exchange on which the Stock is listed or traded, then such amendment shall be subject to stockholder approval; and provided, further, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason.

ARTICLE 9
GENERAL PROVISIONS

9.1. ADJUSTMENTS. The adjustment provisions of the Incentive Plan shall apply with respect to Restricted Stock or other equity awards outstanding or to be granted pursuant to this Plan.

9.2. DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the Board.

9.3. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company.

9.4. EFFECTIVE DATE. The Plan was originally adopted by the Board on February 2, 2010, effective as of that date.  The Plan was amended by the Board on August 24, 2010 and November 8, 2011, effective as of such dates, and was amended and restated by the Board on March 3, 2015, effective as of January 1, 2015, and on March 16, 2016, effective as of January 1, 2016.

*****

6

The foregoing is hereby acknowledged as being the NorthStar Real Estate Income Trust, Inc. Independent Directors Compensation Plan as adopted by the Board.

	
				
	 
	NORTHSTAR REAL ESTATE INCOME TRUST, INC.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Jenny B. Neslin

	 
	 
	Name:
	Jenny B. Neslin

	 
	 
	Title:
	General Counsel and Secretary

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]