Document:

Exhibit
10.2

 

ORDINARY
SHARE PURCHASE WARRANT

 

B.O.S.
Better Online Solutions Ltd.

 

	Warrant Shares: [   ]	 Initial Exercise Date: January 4, 2021

 

THIS
ORDINARY SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [   ] or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on January 5, 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase
from B.O.S. Better Online Solutions Ltd., a company formed under the laws of Israel (the “Company”), up to
[   ] ordinary shares, no par value (as subject to adjustment hereunder, the “Warrant Shares”). The purchase
price of one ordinary share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Securities Purchase Agreement (the “Purchase Agreement”), dated December 30, 2020, among the Company
and the purchasers signatory thereto.

 

Section
2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the
applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to
the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of
Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
one (1) Business Day of receipt of such notice. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered
on or prior to 4:00 p.m. (New York City time) on the Trading Date prior to the Initial Exercise Date, which may be delivered at
any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such
notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share
Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received by such Warrant Share Delivery Date. The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.

 

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b) Exercise
Price. The exercise price per Ordinary Share under this Warrant shall be $2.75, subject to adjustment hereunder (the
“Exercise Price”).

 

c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)	=	as applicable: (i) the VWAP on the Trading Day
    immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered
    pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section
    2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of
    Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
    (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of
    the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the
    time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
    trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after
    the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the
    date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise
    is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
    Trading Day;
	 	 	 	 
	 	(B)	=	the Exercise Price of this Warrant, as adjusted
    hereunder; and
	 	 	 	 
	 	(X)	=	the number of Warrant Shares that would be issuable
    upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise
    rather than a cashless exercise.

 

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If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary
Shares are then listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary
Shares are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per Ordinary Share so reported, or (d) in all other cases, the fair market value of an
Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary
Shares are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per Ordinary Share so reported, or (d) in all other cases, the fair market value of an
Ordinary Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c).

 

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d)  Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. Within one (1) Trading day of the date that a Notice of Exercise is delivered to the Company,
the Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
there is an effective registration statement permitting the issuance of the Warrant Shares to, or the resale of the Warrant Shares
by, the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the
date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1)
Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the
Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share
Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date
of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the
Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash,
as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the
Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the
fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until
such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a
participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice of Exercise.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

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iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant Shares subject to any such rescinded exercise notice concurrently with
the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s
right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder
$1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Warrant
as required pursuant to the terms hereof.

 

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v. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required
for same-day electronic delivery of the Warrant Shares.

 

vii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof.

 

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		e)	Holder’s
                                         Exercise Limitations. The Company shall not effect any exercise of this Warrant,
                                         and a Holder shall not have the right to exercise any portion of this Warrant, pursuant
                                         to this Section 2 or otherwise, to the extent that after giving effect to such issuance
                                         after exercise as set forth on the applicable Notice of Exercise, the Holder (together
                                         with the Holder’s Affiliates, and any other Persons acting as a group together
                                         with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
                                         Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation
                                         (as defined below).  For purposes of the foregoing sentence, the number of Ordinary
                                         Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall
                                         include the number of Ordinary Shares issuable upon exercise of this Warrant with respect
                                         to which such determination is being made, but shall exclude the number of Ordinary Shares
                                         which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
                                         Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
                                         and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
                                         securities of the Company (including, without limitation, any other Ordinary Share Equivalents)
                                         subject to a limitation on conversion or exercise analogous to the limitation contained
                                         herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. 
                                         Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
                                         ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and
                                         the rules and regulations promulgated thereunder, it being acknowledged by the Holder
                                         that the Company is not representing to the Holder that such calculation is in compliance
                                         with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
                                         required to be filed in accordance therewith. To the extent that the limitation contained
                                         in this Section 2(e) applies, the determination of whether this Warrant is exercisable
                                         (in relation to other securities owned by the Holder together with any Affiliates and
                                         Attribution Parties) and of which portion of this Warrant is exercisable shall be in
                                         the sole discretion of the Holder, and the submission of a Notice of Exercise shall be
                                         deemed to be the Holder’s determination of whether this Warrant is exercisable
                                         (in relation to other securities owned by the Holder together with any Affiliates and
                                         Attribution Parties) and of which portion of this Warrant is exercisable, in each case
                                         subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
                                         to verify or confirm the accuracy of such determination. In addition, a determination
                                         as to any group status as contemplated above shall be determined in accordance with Section
                                         13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
                                         of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder
                                         may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s
                                         most recent periodic or annual report filed with the Commission, as the case may be,
                                         (B) a more recent public announcement by the Company or (C) a more recent written notice
                                         by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. 
                                         Upon the written or oral request of a Holder, the Company shall within one Trading Day
                                         confirm orally and in writing to the Holder the number of Ordinary Shares tock then outstanding. 
                                         In any case, the number of Ordinary Shares outstanding shall be determined after giving
                                         effect to the conversion or exercise of securities of the Company, including this Warrant,
                                         by the Holder or its Affiliates or Attribution Parties since the date as of which such
                                         number of Ordinary Shares outstanding was reported. The “Beneficial Ownership
                                         Limitation” shall be 9.99% of the number of Ordinary Shares outstanding immediately
                                         after giving effect to the issuance of Ordinary Shares issuable upon exercise of this
                                         Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
                                         Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
                                         Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately
                                         after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant
                                         held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
                                         increase in the Beneficial Ownership Limitation will not be effective until the 61st
                                         day after such notice is delivered to the Company. The provisions of this paragraph
                                         shall be construed and implemented in a manner otherwise than in strict conformity with
                                         the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
                                         may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
                                         contained or to make changes or supplements necessary or desirable to properly give effect
                                         to such limitation. The limitations contained in this paragraph shall apply to a successor
                                         holder of this Warrant.

 

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Section
3. Certain Adjustments.

 

a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary
Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant),
(ii) subdivides outstanding Ordinary Shares into a larger number of Ordinary Shares, (iii) combines (including by way of reverse
stock split) outstanding Ordinary Shares into a smaller number of Ordinary Shares, or (iv) issues by reclassification of Ordinary
Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the
record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b) RESERVED.

 

c) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Ordinary Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of capital stock (the “Purchase Rights”), then, upon exercise of the Warrants, the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such
extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right
thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such
Distribution (provided, however, that, to the extent that the Holder's right to participate in any such Distribution
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this
Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall
be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

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e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares
are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group
of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary
Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Ordinary Shares of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of the Ordinary Shares are given any choice as to the securities, cash or property to be received in
a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of g the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to
such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been
named as the Company herein.

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be
the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

    9

     

    

 

g) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Share rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required
in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its
Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby
the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause
to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the
Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified,
a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights
or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Ordinary Shares of record shall be entitled to exchange their shares of the Ordinary Shares for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity
of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes,
or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

h) Voluntary
Adjustment by Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the
term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount
and for any period of time deemed appropriate by the Board of Directors of the Company.

 

    10

     

    

 

Section
4. Transfer of Warrant.

 

a) Transferability.
Subject to applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the
Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company
within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant
in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

Section
5. Miscellaneous.

 

a) No
Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except
as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise”
pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall
the Company be required to net cash settle an exercise of this Warrant.

 

    11

     

    

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d) Authorized
Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary
Shares a sufficient number of Ordinary Shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under
this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which
the Ordinary Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the
purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

    12

     

    

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder
does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Ordinary Share or as a shareholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

    13

     

    

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature
Page Follows)

 

    14

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	B.O.S.
                    Better online solutions ltd. 

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

  

    15

     

    

 

NOTICE
OF EXERCISE

 

		To:	B.O.S.
Better Online SOlutions Ltd.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment
shall take the form of (check applicable box):

 

		☐	in lawful money of the United States; or

 

		☐	[if permitted the cancellation of such number of Warrant
Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to
the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________________

 

Date:
________________________________________________________________________________________

 

     

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:
	
	 	(Please
    Print)
	 	 
	Address:	
	

        
	(Please
                                         Print)

        

	 	 
	Phone
    Number:	 
	 	 
	Email
    Address:	 
	 	 
	Dated:
    _______________ __, ______	 
	 	 
	Holder’s
    Signature: ____________________________	 
	 	 
	Holder’s
    Address:_____________________________EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

 
  

INDENTURE 
 Dated as of
January 4, 2021 
  
  

VALVOLINE INC. 
 THE GUARANTORS
NAMED ON THE SIGNATURE PAGES HERETO 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
  

 
  

 

 Table of Contents 

 

					
		  		  	Page
			
		  	ARTICLE I	  	
			
		  	DEFINITIONS	  	
			
	Section 1.01	  	Definitions	  	  1
	Section 1.02	  	Other Definitions	  	28
	Section 1.03	  	Trust Indenture Act	  	29
	Section 1.04	  	Rules of Construction	  	29
			
		  	ARTICLE II	  	
			
		  	THE NOTES	  	
			
	Section 2.01	  	Form and Dating; Terms	  	30
	Section 2.02	  	Execution and Authentication	  	32
	Section 2.03	  	Registrar and Paying Agent	  	32
	Section 2.04	  	Paying Agent to Hold Money in Trust	  	33
	Section 2.05	  	Holder Lists	  	33
	Section 2.06	  	Transfer and Exchange	  	33
	Section 2.07	  	Replacement Notes	  	45
	Section 2.08	  	Outstanding Notes	  	45
	Section 2.09	  	Treasury Notes	  	46
	Section 2.10	  	Temporary Notes	  	46
	Section 2.11	  	Cancellation	  	46
	Section 2.12	  	Defaulted Interest	  	47
	Section 2.13	  	CUSIP or ISIN Numbers	  	47
	Section 2.14	  	[Intentionally Omitted]	  	47
	Section 2.15	  	Benefits of Indenture	  	47
			
		  	ARTICLE III	  	
			
		  	REDEMPTION AND PREPAYMENT	  	
			
	Section 3.01	  	Notices to Trustee	  	48
	Section 3.02	  	Selection of Notes To Be Redeemed	  	48
	Section 3.03	  	Notice of Redemption	  	48
	Section 3.04	  	Effect of Notice of Redemption	  	50
	Section 3.05	  	Deposit of Redemption Price	  	50
	Section 3.06	  	Notes Redeemed in Part	  	50
	Section 3.07	  	No Mandatory Redemption	  	50
	Section 3.08	  	Optional Redemption	  	51
	 Section 3.09
	  	Offers to Purchase; Acquisition of Notes	  	52

  
 i 

					
			
		  	ARTICLE IV	  	
			
		  	COVENANTS	  	
			
	Section 4.01	  	Payment of Notes	  	52
	Section 4.02	  	Reports and Other Information	  	52
	Section 4.03	  	Compliance Certificate	  	54
	Section 4.04	  	Further Instruments and Acts	  	54
	Section 4.05	  	[Intentionally Omitted]	  	54
	Section 4.06	  	[Intentionally Omitted]	  	54
	Section 4.07	  	[Intentionally Omitted]	  	54
	Section 4.08	  	[Intentionally Omitted]	  	54
	Section 4.09	  	[Intentionally Omitted]	  	54
	Section 4.10	  	[Intentionally Omitted]	  	54
	Section 4.11	  	[Intentionally Omitted]	  	54
	Section 4.12	  	Liens	  	54
	Section 4.13	  	Offer to Repurchase at the Option of Holders Upon Change of Control	  	55
	Section 4.14	  	[Intentionally Omitted]	  	57
			
		  	ARTICLE V	  	
			
		  	SUCCESSORS	  	
			
	Section 5.01	  	Merger, Consolidation or Sale of All or Substantially All Assets.	  	57
	Section 5.02	  	Successor Company Substituted	  	59
			
		  	ARTICLE VI	  	
			
		  	DEFAULTS AND REMEDIES	  	
			
	Section 6.01	  	Events of Default	  	60
	Section 6.02	  	Acceleration	  	61
	Section 6.03	  	Other Remedies	  	63
	Section 6.04	  	Waiver of Past Defaults	  	64
	Section 6.05	  	Control by Majority	  	64
	Section 6.06	  	Limitation on Suits	  	64
	Section 6.07	  	Rights of Holders to Receive Payment	  	65
	Section 6.08	  	Collection Suit by Trustee	  	65
	Section 6.09	  	Trustee May File Proofs of Claim	  	65
	Section 6.10	  	Priorities	  	65
	Section 6.11	  	Undertaking for Costs	  	66
	Section 6.12	  	Waiver of Stay or Extension Laws	  	66

  
 ii 

					
		  	ARTICLE VII	  	
			
		  	TRUSTEE	  	
	Section 7.01	  	Duties of Trustee	  	66
	Section 7.02	  	Rights of Trustee	  	67
	Section 7.03	  	Individual Rights of Trustee	  	69
	Section 7.04	  	Trustee’s Disclaimer	  	69
	Section 7.05	  	Notice of Defaults	  	70
	Section 7.06	  	[Intentionally Omitted]	  	70
	Section 7.07	  	Compensation and Indemnity	  	70
	Section 7.08	  	Replacement of Trustee	  	71
	Section 7.09	  	Successor Trustee by Merger	  	72
	Section 7.10	  	Eligibility; Disqualification	  	72
			
		  	ARTICLE VIII	  	
			
		  	LEGAL DEFEASANCE, COVENANT DEFEASANCE	  	
		  	AND SATISFACTION AND DISCHARGE	  	
			
	Section 8.01	  	Option To Effect Legal Defeasance or Covenant Defeasance	  	73
	Section 8.02	  	Legal Defeasance and Discharge	  	73
	Section 8.03	  	Covenant Defeasance	  	73
	Section 8.04	  	Conditions to Legal or Covenant Defeasance	  	74
	Section 8.05	  	Deposited Money and Government Obligations to be Held in Trust; Other	  	
		  	Miscellaneous Provisions	  	75
	Section 8.06	  	Repayment to the Company	  	76
	Section 8.07	  	Satisfaction and Discharge of Indenture	  	76
	Section 8.08	  	Reinstatement	  	77
			
		  	ARTICLE IX	  	
			
		  	AMENDMENTS	  	
			
	Section 9.01	  	Without Consent of Holders	  	78
	Section 9.02	  	With Consent of Holders	  	79
	Section 9.03	  	Revocation and Effect of Consents and Waivers	  	80
	Section 9.04	  	Notation on or Exchange of Notes	  	80
	Section 9.05	  	Trustee to Sign Amendments	  	80
	Section 9.06	  	Payment for Consent	  	81
			
		  	ARTICLE X	  	
			
		  	GUARANTEES	  	
			
	Section 10.01	  	Guarantees	  	81
	Section 10.02	  	Limitation on Liability	  	82

  
 iii 

					
	Section 10.03	  	Releases	  	83
	Section 10.04	  	Successors and Assigns	  	84
	Section 10.05	  	No Waiver	  	84
	Section 10.06	  	Additional Guarantees	  	84
	Section 10.07	  	Execution of Supplemental Indenture for Future Guarantors	  	84
	Section 10.08	  	Non-Impairment	  	85
	Section 10.09	  	Benefits Acknowledged	  	85
		  	ARTICLE XI	  	
			
		  	MISCELLANEOUS	  	
			
	Section 11.01	  	[Intentionally Omitted]	  	85
	Section 11.02	  	Notices	  	85
	Section 11.03	  	[Intentionally Omitted]	  	86
	Section 11.04	  	Certificate and Opinion as to Conditions Precedent	  	86
	Section 11.05	  	Statements Required in Certificate or Opinion	  	86
	Section 11.06	  	Rules by Trustee, Paying Agent and Registrar	  	87
	Section 11.07	  	Legal Holidays	  	87
	Section 11.08	  	Governing Law	  	87
	Section 11.09	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	87
	Section 11.10	  	Successors	  	87
	Section 11.11	  	Multiple Originals; Electronic Signatures	  	87
	Section 11.12	  	Waiver of Jury Trial	  	87
	Section 11.13	  	Table of Contents; Headings	  	88
	Section 11.14	  	Severability	  	88
	Section 11.15	  	Submission to Jurisdiction and Venue	  	88
			
	EXHIBIT A	  	Form of Note	  	
			
	EXHIBIT B	  	Form of Certificate of Transfer	  	
			
	EXHIBIT C	  	Form of Certificate of Exchange	  	
			
	EXHIBIT D	  	Form of Supplemental Indenture for Additional Subsidiary Guarantors	  	

  
 iv 

 INDENTURE dated as of January 4, 2021, among VALVOLINE INC., a Kentucky corporation,
each of the Company’s (as defined herein) subsidiaries that becomes a Guarantor (as defined herein) pursuant to the terms of this Indenture (collectively, the “Subsidiary Guarantors”) and U.S. BANK NATIONAL ASSOCIATION, a
national banking association organized under the laws of the United States, as trustee (the “Trustee”). 
 W I T N E S S
E T H 
 WHEREAS, the term “the Company” refers only Valvoline Inc., and not to any of its Subsidiaries (as defined
herein) or Affiliates (as defined herein). 
 WHEREAS, the Company has duly authorized the creation of an issue of $535,000,000 aggregate
principal amount of 3.625% Senior Notes due 2031 (the “Initial Notes” and, together with any Additional Notes, the “Notes”). The Initial Notes and any Additional Notes shall be treated as a
single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase. 
 WHEREAS, the
Company has duly authorized the execution and delivery of this Indenture. 
 NOW, THEREFORE, the Company, the Subsidiary Guarantors and the
Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein). 
 ARTICLE I

 DEFINITIONS 

Section 1.01    Definitions. The following terms shall have the following meanings: 

“144A Global Note” means a Global Note in the form of Exhibit A hereto, bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the Outstanding principal amount of Notes initially sold in reliance on Rule 144A. 

“2024 Notes” means the Company’s 5.500% senior unsecured notes due 2024 (which notes were redeemed by the Company on
March 11, 2020). 
 “Additional Notes” means any additional notes issued by the Company having the same terms as the
Notes, except for the public offering price and the issue date and, if applicable, the initial interest accrual date and the initial Interest Payment Date. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this Indenture, “control” (including, with correlative meanings, the terms “controlling,” “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, by
agreement or otherwise. 

  
 1 

 “Agent” means any Registrar, Paying Agent and Custodian. 

“Applicable Premium” means, with respect to any Note on any date of redemption, the greater of: 

(1)    1.0% of the then Outstanding principal amount of such Note; and 

(2)    the excess, if any, of (a) the present value at such date of redemption of (i) the
redemption price of such Note at June 15, 2026 (such redemption price being set forth in Section 3.08(b)) plus (ii) all required interest payments due on such Note through June 15, 2026 (excluding accrued but unpaid interest to
the date of redemption), computed using a discount rate equal to the Treasury Rate as of such date of redemption plus 50 basis points; over (b) the then Outstanding principal amount of such Note. 

“Applicable Procedures” means, with respect to any transfer, redemption, tender or exchange of or for beneficial interests in
any Global Note, the rules and procedures of the Depositary, Euroclear or Clearstream that apply to such transfer or exchange. 

“Ashland” means Ashland LLC, a Kentucky limited liability company. 

“Ashland Chemco” means Ashland Chemco Inc., a Delaware corporation. 

“Ashland Chemco Internal Spin-Off” means the distribution by the Company of the
shares of Ashland Chemco, a newly formed entity that will ultimately be the direct parent of Ashland, to Ashland Global, such that Ashland Global holds the Valvoline Business exclusively through the Company and Ashland Global holds Ashland and the
Chemicals Business exclusively through Ashland Chemco. 
 “Ashland Global” means Ashland Global Holdings Inc., a Delaware
corporation. 
 “Ashland Reorganization” means the reorganization of Ashland, the Company and their respective subsidiaries
under a new public holding company, Ashland Global. 
 “Assumption” means the merger of Valvoline Finco Two LLC
(“Finco Two”) with and into the Company, with the Company surviving, and the assumption by the Company of the obligations of Finco Two under the indenture for the 2024 Notes, the 2024 Notes and the Senior Secured Credit Facilities.

 “Attributable Indebtedness” means, on any date, but without duplication, (a) in respect of any Capitalized Lease
Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or
instrument were accounted for as a Capitalized Lease Obligation and (c) all Synthetic Debt of such Person. 

  
 2 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors or other relevant law in any jurisdiction of competent authority for the relief of debtors relating to moratorium, bankruptcy, insolvency, receivership, winding up, liquidation, examinership or reorganization or any
amendment to, succession to or change in any such law. 
 “Board of Directors” means, with respect to a corporation, the
board of directors of the corporation, and, with respect to any other Person, the board or committee of such Person, or board of directors of the general partner or general manager of such Person, serving a similar function. 

“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 of the Company or pursuant to authorization by the Board of Directors of the Company, including by an authorized officer, and to be in full force and effect on the date of the certificate, and delivered to the
Trustee. 
 “Business Day” means each day that is not a Legal Holiday. 

“Calculation Date” means the date on which the event requiring the calculation of the Consolidated Secured Net Leverage Ratio
or the Fixed Charge Coverage Ratio, as applicable, shall occur; provided, however, that when calculating the availability under any basket or ratio under this Indenture, in each case in connection with any (1) investment or
acquisition (including by way of merger or consolidation), in each case, for which the Company or any Subsidiary of the Company may not terminate its obligations (or may not do so without incurring significant expense) due to lack of financing for
such investment or acquisition, as applicable, or (2) repayment, repurchase or refinancing of Indebtedness with respect to which an irrevocable notice of repayment (or similar irrevocable notice), which may be conditional, has been delivered
(any such transaction, a “Specified Transaction”), in each case, the date of calculation of such basket or ratio and determination as to whether any Default or Event of Default shall have occurred and be continuing may, at the
option of the Company, be the date the definitive agreements for such Specified Transaction are entered into or irrevocable notice, which may be conditional, of such repayment, repurchase or refinancing of Indebtedness is given to the holders of
such Indebtedness (the “Transaction Agreement Date”) and, if the Company so elects, such baskets or ratios shall be calculated on a pro forma basis after giving effect to such Specified Transaction and the other transactions
to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the applicable reference period for purposes of determining the ability to consummate any
such Specified Transaction, and, for the avoidance of doubt, (x) if any of such baskets or ratios are exceeded as a result of fluctuations in such basket or ratio (including due to fluctuations in EBITDA of the Company or any target company)
subsequent to such date of determination and at or prior to the consummation of the relevant Specified Transaction, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining
whether the Specified Transaction is permitted under this Indenture and (y) such 

  
 3 

 
baskets or ratios need not be tested at the time of consummation of such Specified Transaction or related transactions; provided further, however, that if the Company elects to have
such calculation and determination occur at the Transaction Agreement Date pursuant to the immediately preceding proviso, any such transactions (including any incurrence of Indebtedness and the use of proceeds thereof) shall be deemed to have
occurred on the Transaction Agreement Date for purposes of calculating any baskets or ratios under this Indenture after the Transaction Agreement Date and before the consummation of such Specified Transaction or, if applicable, the date that the
definitive agreement or irrevocable notice for such Specified Transaction is terminated or expires without consummation of such Specified Transaction; provided further, however, notwithstanding anything to the contrary in this
Indenture, with respect to any amounts incurred or transactions entered into or consummated in reliance on a provision of this Indenture under a restrictive covenant that does not require compliance with a financial ratio or test (including, without
limitation, the Fixed Charge Coverage Ratio and Consolidated Secured Net Leverage Ratio) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into or consummated in
reliance on a provision of this Indenture that requires compliance with any such financial ratio or test (any such amounts, the “Incurrence Based Amounts”), the Fixed Amounts (and any cash proceeds thereof) shall be disregarded in
the calculation of the financial ratio or test applicable to the Incurrence Based Amounts in connection with such substantially concurrent incurrence. 

“Capital Stock” means: 

(1)    in the case of a corporation, corporate stock; 

(2)    in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (3)    in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4)    any other interest or participation (including, without limitation, quotas) that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease
Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet
(excluding the footnotes thereto) in accordance with GAAP; provided that all leases that are or would be characterized as operating leases in accordance with GAAP immediately prior to September 30, 2018 (whether or not such operating
leases were in effect on such date) shall continue to be accounted for as operating leases (and not as Capitalized Lease Obligations) regardless of any change in GAAP. 

“Cash Equivalents” means: 

(1)    readily marketable obligations issued or directly and fully guaranteed or insured by the United
States or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof; 

  
 4 

 (2)    time deposits with, or insured certificates of
deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a lender under the Senior Secured Credit Facilities or (B) is organized under the laws of the United States, any State thereof or the District of Columbia or is
the principal banking subsidiary of a bank holding company organized under the laws of the United States, any State thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues)
commercial paper rated as described in clause (3) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 360 days from the date of acquisition thereof; 

(3)    commercial paper issued by any Person organized under the laws of any State of the United States and
rated at least “Prime-2” (or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P, in each case
with maturities of not more than 360 days from the date of acquisition thereof; 
 (4)    investments,
classified in accordance with GAAP as current assets of the Company or any of its Restricted Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that
have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to investments of the character, quality and maturity described in clauses (1), (2) and (3) of this definition; 

(5)    fully collateralized repurchase agreements with a term of not more than 30 days for securities
described in clause (1) above and entered into with a financial institution satisfying the criteria described in clause (2) above; and 

(6)    in the case of any Foreign Subsidiary, investments which are similar to the items specified in
subsections (1) through (5) of this definition made in the ordinary course of business. 
 “Change of Control” means
the occurrence of any one of the following: 
 (1)    the sale, lease or transfer, in one or a series of
related transactions, of all or substantially all of the property and assets of the Company and its Subsidiaries, taken as a whole, to any Person other than the Company or any of its Subsidiaries; or 

(2)    the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d)
of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the
purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of acquisition,
merger, amalgamation, consolidation, transfer, conveyance or other business combination or purchase of ultimate beneficial ownership 

  
 5 

 
(within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of more than 50% of the total voting power
of the Voting Stock of the Company, other than by virtue of (a) the imposition of one or more holding companies (including in connection with a business combination and regardless of whether any such holding company has other assets) or
(b) the reincorporation of the Company in another jurisdiction, if in the case of either (a) or (b) the beneficial owners of the Voting Stock of the Company immediately prior to such transaction directly or indirectly hold a majority of
the voting power of the Voting Stock of such holding company or reincorporation entity immediately thereafter. 
 For the purposes of this
definition, the term “Person” shall be defined as that term is used in Section 13(d)(3) of the Exchange Act and the term “beneficial owner” shall be defined as that term is used in Rules
13d-3 and 13d-5 under the Exchange Act. 

“Chemicals Business” means Ashland’s specialty ingredients and performance materials businesses. 

“Clearstream” means Clearstream Banking, S.A., and any successor thereto. 

“Company” has the meaning assigned to it in the preamble to this Indenture. 

“Company Order” means a written order signed in the name of the Company by an Officer. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense and capitalized fees related to any Qualified Securitization Transaction or a Receivables Facility and amortization of intangible assets, debt issuance costs, commissions, fees and expenses, including the
amortization of deferred financing fees of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP (excluding, in each case, amortization expense attributable to a prepaid
cash item that was paid in a prior period). 
 “Consolidated Indebtedness” means, as of any date of determination, for the
Company and its Restricted Subsidiaries on a consolidated basis, the sum of, without duplication (a) the outstanding principal amount of all obligations (as calculated under GAAP), whether current or long-term, for borrowed money (including
Obligations in respect of the Indebtedness hereunder), reimbursement obligations for amounts drawn under letters of credit and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all direct
(but, for the avoidance of doubt, not contingent) obligations arising under bankers’ acceptances and bank guaranties, (c) all Attributable Indebtedness, and (d) without duplication, all guarantees with respect to outstanding
Indebtedness of the types specified in clauses (a) through (c) above of Persons other than the Company or any Restricted Subsidiary. For purposes hereof, the Consolidated Indebtedness of the Company and the Restricted Subsidiaries shall include
any of the items in clauses (a) through (d) above of any other entity (including any partnership in which the Company or any consolidated Subsidiary is a general partner) to the extent the Company or such consolidated Subsidiary is liable
therefor as a result of such Person’s 

  
 6 

 
ownership interest in or other relationship with such entity, except to the extent the terms of that item expressly provide that such Person is not liable therefor. For all purposes hereunder,
Consolidated Indebtedness shall (i) be calculated on a pro forma basis unless otherwise specified and (ii) include all outstandings of the Company and its Restricted Subsidiaries under any Receivables Facility. Notwithstanding the
foregoing, the principal amount outstanding at any time of any Indebtedness included in Consolidated Indebtedness issued with original issue discount shall be the principal amount of such Indebtedness less the remaining unamortized portion of the
original issue discount of such Indebtedness at such time as determined in conformity with GAAP, but such Indebtedness shall be deemed incurred only as of the date of original issuance thereof. 

“Consolidated Interest Expense” means, as of any date of determination for any period, the excess of (a) the sum,
without duplication, of 
 (i) all interest, premium payments, debt discount, fees, charges and related expenses in
connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, 

(ii) cash payments made in respect of obligations referred to in clause (b)(ii) below, 

(iii) the portion of rent expense under Capitalized Lease Obligations that is treated as interest in accordance with GAAP, in
each case, of or by the Company and its Restricted Subsidiaries on a consolidated basis at such determination date, 
 (iv)
all interest, premium payments, debt discount, fees, charges and related expenses in connection with a Receivables Facility, and 

(v) whether or not treated as interest expense in accordance with GAAP, all cash dividends or other distributions accrued
(excluding dividends payable solely in Equity Interests (other than Disqualified Stock) of the Company) on any series of Disqualified Stock or any series of Preferred Stock during such period, 

minus 
 (b) to the extent
included in such consolidated interest expense at such determination date, the sum, without duplication, of 
 (i)
extinguishment charges relating to the early extinguishment of Indebtedness or obligations under Swap Contracts, 
 (ii)
noncash amounts attributable to the amortization of debt discounts or accrued interest payable in kind, 
 (iii) noncash
amounts attributable to amortization or write-off of capitalized interest or other financing costs paid in a previous period, 

  
 7 

 (iv) interest income treated as such in accordance with GAAP and 

(v) fees and expenses, original issue discount and upfront fees, in each case of or by the Company and its Restricted
Subsidiaries on a consolidated basis at such determination date. 
 “Consolidated Net Income” means, as of any date of
determination, the Net Income (or loss) of the Company and its Restricted Subsidiaries on a consolidated basis for any period; provided that Consolidated Net Income shall exclude: 

(1)    [Reserved]; 

(2)    any after-tax income (or
after-tax loss) for such period of any Person if such Person is not a Restricted Subsidiary, except that the Company’s equity in such income of any such Person for such period shall be included in
Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution; 

(3)    any after-tax gain or
after-tax loss realized as a result of the cumulative effect of a change in accounting principles; 

(4)    any after-tax gain or
after-tax loss attributable to any foreign currency hedging arrangements or currency fluctuations; 

(5)    after-tax extinguishment charges relating to the early
extinguishment of Indebtedness and obligations under Swap Contracts and after-tax extinguishment charges relating to upfront fees and original issue discount on Indebtedness; 

(6)    any pension or other post-retirement after-tax gain or after-tax expense for such determination date; provided that Consolidated Net Income shall be reduced by the amount of any cash payments at such determination date relating to pension and other
post-retirement costs (except for any payments made in respect of the pension funding in excess of the amount of required regulatory contributions at such determination date (as reasonably determined by the Company, which determination shall be
conclusive)); and 
 (7)    any gains or losses or other financial impact from any restructuring related
to, connected with, or in any way arising from the Separation Transactions. 
 “Consolidated Secured Net Leverage Ratio”
means, as of the applicable Calculation Date, the ratio of (a) the Consolidated Indebtedness of the Company and its Restricted Subsidiaries that is secured as of such Calculation Date less Unrestricted Cash of the Company and its Restricted
Subsidiaries as of such Calculation Date (in each case, determined after giving pro forma effect to such incurrence of Indebtedness, and each other incurrence, assumption, guarantee, redemption, retirement and extinguishment of Indebtedness
as of such Calculation Date) to (b) LTM EBITDA. 

  
 8 

 “Contribution” means the transfer by Ashland to the Company of
substantially all of the historical assets and liabilities related to the Valvoline Business, as well as other assets and liabilities. 

“Credit Facilities” means, with respect to the Company or any of its Restricted Subsidiaries, one or more debt facilities,
including the Senior Secured Credit Facilities, or other financing arrangements (including, without limitation, commercial paper facilities or indentures), providing for revolving credit loans, term loans or letters of credit or other long-term
indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and
any indentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility
or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender, investor
or group of lenders. 
 “Custodian” means (other than as used and defined in Article VI) the Trustee, as custodian with
respect to any Notes in global form. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default” means any event that is, or with the passage
of time or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provisions of this Indenture. 
 “Derivative Instrument” with respect to a Person, means
any contract, instrument or other right to receive payment or delivery of cash or other assets to which such Person, or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the
Notes (other than a Screened Affiliate), is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the
Notes and/or the creditworthiness of the Company and/or any one or more of the Guarantors (the “Performance References”). 

  
 9 

 “Disqualified Stock” means, with respect to any Person, any Capital Stock
of such Person that, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a
change of control or asset sale and other than if redeemable for Capital Stock of such Person that is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than
solely as a result of a change of control or asset sale and other than if redeemable for Capital Stock of such Person that is not itself Disqualified Stock), in whole or in part, in each case prior to the date that is 91 days after the Maturity Date
of the Notes; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Domestic Restricted Subsidiary” means any Restricted Subsidiary that is organized or existing under the laws of the United
States, any state thereof, or the District of Columbia other than any such Restricted Subsidiary that is a (a) direct or indirect Subsidiary of a Foreign Subsidiary or a Foreign Subsidiary Holding Company or (b) Foreign Subsidiary Holding
Company. 
 “DTC” means The Depository Trust Company or its successors. 

“EBITDA” means, as of any date of determination for any period, an amount equal to Consolidated Net Income for such period
plus 
 (1)    proceeds of business interruption insurance received during such period, but only to the
extent not included in Consolidated Net Income plus 
 (2)    the following to the extent deducted in
calculating such Consolidated Net Income, but without duplication and in each case at such determination date: 

(i)    Consolidated Interest Expense; 

(ii)    the provision for federal, state, local and foreign income taxes payable; 

(iii)    Consolidated Depreciation and Amortization Expense; 

(iv)    asset impairment charges; 

(v)    expenses reimbursed by third parties (including through insurance and indemnity payments); 

  
 10 

 (vi)    fees and expenses incurred in connection with
the Separation Transactions, any Receivables Facility, any proposed or actual issuance of any Indebtedness or Equity Interests (including upfront fees and original issue discount), or any proposed or actual acquisitions, investments, asset sales or
divestitures permitted hereunder, in each case that are expensed; 

(vii)    non-cash restructuring and integration charges and cash
restructuring and integration charges; provided that the aggregate amount of all cash restructuring and integration charges shall not exceed 15% of EBITDA for any twelve-month period, calculated immediately before giving effect to the addback
in this clause (vii); 
 (viii)    non-cash stock expense and non-cash equity compensation expense; 
 (ix)    other expenses or
losses, including purchase accounting entries such as the inventory adjustment to fair value, reducing such Consolidated Net Income which do not represent a cash item in such period or any future period; 

(x)    expenses or losses in respect of discontinued operations of the Company or any of its Restricted
Subsidiaries; 
 (xi)    any unrealized losses attributable to the application of “mark to
market” accounting in respect of Swap Contracts; and 
 (xii) with respect to any disposition for which pro forma
effect is required to be given, any loss thereon; plus 
 (3)     the amount of net cost savings and
operating expense reductions projected by the Company in good faith to be realized as a result of actions initiated or to be initiated or taken on or prior to the date that is 24 months after the consummation of any investment, acquisition,
disposition, merger, consolidation, disposed operation or operational change or other transaction and prior to or during such period (calculated on a pro forma basis as though such cost savings and operating expense reductions had been realized on
the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that (x) such cost savings are reasonably identifiable and quantifiable (as determined in good faith by an
Officer of the Company) and (y) no cost savings shall be added pursuant to this clause (3) to the extent duplicative of any expenses or charges relating to such cost savings that are either excluded in computing Consolidated Net Income or
included (i.e., added back) in computing EBITDA for such period; provided further, that the adjustments pursuant to this clause (3) may be incremental to (but not duplicative of) pro forma adjustments made pursuant to the definition of
Fixed Charge Coverage Ratio; 
 and minus 

(4)     the following to the extent included in calculating such Consolidated Net Income, but without
duplication and in each case at such determination date: 

  
 11 

 (i)    federal, state, local and foreign income tax
credits; 
 (ii)    all non-cash gains or other items increasing
Consolidated Net Income; 
 (iii)    gains in respect of discontinued operations of the Company or any of
its Restricted Subsidiaries; 
 (iv)    any unrealized gains for such period attributable to the
application of “mark-to-market” accounting in respect of Swap Contracts; and 

(v)    with respect to any disposition for which pro forma effect is required to be given, any gain
thereon. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity Offering” means any
public or private sale of common stock or Preferred Stock of the Company (excluding Disqualified Stock), other than: 

(1)    public offerings with respect to the Company’s common stock registered on Form S-8; and 
 (2)    issuances to any Subsidiary of the Company or to any
management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Company. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system, and any successor thereto. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “fair market value” means, with respect to any asset or liability, the fair market value of such asset or
liability as determined by the Company in good faith (which determination shall be conclusive). 
 “Fixed Amounts” has the
meaning assigned to it in the definition of “Calculation Date.” 
 “Fixed Charge Coverage Ratio” means, with
respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Consolidated Interest Expense of such Person for such period. In the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees,
redeems, retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or
Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is 

  
 12 

 
being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made, then the Fixed Charge Coverage Ratio shall be calculated
giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning
of the applicable four-quarter period. 
 For purposes of making the computation referred to above, investments, acquisitions, dispositions,
mergers, consolidations, disposed operations (as determined in accordance with GAAP) and operational changes that have been made by the Company or any of its Restricted Subsidiaries during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis, assuming that all such investments, acquisitions, dispositions, mergers, consolidations,
disposed operations and operational changes (and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such
period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any of its Restricted Subsidiaries since the beginning of such period shall have made any investment, acquisition, disposition, merger,
consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such investment, acquisition,
disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable four-quarter period. 
 For
purposes of this definition, whenever pro forma effect is to be given to an investment, acquisition, disposition, merger, consolidation, disposed operation, operational change or any other transaction, the pro forma calculations shall
be made in good faith by a responsible financial or accounting officer of the Company (and may include, for the avoidance of doubt and without duplication, cost savings and operating expense reductions resulting from such investment, acquisition,
disposition, merger, consolidation, disposed operation, operational change or other transaction, in each case calculated in the manner described in the definition of “EBITDA” herein). If any Indebtedness bears a floating rate of interest
and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the applicable Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into
account any Swap Contracts applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis
shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate
based upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may
designate. 

  
 13 

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

“Foreign Subsidiary Holding Company” means, with respect to any Person, any Subsidiary of such Person substantially all of
whose assets consist of Equity Interests and/or Indebtedness of one or more (a) Foreign Subsidiaries and/or (b) Subsidiaries described in this definition. 

“GAAP” means generally accepted accounting principles in the United States of America which are in effect from time to time
that are applicable as of the date of determination. Notwithstanding anything in this Indenture to the contrary, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP immediately prior to
September 30, 2018 (whether or not such operating leases were in effect on such date) shall continue to be accounted for as operating leases (and not as Capitalized Lease Obligations) for purposes of this Indenture regardless of any change in
GAAP following such date that would otherwise require such leases to be characterized as Capitalized Lease Obligations. 
 “Global
Note” has the meaning set forth in Section 2.01 hereof. 
 “Global Note Legend” means the legend initially
set forth on the Notes in the form set forth in Section 2.06(f)(2) hereof. 
 “Government Securities” means securities
that are: 
 (1)    direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged; 
 (2)    obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which are not callable or redeemable at the
option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of
or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt;
or 
 (3)    AAA rated money market mutual funds, where 100% of the holdings are in securities described
in clauses (1) or (2) of this definition of Government Securities or repurchase agreements that are fully collateralized by securities described in clauses (1) or (2) of this definition of Government Securities. 

  
 14 

 “guarantee” means a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business and Standard Securitization Undertakings), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any
Indebtedness or other obligations. 
 “Guarantee” means the guarantee by any Guarantor of the Company’s Obligations
under this Indenture and the Notes. 
 “Guarantor” means each Subsidiary Guarantor and any other Person that becomes a
Guarantor in accordance with the terms of this Indenture. 
 “Holder” means the Person in whose name a Note is registered
on the applicable Registrar’s books. 
 “incur” means to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise. 
 “Incurrence Based Amounts” has
the meaning assigned to it in the definition of “Calculation Date.” 
 “Indebtedness” means, as to any Person at
a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(1)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by
bonds, debentures, notes, loan agreements or other similar instruments; 
 (2)    the maximum amount of
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, except to the extent that such instruments
support Indebtedness of the type referred to in subclause (i) of the parenthetical in clause (4) of this defined term; 

(3)    [Reserved]; 

(4)    all obligations of such Person to pay the deferred purchase price of property or services (other
than (i) trade accounts payable in the ordinary course of business, (ii) any earn-out or similar obligation that is a contingent obligation or that is not reasonably determinable as of the applicable
date of determination and (iii) any earn-out or similar obligation that is not a contingent obligation and that is reasonably determinable as of the applicable date of determination to the extent that
(A) such Person is indemnified for the payment thereof by a third party reasonably believed by such Person to be solvent or (B) amounts to be applied to the payment therefor are in escrow); 

(5)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being
purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

  
 15 

 (6)    (i) all Attributable Indebtedness of such Person
and (ii) all obligations of such Person under any Receivables Facility; and 
 (7)    all guarantees
of such Person in respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. Notwithstanding the foregoing, (i) the principal amount outstanding at any time of any Indebtedness issued with original issue discount shall be
the principal amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP, but such Indebtedness shall be deemed incurred only as of the
date of original issuance thereof and (ii) in no event shall any operating lease constitute Indebtedness. 

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

“Interest Payment Date” means the date specified in the Notes for the payment of any installment of interest on the Notes.

 “IPO” means the Company’s initial public offering, which closed on September 28, 2016. 

“Issue Date” means January 4, 2021. 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an
operating lease be deemed to constitute a Lien. 
 “Long Derivative Instrument” means a Derivative Instrument (i) the
value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or
delivery obligations under which generally increase, with negative changes to the Performance References. 
 “LTM EBITDA”
means EBITDA of the Company and its Restricted Subsidiaries for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which consolidated financial statements are available (which may be
internal financial statements), with such adjustments applicable to EBITDA as provided for in the definition of “Fixed Charge Coverage Ratio.” 

  
 16 

 “Master Agreement” has the meaning assigned to it in the definition of
“Swap Contract.” 
 “Maturity Date,” when used with respect to any Note or installment of principal thereof,
means the date on which the principal of such Note or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by declaration of acceleration, call for redemption, notice of option
to elect repayment or otherwise. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its
rating agency business. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined
in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
 “Net Short” means, with
respect to a Holder or beneficial owner, as of a date of determination, that either (i) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative
Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the case were a “failure to pay” or “bankruptcy credit event” (each as defined in the 2014 International Swaps and
Derivatives Association, Inc. Credit Derivatives Definitions) to have occurred with respect to the Company or any Guarantor immediately prior to such date of determination. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. 

“Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the offering memorandum of the Company with respect to the Notes issued on the Issue Date, dated
December 15, 2020. 
 “Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, Chief
Financial Officer, Chief Operating Officer, President, any Executive Vice President, any Senior Vice President, any duly authorized Vice President, the Treasurer or the Secretary of the Company or a Guarantor. 

  
 17 

 “Officer’s Certificate” means a certificate signed on behalf of the
Company by an Officer of the Company or on behalf of a Guarantor by an Officer of such Guarantor (or if such Guarantor is a general partnership, one of the partners of the Guarantor). 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or a Subsidiary of the Company. 
 “Outstanding” means, as of the date of
determination, all Notes theretofore authenticated and delivered under this Indenture, except: 

(1)    Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(2)    Notes for whose payment or redemption money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided that if such Notes are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture; 
 (3)    Notes that have been defeased
pursuant to the procedures specified in Article VIII; and 
 (4)    Notes that have been paid in lieu of
reissuance relating to lost, stolen, destroyed or mutilated certificates, or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver under this Indenture, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee knows to be so owned
shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the
pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

“Participant” means a Person who has an account with the Depositary and shall include other indirect participants in DTC
serving a similar function. 
 “Performance References” has the meaning assigned to it in the definition of
“Derivative Instrument.” 
 “Permitted Liens” means, with respect to any Person: 

  
 18 

 (1)    Liens securing Indebtedness incurred in respect
of Capitalized Lease Obligations, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets; provided that such Indebtedness does not at any time encumber any property other than the property financed by such
Indebtedness, other than proceeds and products thereof and either (a) the Indebtedness related thereto does not exceed the cost or fair market value, whichever is lower, of the property being financed and such Indebtedness exists at the date of
such purchase or transaction or is created within 365 days thereafter (for the avoidance of doubt, the purchase date for any asset shall be the later of the date of completion of installation and the beginning of the full productive use of such
asset) or (b) the Indebtedness related thereto does not exceed the fair market value of the property being financed, and after giving effect to the incurrence of any such Indebtedness the Fixed Charge Coverage Ratio of the Company and its
Restricted Subsidiaries for the most recently ended four fiscal quarters for which internal financial statements are available would be at least 2.00 to 1.00; provided further, that such Liens extend only to the assets or Capital Stock, the
acquisition, lease, construction, repair, replacement or improvement of which is financed thereby and any replacements, additions and accessions thereto and any income or profits thereof; 

(2)    Liens existing on the Issue Date (other than Liens existing on the Issue Date securing the Senior
Secured Credit Facilities, which shall be deemed incurred and outstanding pursuant to clause (16)(a) below); 

(3)    Liens on property or shares of stock of a Person at the time such Person becomes a Subsidiary;
provided, however, such Liens are not created or incurred in connection with, or in anticipation or contemplation of, such other Person becoming such a Subsidiary; provided further, however, that such Liens may not
extend to any other property owned by the Company or any of its Restricted Subsidiaries (other than after-acquired property of the acquired Person of the same nature as the property that is the subject of such Lien at the time such Person becomes a
Subsidiary); 
 (4)    Liens on property at the time the Company or a Restricted Subsidiary acquired the
property, including any acquisition by means of a merger or consolidation with or into the Company or any of its Restricted Subsidiaries; provided, however, that such Liens are not created or incurred in connection with, or in anticipation or
contemplation of, such acquisition; provided further, however, that the Liens may not extend to any other property owned by the Company or any of its Restricted Subsidiaries (other than after-acquired property of the acquired
Person of the same nature as the property that is the subject of such Lien at the time such Person becomes a Subsidiary); 

(5)    Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or
another Restricted Subsidiary; 
 (6)    Liens on specific items of inventory of other goods and proceeds
of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  
 19 

 (7)    Liens in favor of the Company or any Subsidiary
Guarantor; 
 (8)    Liens on equipment of the Company or any of its Restricted Subsidiaries granted in
the ordinary course of business to the Company’s clients; 
 (9)    Liens to secure any refinancing,
refunding, extension, renewal or replacement (or successive refinancing, refunding, extension, renewal or replacement) as a whole, or in part, of any Indebtedness secured by any Lien referred to in Section 4.12(b) or clause (1), (2), (3), (4)
or (15) of this definition, in each case to the extent that the Indebtedness secured by such new Lien is an amount equal to the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described
under Section 4.12(b) or clause (1), (2), (3), (4) or (15) of this definition at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums,
related to such refinancing, refunding, extension, renewal or replacement; provided, however, that in each case such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on
such property); 
 (10) Liens securing Indebtedness of any non-Guarantor Restricted
Subsidiary, to the extent such Liens relate only to the assets and properties of a non-Guarantor Restricted Subsidiary (and for the avoidance of doubt, any Liens permitted by this clause (10) at the time
of incurrence thereof shall continue to be permitted by this clause (10) if such non-Guarantor Restricted Subsidiary later provides a Guarantee of the Notes); 

(11) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (12) Liens (i) of a collection bank
arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (ii) attaching to commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of setoff) and which are within the general parameters
customary in the banking industry; 
 (13) Liens deemed to exist in connection with investments in repurchase agreements;
provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(14) Liens that are contractual rights of setoff (i) relating to the establishment of depository relations with banks not
given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts or other cash management arrangements of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the 

  
 20 

 
Company and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any of its Restricted Subsidiaries in the
ordinary course of business; 
 (15) Liens securing Indebtedness of Foreign Subsidiaries of the Company in an amount not to
exceed, at any one time outstanding, $300.0 million; provided such Liens extend only to the assets of such Foreign Subsidiaries; 

(16) Liens securing Indebtedness incurred under Credit Facilities by the Company or any of its Restricted Subsidiaries and the
issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) provided, however, that
either (a) immediately after giving effect to any such incurrence, the then outstanding aggregate principal amount of all such Secured Indebtedness, together with any refinancing Secured Indebtedness incurred and outstanding under clause
(16)(b) below in respect thereof, does not exceed the sum of (x) $1,700.0 million plus (y) the maximum principal amount of additional Secured Indebtedness that could be incurred such that after giving effect to such incurrence, the
Consolidated Secured Net Leverage Ratio would be no greater than 4.00 to 1.00 (calculated without netting the cash proceeds of any such Indebtedness); or (b) such Indebtedness constitutes refinancing Indebtedness in respect of Indebtedness
incurred and outstanding under clause (16)(a) above or this clause (16)(b); 
 (17) Liens arising out of conditional sale,
title retention, consignment or similar arrangements for the sale or purchase of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 

(18) Liens securing the Notes (other than any Additional Note) or the Guarantees thereof; 

(19) Liens on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted
Subsidiary; 
 (20) Liens on trusts, cash or Cash Equivalents or other funds in connection with the defeasance (whether by
covenant or legal defeasance), discharge or redemption of Indebtedness pending consummation of a strategic transaction, or similar obligations; provided that such defeasance, discharge or redemption is otherwise permitted by this Indenture;

 (21) Standard Securitization Undertakings and Liens on Securitization Assets or on assets of a Securitization Special
Purpose Entity, in either case incurred in connection with a Qualified Securitization Transaction or a Receivables Facility, in each case, (i) incurred by a Securitization Special Purpose Entity as part of, pursuant to or in connection with a
Qualified Securitization Transaction (including Indebtedness to the Company, any Restricted Subsidiary or other Person) that is without recourse to the Company or to any Restricted Subsidiary (other than Standard Securitization Undertakings) and
(ii) in connection with any Receivables Facility, so long as the aggregate principal amount of Indebtedness under this clause (ii) in the aggregate does 

  
 21 

 
not exceed $400.0 million; and to the extent that any purported contribution, sale, conveyance, grant or transfer of Securitization Assets or accounts receivables from the Company or any
Restricted Subsidiary to a Securitization Special Purpose Entity or to any Person that is not a Restricted Subsidiary, as applicable, shall ever be deemed not to constitute a true sale, any Indebtedness of the applicable Securitization Special
Purpose Entity or Person to the Company and such Restricted Subsidiaries arising therefrom (for the avoidance of doubt, such Indebtedness shall include Indebtedness in connection with the trade receivables securitization facility to be entered into
in a manner consistent in all material respects with the disclosures set forth or incorporated by reference in the Offering Memorandum, and Liens permitted under this clause (21) shall include Liens in connection with the trade receivables
securitization facility to be entered into in a manner consistent in all material respects with the disclosures set forth or incorporated by reference in the Offering Memorandum); and 

(22) Liens securing Indebtedness of an Unrestricted Subsidiary that becomes a Restricted Subsidiary in accordance with this
Indenture; provided that such Subsidiary was an Unrestricted Subsidiary at the time such Indebtedness was originally incurred and such Indebtedness was not incurred in contemplation of such Unrestricted Subsidiary becoming a Restricted
Subsidiary. 
 In the event that a Permitted Lien meets the criteria of more than one of the types of Permitted Liens (at the time of
incurrence or at a later date), the Company in its sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in any manner that complies with this definition and such Permitted Lien shall be
treated as having been made pursuant only to the clause or clauses of the definition of Permitted Lien to which such Permitted Lien has been classified or reclassified. 

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

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to
be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Securitization Transaction” means any transaction or series of transactions entered into by the Company or any
Restricted Subsidiary pursuant to which the Company or such Restricted Subsidiary contributes, sells, conveys, grants a security interest in or otherwise transfers to a Securitization Special Purpose Entity, and such Securitization Special Purpose
Entity contributes, sells, conveys, grants a security interest in or otherwise transfers to one or more other Persons, any Securitization Assets (whether now existing or arising in the future) or any beneficial or participation interests therein.

  
 22 

 “Receivables Facility” means any receivables financing facilities or
factoring (or reverse factoring) agreements or facilities, as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations in respect of which are non-recourse
(except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Company or any of its Restricted Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries sells its
accounts receivable to a Person that is not a Restricted Subsidiary. The term “Receivables Facility” does not include a Qualified Securitization Transaction. 

“Regular Record Date” means the record dates specified in the Notes; provided that if any such date is not a Business
Day, the record date shall be the first day immediately preceding such specified day that is a Business Day. 
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Regulation S
Temporary Global Note or Regulation S Permanent Global Note, as applicable. 
 “Regulation S Permanent Global Note” means a
permanent Global Note in the form of Exhibit A hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination
equal to the Outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the applicable Restricted Period. 

“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto, bearing the Global
Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the Outstanding principal
amount of the Notes initially sold in reliance on Rule 903. 
 “Regulation S Temporary Global Note Legend” means the legend
set forth in Section 2.06(f)(3) hereof. 
 “Responsible Officer” with respect to the Trustee, means any vice
president, assistant vice president, trust officer, assistant trust officer or any other officer of the Trustee within the corporate trust department of the Trustee who customarily performs functions similar to those performed by the above
designated officers or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject, and who shall have direct responsibility for the administration of this Indenture. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

  
 23 

 “Restricted Global Note” means a Global Note bearing the Private Placement
Legend. 
 “Restricted Period” means the 40-day distribution compliance period as
defined in Regulation S. 
 “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company
(including any Foreign Subsidiary and Foreign Subsidiary Holding Company) that is not then an Unrestricted Subsidiary. Upon an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be a Restricted Subsidiary. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by the Company or any of its
Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation of such leasing. 

“Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder
and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens
prohibit the sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection
with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such Holders in connection with its
investment in the Notes. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Second Step Spin-Off” means the distribution by Ashland Global of all shares of
common stock of the Company held by Ashland Global to the holders of Ashland Global’s common stock on May 12, 2017. 

“Secured Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means (i) all receivables, inventory or royalty or other revenue streams
contributed, sold, conveyed, granted or otherwise transferred as part of, pursuant to or in connection with asset securitization transactions by the Company or any Restricted Subsidiary pursuant to agreements, instruments and other documents
relating to any Qualified 

  
 24 

 
Securitization Transaction, (ii) all assets related to such receivables, inventory or royalty or other revenue streams, including rights arising under the contracts governing or related to
such receivables, inventory or royalty or other revenue streams, rights in respect of collateral and Liens securing such receivables, inventory or royalty or other revenue streams and all contracts and contractual and other rights, guarantees and
other credit support in respect of such receivables, inventory or royalty or other revenue streams, any proceeds of such receivables, inventory or royalty or other revenue streams and any lockboxes or accounts in which such proceeds are deposited,
spread accounts and other similar accounts (and any amounts on deposit therein) established as part of, pursuant to or in connection with a Qualified Securitization Transaction, any warranty, indemnity, repurchase, dilution and other claim, arising
out of the agreements, instruments and other documents relating to such Qualified Securitization Transaction and other assets that are transferred or in respect of which security interests are granted in connection with asset securitizations
involving similar assets, and (iii) all collections (including recoveries) and other proceeds of the assets described in the foregoing clauses (i) and (ii). 

“Securitization Special Purpose Entity” means a Person (including, without limitation, a Restricted Subsidiary) created in
connection with the transactions contemplated by a Qualified Securitization Transaction, which Person engages in no business or activities other than in connection with the acquisition, disposition and financing of Securitization Assets and any
business or activities incidental or related thereto and holds no assets other than Securitization Assets and other assets incidental or related to such Qualified Securitization Transaction. 

“Senior Secured Credit Facilities” means the Amendment and Restatement Credit Agreement dated as of April 12, 2019, by
and among the Company, the Subsidiaries of the Company party thereto, The Bank of Nova Scotia, as administrative agent, and the lenders party thereto, including any guarantees, collateral documents, instruments and agreements executed in connection
therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof. 

“Separation” means collectively, the Ashland Chemco Internal Spin-Off, the Valvoline
Reorganization, the Ashland Reorganization and the Transfer. 
 “Separation Transactions” means, collectively, the
Separation, the Contribution, the Assumption, the IPO and the Second Step Spin-Off. 

“Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease,
with negative changes to the Performance References. 
 “Significant Subsidiary” means any Restricted Subsidiary that would
be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect
on the Issue Date. 

  
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 “Specified Transaction” has the meaning assigned to it in the definition of
“Calculation Date.” 
 “Standard Securitization Undertakings” means all representations, warranties, covenants,
indemnities, performance guarantees and servicing obligations entered into by the Company or any Subsidiary (other than a Securitization Special Purpose Entity) that, taken as a whole, are customary in connection with a Qualified Securitization
Transaction. 
 “Stated Maturity Date,” when used with respect to any Note, means the date specified in such Note as the
fixed date on which an amount equal to the principal amount of such Note is due and payable. 
 “Subsidiary” means, with
respect to any Person: 
 (1)    any corporation, association, or other business entity (other than a
partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

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

(a)    more than 50% of the capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or controlled directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general,
special or limited partnership otherwise, and 
 (b)    such Person or any Restricted Subsidiary of such
Person is a general partner or otherwise controls such entity. 
 “Subsidiary Guarantor” has the meaning assigned to it in
the preamble to this Indenture. 
 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms 

  
 26 

 
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any
other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Synthetic Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in
respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the
definition of “Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including Sale and Lease-Back
Transactions), in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment). Notwithstanding anything to the contrary in the foregoing, operating lease obligations as determined in accordance with GAAP do not constitute Synthetic Lease Obligations. 

“Transaction Agreement Date” has the meaning assigned to it in the definition of “Calculation Date.” 

“Transfer” means the transfer of certain assets and liabilities among Ashland, Ashland Global, the Company and their
respective subsidiaries. 
 “Treasury Rate” means, as of any date of redemption, the yield to maturity as of such date of
redemption of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to the date of
redemption (or in connection with a discharge, two Business Days prior to the date of deposit with the Trustee or paying agent, as applicable) (or, if such statistical release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from the date of redemption to June 15, 2026; provided, however, that if the period from the date of redemption to the Stated Maturity Date of the Notes to be redeemed is less than one year,
the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

  
 27 

 “Unrestricted Cash” means, at any time, all cash and Cash Equivalents held
by the Company and its Restricted Subsidiaries at such time; provided that such cash and Cash Equivalents (a) do not appear (and would not be required to appear) as “restricted” on a consolidated balance sheet of the Company
prepared in conformity with GAAP (unless such classification results solely from any Lien referred to in clause (b) below) and (b) are not controlled by or subject to any Lien or other preferential arrangement in favor of any creditor,
other than Liens created under a Credit Facility. 
 “Unrestricted Definitive Note” means a Definitive Note without the
Private Placement Legend. 
 “Unrestricted Global Note” means a Global Note without the Private Placement Legend. 

“Unrestricted Subsidiary” means any Subsidiary that has been designated as an “Unrestricted Subsidiary” pursuant
to, and in accordance with (i) the Senior Secured Credit Facilities (as in effect on the Issue Date) or (ii) any amendment, modification, supplement, restatement, extension, renewal, refinancing, replacement or substitution thereof that
provides the Company with similar rights to designate Subsidiaries as “unrestricted”, in each case, for so long as such Senior Secured Credit Facilities remain in effect and such Subsidiary is so designated thereunder. If there are one or
more Unrestricted Subsidiaries under this Indenture and any such Unrestricted Subsidiary ceases to be an “unrestricted subsidiary” under any such Senior Secured Credit Facilities (whether by termination of such Senior Secured Credit
Facilities, re-designation of such Subsidiary or otherwise), such Subsidiary shall automatically become a Restricted Subsidiary under this Indenture. 

“Valvoline Business” means Ashland’s automotive, commercial and industrial lubricant and automotive chemical business
substantially as described in the Valvoline Inc. Registration Statement on Form S-1 (#333-211720), as filed on May 31, 2016. 

“Valvoline Reorganization” means the reorganization of the Valvoline Business such that the Company is the owner, directly or
indirectly, of substantially all of the Valvoline Business. 
 “Voting Stock” of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

Section 1.02    Other Definitions. 
  

			
	Term	  	Defined in
Section
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.13(a)
	“Change of Control Payment”	  	4.13(a)
	“Change of Control Payment Date”	  	4.13(a)(2)
	“Covenant Defeasance”	  	8.03
	“Directing Holder”	  	6.02(a)

  
 28 

			
	Term	  	Defined in
Section
	“Event of Default”	  	6.01
	“Guaranteed Obligations”	  	10.01(a)
	“Initial Lien”	  	4.12(a)
	“Legal Defeasance”	  	8.02
	“Legal Holiday”	  	11.07
	“Note Register”	  	2.03
	“Noteholder Direction”	  	6.02(a)
	“Paying Agent”	  	2.03
	“Position Representation”	  	6.02(a)
	“Registrar”	  	2.03
	“Successor Company”	  	5.01(a)(1)
	“Successor Person”	  	5.01(b)(1)(A)
	“Verification Covenant”	  	6.02(a)

 Section 1.03    Trust Indenture Act. For the avoidance of doubt, this
Indenture is not qualified under the Trust Indenture Act, and the Trust Indenture Act shall not apply to or in any way govern the terms of this Indenture. 

Section 1.04    Rules of Construction. Unless the context otherwise requires: 

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

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

(c)    “or” is not exclusive; 

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

(e)    provisions apply to successive events and transactions; 

(f)    references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; 
 (g)    the term “consolidated” with
respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person; and 

(h)    all covenant basket sizes set forth herein, including any definitions relating thereto, are as specified in U.S.
dollars. 

  
 29 

 ARTICLE II 

THE NOTES 

Section 2.01    Form and Dating; Terms. 

(a)    General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage in addition to those provided for in Exhibit A hereto. Each Note shall be
dated the date of its authentication. The Notes shall be in minimum amounts of $2,000 and integral multiples of $1,000 in excess of $2,000. 

(b)    Global Notes. 

(1)    Notes issued in global form shall be substantially in the form of
Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be
substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each
Global Note shall represent such aggregate principal amount of the Outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide
that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as applicable,
to reflect exchanges and redemptions and transfers of interests therein. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby shall be made by
the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(2)    Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the
Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the
Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as provided in this Indenture. Following the termination of the Restricted Period,
beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to Section 2.06 hereof and the Applicable Procedures. Simultaneously with the
authentication of the Regulation S Permanent Global Note, the Trustee shall cancel such Regulation S Temporary Global Note. The aggregate principal amount of a Regulation S Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as provided in this Indenture. 

  
 30 

 (c)    Participants shall have no rights under this Indenture or any
Global Note with respect to any Global Note held on their behalf by the Depositary or by the Trustee as custodian for the Depositary, and the Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its Participants, the Applicable Procedures or the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Note. 
 (d)    Terms. The aggregate principal amount of Initial Notes that may
be authenticated and delivered under this Indenture on the Issue Date is $535,000,000, and the aggregate amount of Additional Notes that may be authenticated and delivered under this Indenture is unlimited (so long as not otherwise prohibited by the
terms of this Indenture). With respect to any Additional Notes, the Company shall set forth in (1) a Board Resolution and (2) (i) an Officer’s Certificate or (ii) one or more indentures supplemental hereto, the following
information: 
 (A)    the aggregate principal amount of such Additional Notes to be authenticated and
delivered pursuant to this Indenture; 
 (B)    the issue price and the issue date of such Additional
Notes, including the date from which interest shall accrue; and 
 (C)    whether such Additional Notes
shall be either Restricted Definitive Notes or Restricted Global Notes. 
 In authenticating and delivering Additional Notes, the Trustee
shall be entitled to receive and shall be fully protected in relying upon, in addition to the Opinion of Counsel and Officer’s Certificate required by Section 11.04 hereof, an Opinion of Counsel as to the due authorization, execution,
delivery, validity and enforceability of such Additional Notes. 
 The terms and provisions contained in the Notes shall constitute, and are
hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(e)    Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of
beneficial interests in a Regulation S Global Note that are held by Participants through Euroclear or Clearstream. 

  
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 Section 2.02    Execution and Authentication. 

One Officer shall execute the Notes on behalf of the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A hereto, as the case may be, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this
Indenture. 
 On the Issue Date, the Trustee shall, upon receipt of a written order of the Company directing authentication
(an “Authentication Order”), authenticate and deliver the Initial Notes specified in such Authentication Order. In addition, at any time, from time to time, the Trustee shall, upon receipt of an Authentication Order,
authenticate and deliver any Additional Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. Unless otherwise provided in such
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent shall have the same rights
as the Trustee to deal with Holders, the Company or an Affiliate of the Company. 
 Section 2.03    Registrar
and Paying Agent. 
 The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for
exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes (the “Note Register”) and of their
transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder but upon written notice to such
Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate agreement entered into by the
Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee and the passage of any waiting or notice periods required by DTC procedures or (ii) written notification to the Trustee that the Trustee
shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) of this Section 2.03 above. The Registrar or Paying Agent may resign at any time upon written notice to the Company and the
Trustee. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The
Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

  
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 The Company initially appoints DTC to act as Depositary with respect to the Global Notes.

 The Company initially appoints the Trustee to act as the Paying Agent and Registrar for the Notes. The Trustee will also act as Custodian
for the Depositary with respect to the Global Notes. 
 Section 2.04    Paying Agent to Hold Money in Trust.

 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee in writing 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 relating to the Notes to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company or one of its Subsidiaries) shall have no further liability for the money. If the Company or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of the Holders all money held by it as Paying Agent. Upon any Event of Default under Sections 6.01(f) or (g) hereof, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05    Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least two Business 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 the Holders. 

Section 2.06    Transfer and Exchange. 

(a)    Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note
may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless
(i) the Depositary (x) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 90 days; (ii) there shall have occurred and be continuing an Event of Default with respect to the Notes; or (iii) the Company, at its option, notifies the Trustee in writing that it
elects to cause the issuance of Definitive Notes (provided, however, that the Regulation S Temporary Global Note may not be exchanged for Definitive Notes prior to (1) the expiration of the Restricted Period and (2) the
receipt by the Registrar of any certificates required by Rule 903(b)(3)(ii)(B)). Upon the occurrence of any of the preceding events in subclauses (i), (ii) or (iii) of this Section 2.06(a) above, Definitive Notes delivered in
exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any 

  
 33 

 
approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided
in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and
delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in subclauses (i), (ii) or (iii) of this Section 2.06(a) above and pursuant to
Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, that beneficial interests in a Global Note may be transferred and exchanged
as provided in Section 2.06(b) or (c) hereof. 
 (b)    Transfer and Exchange of Beneficial Interests
in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the
Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either
subparagraph (1) or (2) of this Section 2.06(b) below, as applicable, as well as one or more of the other following subparagraphs of this Section 2.06(b), as applicable: 

(1)    Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any
Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend and any
Applicable Procedures; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person, as defined in
Regulation S under the Securities Act, or for the account or benefit of a U.S. Person (other than an initial purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. Except as may be required by any Applicable Procedures, no written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1). 
 (2)    All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a
written order from a Participant or an indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or
(B) (1) if permitted under Section 2.06(a) hereof, a written order from a Participant or an indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a
Definitive Note in an amount equal to the 

  
 34 

 
beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B). Upon satisfaction of all of the requirements for transfer or
exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(g) hereof. 
 (3)    Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) hereof and the Registrar receives the following: 
 (A)    if the
transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in
item (1) thereof; or 
 (B)    if the transferee will take delivery in the form of a
beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(4)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) hereof and the Registrar receives the following: 

(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

 (B)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 

  
 35 

 and, in each such case set forth in this Section 2.06(b)(4), an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 If any such transfer is effected pursuant to this Section 2.06(b)(4) at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(4). 

Beneficial interests in an Unrestricted Global Note may not be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c)    Transfer or Exchange of Beneficial Interests for
Definitive Notes. 
 (1)    Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in
the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in paragraph (i), (ii) or (iii) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B)    if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such beneficial interest is being transferred to a
non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (2) thereof; 
 (D)    if such beneficial interest is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in
item (3)(a) thereof; 
 (E)    if such beneficial interest is being transferred to the Company
or any of its Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

  
 36 

 (F)    if such beneficial interest is being transferred
pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and
the Company shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted
Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted
Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(2)    Beneficial Interests in Regulation S Temporary Global Note to Definitive
Notes. Notwithstanding Sections 2.06 (c)(1)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the
form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(3)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of
a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only upon the occurrence of any of the events in subclause (i), (ii) or (iii) of Section 2.06(a) hereof and if the Registrar receives the following: 

(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
 and, in each such case set forth in this Section 2.06(c)(3), an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 

  
 37 

 (4)    Beneficial Interests in Unrestricted Global
Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subclause (i), (ii) or (iii) of Section 2.06(a) hereof and satisfaction of the conditions set forth in
Section 2.06(b)(2) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall
authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or indirect
Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall not bear the
Private Placement Legend. 
 (d)    Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1)    Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder
of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A)    if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the
certifications in item (2)(b) thereof; 
 (B)    if such Restricted Definitive Note is being
transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such Restricted Definitive Note is being transferred to a
non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (2) thereof; 
 (D)    if such Restricted Definitive Note is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in
item (3)(a) thereof; 

  
 38 

 (E)    if such Restricted Definitive Note is being
transferred to the Company or any of its Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such Restricted Definitive Note is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased in a corresponding amount pursuant to Section 2.06(g) hereof
the aggregate principal amount of, in the case of clause (A) of this Section 2.06(d)(1) above, the applicable Restricted Global Note, in the case of clause (B) of this Section 2.06(d)(1) above, the applicable 144A
Global Note, and in the case of clause (C) of this Section 2.06(d)(1) above, the applicable Regulation S Global Note. 

(2)    Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of
a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if the Registrar receives the following: 
 (A)    if the Holder of such Definitive
Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c)
thereof; or 
 (B)    if the Holder of such Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
 and, in each such case set forth in this Section 2.06(d)(2), an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee shall
cancel the Definitive Notes and increase or cause to be increased in a corresponding amount pursuant to Section 2.06(g) hereof the aggregate principal amount of the Unrestricted Global Note. 

  
 39 

 (3)    Unrestricted Definitive Notes to Beneficial
Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a written request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
in a corresponding amount pursuant to Section 2.06(g) hereof the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to Section 2.06(d)(2) or this
Section 2.06(d)(3) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e)    Transfer and Exchange of Definitive Notes for Definitive Notes. Upon written request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e): 

(1)    Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note
may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A)    if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must
deliver a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B)    if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

(C)    if the transfer will be made pursuant to any other exemption from the registration requirements of
the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

(2)    Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note
may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

  
 40 

 (A)    if the Holder of such Restricted Definitive
Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(B)    if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(e)(2), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(3)    Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a written request to register such a transfer, the Registrar shall register the Unrestricted Definitive
Notes pursuant to the instructions from the Holder thereof. 
 (f)    Legends. The following legends shall appear
on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(1)    Private Placement Legend. 

(A)    Except as permitted by subparagraph (B) of this Section 2.06(f)(1) below, each Global
Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (I) IN THE CASE OF RULE 144A NOTES, THE DATE WHICH IS ONE 

  
 41 

 
YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE THEREOF, THE DATE OF
ORIGINAL ISSUANCE OF ANY ADDITIONAL NOTES OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE AND (II) IN THE CASE OF REGULATION S NOTES, 40 DAYS AFTER THE ORIGINAL ISSUE DATE THEREOF, RESELL OR
OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO
EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY
REGULATION S UNDER THE SECURITIES ACT.” 
 (B)    Notwithstanding the foregoing, any Global Note or
Definitive Note issued pursuant to subparagraph (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private
Placement Legend. 
 (2)    Global Note Legend. Each Global Note shall bear a legend in
substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(g) OF
THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO 

  
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A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 
 (3)    Regulation S Temporary Global Note Legend. The Regulation S Temporary
Global Note shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN
A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.” 

(g)    Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note
or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and, if the Registrar and the Trustee are not the same entity, notice to the Trustee of such exchange or transfer an endorsement
shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, the aggregate principal amount of such other Global Note shall be increased in a corresponding amount pursuant to this Section 2.06(g) and if the Registrar and the

  
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Trustee are not the same entity, notice to the Trustee of such exchange or transfer an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such increase. 
 (h)    General Provisions Relating to Transfers and Exchanges. 

(1)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s written request. 

(2)    No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder
of a Definitive Note for any registration of transfer or exchange, but the Company or the Trustee 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 taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06, 4.13 or 9.04 hereof). 

(3)    Neither the Registrar nor the Company shall be required to register the transfer of or exchange any
Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4)    All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global
Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or
exchange. 
 (5)    The Company shall not be required (A) to issue, to register the transfer of or
to exchange any Notes during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of Notes for redemption under Section 3.03 hereof and ending at the close of business on the day
such notice was sent, (B) to register the transfer of or to exchange any Note so selected for redemption or tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer in whole or in part, except the unredeemed
portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a Regular Record Date and the next succeeding Interest Payment Date. 

(6)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and
the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and
none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7)    Upon
surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 2.03 hereof, the Company shall 

  
 44 

 
execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a
like aggregate principal amount. 
 (8)    At the option of the Holder, subject to Section 2.06(a)
hereof, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes to which the Holder making the exchange is entitled in accordance with the provisions of
Section 2.02 hereof. 
 (9)    All certifications, certificates and Opinions of Counsel required to
be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile or electronically (in PDF format). 

(10)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
 Neither the Trustee nor any Trustee agent shall have any responsibility or
liability for any actions taken or not taken by the Depositary. 
 Section 2.07    Replacement Notes. 

If any mutilated Note is surrendered to the Trustee, the Registrar or the Company and the Trustee receives evidence to their satisfaction of
the ownership and destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, the Registrar and the Paying Agent and any authenticating agent from any loss that any of them may suffer if a Note is
replaced. At the Company’s request, such Holder shall reimburse the Company for its expenses in replacing a Note. 
 Every replacement
Note issued in accordance with this Section 2.07 is a contractual obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

Section 2.08    Outstanding Notes. 

The Notes Outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a 

  
 45 

 
Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not Outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be Outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be Outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be Outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
Maturity Date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer Outstanding and shall cease to accrue interest. 

Section 2.09    Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Company, or by any Affiliate of the Company, shall be considered as though not Outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to deliver any such direction, waiver or consent with respect to the pledged Notes and that the pledgee is not the Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

Section 2.10    Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication
Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes. 
 Holders and beneficial holders, as the case
may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 

Section 2.11    Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the 

  
 46 

 
Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes
in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act). The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.12    Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest to the Persons who are Holders on a special record date, which may be after the existing Regular Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereof.
The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Trustee shall fix or cause to be fixed each such special record date and payment date;
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Trustee shall promptly notify the Company of such special record date and in any event at least
20 days before such special record date. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall send or cause to be sent,
via electronic transmission or by first-class postage prepaid, to each Holder a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid.

 Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 2.13    CUSIP or ISIN Numbers. 

The Company in issuing the Notes may use CUSIP or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP or ISIN
numbers in notices, including notices of redemption, exchange or offers to purchase 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 Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any related redemption, exchange or offers to purchase shall not be affected by any defect in or omission of
such numbers. The Company will as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN numbers. Additional Notes issued under this Indenture may have the same or differing CUSIP or ISIN numbers as those given to
the Notes. 
 Section 2.14    [Intentionally Omitted]. 

Section 2.15    Benefits of Indenture. 

Nothing in this Indenture or in the Notes, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the Holders of the Notes, any 

  
 47 

 
legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions
being for the sole benefit of the parties hereto and of the Holders of the Notes. 
 ARTICLE III 

REDEMPTION AND PREPAYMENT 

Section 3.01    Notices to Trustee. The Company may redeem and pay the Notes or may covenant to redeem and
pay the Notes or any part thereof prior to the Stated Maturity Date thereof at such time and on such terms as provided for in this Indenture. If a Note is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity Date
thereof all or part of the Notes pursuant to the terms of this Indenture, the Company shall notify the Trustee in writing of the redemption date and the principal amount of the Notes to be redeemed and the redemption price. Except as otherwise
provided in Section 3.03, the Company shall give such written notice to the Trustee in the form of an Officer’s Certificate at least 10 days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to
Section 3.03 hereof unless the Trustee consents to a shorter period. 
 Section 3.02    Selection of Notes
To Be Redeemed. If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to be redeemed or purchased as follows: 

(a)    if the Company notifies the Trustee in writing that the Notes are listed on an exchange, in compliance with the
requirements of such exchange; or 
 (b)    on a pro rata basis to the extent practicable, or, if a pro rata basis is
not practicable or permitted for any reason, by lot or by such other method as may be prescribed by DTC’s applicable procedures. 
 No
Notes of $2,000 of principal amount or less will be redeemed in part. Except as provided in the two preceding sentences, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.
The Trustee shall make the selection from Outstanding Notes not previously called for redemption. 
 If any Note is to be redeemed in part
only, the notice of redemption that relates to such Note shall state the portion of the principal amount of that Note to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note presented for redemption will
be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the redemption date, interest ceases to accrue or accrete on Notes or portions of them called for redemption. 

Section 3.03    Notice of Redemption. At least 10 days but not more than 60 days before a redemption date,
the Company shall deliver electronically or mail or cause to be mailed, by first-class mail, postage prepaid (or otherwise delivered in accordance with the procedures of DTC), a notice of redemption to each Holder whose Notes are to be redeemed at
its registered address. 

  
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 The notice shall identify the Notes to be redeemed and shall state: 

(a)    the redemption date; 

(b)    the redemption price, which will include interest accrued and unpaid to the date fixed for redemption; 

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

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

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

(f)    that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(g)    the paragraph of the Notes or provision of this Indenture or any supplemental indenture pursuant to which the
Notes called for redemption are being redeemed; 
 (h)    the CUSIP number, or ISIN, if any, printed on the Notes being
redeemed; 
 (i)    any applicable conditions precedent and the procedures for notice to the Trustee and Holders of any
failure or delay to satisfy such conditions; 
 (j)    whether payment of the redemption price and the performance of
the Company’s obligations with respect to such redemption will be performed by another Person; and 
 (k)    that
no representation is made as to the correctness or accuracy of the CUSIP number, or ISIN, if any, listed in such notice or printed on the Notes. 

At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense;
provided, however, that the Company shall deliver to the Trustee, at least 10 days prior to the intended delivery or mailing of any such notice (or such shorter period as may be acceptable to the Trustee), an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as required by this Section. 

  
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 Section 3.04    Effect of Notice of Redemption. Once notice
of redemption is delivered or mailed in accordance with Section 3.03 hereof and any conditions set forth therein have been satisfied, Notes called for redemption become due and payable on the redemption date at the redemption price, subject to
the following paragraph. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

Notice of any redemption may be given prior to the completion of any offering or other corporate transaction, and any redemption or notice
may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, the completion of the related offering or corporate transaction. 

Section 3.05    Deposit of Redemption Price. No later than 10:00 a.m. local time on the redemption date in the
place of payment of such redemption, the Company shall deposit with the Trustee or with the applicable Paying Agent money in U.S. dollars sufficient to pay the redemption price of and accrued interest on all Notes (or portions of Notes) to be
redeemed on that date. Neither the Trustee nor the applicable Paying Agent shall be obligated to make payments to Holders or the Depositary without receipt of such sufficient funds. The Trustee or the Paying Agent shall as promptly as practicable
return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. If such money is then held by the
Company in trust and is not required for such purpose it shall be discharged from such trust. 
 If the Company complies with the provisions
of the immediately preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after a Regular Record Date but on or prior to the
related Interest Payment Date, then any accrued and unpaid interest shall be paid on the redemption date to the Person in whose name such Note was registered at the close of business on such Regular Record Date. If any Note called for redemption
shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and, to the
extent permitted by law and the terms the Notes, on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes. 

Section 3.06    Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company shall
execute and the Trustee, upon a Company Order and receipt of the deliverables required hereunder, shall authenticate for the Holder (at the Company’s expense) a new Note equal in principal amount to the unredeemed portion of the Note
surrendered. 
 Section 3.07    No Mandatory Redemption. The Company shall not be required to make any
mandatory redemption or sinking fund payments with respect to the Notes. 

  
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 Section 3.08    Optional Redemption. Except as set forth
below, the Company will not be entitled to redeem the Notes at its option prior to June 15, 2026. 
 (a)    At any
time prior to June 15, 2026, the Company may redeem all or a part of the Notes upon notice pursuant to Section 3.03 above, at a redemption price equal to 100% of the principal amount of Notes to be redeemed plus the Applicable
Premium as of, and accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. Calculation of the
Applicable Premium will be the responsibility of the Company and the Trustee is authorized to rely upon such calculation. 

(b)    On and after June 15, 2026, the Company may redeem the Notes, in whole or in part, upon notice pursuant to
Section 3.03 above, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the
rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, if redeemed beginning on June 15 of the years indicated below: 

 

					
	 Date
	  	Percentage	 
	 2026
	  	 	101.813	% 
	 2027
	  	 	101.208	% 
	 2028
	  	 	100.604	% 
	 2029 and thereafter
	  	 	100.000	% 

 (c)    At any time prior to January 15, 2024, the Company may, at its option, on one
or more occasions, redeem up to 40% of the aggregate principal amount of Notes issued by it at a redemption price equal to 103.625% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption,
subject to the rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity Offerings; provided that at least 50% of the aggregate
principal amount of the Notes originally issued under this Indenture (calculated after giving effect to any issuance of Additional Notes) remains Outstanding immediately after the occurrence of each such redemption; provided further that each
such redemption occurs within 180 days of the date of closing of the applicable Equity Offering. 

(d)    Notwithstanding the foregoing, in connection with any tender offer for all of the Outstanding Notes at a price of
at least 100% of the principal amount of the Notes tendered, plus accrued and unpaid interest thereon to, but excluding, the applicable tender settlement date (including any Change of Control Offer), if Holders of not less than 90% in aggregate
principal amount of the Notes validly tender and do not withdraw such Notes in such tender offer and the Company, or any third party making such a tender offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by
such Holders, the Company or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 10 days following such purchase date, to redeem all Notes that remain Outstanding following such
purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the date of redemption. 

  
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 Section 3.09    Offers to Purchase; Acquisition of Notes.
The Company may, and its Affiliates may, at any time and from time to time, acquire Notes by means other than a redemption, including by tender offer, open market purchases, negotiated transactions or otherwise (including in connection with a
consent solicitation). 
 ARTICLE IV 

COVENANTS 

Section 4.01    Payment of Notes. The Company covenants and agrees, for the benefit of the Holders of the
Notes, that it will duly and punctually make all payments in respect of the Notes on the dates and in the manner provided in the Notes and this Indenture. Principal, premium, if any, and interest will be considered paid on the date due if the Paying
Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. local time in the place of payment on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest, if any, then due. Such payments shall be considered made on the date due if on such date the Trustee or the Paying Agent holds, in accordance with this Indenture, money sufficient to make all payments with respect to
such Notes then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. Neither the Trustee nor the applicable Paying Agent shall be
obligated to make payments to Holders or the Depositary without receipt of such sufficient funds. 

Section 4.02    Reports and Other Information. 

(a)    For so long as the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act,
the Company will file with the SEC and make available (without exhibits), without cost, to Holders or to the Trustee for provision to Holders, within the time periods specified in such Sections, to the extent not publicly available on the SEC’s
EDGAR system or the Company’s public website; provided, however, that the Trustee shall have no responsibility whatsoever to determine whether such filing or any other filing described below has occurred, 

(1)    within the time period then in effect under the rules and regulations of the Exchange Act with
respect to the filing of a Form 10-K by a non-accelerated filer, annual reports on Form 10-K, or any successor or comparable
form, containing the information required to be contained therein, or required in such successor or comparable form; 

(2)    within the time period then in effect under the rules and regulations of the Exchange Act with
respect to the filing of a Form 10-Q by a non-accelerated filer, for each of the first three fiscal quarters of each fiscal year, reports on Form 10-Q containing all quarterly information that would be required to be contained in Form 10-Q, or any successor or comparable form; and 

(3)    within the time period then in effect under the rules and regulations of the Exchange Act with
respect to the filing of a Form 8-K, after the occurrence of an event required to be therein reported, such other reports on Form 8-K, or any successor or
comparable form; 

  
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 in each case, taking into account any extension of time, deemed filing date or safe harbor contemplated or
provided by Rule 12b-25, Rule 13a-11(c) and Rule 15d-11(c) under the Exchange Act or successor provisions and in a manner that
complies in all material respects with the requirements specified in such form. 
 (b)    If, at any time, the Company
is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act for any reason, the Company will nevertheless post the information required to be set forth in the reports specified above (other than (a) separate
financial statements or condensed consolidating financial information required by Rule 3-10 or 3-16 of Regulation S-X,
(b) information required by Item 10(e) of Regulation S-K or Regulation G under the Securities Act (in each case with respect to any non-GAAP financial measures
contained therein) and (c) information required by Item 402 or 601 of Regulation S-K) on a public or password protected website and will provide such information to Holders and the Trustee (but will not
be required to file such information with the SEC), in each case within the time periods that would apply if the Company were required to file such information with the SEC. 

(c)    For purposes of this Section 4.02, the Company will be deemed to have provided a required report to Holders
and the Trustee if it has timely filed such report with the SEC via the EDGAR filing system (or any successor system). 

(d)    Notwithstanding the foregoing, if any parent of the Company becomes a Guarantor (there being no obligation of such
parent to do so), the reports, information and other documents required to be filed and provided as described above may, at the option of the Company, be filed by and be those of the parent, rather than those of the Company; provided that
such reports include a reasonable explanation of the material differences (if any) between the assets, liabilities and results of operations of such parent and its consolidated Subsidiaries, on the one hand, and the Company and its Restricted
Subsidiaries, on the other hand. 
 (e)    At any time when the Company is not subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act and to the extent not satisfied by this Section 4.02, for so long as any Notes are Outstanding, the Company will furnish to Holders and to securities analysts and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. For the avoidance of doubt, this Section 4.02 will not require the Company or the Restricted Subsidiaries to provide or file any information
pursuant to the Sarbanes-Oxley Act of 2002 and the related rules and regulations of the SEC that would not otherwise be applicable to them. 

(f)    To the extent that any reports or other information is not furnished within the time periods specified in this
Section 4.02 and such reports or other information is subsequently furnished prior to the time such failure results in an Event of Default, the Company will be deemed to have satisfied its obligations with respect thereto and any Default with
respect thereto shall be deemed to have been cured. 

  
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 (g)    At any time that any of the Company’s Subsidiaries are
Unrestricted Subsidiaries, if any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, taken together as one Subsidiary, would constitute a Significant Subsidiary of the Company, then the quarterly and annual financial information
required pursuant to this Section 4.02 will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, or in the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” or other comparable section, of the financial condition and results of operations of the Company and Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted
Subsidiaries. 
 Section 4.03    Compliance Certificate. The Company shall deliver to the Trustee within 120
days after the end of each fiscal year of the Company an Officer’s Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officer with a view to determining whether the Company and each of its Restricted Subsidiaries has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such
certificate, that, to such Officer’s knowledge, the Company and each of its Restricted Subsidiaries has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and 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 and is continuing, describing all such Defaults or Events of Default of which such Officer has knowledge and what action the
Company and its Restricted Subsidiaries are taking or propose to take, if any, with respect thereto). 

Section 4.04    Further Instruments and Acts. The Company and the Guarantors shall execute and deliver to the
Trustee such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 4.05    [Intentionally Omitted]. 

Section 4.06    [Intentionally Omitted]. 

Section 4.07    [Intentionally Omitted]. 

Section 4.08    [Intentionally Omitted]. 

Section 4.09    [Intentionally Omitted]. 

Section 4.10    [Intentionally Omitted]. 

Section 4.11    [Intentionally Omitted]. 

Section 4.12    Liens. 

(a)    The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, incur or permit
to exist any Lien (an “Initial Lien”) of any nature whatsoever on any of its properties or assets (whether owned at the Issue Date or thereafter acquired) securing any Indebtedness for borrowed money, other than Permitted Liens,
without 

  
 54 

 
effectively providing that the Notes (together with, at the option of the Company, any other Indebtedness for borrowed money of the Company or any of its Restricted Subsidiaries ranking equally
in right of payment with the Notes) shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. 

(b)     Notwithstanding the foregoing, the Company and the Restricted Subsidiaries may incur or permit to exist any Lien
securing Indebtedness for borrowed money without equally and ratably securing the Notes, provided that at the time the relevant Indebtedness is incurred (or, if later, secured), and after giving effect thereto and to the retirement of any
Indebtedness for borrowed money that is being retired substantially concurrently therewith, the sum of (i) the aggregate amount of all outstanding Indebtedness for borrowed money secured by Liens other than Permitted Liens, (ii) the
aggregate amount of all outstanding refinancing Indebtedness incurred pursuant to clause (9) of the definition of Permitted Liens in respect of Indebtedness for borrowed money initially incurred pursuant to this paragraph (b) and (iii) the
aggregate amount of all outstanding Indebtedness for borrowed money incurred pursuant to clause (22) of the definition of Permitted Liens, does not at such time exceed the greater of $450.0 million and 85.00% of LTM EBITDA. 

(c)    Any Lien created for the benefit of the Holders of the Notes pursuant to this Section 4.12 shall be deemed
automatically and unconditionally released and discharged upon the release and discharge of each Initial Lien (other than a release as a result of the enforcement of remedies in respect of such Initial Lien or the Obligations secured by such Initial
Lien). 
 Section 4.13    Offer to Repurchase at the Option of Holders Upon Change of Control. 

(a)    If a Change of Control occurs after the Issue Date, unless the Company has previously or concurrently mailed a
redemption notice with respect to all the Outstanding Notes under Section 3.08, the Company will make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in
cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of the Notes of record
on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control, the Company will deliver notice of such Change of Control Offer with a copy to the Trustee, to each
Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC with the following information: 

(1)    that a Change of Control Offer is being made pursuant to this Section 4.13 and that all Notes
properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Company; 

(2)    the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60
days from the date such notice is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer made in advance of a Change of Control as described below; 

  
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 (3)    that any Note not properly tendered will remain
Outstanding and continue to accrue interest; 
 (4)    that, unless the Company defaults in the payment
of the Change of Control Payment required to be made, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

(5)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of
business on the third Business Day preceding the Change of Control Payment Date; 
 (6)    that Holders
will be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided that the paying agent receives, not later than the close of business on the expiration date of the Change of Control
Offer, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to
have such Notes purchased; 
 (7)    the other instructions, as determined by the Company (which
determination shall be conclusive), consistent with the covenant described hereunder, that a Holder must follow; and 

(8)    if such notice is sent prior to the occurrence of a Change of Control, stating that the Change of
Control Offer is conditional upon the occurrence of such Change of Control. 
 (b)    The Company shall comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes
pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations set forth in this Indenture by virtue of such conflict. 
 (c)    On the
Change of Control Payment Date, the Company will, to the extent permitted by law, 
 (1)    accept for
payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, 

(2)    deposit with the applicable paying agent an amount equal to the aggregate Change of Control Payment
in respect of all Notes or portions thereof properly tendered, and 

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

(d)    Notwithstanding anything to the contrary herein, the Company shall not be required to make a Change of Control
Offer following a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.13 applicable to a Change of Control Offer made by
the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 

(e)    Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of
Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

(f)    The provisions under this Section 4.13 relating to the Company’s obligation to make an offer to
repurchase the Notes as a result of a Change of Control may be waived or modified, with respect to the Notes, with the written consent of the Holders of a majority in principal amount of the Notes then Outstanding, including after the entry into an
agreement that would result in the need to make a Change of Control Offer. 
 Section 4.14    [Intentionally
Omitted]. 
 ARTICLE V 

SUCCESSORS 

Section 5.01    Merger, Consolidation or Sale of All or Substantially All Assets. 

(a)    The Company. The Company may not, directly or indirectly, consolidate or merge with or into or wind up into
(whether or not the Company is the surviving corporation) or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s properties or assets, in one or more related transactions, to any Person
unless: 
 (1)    the Company is the surviving entity or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership (including a limited partnership), trust or limited liability
company organized or existing under the laws of the jurisdiction of organization of the Company or the laws of the United States, any state thereof, the District of Columbia or any territory thereof (such Person, as the case may be, being herein
called the “Successor Company”); 
 (2)    the Successor Company, if other than the
Company, expressly assumes all the obligations of the Company under the Notes, pursuant to a supplemental indenture or other documents or instruments; 

  
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 (3)    immediately after such transaction, no Default or
Event of Default exists; 
 (4)    [Reserved]; 

(5)    each Subsidiary Guarantor, unless (i) it is the other party to the transactions described
above, in which case Section 5.01(b)(1)(B) shall apply or (ii) the Company is the surviving entity, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and
the Notes; and 
 (6)    the Company (or, if applicable, the Successor Company) shall have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies with this Indenture. 

The Successor Company will succeed to, and be substituted for, the Company under this Indenture, the Guarantees and the Notes, as applicable.

 Notwithstanding the foregoing clause (3), 

(1)    any Restricted Subsidiary may consolidate with or merge into or transfer all or part of its
properties and assets to the Company or a Subsidiary Guarantor, and 
 (2)    the Company may merge with
an Affiliate of the Company, as the case may be, solely for the purpose of reincorporating the Company in the United States, any state thereof, the District of Columbia or any territory thereof or for the sole purpose of forming or collapsing a
holding company structure. 
 (b)    Subsidiary Guarantors. Subject to Section 10.03, no Subsidiary
Guarantor shall, and the Company shall not permit any Subsidiary Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to, any Person unless: 

(1)    (A) such Guarantor is the surviving entity or the Person formed by or surviving any such
consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership, trust or limited liability company organized or existing
under the laws of the jurisdiction of organization of such Guarantor, as the case may be, or the laws of the United States, any state thereof, the District of Columbia or any territory thereof (such Guarantor or such Person, as the case may be,
being herein called the “Successor Person”); 
 (B)    the Successor Person, if other
than a Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to a supplemental indenture or other documents or instruments; 

  
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 (C)    immediately after such transaction, no Default or
Event of Default exists; and 
 (D)    the Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies with this Indenture; or 

(2)    in the case of assets comprised of Equity Interests of Subsidiaries that are not Guarantors, such
Equity Interests are sold, assigned, transferred, leased, conveyed or otherwise disposed of to one or more Restricted Subsidiaries. 

Subject to Section 5.02, the Successor Person will succeed to, and be substituted for, such Guarantor under this Indenture and such
Guarantor’s Guarantee. 
 Notwithstanding the foregoing, any Subsidiary Guarantor may (1) merge or consolidate with or into, wind
up into or transfer all or part of its properties and assets to another Subsidiary Guarantor or the Company, (2) merge with an Affiliate of the Company solely for the purpose of reincorporating the Subsidiary Guarantor in the United States, any
state thereof, the District of Columbia or any territory thereof, (3) convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of
such Subsidiary Guarantor or (4) liquidate or dissolve or change its legal form if the Company determines in good faith that such action is in the best interests of the Company, in each case, without regard to the requirements set forth in this
Section 5.01(b). 
 Section 5.02    Successor Company Substituted. Upon any consolidation or
merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01
hereof, in which the Company is not the continuing corporation, the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall
refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided,
however, that the predecessor Company shall not be relieved from the obligation to pay the principal of, premium on, if any, and interest, if any, on, the Notes except in the case of a consolidation, merger or sale, assignment, transfer,
conveyance or other disposition (other than a lease) of all or substantially all of the Company’s properties or assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 

  
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 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.01    Events of Default. Each of the following constitutes an “Event of Default”
with respect to the Notes: 
 (a)    default in payment when due and payable (whether at maturity, upon redemption,
acceleration or otherwise) of principal of, or premium, if any, on the Notes; 
 (b)    default for 30 days or more in
the payment when due of interest on or with respect to the Notes; 
 (c)    failure by the Company or any Subsidiary
Guarantor for 60 days after receipt of written notice given by the Trustee or the Holders of not less than 30% of the aggregate principal amount of the then Outstanding Notes (with a copy to the Trustee) to comply with any of its other obligations,
covenants or agreements (other than a default referred to in clauses (a) and (b) above) contained in this Indenture or the Notes; 

(d)    default under any mortgage, indenture or instrument under which there is issued or by which there is secured or
evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries, other than Indebtedness owed to the Company or a
Restricted Subsidiary, whether such Indebtedness or guarantee exists on the Issue Date or is created after the issuance of the Notes, if both: 

(1)    such default either results from the failure to pay any principal of such Indebtedness at its stated
final maturity (after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such
Indebtedness causing such Indebtedness to become due prior to its stated maturity; and 
 (2)    the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which
has been so accelerated, aggregates $100.0 million or more; 
 (e)    failure by the Company or any Significant
Subsidiary to pay final judgments for the payment of money aggregating in excess of $100.0 million, which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final and non-appealable, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 

  
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 (f)    the Company or any Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law: 
 (1)    commences a voluntary case, files for suspension of payments
or any similar relief; 
 (2)    consents to the entry of an order for relief against it in an
involuntary case, files for bankruptcy or commences a similar insolvency proceeding; 
 (3)    consents
to the appointment of a Custodian of it or for all or substantially all of its property; or 

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

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

(1)    is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(2)    appoints a Custodian of the Company or any Significant Subsidiary for all or substantially all of
its property; or 
 (3)    orders the winding up or liquidation of the Company or any Significant
Subsidiary; 
 or any similar relief is granted under any foreign law or laws, and the order or decree remains unstayed and in effect for 60
days; and 
 (h)    (i) the Guarantee of any Significant Subsidiary shall for any reason cease to be in
full force and effect or be declared null and void, or (ii) any responsible officer of any Subsidiary Guarantor that is a Significant Subsidiary denies in writing that it has any further liability under its Guarantee or gives notice to such
effect, other than by reason of the termination of the Indenture or the release of any such Guarantee in accordance with this Indenture. 

The term “Custodian” means, for the purposes of this Article VI only, any receiver, trustee, assignee, liquidator, custodian
or similar official under any Bankruptcy Law. 
 The Company shall, within 30 days of any Officer becoming aware of any continuing Default,
deliver to the Trustee a statement specifying such Default and steps to be taken to cure such Default. 

Section 6.02    Acceleration. 

(a)    If an Event of Default with respect to the Notes at the time Outstanding (other than an Event of Default specified
in Section 6.01(f) or 6.01(g)) occurs and is continuing, the Trustee or the Holders of at least 30% in principal amount of the Outstanding Notes by notice to the Company (and to the Trustee, if notice is given by the Holders), may declare the
principal amount of, premium, if any, and accrued and unpaid interest on all the Notes to be due and payable immediately. 

  
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 Any notice of Default, notice of acceleration or instruction to the Trustee to provide a
notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written representation from each
such Holder to the Company and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that have represented to such Holder that they are not) Net Short
(a “Position Representation”), which representation, in the case of a Noteholder Direction relating to a notice of Default, shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to
exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, covenant to provide the Company with such other information as the Company may reasonably request from time to time in
order to verify the accuracy of such Holder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”). In any case in which the Holder is DTC or its nominee, any Position Representation
or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee. 
 If,
following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company determines in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position
Representation and provides to the Trustee evidence that the Company has filed papers with a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking
to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a final and non-appealable
determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the Trustee an Officer’s Certificate stating that a
Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification
Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining
Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to
have occurred. 
 Upon the effectiveness of such a declaration, such amounts shall be due and payable immediately. Notwithstanding the
foregoing portion of Section 6.02, if an Event of Default specified in Section 6.01(f) or 6.01(g) occurs, the principal amount of, premium, if any, and accrued and unpaid interest on all the Notes shall ipso facto become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Trustee shall have no obligation to accelerate the Notes if the Trustee in good faith determines that acceleration is not in the best
interests of Holders. 

  
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 (b)    At any time after the principal of the Notes shall have been so
declared due and payable (or have become immediately due and payable), and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Holders of a majority in principal amount of
the Notes then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Notes and the principal of (and premium, if any, on) any and all Notes that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that
such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Notes to the date of such payment or deposit and all reasonable expenses, disbursements and advances of the Trustee
(including reasonable compensation, disbursements and expenses of the Trustee’s counsel) and compensation for the Trustee’s services) and (ii) any and all Events of Default under this Indenture with respect to the Notes, other than
the nonpayment of principal and interest, if any, on Notes that have become due solely by such declaration of acceleration, shall have been remedied or waived as provided in Section 6.04. No such rescission shall affect any subsequent Default
or impair any right consequent thereto. 
 (c)    In the event of any Event of Default specified in
Section 6.01(d), such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by
the Trustee or the Holders, if within 30 days after such Event of Default arose: 
 (1)    the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged; 

(2)    holders thereof have rescinded or waived the acceleration, notice or action (as the case may be)
giving rise to such Event of Default; or 
 (3)    the default that is the basis for such Event of
Default has been cured. 
 Section 6.03    Other Remedies. If an Event of Default with respect to the Notes
occurs and is continuing, the Trustee may proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as shall be most effectual to protect and enforce 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. 

The Trustee may institute and maintain a suit or legal proceeding even if it does not possess any of the Notes or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect to the Notes shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

  
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 Section 6.04    Waiver of Past Defaults. The Holders of a
majority in principal amount of the Outstanding Notes may, on behalf of the Holders of all the Notes by written notice to the Trustee, waive an existing Default except (i) a Default in the payment of the principal amount of, premium, if any,
and accrued and unpaid interest on the Notes, (ii) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (iii) a Default in respect of a provision that under
Section 9.02 cannot be amended without the consent of each Holder affected; provided, however, that the Holders of a majority in principal amount of the Outstanding Notes may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration in accordance with Section 6.02. When a Default is waived, it shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, but no such
waiver shall extend to any subsequent or other Default or impair any consequent right. 

Section 6.05    Control by Majority. The Holders of a majority in principal amount of the Outstanding Notes
may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee; provided that (i) such direction shall not conflict with law or this
Indenture or expose the Trustee to personal liability, or be unduly prejudicial to Holders not joining therein, and (ii) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to
taking any action hereunder, the Trustee shall be entitled to security or indemnity reasonably satisfactory to the Trustee against all fees, losses and expenses related to taking or not taking such action. The Trustee shall be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. 

Section 6.06    Limitation on Suits. Except to enforce the right to receive payment of the principal amount
of, premium, if any, and accrued and unpaid interest on the Notes held by such Holder when due, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless: 

(a)    such Holder has previously given the Trustee written notice that an Event of Default with respect to the Notes is
continuing; 
 (b)    Holders of at least 30% in the aggregate principal amount of all Outstanding Notes have requested
in writing that the Trustee pursue the remedy; 
 (c)    Holders of the Notes have offered the Trustee security or
indemnity satisfactory to the Trustee against any loss, liability or expense in connection therewith; 
 (d)    the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and 

(e)    Holders of a majority in principal amount of all Outstanding Notes have not given the Trustee a direction
inconsistent with such request within such 60-day period. 

  
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 A Holder of Notes may not use this Indenture to prejudice the rights of another Holder or to
obtain a preference or priority over another Holder. 
 Section 6.07    Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of the principal amount of, premium, if any, and accrued and unpaid interest on the Notes held by such Holder, on or after their Maturity
Dates, or to bring suit for the enforcement of any such payment on or after their Maturity Dates, is absolute and unconditional and shall not be impaired or affected without the consent of such Holder. 

Section 6.08    Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or
(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent
lawful) and any amounts provided for hereunder. 
 Section 6.09    Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company and the Guarantors, their creditors or their property and shall be entitled and empowered 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 or liquidator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder to make
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 to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due to the Trustee hereunder. 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 Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10    Priorities. Any money or property collected by the Trustee pursuant to this Article VI with
respect to the Notes 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 Notes and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: to the Trustee acting in any capacity hereunder and
any Agent, for all amounts due hereunder; 
 SECOND: to Holders, for amounts due and unpaid on the Notes for the principal amount of,
premium, if any, and accrued and unpaid interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for the principal amount of, premium, if any, and accrued and unpaid interest, respectively;
and 

  
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 THIRD: to the Company. 

Section 6.11    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing, by any party litigant in the suit, of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes. 

Section 6.12    Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) agrees
that it shall not at any time insist upon, plead or in any manner whatsoever claim to take the benefit or advantage of any stay or extension law, wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VII 

TRUSTEE 

Section 7.01    Duties of Trustee. (a) If an Event of Default has occurred and is continuing with respect
to the Notes, 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 the exercise thereof, 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
Notes: 
 (1)    the Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Indenture with respect to the Notes, as modified or supplemented by a supplemental indenture hereto, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2)    in the absence of willful misconduct on its part, the Trustee may, with respect to Notes,
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, in the case of any such
certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein nor shall the Trustee have any responsibility or liability for any information set forth therein). 

  
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 (c)    No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(1)    this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2)    the Trustee shall not be liable for any error of judgment made in good faith unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; 
 (3)    the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(4)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. 
 (d)    Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

(e)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Company. 
 (f)    Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely on, and shall be protected in acting or refraining from acting upon, any
resolution, certificate, statement, instrument, opinion, notice, report, bond, request, direction, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee need
not investigate any fact or matter stated in the document. 
 (b)    Before the Trustee acts or refrains from acting, it
shall receive an Officer’s 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 the Officer’s Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of
any agent or attorney appointed by it with due care. No Depositary shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for or have any liability for any act or omission by any Depositary. 

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

(e)    The Trustee may consult with counsel of its choice, and the advice or opinion of counsel shall be full and complete
authorization and protection in respect of any action taken, omitted or suffered by it hereunder in reliance thereon. 

(f)    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, and the Trustee may rely thereon. 
 (g)    The Trustee
shall not be deemed to have notice of any Default or Event of Default with respect to the Notes unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such a Default is received by a Responsible Officer
of the Trustee at the office of the Trustee, and such notice references such Notes and this Indenture and states that it is a notice of Default. 

(h)    The rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including, without
limitation, its right to be indemnified, are extended to and shall be enforceable by the Trustee in each of its capacities and any Agent. 

(i)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the fees, costs, expenses and liabilities which
might be incurred by the Trustee in compliance with such request or direction. 
 (j)    The Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney. 
 (k)    The Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 

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

  
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 (m)    The Trustee may request that the Company deliver a certificate of
incumbency setting forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

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

(o)    The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, as amended, the
Trustee, in accordance with requirements applicable to financial institutions, may be 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. Each party to this Indenture agrees that it will provide the Trustee with such information as the Trustee may request in order for the Trustee to comply with the requirements of the U.S.A. Patriot Act applicable to the Trustee. 

(p)    The Trustee shall not be responsible or liable for special, indirect, punitive or consequential losses or damages
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(q)    Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of willful misconduct on its part, rely upon an Officer’s Certificate. 

Section 7.03    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same
with like rights. However, the Trustee must comply with Section 7.10. 

Section 7.04    Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s uses of the proceeds from the Notes, and it shall not be responsible for any statement of the Company or the Guarantors
in this Indenture, in the Notes or in any document executed in connection with the sale of the Notes, other than those set forth in the Trustee’s certificate of authentication. The recitals contained herein and in the Notes shall be taken as
the statements of the Company and the Guarantors, and the Trustee assumes no responsibility or liability for their correctness. 

  
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 Section 7.05    Notice of Defaults. If a Default with
respect to Notes occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail (or electronically deliver in accordance with the procedures of DTC) to each Holder notice of the Default within 60
days after it occurs, unless such Default shall have been cured or waived. The Trustee may withhold the notice (except in the case of a Default in payment of principal, premium or interest) if and so long as the Trustee determines that withholding
the notice is in the interests of the Holders of the Notes. 
 Section 7.06    [Intentionally Omitted]. 

Section 7.07    Compensation and Indemnity. The Company and the Guarantors shall pay to the Trustee (acting in
any capacity hereunder) and any Agent from time to time compensation for all services rendered by the Trustee as the Company and the Trustee shall 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 and the Guarantors shall reimburse the Trustee (acting in any capacity hereunder) and any Agent upon request for all reasonable and duly documented out-of-pocket expenses, disbursements and advances incurred or made by it in accordance with any provision of this Indenture, including costs of collection and the fees, expenses and disbursements of their
respective agents and counsel, in addition to the reasonable compensation for their respective services. The Company and Guarantors shall indemnify and hold harmless the Trustee (acting in any capacity hereunder) or any Agent and their respective
officers, directors, employees and agents against any and all loss, liability or expense incurred on its part, arising out of or in connection with the acceptance or administration of this Indenture or the transactions contemplated hereunder,
including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee or any Agent shall notify the Company of any claim for which it
may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure to so notify the Company shall not relieve the Company and Guarantors of their indemnity obligations hereunder, except to the extent that
the rights of the Company or the Guarantors are actually prejudiced by such failure. Neither the Company nor any Guarantor will need to reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party
attributable to such party’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final non-appealable order. The Company and the Guarantors shall not
be obligated to pay any settlement effected without their prior written consent (which shall not be unreasonably withheld). 
 To secure the
Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee, other than money or property held in trust to pay the
principal of or interest on particular Notes. 
 The Company’s and the Guarantors’ payment obligations pursuant to this
Section 7.07 and the rights, protections and indemnities afforded to the Trustee and any Agent under this Article VII shall survive the satisfaction or discharge of this Indenture or the resignation or

  
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removal of the Trustee or any Agent, as the case may be. When the Trustee or any Agent incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect
to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 Any right, protection and
indemnity provided to the Trustee hereunder shall also be afforded to any Agent hereunder or under any supplemental indenture. 

Section 7.08    Replacement of Trustee. The Trustee may resign by so notifying the Company in writing at least
30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Notes may remove the Trustee and may appoint a successor Trustee by so notifying the Trustee and the Company in writing not less than 30 days
prior to the effective date of such removal. The Company shall remove the Trustee: 
 (a)    the Trustee fails to comply
with Section 7.10; 
 (b)    the Trustee is adjudged bankrupt or insolvent; 

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

(d)    the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 

A 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 Trustee with respect to the Notes for which it is acting as Trustee under this Indenture. The
successor Trustee shall mail or otherwise deliver a notice of its succession to Holders of the Notes. 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 7.07. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee or the Holders of at least a majority in principal amount of the Notes may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section 7.08,
the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee 

  
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with respect to fees, expenses and liabilities incurred by it prior to such replacement. The retiring or removed Trustee shall have no responsibility or liability for the action or inaction of
any successor Trustee. 
 Section 7.09    Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another Person, the resulting, surviving or transferee Person without any further act shall be the successor Trustee. 

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

Any corporation into which the Trustee or any Paying Agent may be merged or converted, or any corporation with which the Trustee or Paying
Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee or Paying Agent shall be a party, or any corporation, including affiliated corporations, to which the Trustee or Paying Agent
shall sell or otherwise transfer: (a) all or substantially all of its assets or (b) all or substantially all of its corporate trust business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to
the extent permitted by any applicable laws and subject to any credit rating requirements set out in this Indenture become the successor Trustee or Paying Agent under this Indenture or any supplemental indenture without the execution or filing of
any paper or any further act on the part of the parties to this Indenture, unless otherwise required by the Company, and after the said effective date all references in this Indenture or supplemental indenture to the Trustee or any Paying Agent
shall be deemed to be references to such successor corporation. Written notice of any such merger, conversion, consolidation or transfer shall immediately be given to the Company by the Trustee or Paying Agent, as applicable. 

Section 7.10    Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state
authorities and that has combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 

  
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 ARTICLE VIII 

LEGAL DEFEASANCE, COVENANT DEFEASANCE 

AND SATISFACTION AND DISCHARGE 

Section 8.01    Option To Effect Legal Defeasance or Covenant Defeasance. The Company may, at any time, elect
to have either Section 8.02 or 8.03 hereof be applied to all Outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

Section 8.02    Legal Defeasance and Discharge. Upon the Company’s exercise under Section 8.01
hereof of the option applicable to this Section 8.02 with respect to the Notes, the Company and each Guarantor shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from
its obligations with respect to all Outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid
and discharged the entire indebtedness represented by the Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in
clauses (a) and (b) below, and to have satisfied all its other obligations under the Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a)    the Company’s obligations with respect to the Notes under Article II hereof; 

(b)    the rights, indemnities and immunities of the Trustee (and any Agent) hereunder and the
Company’s and Guarantors’ obligations in connection therewith (including, but not limited to, the rights of the Trustee (and any Agent) and the duties of the Company and Guarantors under Section 7.07, which shall survive despite the
satisfaction in full of all obligations hereunder); and 
 (c)    Sections 8.02, 8.04, 8.05, 8.06, 8.07
and 8.08 hereof. 
 Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03 hereof. In the event that the Company terminates all of its obligations under the Notes and this Indenture by exercising the Legal Defeasance option or the Covenant Defeasance
option, the obligations of each Guarantor under its Guarantee of the Notes shall be terminated simultaneously with the termination of such obligations. 

Section 8.03    Covenant Defeasance. Upon the Company’s exercise under Section 8.01 hereof of the
option applicable to this Section 8.03 with respect Notes, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.02
(other than Section 4.02(e)), 4.12 and 4.13 of this Indenture on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall 

  
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continue to be deemed “Outstanding” for all other purposes hereunder (it being understood that the Notes shall not be deemed Outstanding for accounting purposes). For this purpose,
Covenant Defeasance means that, with respect to the Outstanding Notes, the Company and its Restricted Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03 with respect to the Notes, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(c) (only with respect to defeased covenants
hereunder), 6.01(d) and 6.01(e) hereof shall not constitute Events of Default with respect to such Notes. In the event that the Company terminates all of its obligations under the Notes and this Indenture by exercising the Legal Defeasance option or
the Covenant Defeasance option, the obligations of each Guarantor under its Guarantee of such Notes shall be terminated simultaneously with the termination of such obligations. 

Section 8.04    Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the
application of either Section 8.02 or 8.03 hereof to the Outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant
Defeasance with respect to the Notes: 
 (a)    the Company must irrevocably deposit or cause to be
irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. Dollars, Government Securities or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium, if any, and interest on the Outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

(b)    in the case of an election under Section 8.02 hereof, the Company shall have delivered, or
cause to be delivered, to the Trustee an Opinion of Counsel confirming that (1) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or (2) since the date of this Indenture, there has
been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c)    in the case of an election under Section 8.03 hereof, the Company shall have delivered, or
cause to be delivered, to the Trustee an Opinion of Counsel confirming that the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S. 

  
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federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred; 
 (d)    no Default or Event of Default shall
have occurred and be continuing on the date the Company makes such deposits (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the granting of Liens in connection therewith); 

(e)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a default under, the Senior Secured Credit Facilities or any other material agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound (other than
that resulting with respect to any Indebtedness being defeased from any borrowing of funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to such
Indebtedness, and the granting of Liens in connection therewith); 
 (f)    the Company shall have
delivered, or shall have caused to be delivered, to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any
Guarantor or others; and 
 (g)    the Company shall have delivered, or shall have caused to be
delivered, to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 
 Section 8.05    Deposited
Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money, Government Securities (including any proceeds thereof) deposited with the Trustee pursuant to Section 8.04
hereof in respect of the Outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the Holders of the Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the
extent required by law. 
 The Company and Guarantors shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash, Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
the Outstanding Notes. 

  
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 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money, Government Securities Obligations held by it as provided in Section 8.04 hereof that, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06    Repayment to the Company. Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or
interest has become due and payable shall be paid to the Company on its request or, if then held by the Company, shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof as
general creditors, unless an applicable abandoned property law designates another person, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times or The Wall Street Journal (national
edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Company. 
 Section 8.07    Satisfaction and Discharge of Indenture. If at any time: 

(a)    either: 

(1)    all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes that have
been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2)    all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by
reason of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of any Notes, cash in U.S.
dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee
for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b)    the Company has paid or caused to be paid all sums payable by it under this Indenture; and 

  
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 (c)    the Company has delivered irrevocable
instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be; and 

(d)    the Company shall have delivered to the Trustee an Opinion of Counsel and an Officer’s
Certificate, each stating that all conditions precedent relating to the satisfaction and discharge of this Indenture with respect to have been complied with, 

then this Indenture shall thereupon cease to be of further effect with respect to the Notes except for the rights, indemnities and immunities
of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith (including, but not limited to, the rights of the Trustee and the duties of the Company and the Guarantors under Section 7.07, which
shall survive despite the satisfaction in full of all obligations hereunder) and, if money shall have been deposited with the Trustee pursuant to this Section 8.07: 

(1)    the Company’s obligations with respect to the Notes under Article II; 

(2)    the agreements of the Company and the Subsidiary Guarantors set forth in Article V; and 

(3)    Sections 8.02, 8.04, 8.05, 8.06, 8.07, 8.08 and 11.11 hereof, shall each survive until the Notes
have been paid in full. 
 Upon the Company’s exercise of this Section 8.07, the Trustee, on demand of the Company and at the cost
and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Notes. 

Section 8.08    Reinstatement. If the Trustee or any Paying Agent is unable to apply any U.S. dollars or
Government Securities Obligations in accordance with this Article VIII, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Company’s and the Guarantors’ obligations under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance this Article VIII; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of their obligations,
the Company shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE IX 

AMENDMENTS 

Section 9.01    Without Consent of Holders. The Company, the Guarantors and the Trustee may amend or
supplement this Indenture, the Guarantees or the Notes without the consent of any Holder: 
 (a)    to
cure any ambiguity, omission, mistake, defect or inconsistency; 
 (b)    to provide for uncertificated
Notes in addition to or in place of certificated Notes or to alter the provisions of this Indenture relating to the form of the Notes (including the related definitions) in a manner that does not materially adversely affect any Holder (as determined
in good faith by the Company (which determination shall be conclusive)); 
 (c)    to comply with
Section 5.01; 
 (d)    to provide for the assumption of the Company’s or any Guarantor’s
obligations to the Holders; 
 (e)    to make any change that would provide any additional rights or
benefits to the Holders or that does not adversely affect the legal rights under this Indenture of any such Holder (as determined in good faith by the Company (which determination shall be conclusive)); 

(f)    to add covenants for the benefit of the Holders or to surrender any right or power conferred upon
the Company or any Guarantor; 
 (g)    to evidence and provide for the acceptance and appointment under
this Indenture of a successor Trustee hereunder pursuant to the requirements hereof; 
 (h)    to provide
for the issuance of exchange Notes or private exchange Notes that are identical to exchange Notes except that they are not freely transferable; 

(i)    to provide for the issuance of Additional Notes in accordance with this Indenture; 

(j)    to add a Guarantor under this Indenture and to allow a Guarantor to execute a supplemental indenture
or guarantee the Notes or to release a Guarantor in accordance with the terms of this Indenture; 

(k)    to conform the text of this Indenture, the Guarantees or the Notes to any provisions of the
“Description of Notes” in the Offering Memorandum to the extent that such provision in such “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, Guarantee or Notes (as determined in
good faith by the Company (which determination shall be conclusive)); 

  
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 (l)    to make any amendment to the provisions of this
Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Indenture as so
amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes (in each case, as
determined in good faith by the Company (which determination shall be conclusive)); 
 (m)    to provide
for the issuance of the Notes in a manner consistent with the terms of this Indenture; or 
 (n)    to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act. 

Section 9.02    With Consent of Holders. Except as provided below, this Indenture, any Guarantee and the Notes
may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then Outstanding, including consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes and any existing Default or compliance with any provision of this Indenture or the Notes issued hereunder may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then Outstanding
(including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes). However, without the consent of each Holder affected, an amendment or supplement may not, with respect to any Notes held by a non-consenting Holder: 
 (a)    make any change in the percentage of
the principal amount of the Notes required for amendments or waivers; 
 (b)    reduce the principal of
or change the fixed final maturity of any Note or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor; 

(c)    reduce the rate of or change the time for payment of interest on any Note; 

(d)    (A) waive a Default in the payment of principal of or premium, if any, or interest on the Notes,
except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of all then Outstanding Notes, and a waiver of the Event of Default under Section 6.01(a) or 6.01(b) that resulted from such
acceleration, or (B) waive a Default in respect of a covenant or provision contained in this Indenture or any Guarantee which cannot be amended or modified without the consent of all Holders; 

(e)    make any Note payable in money other than U.S. dollars; 

(f)    make any change in Section 9.01 or this Section 9.02; 

  
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 (g)    impair the contractual right of any Holder to
receive payment of principal of, premium, if any, or interest on such Holder’s Notes on or after the respective due dates therefor expressed in the Notes or to institute suit for the enforcement of any such payment on or after such respective
dates; or 
 (h)    make any change to or modify the ranking of the Notes that would adversely affect the
Holders thereof. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of
any proposed amendment or supplement, but it shall be sufficient if such consent approves the substance thereof. 
 For purposes of
determining whether the Holders of the requisite principal amount of Notes have taken any action under this Indenture, the principal amount of Notes shall be deemed to be the principal amount of Notes as of (i) if a record date has been set
with respect to the taking of such action, such date or (ii) if no such record date has been set, the date the taking of such action by the Holders of such requisite principal amount is certified to the Trustee by the Company. 

Section 9.03    Revocation and Effect of Consents and Waivers. A consent to an amendment, supplement or a
waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note.
However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. After an amendment, supplement or waiver becomes effective, it shall bind every Holder of such Note affected by such amendment, supplement or waiver. 

Section 9.04    Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may
require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Trustee or the Company so determine, the Company in
exchange for the Note shall issue and the Trustee, upon a Company Order, shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment.

 Section 9.05    Trustee to Sign Amendments. Upon the request of the Company, the Trustee shall sign any
amendment, supplement or waiver authorized pursuant to this Article IX if the amendment, supplement or waiver does not affect the rights, duties or immunities of the Trustee under this Indenture or otherwise. If it does, the Trustee may, but need
not, sign it. In signing any amendment, supplement or waiver the Trustee shall be provided with and shall be fully protected in relying upon an Officer’s Certificate and an Opinion of Counsel, each stating that the execution of such amendment,
supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting the enforcement of creditors’ rights and to general equity principles. The 

  
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Trustee shall also be entitled to request indemnity satisfactory to it in connection with signing an amendment, supplement or waiver or taking any action (or refraining from taking any action)
thereunder or in connection therewith. 
 Section 9.06    Payment for Consent. Neither the Company nor any
Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Notes unless such consideration is offered to be paid to all Holders, ratably, that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or
agreement. The Trustee shall have no duty or obligation with respect to the Company’s obligations under this Section 9.06. 

ARTICLE X 
 GUARANTEES 

Section 10.01    Guarantees. 

(a)    Each Guarantor that guarantees the Notes pursuant to this Indenture, jointly and severally, irrevocably and
unconditionally guarantees, as a primary obligor and not merely as a surety, to each Holder and the Trustee and their successors and assigns (i) the full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all
obligations of the Company under this Indenture (including obligations to the Trustee) and the Notes, whether for payment of principal of, premium, if any, or interest on the Notes and all other monetary obligations of the Company under this
Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Company whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes, on the terms
set forth in this Indenture by executing this Indenture (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or
renewed, in whole or in part, without notice or further assent from each such Guarantor, and that such Guarantor shall remain bound under this Article X notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b)    Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed
Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any Default under the Notes or the Guaranteed Obligations. 

(c)    Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and
compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(d)    Except as expressly set forth in Section 10.02, the obligations of each Guarantor hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and 

  
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shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or
otherwise. 
 (e)    Subject to Section 10.02 and 10.03 hereof, each Guarantor agrees that its Guarantee shall
remain in full force and effect until payment in full of all the Guaranteed Obligations. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment of, or any
part thereof, principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or any of its Subsidiaries or otherwise. 

(f)    In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law
or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee an amount equal to the
sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations
of the Company to the Trustee. 
 (g)    Each Guarantor agrees that it shall not be entitled to any right of subrogation
in relation to the Trustee in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the Trustee, on the other hand,
(i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and payable) shall
forthwith become due and payable by such Guarantor for the purposes of this Section 10.01. 
 (h)    Each Guarantor
also agrees to pay any and all fees, costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

(i)    Each Guarantor shall promptly execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 10.02    Limitation on Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing 

  
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intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that, any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the
Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a
contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP.

 Section 10.03    Releases. A Guarantee as to any Subsidiary Guarantor shall be automatically and
unconditionally released and discharged, without further action required on the part of the Subsidiary Guarantor, the Trustee or any Holder of Notes, upon: 

(a)    any direct or indirect sale, exchange, transfer or other disposition (by merger, consolidation or
otherwise) of the Capital Stock of such Subsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary, if such sale, exchange, transfer or other disposition is not in violation of the applicable terms of
this Indenture; 
 (b)    the release or discharge of the Indebtedness or guarantee of Indebtedness by
such Subsidiary Guarantor that resulted in the creation of such Guarantee except a release or discharge by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement will constitute a
release for the purposes of this provision); provided that at the time of such release or discharge, such Subsidiary Guarantor is not then a guarantor or an obligor in respect of any other Indebtedness that would require it to provide a
Guarantee of the Notes under the Indenture; 
 (c)    the sale, exchange, transfer or other disposition
of all or substantially all of the assets of such Subsidiary Guarantor, in a transaction that is not in violation of the applicable terms of this Indenture, to any Person who is not (either before or after giving effect to such transaction) the
Company or a Domestic Restricted Subsidiary; 
 (d)    the release or discharge of such Subsidiary
Guarantor from its guarantee, and of all pledges and security, if any, granted by such Subsidiary Guarantor in connection with the Senior Secured Credit Facilities, except a release or discharge by or as a result of payment under such guarantee (it
being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this provision); provided that at the time of such release or discharge, such Subsidiary Guarantor is not then a guarantor or
an obligor in respect of any other Indebtedness that would require it to provide a Guarantee of the Notes under this Indenture; 

(e)    [Reserved]; 

  
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 (f)    the merger or consolidation of any Subsidiary
Guarantor with and into the Company or another Subsidiary Guarantor or upon the liquidation of such Subsidiary Guarantor following the transfer of all of its assets to the Company or another Subsidiary Guarantor; or 

(g)    the Company exercising its Legal Defeasance option or Covenant Defeasance option with respect to the
Notes pursuant to Article VIII or the Company’s obligations under this Indenture being discharged with respect to the Notes in accordance with Article VIII; 

and, in the case of clauses (a) through (g) of this Section 10.03, such Subsidiary Guarantor delivering to the Trustee an
Officer’s Certificate and Opinion of Counsel stating that all conditions precedent provided for in this Indenture relating to the release of such Guarantee have been complied with. 

Upon request of the Company or the applicable Subsidiary Guarantor, the Trustee shall evidence such release by a supplemental indenture or
other instrument which may be executed by the Trustee without the consent of any Holder. 

Section 10.04    Successors and Assigns. This Article X shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that
party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

Section 10.05    No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in
exercising any right, power or privilege under this Article X shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and
benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article X at law, in equity, by statute or otherwise. 

Section 10.06    Additional Guarantees. Following the Issue Date, the Company shall cause each
Restricted Subsidiary that (a) incurs or guarantees any Indebtedness under the Senior Secured Credit Facilities, or (b) other than a Foreign Subsidiary or Foreign Subsidiary Holding Company of the Company, guarantees other Indebtedness of
the Company or any Guarantor in an aggregate principal amount in excess of $25.0 million, to guarantee the Notes. 

Section 10.07    Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary that is required
to become a Guarantor pursuant to Section 10.06 shall promptly execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit D hereto pursuant to which such Subsidiary shall become a Subsidiary
Guarantor under this Article X and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an Officer’s
Certificate each stating that such supplemental indenture has been duly 

  
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authorized, executed and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating
to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a valid and binding obligation of such Subsidiary Guarantor, enforceable
against such Guarantor in accordance with its terms. 

Section 10.08    Non-Impairment. The failure to endorse a Guarantee on
any Notes shall not affect or impair the validity thereof. 
 Section 10.09    Benefits Acknowledged. Each
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the Guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of
such benefits. 
 ARTICLE XI 

MISCELLANEOUS 

Section 11.01    [Intentionally Omitted]. 

Section 11.02    Notices. Any notice or communication shall be in writing and delivered in person or mailed by
first-class mail, postage prepaid, electronic mail, facsimile transmission or overnight air courier guaranteeing next day delivery addressed as follows: 

If to the Company or any Guarantor: 
 Valvoline Inc. 

100 Valvoline Way 
 Lexington, KY 40509-2714 

Attention: Julie M. O’Daniel, Esq. 
 with copies for
information purposes only to: 
 Shearman & Sterling LLP 

599 Lexington Ave. 
 New York, NY 10022 

Attention: Ilir Mujalovic, Esq. and Harald Halbhuber, Esq. 

Email: Ilir.Mujalovic@Shearman.com and Harald.Halbhuber@Shearman.com 

If to the Trustee: 
 U.S. Bank National Association 

Global Corporate Trust Services 
 425 Walnut Street, 6th Floor

 Cincinnati, OH 45202 
 Attention: William Sicking 

Facsimile: (513) 632-5511 

Email: william.sicking@usbank.com 

  
 85 

 The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed by first-class mail
(registered or certified, return receipt requested) to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed (or otherwise in
accordance with the procedures of DTC). 
 Notices given by publication or electronic delivery will be deemed given on the first date on
which publication or electronic delivery is made and notices given by first-class mail, postage prepaid, will be deemed given five calendar days after mailing or transmitting. 

Notwithstanding any other provisions of this Indenture or any Notes, where this Indenture or any Note provides for notice of any event
(including any notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee) pursuant to the customary procedures of such
Depositary. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

Section 11.03    [Intentionally Omitted]. 

Section 11.04    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 

(a)    an Officer’s Certificate stating that 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 all such conditions precedent have been complied with. 
 Section 11.05    Statements Required in
Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 

(a)    a statement that the individual making such certificate or opinion has read such covenant or
condition (and the related definitions); 
 (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; 

  
 86 

 (c)    a statement that, in the opinion of such
individual, 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 individual, such covenant or condition has
been complied with. 
 Section 11.06    Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

Section 11.07    Legal Holidays. “Legal Holiday” means a Saturday, a Sunday or a day on which
commercial banking institutions are required to be closed in the State of New York or a place of payment with respect to the Notes. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. 
 Section 11.08    Governing Law. THIS INDENTURE
AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 11.09    No Personal Liability of Directors, Officers, Employees and Stockholders. No present, past or
future director, officer, employee, member, partner, incorporator or equity holder of the Company, any Guarantor or any Subsidiary of the Company or any of their respective direct or indirect parent companies (except for the Company, any Subsidiary
or parent company (if any) in its capacity as obligor or guarantor in respect of the Notes and not in its capacity as equity holder of the Company or any Subsidiary Guarantor) shall have any liability for any obligations of the Company or the
Guarantors under the Notes, the Guarantees, this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting the Notes waives and releases all such liability. This waiver and
release are part of the consideration for issuance of the Notes. 
 Section 11.10    Successors. All
agreements of the Company and the Guarantors in this Indenture and the Notes shall bind its successors (other than as contemplated by Section 5.02 or 10.03). All agreements of the Trustee in this Indenture shall bind its successors. 

Section 11.11    Multiple Originals; Electronic Signatures. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 Section 11.12    Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 87 

 Section 11.13    Table of Contents; Headings. The table of
contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or
provisions hereof. 
 Section 11.14    Severability. If any provision in this Indenture is deemed
unenforceable, it shall not affect the validity or enforceability of any other provision set forth herein, or of this Indenture as a whole. 

Section 11.15    Submission to Jurisdiction and Venue. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY
ARISING OUT OF OR RELATING HERETO, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS INDENTURE, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, IRREVOCABLY SUBMITS TO AND ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY; AGREES THAT SERVICE AS PROVIDED ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND
BINDING SERVICE IN EVERY RESPECT; AND AGREES EACH OTHER PARTY RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY PARTY IN THE COURTS OF ANY OTHER JURISDICTION HAVING JURISDICTION OVER SUCH
PARTY. 
 [Signatures on following page] 

  
 88 

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

			
	VALVOLINE INC.
		
	By:	 	 /s/ Mary Meixelsperger

	Name:	 	Mary Meixelsperger
	Title:	 	Chief Financial Officer

  
 [Signature page –
Indenture] 

 
			
	VALVOLINE US LLC
		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 VALVOLINE LLC

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	VALVOLINE LICENSING AND INTELLECTUAL PROPERTY LLC
		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 VALVOLINE BRANDED FINANCE, INC.

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	President
	
	VALVOLINE INTERNATIONAL HOLDINGS INC.
		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer

  
 [Signature page –
Indenture] 

 
			
	VALVOLINE INSTANT OIL CHANGE FRANCHISING, INC.
		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 RELOCATION PROPERTIES MANAGEMENT LLC

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 VIOC FUNDING, INC.

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 VALVOLINE INTERNATIONAL, INC.

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 FUNDING CORP. I

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	President

  
 [Signature page –
Indenture] 

 
			
	OCH INTERNATIONAL, INC.
		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 OCHI ADVERTISING FUND LLC

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 OCHI HOLDINGS LLC

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer
	
	 OCHI HOLDINGS II LLC

		
	By:	 	 /s/ Lynn P. Freeman

	Name:	 	Lynn P. Freeman
	Title:	 	Vice President and Assistant Treasurer

  
 [Signature page –
Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

	
	
	By:	 	 /s/ Bill Sicking

	Name:	 	William Sicking
	 Title:
	 	 Vice President

  
 [Signature page –
Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Face of Note] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A-1 

  

 
 CUSIP
[            ] 
 ISIN
[            ] 
 [RULE 144A][REGULATION S] GLOBAL NOTE 

representing up to 

$[            ] 

3.625% Senior Notes Due 2031 
  

			
	No. [            ]	  	$[                ]

 VALVOLINE INC., Kentucky corporation, promises to pay to
[                    ] or registered assigns, the principal sum of [            ] United
States Dollars on June 15, 2031 or such greater or lesser amount as may be indicated in Schedule A hereto. 
 Interest Payment Dates: January 15
and July 15, commencing July 15, 2021. Interest is also payable on the Stated Maturity Date. 
 Regular Record Dates: January 1 and
July 1, except that interest payable on the Stated Maturity Date will be payable to the Person to whom principal is payable. 
 Additional provisions
of this Note are set forth on the other side of this Note. 

  
 A-2 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	VALVOLINE INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 3.625% Senior Notes Due 2031 referred to in the within-mentioned Indenture. 

Dated: 
 U.S. BANK NATIONAL ASSOCIATION, as Trustee 

 

			
	 by
	 	  

	 	 	Authorized Signatory

  
 A-4 

 [Reverse of Note] 

3.625% Senior Notes Due 2031 
  

	1.	 Indenture 

This Note is one of a duly authorized issue of Notes of the Company, designated as its 3.625% Senior Notes Due 2031 (the
“Notes”) to be issued under an indenture, dated as of January 4, 2021 (the “Indenture”), among VALVOLINE INC., a Kentucky corporation (the “Company”), Subsidiary Guarantors (as defined therein)
, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the “Trustee”) and the other agents party thereto. Reference is hereby made to the Indenture and all
indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but
not defined in this Note shall have the meanings ascribed to them in the Indenture. 
 Each Note is subject to, and qualified by, all such
terms as set forth in the Indenture certain of which are summarized herein and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that there is any inconsistency
between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 
  

	2.	 Interest 

The Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest
semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2021, to the holder of record of those Notes on the immediately preceding January 1 or July 1, as applicable. Interest is also payable on
the Stated Maturity Date to the Person to whom principal is payable. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the issue date of the Notes.
Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

 

	3.	 Paying Agent and Registrar 

Initially the Trustee will act as paying agent and registrar. The Company may appoint and change any Paying Agent or Registrar without notice.
The Company or any of its Subsidiaries may act as paying agent or registrar. 
  

	4.	 Defaults and Remedies; Waiver 

Article VI of the Indenture sets forth the Events of Default and related remedies applicable to the Notes. 

  
 A-5 

	5.	 Amendment 

Article IX of the Indenture sets forth the terms by which the Notes and the Indenture may be amended. 

 

	6.	 Change of Control 

Section 4.13 of the Indenture sets forth the terms by which the Company will be required to make an offer to purchase the Notes if a
Change of Control occurs. 
  

	7.	 Obligations Absolute 

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

 

	8.	 Sinking Fund 

The Notes will not have the benefit of any sinking fund. 
  

	9.	 Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and any integral multiple of $1,000 in
excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same series, the Registrar shall register the transfer or make the exchange in the
manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06, 4.13 and 9.04 of the Indenture). 

The Company and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Notes selected for redemption under Section 3.02 of the Indenture and ending at the close of business on the day of such mailing or
(b) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  

	10.	 Further Issues 

The Company may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest) so as to form a single series with the Notes. 

  
 A-6 

	11.	 Optional Redemption 

The Notes are subject to redemption at the option of the Company, as described in Section 3.08 of the Indenture. 

 

	12.	 Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

 

	13.	 No Personal Liability of Directors, Officers, Employees and Stockholders 

No present, past or future director, officer, employee, member, partner, incorporator or equityholder of the Company, any Guarantor or any
Subsidiary of the Company or any of their respective direct or indirect parent companies (except for the Company, any Subsidiary or parent company (if any) in its capacity as obligor or guarantor in respect of the Notes and not in its capacity as
equityholder of the Company or any Subsidiary Guarantor) shall have any liability for any obligations of the Company or any of the Guarantors under the Notes, the Guarantees, this Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting the Notes waives and releases all such liability. This waiver and release are part of the consideration for issuance of the Notes. 

 

	14.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes
and the Indenture if it deposits with the Trustee money and/or certain specified government securities for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

 

	15.	 Unclaimed Money 

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

	16.	 Trustee Dealings with the Company 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. 

  
 A-7 

	17.	 Abbreviations 

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

	18.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	19.	 [Reserved] 

  

	20.	 Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to
                                         
                                         
                                         
          
 (Insert assignee’s legal name) 

 

                          
                                         
                                         
                                         
                                         
                       

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print
or type assignee’s name, address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Company. The agent may substitute
another to act for him or her. 
 Date:
                                         
    
  

					
	 Your Signature:
	 	  

	 	 	        	 	(Sign exactly as your name
appears on the face of this Note)

 Signature Guarantee: 
  

			
	Date:
                                         
   	 	  

		
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	Signature of Signature Guarantee

  
 A-9 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the principal amount of this Note purchased by the Company pursuant to Section 4.13 of the
Indenture, state the amount you elect to have purchased: 

$                       
                  
 Date: 

 

			
		
	Your Signature:  	 	 
		 	(Sign exactly as your name appears on the face of this Note)                    

 Tax Identification No.:
                                        

 Signature Guarantee*:
                                         
                    
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-10 

 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

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

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	 This schedule should be included only if the Note is issued in Global Form 

  
 Sch-1 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Valvoline Inc.

 100 Valvoline Way 
 Lexington, KY 40509-2714 

Attention: Julie M. O’Daniel, Esq. 
 U.S. Bank National
Association 
 Global Corporate Trust Services 
 425 Walnut
Street, 6th Floor 
 Cincinnati, OH 45202 
 Attention: William
Sicking 
 Facsimile: (513) 632-5511 

Email: william.sicking@usbank.com 
 Re:
3.625% Senior Notes due 2031 
 Reference is hereby made to the Indenture, dated as of January 4, 2021, as may be amended, restated,
supplemented or otherwise modified from time to time (the “Indenture”), among Valvoline Inc., the Subsidiary Guarantors (as defined therein) and the Trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture. 
                  (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$             in such Note[s] or interests (the “Transfer”),
to                     (the “Transferee”), as further specified in Annex A hereto. In connection
with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.    [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE
OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements
of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 

2.    [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in 

  
 B-1 

 
accordance with Rule 903 or Rule 904 promulgated under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a
person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside
the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a
buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S promulgated under the Securities Act (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an initial purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 
 3. [    ] CHECK AND COMPLETE IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one): 
 (a) [    ] such Transfer is being effected pursuant to and
in accordance with Rule 144 promulgated under the Securities Act; or 
 (b) [    ] such Transfer is being effected
to the Company or a Restricted Subsidiary thereof; or 
 (c) [    ] such Transfer is being effected pursuant to an
effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act. 

4. [    ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR
OF AN UNRESTRICTED DEFINITIVE NOTE. 
 (a) [    ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 promulgated under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive
Notes and in the Indenture. 

  
 B-2 

 (b) [    ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 promulgated under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws
of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture. 
 (c) [    ] CHECK IF TRANSFER IS PURSUANT TO OTHER
EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	 [Insert Name of Transferor]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:
                                        

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	 The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 [    ] a beneficial interest in the: 

 

	 	(i)	 [    ] 144A Global Note (CUSIP
[            ]), or 

  

	 	(i)	 [    ] Regulation S Global Note (CUSIP
[            ]), or 

  

	 	(b)	 [    ] a Restricted Definitive Note. 

 

	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	 	(a)	 [    ] a beneficial interest in the: 

 

	 	(i)	 [    ] 144A Global Note (CUSIP
[            ]), or 

  

	 	(ii)	 [    ] Regulation S Global Note (CUSIP
[            ]), or 

  

	 	(b)	 [    ] a Restricted Definitive Note; or 

 

	 	(c)	 [    ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Valvoline Inc.

 100 Valvoline Way 
 Lexington, KY 40509-2714 

Attention: Julie M. O’Daniel, Esq. 
 U.S. Bank National
Association 
 Global Corporate Trust Services 
 425 Walnut
Street, 6th Floor 
 Cincinnati, OH 45202 
 Attention: William
Sicking 
 Facsimile: 513.632.5511 
 Email:
william.sicking@usbank.com 
 Re: 3.625% Senior Notes due 2031 

Reference is hereby made to the Indenture, dated as of January 4, 2021, as may be amended, restated, supplemented or otherwise modified
from time to time (the “Indenture”), among Valvoline Inc., the Subsidiary Guarantors (as defined therein) and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                 (the “Owner”) owns and proposes to
exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $                in such Note[s] or interests
(the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1) EXCHANGE OF RESTRICTED DEFINITIVE
NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

a) [    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST
IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-1 

 b) [    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST
IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 c) [    ]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and
(iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

d) [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In
connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
 2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED
DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 
 a) [    ] CHECK IF EXCHANGE IS
FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount,
the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive
Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

b) [    ] CHECK AND COMPLETE IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial 

  
 C-2 

 
interest in the [CHECK ONE] [    ] 144A Global Note [    ] Regulation S Global Note, with an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company and are dated. 

 

			
	 [Insert Name of Owner]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:
                                        

  
 C-3 

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE FOR 

ADDITIONAL SUBSIDIARY GUARANTORS 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [    ],
20[    ], among Valvoline Inc. (the “Company”), [    ] (the “Guaranteeing Subsidiary”) a subsidiary the Company (as defined in the Indenture referred to herein), U.S. BANK
NATIONAL ASSOCIATION, as trustee under the Indenture referred to herein (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as amended or supplemented from time to time, the
“Indenture”), dated as of January 4, 2021, among the Company, the Guarantors named therein and the Trustee, providing for the issuance from time to time of notes (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture; and 

WHEREAS, pursuant to Sections 9.01, 10.06 and 10.07 of the Indenture, the Trustee is authorized and required to execute and deliver this
Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt of which
is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1.    Capitalized Terms. Unless otherwise defined in this Supplemental Indenture, capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture. 
 2.    Agreement to be Bound;
Guarantee. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all of the obligations (including the Guaranteed Obligations) and agreements of a
Subsidiary Guarantor under the Indenture. In furtherance of the foregoing, the Guaranteeing Subsidiary shall be deemed a Subsidiary Guarantor for purposes of Article X of the Indenture, including, without limitation, Section 10.02 thereof. 

3.    NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4.    Counterparts. The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of 

  
 D-1 

 
signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

5.    Effect of Headings. The Section headings herein are for convenience only and shall not affect the
construction hereof. 
 6.    The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

7.    Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly supplemented or
amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and
every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 [Signature Page Follows] 

  
 D-2 

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

			
	 Valvoline Inc.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [●]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [●]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [●]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 D-3 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 D-4

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