Document:

Loan and Security Agreement among AcelRx Pharmaceuticals, Inc.

 Exhibit 10.1 
 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND SECURITY AGREEMENT is made and dated
as of June 29, 2011 and is entered into by and between AcelRx Pharmaceuticals, Inc., a Delaware corporation, and each of its subsidiaries, (hereinafter collectively referred to as the “Borrower”), HERCULES TECHNOLOGY II, L.P., a
Delaware limited partnership, and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (collectively, “Lender”). 
 RECITALS 
 A. Borrower has requested Lender to make available to Borrower a
loan in an aggregate principal amount of up to Twenty Million Dollars ($20,000,000) (the “Term Loan”); and 
 B.
Lender is willing to make the Term Loan on the terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, Borrower and Lender agree as follows: 
 SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 

“Account Control Agreement(s)” means any agreement entered into by and among the Lender, Borrower and a third party Bank or
other institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Lender a perfected first priority security interest in the subject account or accounts.

 “ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit I.

 “Advance(s)” means a Term Loan Advance. 
 “Advance Date” means the funding date of any Advance. 
 “Advance
Request” means a request for an Advance submitted by Borrower to Lender in substantially the form of Exhibit A. 

“Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Assignee” has the meaning given to it in Section 11.13. 

 “Borrower Products” means all products, software, service offerings, technical
data or technology currently being designed, manufactured or sold by Borrower or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all
products, software, service offerings, technical data or technology that have been sold, licensed or distributed by Borrower since its incorporation. 
 “Cap” shall have the meaning assigned to such term in Section 2.2(e)(iii). 
 “Cash” means all cash and liquid funds. 
 “Change in Control”
means any reorganization, recapitalization, consolidation or merger (or similar transaction or series of related transactions) of Borrower or any Subsidiary, sale or exchange of outstanding shares (or similar transaction or series of related
transactions) of Borrower or any Subsidiary in which the holders of Borrower or Subsidiary’s outstanding shares immediately before consummation of such transaction or series of related transactions do not, immediately after consummation of such
transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of such transaction or series of related transactions (or the parent of such surviving entity if
such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower or Subsidiary is the surviving entity. 
 “Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 
 “Collateral” means the property described in Section 3. 

“Collateral Agent” means Hercules Technology II, L.P., a Delaware limited partnership. 

“Commitment Fee” means $40,000, which fee is due to Lender on or prior to the Closing Date, and shall be deemed fully earned
on such date regardless of the early termination of this Agreement. 
 “Common Stock” means the Common Stock, $0.001
par value per share, of the Company. 
 “Confidential Information” has the meaning given to it in Section 11.12.

 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or
otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with
recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that
Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other 

 
agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent
Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation
in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in
any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 
 “Copyright
License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Copyrights” means all copyrights, whether registered or unregistered, held pursuant to the laws of the United States,
any State thereof, or of any other country. 
 “Delivery Date” has the meaning given to it in Section 2.2(e)(i).

 “Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, and includes any
checking account, savings account, or certificate of deposit. 
 “ERISA” is the Employee Retirement Income Security
Act of 1974, and its regulations. 
 “Event of Default” has the meaning given to it in Section 9. 

“Extension Trigger Event” means that Borrower has initiated enrollment for the “Abdominal” and the
“Comparator” phase 3 trials on or before December 31, 2011. 
 “Facility Charge” means three-quarters
of one percent (0.75%) of the Maximum Term Loan Amount. 
 “Financial Statements” has the meaning given to it in
Section 7.1. 
 “Fixed Conversion Price” has the meaning given to it in Section 2.2(e)(i). 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time.

 “Indebtedness” means indebtedness of any kind, including (a) all indebtedness for borrowed money or the
deferred purchase price of property or services (excluding trade credit entered into in the ordinary course of business due within sixty (60) days), including reimbursement and other obligations with respect to surety bonds and letters of
credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

 “Insolvency Proceeding” is any proceeding by or against any Person under the
United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 “Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and
inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue for past, present and future
infringement of Intellectual Property and the goodwill associated therewith. 
 “Investment” means any beneficial
ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan, advance or capital contribution to any Person. 
 “Joinder Agreements” means for each Subsidiary, a completed and executed Joinder Agreement in substantially the form attached hereto as Exhibit G. 

“Lender” has the meaning given to it in the preamble to this Agreement. 

“Lender Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and
expenses) for preparing, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower.

 “License” means any Copyright License, Patent License, Trademark License or other license of rights or interests.

 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest,
encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of a security
interest. 
 “Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the Notes, the ACH Authorization, the Account Control Agreements, the Joinder
Agreements, all UCC Financing Statements, the Warrant, and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be amended, modified, supplemented or
restated. 
 “Material Adverse Effect” means a material adverse effect upon: (i) the business, operations,
properties, assets, or condition (financial or otherwise) of Borrower; or (ii) the ability of Borrower to perform the Secured Obligations in accordance with the terms of the Loan Documents, or the ability of Lender to enforce any of its rights
or remedies with respect to the Secured Obligations; or (iii) the Collateral or Lender’s Liens on the Collateral or the priority of such Liens. 

 “Maximum Term Loan Amount” means Twenty Million and No/100 Dollars ($20,000,000).

 “Maximum Rate” shall have the meaning assigned to such term in Section 2.3. 

“Note” means Secured Convertible Term Promissory Notes in substantially the form of Exhibit B-1 and Exhibit
B-2. 
 “Optional Prepayment” has the meaning given to it in Section 2.2(e)(i). 

“Optional Prepayment Date” has the meaning given to it in Section 2.2(e)(i). 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in
existence or a Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 

“Patents” means all letters patent of, or rights corresponding thereto, in the United States or in any other country, all
registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country. 
 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of Lender arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date
which is disclosed in Schedule 1A; (iii) Indebtedness of up to $200,000 outstanding at any time secured by a lien described in clause (vii) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the
lesser of the cost or fair market value of the Equipment financed with such Indebtedness; (iv) Indebtedness to trade creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business with
corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness; (vii) reimbursement obligations in connection with letters of credit that are secured by cash or cash equivalents
and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed $200,000 at any time outstanding, (viii) other Indebtedness in an amount not to exceed $500,000 at any time outstanding, and (ix) extensions,
refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investment” means: (i) Investments existing on the Closing Date which are disclosed in Schedule 1B;
(ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition thereof, (b) commercial paper
maturing no more than one year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (c) certificates of deposit issued
by any bank with assets of at least $500,000,000 maturing no more than one year from the date of investment therein, and (d) money market accounts; (iii) Investments consisting of the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business; (iv) repurchases of stock from former employees, directors, or consultants of Borrower under the terms of applicable repurchase agreements at the original issuance price of
such securities in an aggregate amount not to exceed $250,000 in any fiscal year, 

 
provided that no Event of Default has occurred, is continuing or would exist after giving effect to the repurchases; (v) Investments accepted in connection with Permitted Transfers;
(vi) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the
ordinary course of Borrower’s business; (vii) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not affiliates, in the ordinary course of business, provided
that this subparagraph (vii) shall not apply to Investments of Borrower in any Subsidiary; (viii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees,
officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; (ix) Investments consisting of travel advances,
employee relocation loans and other employee loans and advances in the ordinary course of business and not in excess of $500,000 in the aggregate; (x) Investments in newly-formed Subsidiaries organized in the United States, provided that such
Subsidiaries enter into a Joinder Agreement promptly after their formation by Borrower and execute such other documents as shall be reasonably requested by Lender; (xi) Investments in subsidiaries organized outside of the United States approved
in advance in writing by Lender; (xii) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing of technical
support, provided that any cash Investments by Borrower do not exceed $100,000 in the aggregate in any fiscal year; (xiii) Investments constituting mergers or acquisitions permitted by Section 7.10; and (xiv) additional Investments
that do not exceed $500,000 in the aggregate. 
 “Permitted Liens” means any and all of the following: (i) Liens
in favor of Lender; (ii) Liens existing on the Closing Date which are disclosed in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance with GAAP to the extent required thereby; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen,
landlords and other like Persons arising in the ordinary course of Borrower’s business and imposed without action of such parties; provided, that the payment thereof is not overdue; (v) Liens arising from judgments, decrees or attachments
in circumstances which do not constitute an Event of Default hereunder; (vi) the following deposits, to the extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social security and
other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than
for the repayment of borrowed money) or to secure statutory obligations (other than liens arising under ERISA or environmental liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on
Equipment or software or other intellectual property constituting purchase money liens and liens in connection with capital leases securing Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred
in connection with Subordinated Indebtedness; (ix) leasehold interests in leases or subleases and licenses granted in the ordinary course of business and not interfering in any material respect with the business of the licensor; (x) Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become due; (xi) Liens on insurance proceeds securing the payment of

 
financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets);
(xii) statutory and common law rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository institutions and brokerage firms; (xiii) easements, zoning restrictions, rights-of-way and
similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability of the related property; (xiv) Liens on cash or cash equivalents securing
obligations permitted under clause (vii) of the definition of Permitted Indebtedness; and (xv) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in
clauses (i) through (xi) above; provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced
(as may have been reduced by any payment thereon) does not increase. 
 “Permitted Transfers” means (i) sales of
Inventory in the normal course of business, (ii) non-exclusive licenses and similar arrangements for the use of Intellectual Property in the ordinary course of business and licenses that could not result in a legal transfer of title of the
licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States in the ordinary course of business, or (iii) dispositions
of worn-out, obsolete or surplus Equipment at fair market value in the ordinary course of business, (iv) dispositions expressly permitted under Section 7.7, 7.8 or 7.10 hereof, (v) dispositions arising from the abandonment of fixtures
and other similar tenant improvements in connection with office relocations, and (vi) other Transfers of assets having a fair market value of not more than $250,000 in the aggregate in any fiscal year. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, other entity or government. 
 “Preferred Stock”
means at any given time any equity security issued by Borrower that has any rights, preferences or privileges senior to Borrower’s Common Stock. 
 “Prepayment Charge” shall have the meaning assigned to such term in Section 2.5. 
 “Principal Installment Due Date” has the meaning given to it in Section 2.2(e)(i). 
 “Principal Installment Payment” has the meaning given to it in Section 2.2(e)(i). 
 “Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of
Credit Rights, and (ii) all customer lists, software, and business records related thereto. 
 “Repayment Election
Notice” has the meaning given to it in Section 2.2(e)(i). 
 “Rule 144” means Rule 144 under the Securities
Act. 

 “SBA” shall have the meaning assigned to such term in Section 7.15.

 “SBIC” shall have the meaning assigned to such term in Section 7.15. 

“SBIC Act” shall have the meaning assigned to such term in Section 7.15. 

“SEC” has the meaning given to it in Section 2.2(e)(iv). 

“Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document, including any obligation
to pay any amount now owing or later arising. Notwithstanding the foregoing, the Secured Obligations shall not include any of Borrower’s obligations, liabilities or duties under the Warrant. 

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

“Stock Payment Conditions” shall have the meaning assigned to such term in Section 2.2(e)(ii). 

“Stock Payment Option” has the meaning given to it in Section 2.2(e)(i). 

“Subordinated Indebtedness” means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions
satisfactory to Lender in its sole discretion. 
 “Subsequent Financing” means the closing of the sale by Borrower of
its equity securities in a private placement to institutional investors primarily for capital raising purposes resulting in net cash proceeds to Borrower of at least $20 million, which closing occurs after the Closing Date but prior to the date that
is two (2) years from the Closing Date (such period, the “Participation Period”). For the avoidance of doubt, the issuance or sale of any equity securities in or in connection with any of the following transactions shall not
constitute a “Subsequent Financing” hereunder: (i) any strategic transaction, including without limitation, joint venture, licensing, collaboration, manufacturing, development, marketing or distribution arrangements; (ii) any
acquisition or license of any business, products, technologies or other assets; (iii) any merger, consolidation, acquisition or similar business combination; (iv) any equipment loan or leasing arrangement or real property leasing
arrangement, or any debt financing from a bank or similar financial or lending institution; (v) any equity line financing or similar arrangement, including without limitation, any such arrangement in which Borrower has the right to put, or has
agreed to sell, its equity securities to an investor from time to time; or (vi) any transaction in which the offer or sale by Borrower of Borrower’s equity securities or rights to acquire Borrower’s equity securities is registered
under the Securities Act. 
 “Subsidiary” means an entity, whether corporate, partnership, limited liability company,
joint venture or otherwise, in which Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 
 “Term Loan Advance” means any Term Loan funds advanced under this Agreement. 

 “Term Loan Interest Rate” means for any day a per annum rate of interest equal to
the greater of either (i) 8.50% plus the positive difference between the prime rate as reported in The Wall Street Journal and 5.25%, and (ii) 8.50%. 
 “Term Loan Maturity Date” means December 1, 2014, or, if the Extension Trigger Event has occurred, March 1, 2015. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned
or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks”
means all trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the
United States, any State thereof or any other country or any political subdivision thereof. 
 “UCC” means the
Uniform Commercial Code as the same is, from time to time, in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with
respect to, Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform
Commercial Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.

 “Warrant” means the warrant entered into in connection with the Loan. 

“1934 Act” has the meaning given to it in Section 2.2(e)(iii). 

Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,”
“subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any
accounting term used in this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied.
Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 

SECTION 2. THE LOAN 
 2.1 Reserved. 
 2.2 Term Loan. 

(a) Advances. Subject to the terms and conditions of this Agreement, Lender will make, and Borrower agrees to draw, a
Term Loan Advance of $10,000,000 on the Closing Date. Not later than December 15, 2011, Borrower may request one additional Term Loan Advance in an amount up to $10,000,000. The aggregate outstanding Term Loan Advances may be up to the Maximum
Term Loan Amount. 

 (b) Advance Request. To obtain a Term Loan Advance, Borrower shall complete,
sign and deliver an Advance Request (at least five business days before the Advance Date). Lender shall fund the Term Loan Advance in the manner requested by the Advance Request provided that each of the conditions precedent to such Term Loan
Advance is satisfied as of the requested Advance Date. 
 (c) Interest. The principal balance of each Term Loan
Advance shall bear interest thereon from such Advance Date at the Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Interest Rate will float and
change on the day the Prime Rate changes from time to time. 
 (d) Payment. Borrower will pay interest on each
Term Loan Advance on the first day of each month, beginning the month after the Advance Date. Borrower shall repay the aggregate Term Loan principal balance in thirty (30) equal monthly installments of principal and interest beginning
July 1, 2012, or, if the Extension Trigger Event has occurred, October 1, 2012, and continuing on the first business day of each month thereafter. The entire Term Loan principal balance and all accrued but unpaid interest hereunder, shall
be due and payable on Term Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. Except to the extent Borrower pays any regularly scheduled
installments of principal and/or optional prepayments of principal in Common stock in accordance with, and subject to the limitations set forth in, Section 2.2(e), Lender will initiate debit entries to the Borrower’s account as authorized
on the ACH Authorization on each payment date of all periodic obligations payable to Lender under each Note or Term Loan Advance. 
 (e) Payment in Cash or Common Stock of Monthly Amount or Prepayment Principal Amount. 
 (i) Payment in Cash or Common Stock. Subject to satisfaction of the Stock Payment Conditions and compliance with the other terms and conditions of this Section 2.2(e), Borrower may elect to pay, in
whole or in part, any regularly scheduled installment of principal (a “Principal Installment Payment”) or any optional prepayment of principal (an “Optional Prepayment”) by converting the Notes into shares of Common Stock in lieu
of payment in cash (such option, the “Stock Payment Option”). In order to validly exercise a Stock Payment Option, Borrower (A) must deliver written notice thereof, in the form attached hereto as Exhibit J, to Lender (a
“Repayment Election Notice”) five (5) days prior to (i) the applicable due date of the Principal Installment Payment (the “Principal Installment Due Date”) or (ii) the Optional Prepayment (such date, the
“Optional Prepayment Date”) and (B) shall either (i) (provided that Borrower’s transfer agent is participating in the Fast Automated Securities Transfer Program of the Depository Trust Company) credit to Lender by no later
than the first trading day 

 
following the applicable Principal Installment Due Date or Optional Prepayment Date (such date, the “Delivery Date”) such aggregate number of shares of Common Stock to be issued to
Lender with respect to such Repayment Election Notice, as determined in accordance with this Section 2.2(e) (which shares shall be free of any restrictions on transfer), or (ii) deliver to Collateral Agent, on behalf of Lender, stock
certificates, without restrictive legend, evidencing the number of shares of Common Stock with respect to such Repayment Election Notice, as determined in accordance with this Section 2.2(e), by no later than the first trading day following the
applicable Delivery Date. All payments in respect of a Principal Installment Payment and Optional Prepayment shall be made in cash, unless (i) Borrower timely delivers a Repayment Election Notice in accordance with the immediately preceding
sentence, (ii) Borrower timely delivers the requisite stock certificates or credits the shares of Common Stock to Lender, free of restrictive legends, in accordance with this Section 2.2(e) and (iii) the Stock Payment Conditions are
satisfied in respect of such payment. A Repayment Election Notice, once delivered by Borrower, shall be irrevocable unless otherwise agreed, in writing, by Collateral Agent, on behalf of Lender. If Borrower elects to convert the Notes to repay a
Principal Installment Payment or make an Optional Prepayment, in whole or in part, in shares of Common Stock, the number of such shares of Common Stock to be issued in respect of such Principal Installment Payment or Optional Prepayment shall be
equal to the number determined by dividing (x) the product of (A) the principal amount to be paid in shares of Common Stock and (B) 103%, by (y) the Fixed Conversion Price. For purposes hereof, the “Fixed Conversion
Price” shall be $5.73; provided, however, that upon the occurrence of any stock split, stock dividend, combination of shares or reverse stock split pertaining to the Common Stock, the Fixed Conversion Price shall be proportionately increased or
decreased as necessary to reflect the proportionate change in the shares of Common Stock issued and outstanding as a result of such stock split, stock dividend, combination of shares or reverse stock split. Any shares of Common Stock issued pursuant
to a Repayment Election Notice shall be deemed to be issued upon conversion of the Notes. 
 (ii) Stock Payment
Conditions. Notwithstanding the foregoing, Borrower’s right to deliver, and Lender’s obligation to accept, shares of Common Stock in lieu of payment in cash of a Principal Installment Payment or Optional Prepayment, as applicable, is
conditioned on the satisfaction of each of the following conditions (the “Stock Payment Conditions”) as of such Delivery Date: (A) the closing price of the shares of Common Stock as reported by Bloomberg, L.P. on the NASDAQ market for
each of the seven (7) consecutive trading days immediately preceding the Delivery Date shall be greater than or equal to 115% of the Fixed Conversion Price; (B) the Common Stock issued in connection with any such payment does not exceed
15% of the total trading volume of the Common Stock for the twenty-two (22) consecutive trading days immediately prior to and including such Delivery Date; (C) only one Repayment Election Notice may be given in any calendar month;
(D) the aggregate principal amount to be paid in shares of Common Stock pursuant to Section 2.2 of this Agreement shall not exceed Three Million Dollars ($3,000,000); (E) the Common Stock is (and was on

 
each of the twenty-two (22) consecutive trading days immediately preceding such Delivery Date) quoted or listed on the NASDAQ market; (F) a registration statement is effective and
available for the resale of all of the shares of Common Stock to be delivered on such Delivery Date, or such shares of Common Stock are eligible for resale to the public pursuant to Rule 144 without any limitation; (G) after giving effect to
the issuance of such shares of Common Stock to Lender, Lender would not (A) beneficially own, together with its affiliates, Common Stock in excess of the limitations specified in subsection (e)(iii) below and (B) have been issued shares of
Common Stock pursuant to all Repayment Election Notices in an aggregate amount in excess of the Cap; (H) as of such Delivery Date, there is no outstanding Event of Default and there is no breach or default that, if left uncured, would result in
an Event of Default; and (I) Borrower shall have sufficient authorized but unissued shares of Common Stock to provide for the issuance of the shares of Common Stock pursuant to the Repayment Election Notice. If any of the Stock Payment
Conditions are not satisfied as of a Delivery Date, Borrower shall not be permitted to pay, and the Lender shall not be obligated to accept, the Principal Installment Payment or Optional Prepayment, as applicable, in shares of Common Stock, and
Borrower shall instead pay such principal amount in cash; provided, however, that the Stock Payment Conditions set forth in clauses (A), (B), (C), (E), (F) and (H) above may be waived by a writing executed by both Borrower and
Lender. In the event the Company is relying upon an effective registration statement to satisfy clause (F) of the Stock Payment Conditions, each of the Company and Lender shall provide customary indemnification to one another with respect to
such registration statement in a form acceptable to the Company and Lender. By no later than the first trading day following the Delivery Date, Borrower shall either (i) (provided that Borrower’s transfer agent is participating in the Fast
Automated Securities Transfer Program of the Depository Trust Company) credit to Lender the shares of Common Stock to be delivered by Borrower with respect to the portion of the Principal Installment Payment or Optional Prepayment being paid in
shares of Common Stock or (ii) deliver to Collateral Agent, on behalf of each Lender, certificates, free of restrictive legends, evidencing the shares of Common Stock to be delivered by Borrower with respect to the portion of the Principal
Installment Payment or Optional Prepayment being paid in shares of Common Stock, which shares of Common Stock, in the case of clauses (i) and (ii), shall be allocated among each Lender in the manner specified to Borrower by the Collateral
Agent. 
 (iii) Beneficial Ownership Limitation. Notwithstanding any provision herein to the contrary, Lender,
together with its affiliates, shall not be permitted to beneficially own a number of shares of Common Stock (other than shares that may be deemed beneficially owned except for being subject to a limitation analogous to the limitation contained in
this Section 2.2(e)(iii)) in excess of 9.99% of the number of shares of Common Stock then issued and outstanding, it being the intent of Borrower and Lender that Lender, together with its affiliates, not be deemed at any time to have the power
to vote or dispose of greater than 9.99% of the number of shares of Common Stock issued and outstanding at any time; provided, however, that Lender shall have the right, upon 61 days’ prior written notice to

 
Borrower, to waive the 9.99% limitation of this subsection (e)(iii). Notwithstanding anything contained herein to the contrary, Borrower shall not be permitted to issue to Lender, and Lender
shall not be required to accept, shares of Common Stock pursuant to a Repayment Election Notice if and to the extent such issuance, when taking together with all other issuances pursuant to prior Repayment Election Notices, would result in
(A) the issuance of more than 19.99% of the Common Stock outstanding as of the date of this Agreement or (B) Lender, together with its affiliates, beneficially owning in excess of 19.99% of the outstanding Common Stock (each of clauses
(A) and (B) are referred to herein as the “Cap”). As used herein, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). For
any reason at any time, upon written or oral request of Lender, Borrower shall within one business day confirm orally and in writing to Lender the number of shares of Common Stock then issued and outstanding as of any given date. 

(iv) With a view to making available to Lender the benefits of Rule 144 (or its successor rule) and any other rule or
regulation of the Securities and Exchange Commission (the “SEC”) that may at any time permit Lender to sell shares of Common Stock issued pursuant to Section 2.2(e) of this Agreement to the public without registration, Borrower
covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until six (6) months after such date as all of the shares of Common Stock issued pursuant to
Section 2.2(e) of this Agreement may be sold without restriction by Lender pursuant to Rule 144 or any other rule of similar effect; (ii) file with the SEC in a timely manner all reports and other documents required of Borrower under the
1934 Act; and (iii) furnish to Lender upon request, as long as Lender owns any shares of Common Stock issued pursuant to Section 2.2(e) of this Agreement, such information as may be reasonably requested in order to avail Lender of any rule
or regulation of the SEC that permits the selling of any such shares of Common Stock without registration. 
 (v)
Borrower covenants and agrees to reserve from its duly authorized capital stock not less than the number of shares of Common Stock that may be issuable upon payment of any Principal Installment Payment or Optional Prepayment pursuant to
Section 2.2(e) of this Agreement. Borrower further represents, warrants and covenants that, upon issuance of any shares of Common Stock pursuant to Section 2.2(e) of this Agreement, such shares of Common Stock shall be validly issued,
fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens and charges with respect to the issue thereof. 
 (vi) For so long as Lender holds any shares of Common Stock issued pursuant to Section 2.2(e) of this Agreement, Borrower shall maintain the Common Stock’s authorization for listing on NASDAQ
and Borrower shall not take any action which would reasonably be executed to result in the delisting or suspension of the Common Stock on NASDAQ. 

 2.3 Maximum Interest. Notwithstanding any provision in this Agreement, the
Notes, or any other Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto
(which under the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower
has actually paid to Lender an amount of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall
be deemed retroactively applied as of the date of receipt of such payment as follows: first, to the payment of principal outstanding on the Notes; second, after all principal is repaid, to the payment of Lender’s accrued and unpaid interest,
costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured Obligations are repaid, the excess (if any) shall be refunded to Borrower. 

2.4 Default Interest. In the event any payment is not paid on the scheduled payment date, an amount equal to five percent
(5%) of the past due amount shall be payable on demand. In addition, upon the occurrence and during the continuation of an Event of Default hereunder, all Secured Obligations, including principal, interest, compounded interest, and
Lender’s fees and expenses in accordance with Section 11.11 hereof, shall bear interest at a rate per annum equal to the rate set forth in Section 2.2(c) plus five percent (5%) per annum. In the event any interest is not paid
when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.2(c) or this Section 2.4, as applicable. 

2.5 Prepayment. At its option upon at least 7 business days prior notice to Lender, Borrower may prepay all, but not less
than all, of the outstanding Advances by paying the entire principal balance and all accrued and unpaid interest, together with a prepayment charge equal to the following percentage of the Advance amount being prepaid: if such Advance amounts are
prepaid in any of the first twelve (12) months following the Closing Date, 3.0%; after twelve (12) months but prior to twenty four (24) months, 2.0%; and thereafter, 1.0% (each, a “Prepayment Charge”). Borrower agrees that
the Prepayment Charge is a reasonable calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from an early repayment of the Advances. Borrower shall prepay the outstanding
amount of all principal and accrued interest through the prepayment date and the Prepayment Charge upon the occurrence of a Change in Control. 
 2.6 End of Term Charge. On the earliest to occur of (i) the Term Loan Maturity Date, (ii) the date that Borrower prepays the outstanding Secured Obligations, or (iii) the date that the
Secured Obligations become due and payable, Borrower shall pay Lender a charge of $200,000. Notwithstanding the required payment date of such charge, it shall be deemed earned by Lender as of the Closing Date. 

2.7 Lender Investment Representations. The Note is being issued to Lender in reliance upon the following representations
and covenants of Lender (which, for the avoidance of doubt, are being made severally, but not jointly, by each Lender): 

 (a) Investment Purpose. The Note has been, and the Common Stock
issuable upon conversion of the Note by Borrower in accordance with Section 2.2(e) of this Agreement will be, acquired by Lender for investment and not with a view to the sale or distribution of any part thereof, and Lender has no present
intention of selling or engaging in any public distribution of the same except pursuant to a registration under the Securities Act or an exemption from the registration requirements of the Securities Act. Lender is not a registered broker-dealer
under Section 15 of the 1934 Act or an entity engaged in a business that would require it to be so registered as a broker-dealer. 
 (b) Private Issue. The Lender understands (i) that the Common Stock issuable upon conversion of the Note by Borrower in accordance with Section 2.2(e) of this Agreement is not registered
under the Securities Act or qualified under applicable state securities laws on the ground that the issuance contemplated upon conversion of the Note will be exempt from the registration and qualifications requirements thereof, and (ii) that
the Company’s reliance on such exemption is predicated on the representations set forth in this Section 2.7. 
 (c) Financial Risk. The Lender has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Note, and has the
ability to bear the economic risks of its investment. 
 (d) Risk of No Registration. Without in any way
limiting the Company’s obligations under this Agreement, the Lender understands that if the Common Stock is not registered with the SEC pursuant to Section 12 of the 1934 Act or the Company is not required to file reports pursuant to
Section 13(a) or Section 15(d) of the 1934 Act, or if a registration statement is not effective under the Securities Act covering the resale of the shares of Common Stock issued to Lender upon conversion of the Note when it desires to sell
such shares of Common Stock it may be required to hold such securities for an indefinite period. The Lender also understands that any sale of Common Stock issuable by Borrower to Lender upon conversion of the Note in accordance with
Section 2.2(e) of this Agreement which might be made by it in reliance upon Rule 144 under the Securities Act may be made only in accordance with the terms and conditions of Rule 144. 

(e) Accredited Investor. The Lender is an “accredited investor” within the meaning of Rule 501 of
Regulation D promulgated under the Securities Act. 
 (f) No Short Sales. The Lender has not engaged, and
will not engage, in “short sales” of the Common Stock of the Company. The term “short sale” shall mean any sale of a security which the seller does not own or any sale which is consummated by the delivery of a security borrowed
by, or for the account of, the seller. 
 (g) Legends. The Lender understands and agrees that each Note issued
pursuant to this Agreement may bear the following legend. 
 THIS SECURED CONVERTIBLE TERM PROMISSORY NOTE HAS NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION 

 
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT BE TRANSFERRED UNLESS (I) THIS NOTE HAS BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED, (II) THIS NOTE MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE BORROWER HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED. 
 Lender acknowledges and agrees that the issuance of a certificate or certificates without restrictive legend for, or deposit with
the Depositary Trust Company via book-entry of, any shares of Common Stock that may be issued upon conversion of the Notes is predicated upon the Company’s reliance that the holder of such shares would sell, transfer, assign, pledge,
hypothecate or otherwise dispose of such shares pursuant to either the registration requirements of the Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if such shares are sold pursuant to a
registration statement, they will be sold in compliance with the plan of distribution set forth therein. Lender acknowledges that the foregoing representations, warranties and covenants will be relied upon by the Company, the Company’s transfer
agent, and by the Company’s counsel in delivering an opinion to such transfer agent, in connection with not including restrictive legends on the certificates representing the shares, in order to facilitate the sale of the shares pursuant Rule
144 or an effective registration statement. 
 The foregoing representations and covenants of Lender do not imply any period of time that Lender
will hold any shares of Common Stock issuable to Lender in accordance with Section 2.2(e) of this Agreement, and any shares of Common Stock issuable to Lender in accordance with Section 2.2(e) of this Agreement shall (i) not contain
any restrictions on transfer and (ii) either be subject to an effective resale registration statement or be eligible for resale to the public pursuant to Rule 144 without any limitation. 

SECTION 3. SECURITY INTEREST 
 3.1 As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or otherwise) of all the Secured Obligations, Borrower grants to Lender a security interest in all
of Borrower’s personal property now owned or hereafter acquired, including the following (collectively, the “Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles (other than
Intellectual Property); (e) Inventory; (f) Investment Property (but excluding thirty-five percent (35%) of the capital stock of any foreign Subsidiary that constitutes a Permitted Investment); (g) Deposit Accounts; (h) Cash;
(i) Goods; and other tangible and intangible personal property of Borrower whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located; and, to the extent not otherwise included, all
Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing; provided, however, that the Collateral shall include all Accounts and General Intangibles
that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the Intellectual Property (the “Rights to Payment”). Notwithstanding the foregoing, if a judicial authority (including
a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to 

 
Payment, then the Collateral shall automatically, and effective as of the date of this Agreement, include the Intellectual Property to the extent necessary to permit perfection of Lender’s
security interest in the Rights to Payment. Upon payment in full in cash of the Secured Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) and at
such time as this Agreement has been terminated, the Collateral Agent shall, at Borrower’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to Borrower. 

SECTION 4. CONDITIONS PRECEDENT TO LOAN 
 The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions: 

4.1 Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Lender the following: 

(a) executed originals of the Loan Documents, Account Control Agreements, a legal opinion of Borrower’s counsel, and
all other documents and instruments reasonably required by Lender to effectuate the transactions contemplated hereby or to create and perfect the Liens of Lender with respect to all Collateral, in all cases in form and substance reasonably
acceptable to Lender; 
 (b) certified copy of resolutions of Borrower’s board of directors evidencing
approval of (i) the Loan and other transactions evidenced by the Loan Documents; and (ii) the Warrant and transactions evidenced thereby; 
 (c) certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower; 

(d) a certificate of good standing for Borrower from its state of incorporation and similar certificates from all other
jurisdictions in which it does business and where the failure to be qualified would have a Material Adverse Effect; 
 (e) payment of the Facility Charge and reimbursement of Lender’s current expenses reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; and 

(f) such other documents as Lender may reasonably request. 

4.2 All Advances. On each Advance Date: 

(a) Lender shall have received (i) an Advance Request and a Note for the relevant Advance as required by
Section 2.2(b), each duly executed by Borrower’s Chief Executive Officer or Chief Financial Officer, and (ii) any other documents Lender may reasonably request. 

(b) The representations and warranties set forth in this Agreement and in Section 5 and in the Warrant shall be true
and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

 (c) Borrower shall be in compliance with all the terms and provisions set
forth herein and in each other Loan Document on its part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

(d) Each Advance Request shall be deemed to constitute a representation and warranty by Borrower on the relevant Advance
Date as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 
 4.3 No Default. As of the Closing Date and each Advance Date, (i) no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of
Default and (ii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 
 Borrower
represents and warrants that: 
 5.1 Corporate Status. Borrower is a corporation duly organized, legally existing
and in good standing under the laws of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to
be qualified could reasonably be expected to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, tax identification number, organizational identification number and other information
are correctly set forth in Exhibit C, as may be updated by Borrower in a written notice (including any Compliance Certificate) provided to Lender after the Closing Date. 

5.2 Collateral. Borrower owns the Collateral and the Intellectual Property, free of all Liens, except for Permitted Liens.
Borrower has the power and authority to grant to Lender a Lien in the Collateral as security for the Secured Obligations. 
 5.3 Consents. Borrower’s execution, delivery and performance of the Notes, this Agreement and all other Loan Documents, and Borrower’s execution of the Warrant, (i) have been duly
authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and the other Loan Documents,
(iii) do not violate any provisions of Borrower’s Certificate or Articles of Incorporation (as applicable), bylaws, or any, law, regulation, order, injunction, judgment, decree or writ to which Borrower is subject and (iv) except as
described on Schedule 5.3, do not violate any contract or agreement or require the consent or approval of any other Person. The individual or individuals executing the Loan Documents and the Warrant are duly authorized to do so. 

 5.4 Material Adverse Effect. Since December 31, 2010, no event that has
had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. Borrower is not aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect. 

5.5 Actions Before Governmental Authorities. Except as described on Schedule 5.5, there are no actions, suits or
proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property. 

5.6 Laws. Borrower is not in violation of any law, rule or regulation, or in default with respect to any judgment, writ,
injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any manner under any provision of any agreement or instrument evidencing
indebtedness, or any other material agreement to which it is a party or by which it is bound. 
 5.7 Information
Correct and Current. No information, report, Advance Request, financial statement, exhibit or schedule furnished, by or on behalf of Borrower to Lender in connection with any Loan Document or included therein or delivered pursuant thereto contained,
contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not
misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided by Borrower to Lender shall be (i) provided in good faith and based on the most current data and information
available to Borrower, and (ii) the most current of such projections approved by Borrower’s Board of Directors. 
 5.8 Tax Matters. Except as described on Schedule 5.8, (a) Borrower has filed all federal, and all material state and local tax returns that it is required to file, (b) Borrower has duly paid or
fully reserved for all taxes or installments thereof (including any interest or penalties) as and when due, which have or may become due pursuant to such returns, and (c) Borrower has paid or fully reserved for any tax assessment received by
Borrower for the three (3) years preceding the Closing Date, if any (including any taxes being contested in good faith and by appropriate proceedings). 
 5.9 Intellectual Property Claims. Borrower is the sole owner of, or otherwise has the right to use, the Intellectual Property. Except as described on Schedule 5.9,(i) each of the material Copyrights,
Trademarks and Patents is valid and enforceable, (ii) no material part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and (iii) no claim has been made to Borrower that any material part of the
Intellectual Property violates the rights of any third party. Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses
Intellectual Property from third parties (other than shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in
material breach of, nor has Borrower failed to perform 

 
any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material
breach thereof or has failed to perform any material obligations thereunder. 
 5.10 Intellectual Property.
Except as described on Schedule 5.10, Borrower has, or in the case of any proposed business, will have, all material rights with respect to Intellectual Property necessary in the operation or conduct of Borrower’s business as currently
conducted and proposed to be conducted by Borrower. Without limiting the generality of the foregoing, and in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower has the right, to the extent
required to operate Borrower’s business, to freely transfer, license or assign Intellectual Property without condition, restriction or payment of any kind (other than license payments in the ordinary course of business) to any third party, and
Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that are used in the design, development, promotion, sale, license,
manufacture, import, export, use or distribution of Borrower Products. 
 5.11 Borrower Products. Except as
described on Schedule 5.11, no Intellectual Property owned by Borrower and no Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including any proceeding in the United States
Patent and Trademark Office or any corresponding foreign office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or licensing thereof or that may affect
the validity, use or enforceability thereof. There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to grant licenses or
ownership interest in any future Intellectual Property related to the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or claim, or, to the knowledge of Borrower, oral notice or
claim, challenging or questioning Borrower’s ownership in any Intellectual Property (or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof) or suggesting that any
third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim. Neither Borrower’s use of its Intellectual Property nor the production and sale
of Borrower Products infringes the Intellectual Property or other rights of others. 
 5.12 Financial Accounts.
Exhibit E, as may be updated by the Borrower in a written notice provided to Lender after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains
Deposit Accounts and (b) all institutions at which Borrower or any Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank or other institution, the
name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 

 5.13 Employee Loans. Borrower has no outstanding loans to any employee,
officer or director of the Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party. 

5.14 Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14
annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date,
is a true, correct and complete list of each Subsidiary. 
 SECTION 6. INSURANCE; INDEMNIFICATION 

6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence
form, against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual liability per the terms
of the indemnification agreement found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of $10,000,000 of directors and
officers’ insurance for each occurrence and $10,000,000 in the aggregate. So long as there are any Secured Obligations (other than inchoate indemnity obligations) outstanding, Borrower shall also cause to be carried and maintained insurance
upon the Collateral, insuring against all risks of physical loss or damage, in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. Borrower shall
also carry and maintain a fidelity insurance policy in an amount not less than $25,000. 
 6.2 Certificates.
Borrower shall deliver to Lender certificates of insurance that evidence Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate
shall state Lender is an additional insured for commercial general liability, loss payee for all risk property damage insurance, subject to the insurer’s approval, and a loss payee for property insurance. Attached to the certificates of
insurance will be additional insured endorsements for liability and lender’s loss payable endorsements, or copies of policy forms evidencing such coverages. Any failure of Lender to scrutinize such insurance certificates for compliance is not a
waiver of any of Lender’s rights, all of which are reserved. 
 6.3 Indemnity. Borrower agrees to indemnify
and hold Lender and its officers, directors, employees, agents, in-house attorneys, representatives and shareholders harmless from and against any and all claims, costs, expenses, damages and liabilities (including such claims, costs, expenses,
damages and liabilities based on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including those incurred upon any appeal), that may be
instituted or asserted against or incurred by Lender or any such Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or the administration of such credit, or in connection
with or arising out of the transactions contemplated hereunder and thereunder, or any actions or failures to act 

 
in connection therewith, or arising out of the disposition or utilization of the Collateral, excluding in all cases claims resulting solely from the Collateral Agent’s or the Lender’s
gross negligence or willful misconduct. Borrower agrees to pay, and to save Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes
imposed on or measured by the net income of Lender) that may be payable or determined to be payable with respect to any of the Collateral or this Agreement. 
 SECTION 7. COVENANTS OF BORROWER 
 Borrower agrees as follows:

 7.1 Financial Reports. Borrower shall furnish to Lender the financial statements and reports listed
hereinafter (the “Financial Statements”): 
 (a) as soon as practicable (and in any event within 30
days) after the end of each month, unaudited interim and year-to-date financial statements as of the end of such month (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and
cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that would reasonably be expected to have a Material Adverse Effect, all
certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, (ii) that they are subject to normal year end
adjustments, (iii) they do not contain certain non-cash items that are customarily included in quarterly and annual financial statements, and (iv) for the first two months of each quarter only the balance sheet and income statement will be
required; 
 (b) as soon as practicable (and in any event within 45 days) after the end of each of the first
three fiscal quarters of any fiscal year of Borrower, unaudited interim and year-to-date financial statements as of the end of such fiscal quarter (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and
related statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that would reasonably be expected to have
a Material Adverse Effect, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are
subject to normal year end adjustments; as well as the most recent capitalization table for Borrower, including the weighted average exercise price of employee stock options; 

(c) as soon as practicable (and in any event within 90 days) after the end of each fiscal year, unqualified audited
financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows, and setting forth in comparative form the corresponding
figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Lender, accompanied by any management report from such accountants; 

 (d) as soon as practicable (and in any event within 30 days) after the end
of each month, a Compliance Certificate in the form of Exhibit F; 
 (e) promptly after the sending or filing
thereof, as the case may be, copies of any proxy statements, financial statements or reports that Borrower has made available to holders of its Preferred Stock and copies of any regular, periodic and special reports or registration statements that
Borrower files with the SEC or any governmental authority that may be substituted therefor, or any national securities exchange; 
 (f) [reserved]; and 
 (g) financial and business projections
promptly following their approval by Borrower’s Board of Directors, as well as other financial information reasonably requested by Lender. 
 Borrower shall not make any change in its (a) accounting policies or reporting practices, except in accordance with GAAP or with the consent of Lender, or (b) fiscal years or fiscal quarters.
The fiscal year of Borrower shall end on December 31. 
 The executed Compliance Certificate may be sent via facsimile to
Lender at (650) 473-9194 or via e-mail to kconte@herculestech.com. All Financial Statements required to be delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to financialstatements@herculestech.com with a
copy to kconte@herculestech.com provided, that if e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be sent via facsimile to Lender at: (866) 468-8916, attention Chief Credit Officer.
Notwithstanding anything herein to the contrary, documents required to be delivered pursuant to this Section 7.1 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts
such documents, or provides a link thereto, on Borrower’s website on the Internet at www.acelrx.com, and notifies Lender via email or facsimile as provided in the immediately preceding sentence. 

7.2 Management Rights. Borrower shall permit any representative that Lender authorizes, including its attorneys and
accountants, to inspect the Collateral and examine and make copies and abstracts of the books of account of Borrower at reasonable times and upon reasonable notice during normal business hours. Such inspections or examinations shall be conducted no
more often than once every six months unless an Event of Default has occurred and is continuing. In addition, any such representative shall have the right to meet with management and officers of Borrower to discuss such books of account and records.
In addition, Lender shall be entitled at reasonable times and intervals to consult with and advise the management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably interfere
with Borrower’s business operations. The parties intend that the rights granted Lender shall constitute “management rights” within the meaning of 29 C.F.R Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or
participation by Lender with respect to any business issues shall not be deemed to give Lender, nor be deemed an exercise by Lender of, control over Borrower’s management or policies. 

 7.3 Further Assurances. Borrower shall from time to time execute, deliver
and file, alone or with Lender, any financing statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority to Lender’s Lien on the Collateral. Borrower shall
from time to time procure any instruments or documents as may be requested by Lender, and take all further action that may be necessary or desirable, or that Lender may reasonably request, to perfect and protect the Liens granted hereby and thereby.
In addition, and for such purposes only, Borrower hereby authorizes Lender to execute and deliver on behalf of Borrower and to file such financing statements, collateral assignments, notices, control agreements, security agreements and other
documents without the signature of Borrower either in Lender’s name or in the name of Lender as agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral and Lender’s Lien thereon
against all Persons claiming any interest adverse to Borrower or Lender other than Permitted Liens. 
 7.4
Reserved. 
 7.5 Indebtedness. Borrower shall not create, incur, assume, guarantee or be or remain liable with
respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for the conversion of
Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such conversion. 
 7.6 Collateral. Borrower shall at all times keep the Collateral, the Intellectual Property and all other property and assets used in Borrower’s business or in which Borrower now or hereafter holds
any interest free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and shall give Lender prompt written notice of any legal process affecting the Collateral, the Intellectual Property, such other property and
assets, or any Liens thereon. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its
Subsidiaries at all times to keep such Subsidiary’s property and assets free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and shall give Lender prompt written notice of any legal process affecting such
Subsidiary’s assets. Except with respect to (i) specific property encumbered to secure payment of particular Indebtedness incurred to finance the acquisition of such property, and (ii) restrictions by reason of customary provisions
restricting assignment, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens
or the property or assets subject to such leases, licenses or similar agreements, as the case may be), Borrower shall not agree with any Person other than Lender not to encumber its property. 

 7.7 Investments. Borrower shall not directly or indirectly acquire or own,
or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 
 7.8 Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock or other equity interest other than pursuant to employee, director or
consultant stock purchase or repurchase plans or other similar agreements, provided, however, in each case the repurchase or redemption price does not exceed the original consideration paid for such stock or equity interest, or (b) declare or
pay any cash dividend or make a cash distribution on any class of stock or other equity interest, except that a Subsidiary may pay dividends or make distributions to Borrower, or (c) lend money to any employees, officers or directors except as
expressly permitted by clause (ix) of the definition of Permitted Investments. 
 7.9 Transfers. Except for
Permitted Transfers, Borrower shall not voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material portion of their assets. 

7.10 Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or
consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the
capital stock or property of another Person. 
 7.11 Taxes. Borrower and its Subsidiaries shall pay when due all
taxes, fees or other charges of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against Borrower, Lender (to the extent assessed in connection with the making of the Loan hereunder but
excluding taxes on Lender’s net income) or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or
before the due date therefor all personal property tax returns in respect of the Collateral. Notwithstanding the foregoing, Borrower may contest, in good faith and by appropriate proceedings, taxes for which Borrower maintains adequate reserves
therefor in accordance with GAAP. 
 7.12 Corporate Changes. Neither Borrower nor any Subsidiary shall change its
corporate name, legal form or jurisdiction of formation without twenty (20) days’ prior written notice to Lender. Neither Borrower nor any Subsidiary shall suffer a Change in Control. Neither Borrower nor any Subsidiary shall relocate its
chief executive office or its principal place of business unless: (i) it has provided prior written notice to Lender; and (ii) such relocation shall be within the continental United States. Neither Borrower nor any Subsidiary shall
relocate any item of Collateral (other than (w) sales of Inventory in the ordinary course of business, (x) relocations of mobile Equipment, (y) relocations of other Equipment having an aggregate value of up to $150,000 in any fiscal
year, and (z) relocations of Collateral from a location described on Exhibit C to another location described on Exhibit C) unless (i) it has provided prompt written notice to Lender, (ii) such relocation is within the continental
United States or to such other jurisdiction as designated in writing by Borrower from time to time, and (iii), if such relocation is to a third party bailee, it has delivered a bailee agreement in form and substance reasonably acceptable to Lender.

 7.13 Deposit Accounts. Neither Borrower nor any Subsidiary shall maintain
any Deposit Accounts, or accounts holding Investment Property, except with respect to which Lender has an Account Control Agreement. 
 7.14 Borrower shall notify Lender of each Subsidiary formed subsequent to the Closing Date and, within 30 days of formation, shall cause any such Subsidiary organized under the laws of any State within
the United States to execute and deliver to Lender a Joinder Agreement. 
 7.15 Hercules Technology II, L.P. has
received a license from the U.S. Small Business Administration (“SBA”) to extend loans as a small business investment company (“SBIC”) pursuant to the Small Business Investment Act of 1958, as amended, and the associated
regulations (collectively, the “SBIC Act”). Portions of the loan to Borrower will be made under the SBA license and the SBIC Act. Addendum 1 to this Agreement outlines various responsibilities of Lender and Borrower associated with an SBA
loan, and such Addendum 1 is hereby incorporated in this Agreement. 
 SECTION 8. RIGHT TO INVEST 

8.1 Subject to the terms and conditions hereof, including, without limitation, Section 11.13 hereof, Lender shall
have the right, in its discretion, to participate in any Subsequent Financing by investing up to an aggregate of $2,000,000, in each case on the same terms, conditions and pricing afforded to others participating in any such Subsequent Financings;
provided, however, that the obligation of the Borrower to issue and sell to the Lender any equity securities pursuant to this Section 8.1 is subject in all cases to the preparation, execution and delivery by the Borrower and the Lender of a
purchase agreement containing the same terms and conditions set forth in the agreement between the Borrower and other investors participating in the applicable Subsequent Financing, if any, and other terms and conditions reasonable acceptable to the
Borrower and the Lender, and the receipt of any required regulatory approval. In no event shall Lender have the right to invest more than an aggregate of $2,000,000 during the Participation Period in all Subsequent Financings pursuant to the rights
granted to Lender under this Section 8. 
 8.2 In lieu of giving notice to Lender of, and an opportunity to
participate in, any Subsequent Financing prior to the closing thereof, Borrower may, at its election, satisfy its obligations under Section 8.1 with respect to such Subsequent Financing by giving notice (a “Sale Notice”) to Lender of
the closing of such Subsequent Financing, which Sale Notice shall be delivered by Borrower within ten (10) business days of such closing and shall include an offer by Borrower to sell to Lender, on terms and conditions (including with respect
to pricing) that are no less favorable to Lender than those provided to investors in such Subsequent Financing, up to the number of the type of equity securities issued in such Subsequent Financing that may be purchased for an amount equal to the
difference between (i) $2,000,000 and (ii) the amount previously invested by Lender pursuant to this 

 
Section 8, if any. Lender shall have ten (10) business days from receipt of a Sale Notice to elect to accept the offer to sell equity securities set forth therein by delivering a
written notice of acceptance to Borrower. For the avoidance of doubt, the fact that Lender may have the right pursuant to this Section 8.2 to purchase the type of equity securities offered in a Subsequent Financing subsequent to the closing of
such Subsequent Financing shall not be considered a term or condition of any offer made pursuant to this Section 8.2 that is less favorable to Lender than the terms and conditions provided to investors in such Subsequent Financing. 

8.3 Notwithstanding anything to contrary in this Section 8, Lender shall not have the right to participate in, and
Borrower shall not be required to offer or sell any equity securities to Lender in, any Subsequent Financing if such offer, sale or participation in such Subsequent Financing would, in the good faith determination of the Borrower, (i) require
the Borrower to obtain the approval of its stockholders pursuant to applicable securities exchange rules, including those of The NASDAQ Stock Market, LLC, (ii) result in a violation of any applicable law, rule or regulation or
(iii) adversely affect such Subsequent Financing (including the marketing thereof) that the Borrower is engaged in at such time. 
 SECTION 9. EVENTS OF DEFAULT 
 The occurrence of any one or more of
the following events shall be an Event of Default: 
 9.1 Payments. Borrower fails to pay any amount due under
this Agreement, the Notes or any of the other Loan Documents on the due date; or 
 9.2 Covenants. Borrower
breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, the Notes, or any of the other Loan Documents, and (a) with respect to a default under any covenant under this Agreement (other than under
Sections 6, 7.5, 7.6, 7.7, 7.8, 7.9 or 7.15) such default continues for more than ten (10) days after the earlier of the date on which (i) Lender has given notice of such default to Borrower and (ii) Borrower has actual knowledge of
such default or (b) with respect to a default under any of Sections 6, 7.5, 7.6, 7.7, 7.8, 7.9 or 7.15, the occurrence of such default; or 
 9.3 Material Adverse Effect. A circumstance has occurred that would reasonably be expected to have a Material Adverse Effect; or 

9.4 Other Loan Documents. The occurrence of any default under any Loan Document or any other agreement between Borrower
and Lender and such default continues for more than ten (10) days after the earlier of the date on which (a) Lender has given notice of such default to Borrower, or (b) Borrower has actual knowledge of such default; or 

9.5 Representations. Any representation or warranty made by Borrower in any Loan Document or in the Warrant shall have
been false or misleading in any material respect; or 

 9.6 Insolvency. Borrower (A) (i) shall make an
assignment for the benefit of creditors; or (ii) shall be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in
bankruptcy; or (iv) shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation
pertinent to such circumstances; or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33 1/3% or more) of the assets or property of Borrower; or (vi) shall
cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing
actions described in clauses (i) through (vi); or (B) either (i) forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being
stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material
allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) forty-five
(45) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment
being vacated; or 
 9.7 Attachments; Judgments. Any portion of Borrower’s assets is attached or
seized, or a levy is filed against any such assets, or a judgment or judgments is/are entered for the payment of money, individually or in the aggregate, of at least $500,000, and such judgment remains unstayed for a period of ten (10) days, or
Borrower is enjoined or in any way prevented by court order from conducting any part of its business; or 
 9.8
Other Obligations. The occurrence of any default under any agreement or obligation of Borrower involving any Indebtedness which results in a right by a third party or parties, whether or not exercised, to accelerate the maturity of such Indebtedness
in excess of $250,000, or the occurrence of any default under any agreement or obligation of Borrower that could reasonably be expected to have a Material Adverse Effect; or 

9.9 Stop Trade. At any time after Lender has received shares of Common Stock pursuant to the terms set forth in
Section 2.3(e), an SEC stop trade order or NASDAQ market trading suspension of the Common Stock shall be in effect for five (5) consecutive days or five (5) days during a period of ten (10) consecutive days, excluding in all
cases a suspension of all trading on a public market, provided that Borrower shall not have been able to cure such trading suspension within thirty (30) days of the notice thereof or list the Common Stock on another public market within sixty
(60) days of such notice. 

 SECTION 10. REMEDIES 

10.1 General. Upon and during the continuance of any one or more Events of Default, (i) Lender may, at its option,
accelerate and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable (provided, that upon the occurrence of an Event of Default of the type described in
Section 9.6, the Notes and all of the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or act), and (ii) Lender may notify any of Borrower’s account debtors to
make payment directly to Lender, compromise the amount of any such account on Borrower’s behalf and endorse Lender’s name without recourse on any such payment for deposit directly to Lender’s account. Lender may exercise all rights
and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose of
all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Lender’s rights and remedies shall be cumulative and not exclusive. 

10.2 Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default, Lender may, at any
time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as
Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to
Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon
all or any part of the Collateral shall be applied by Lender in the following order of priorities: 
 First, to Lender in an
amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; 
 Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in
its sole discretion; and 
 Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations,
to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 
 Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC. 

10.3 No Waiver. Lender shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any
other Person, and Borrower expressly waives all rights, if any, to require Lender to marshal any Collateral. 

10.4 Cumulative Remedies. The rights, powers and remedies of Lender hereunder shall be in addition to all rights, powers
and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights,
powers and remedies of Lender. 

 SECTION 11. MISCELLANEOUS 

11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 11.2 Notice.
Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan
Documents or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery or
delivery by an overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, in each case addressed to the party to be notified as
follows: 
  

	 	(a)	If to either Lender: 

 HERCULES
TECHNOLOGY II, L.P. 
 Legal Department 
 Attention: Chief Legal Officer and Kathy Conte 
 400 Hamilton Avenue, Suite 310

 Palo Alto, CA 94301 
 Facsimile: 650-473-9194 
 Telephone: 650-289-3060 

 

	 	(b)	If to Borrower: 

 ACELRX
PHARMACEUTICALS, INC. 
 Attention: Chief Financial Officer 

575 Chesapeake Drive 
 Redwood City, CA 94063 
 Facsimile: 650-216-6500 

Telephone: 650-216-3511 
 or to such other address as each party may designate for itself by like notice. 
 11.3 Entire Agreement; Amendments. This Agreement, the Notes, and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and thereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, 

 
whether written or oral, with respect to the subject matter hereof or thereof (including Lender’s proposal letter dated April 27, 2011). None of the terms of this Agreement, the Notes
or any of the other Loan Documents may be amended except by an instrument executed by each of the parties hereto. 
 11.4 No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

11.5 No Waiver. The powers conferred upon Lender by this Agreement are solely to protect its rights hereunder and under
the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Lender to exercise any such powers. No omission or delay by Lender at any time to enforce any right or remedy reserved to it, or to require performance of
any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which Lender is entitled, nor shall it in any way affect the right of Lender to enforce such provisions thereafter.

 11.6 Survival. All agreements, representations and warranties contained in this Agreement, the Notes and the
other Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Lender and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

11.7 Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit of
and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement, the Notes or any of the other Loan Documents without Lender’s express prior written consent, and any such attempted
assignment without such consent shall be void and of no effect. Subject to Section 11.13, Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights
shall inure to the benefit of Lender’s successors and assigns. 
 11.8 Governing Law. This Agreement, the
Notes and the other Loan Documents have been negotiated and delivered to Lender in the State of California, and shall have been accepted by Lender in the State of California. Payment to Lender by Borrower of the Secured Obligations is due in the
State of California. This Agreement, the Notes and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the
application of laws of any other jurisdiction. 
 11.9 Consent to Jurisdiction and Venue. All judicial
proceedings (to the extent that the reference requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement, the Notes or any of the other Loan Documents may be brought in any state or federal court located in
the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b) waives

 
any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and
(d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement, the Notes or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement
shall be effective if given in accordance with the requirements for notice set forth in Section 11.2, and shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any
other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 
 11.10 Mutual Waiver of Jury Trial / Judicial Reference. 
 (a)
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER AND LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM,
THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST LENDER OR ITS ASSIGNEE OR BY LENDER OR ITS ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons
other than Borrower and Lender; Claims that arise out of or are in any way connected to the relationship between Borrower and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any
kind, arising out of this Agreement, any other Loan Document. 
 (b) If the waiver of jury trial set forth in
Section 11.10(a) is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable
referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery
applicable to such proceeding. 
 (c) In the event Claims are to be resolved by judicial reference, either party
may seek from a court identified in Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise
subject to resolution by judicial reference. 
 11.11 Professional Fees. Borrower promises to pay Lender’s
fees and expenses necessary to finalize the loan documentation, including but not limited to reasonable attorneys fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower promises to pay any and all reasonable
attorneys’ and other professionals’ fees and expenses (including fees and expenses of in-house counsel) incurred by Lender after 

 
the Closing Date in connection with or related to: (a) the Loan; (b) the administration, collection, or enforcement of the Loan; (c) the amendment or modification of the Loan
Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, sale, lease, liquidation, or disposition of Collateral or the exercise of remedies with respect to the Collateral;
(f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof; and (g) any bankruptcy, restructuring, reorganization,
assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan Documents, including representing Lender in any adversary proceeding or contested matter commenced or continued by or on
behalf of Borrower’s estate, and any appeal or review thereof. 
 11.12 Confidentiality. Lender acknowledges
that certain items of Collateral and information provided to Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of
disclosure, or (y) should reasonably be understood to be confidential (the “Confidential Information”). Accordingly, Lender agrees that any Confidential Information it may obtain in the course of acquiring, administering, or
perfecting Lender’s security interest in the Collateral shall not be disclosed to any other person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Lender may disclose any such
information: (a) to its own directors, officers, employees, accountants, counsel and other professional advisors and to its affiliates if Lender in its sole discretion determines that any such party should have access to such information in
connection with such party’s responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this
paragraph or (ii) is otherwise subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available to the public through no fault of Collateral
Agent or Lender; (c) if required or appropriate in any report, statement or testimony submitted to any governmental authority having or claiming to have jurisdiction over Lender; (d) if required or appropriate in response to any summons or
subpoena or in connection with any litigation, to the extent permitted or deemed advisable by Lender’s counsel; (e) to comply with any legal requirement or law applicable to Lender; (f) to the extent reasonably necessary in connection
with the exercise of any right or remedy under any Loan Document, including Lender’s sale, lease, or other disposition of Collateral after default; (g) to any participant or assignee of Lender or any prospective participant or assignee;
provided, that such participant or assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to disclosure; or (h) otherwise with the prior consent of Borrower; provided, that any disclosure made in
violation of this Agreement shall not affect the obligations of Borrower or any of its affiliates or any guarantor under this Agreement or the other Loan Documents. 

11.13 Assignment of Rights. Borrower acknowledges and understands that Lender may sell and assign all or part of its
interest hereunder and under the Note(s) and Loan Documents to any person or entity (an “Assignee”), provided, however, that (i) Lender shall not sell or assign any of its rights pursuant to Section 8 of this Agreement without
the express written consent of Borrower, which consent may be withheld by 

 
Borrower in its sole discretion, and any such attempted assignment without such consent shall be void and of no effect and (ii) any transfer by Lender of the Note shall be subject to
compliance with applicable federal and state securities laws. After such assignment the term “Lender” as used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and
remedies of Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so transferred, Lender shall retain all rights, powers and remedies hereby given. No such assignment by Lender shall relieve Borrower of
any of its obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s), it will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and
as to the date to which interest shall have been last paid thereon. 
 11.14 Revival of Secured Obligations. This
Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the
benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Lender. The Loan Documents and the Secured Obligations and
Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Lender, or any part thereof is rescinded,
avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or
otherwise, all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and
the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Lender in Cash. 

11.15 Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any
number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

11.16 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be interpreted, to provide
or create any third-party beneficiary rights or any other rights of any kind in any person other than Lender and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all provisions of the Loan Documents will
be personal and solely between the Lender and the Borrower. 
 11.17 Publicity. Lender may use Borrower’s
name and logo, and include a brief description of the relationship between Borrower and Lender, in Lender’s marketing materials. 

 SECTION 12. COLLATERAL AGENT 

12.1 Appointment of Agent. Hercules Technology II, L.P. is hereby appointed as Collateral Agent hereunder and
under the other Loan Documents and each Lender hereby authorizes Hercules Technology II, L.P. to act as Collateral Agent in accordance with the terms hereof and the other Loan Documents. Collateral Agent hereby agrees to act in its capacity as such
upon the express conditions contained herein and the other Loan Documents, as applicable. The provisions of this Section 12 are solely for the benefit of Collateral Agent and each Lender and Borrower shall have any rights as a third party
beneficiary of any of the provisions thereof. 
 12.2 Powers and Duties. Each Lender irrevocably
authorizes Collateral Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Loan Documents as are specifically delegated or granted to Collateral Agent by the terms
hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. Collateral Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. Collateral Agent
may accept payments of principal, interest, fees and expenses due under the Loan Documents from and deposits from Borrower on the account or benefit for any Lender. 
 (SIGNATURES TO FOLLOW) 

 IN WITNESS WHEREOF, Borrower and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

			
	 BORROWER:
  

	 ACELRX PHARMACEUTICALS, INC.

 

	Signature:	 	 /s/ James Welch

		
	Print Name:	 	 James Welch

		
	Title:	 	 Chief Financial Officer

 Accepted in Palo Alto, California: 

 

			
	 LENDER:
  

	 HERCULES TECHNOLOGY II, L.P.

 

	By:	  	Hercules Technology SBIC
		  	Management, LLC, its General
		  	 Partner
  

	By:	  	Hercules Technology Growth
		  	 Capital, Inc., its Manager

 

			
	Signature:	 	 /s/ K. Nicholas Martitsch

		
	Print Name:	 	 K. Nicholas Martitsch

		
	Title:	 	 Associate General Counsel

	  
 HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

 

	Signature:	 	 /s/ K. Nicholas Martitsch

		
	Print Name:	 	 K. Nicholas Martitsch

		
	Title:	 	 Associate General Counsel

 [Signature Page to Loan and Security Agreement] 

 Table of Addenda, Exhibits and Schedules 

 

			
	Addendum 1:	 	SBA Provisions
		
	Exhibit A:	 	Advance Request
		 	Attachment to Advance Request
		
	Exhibit B-1:	 	Term Note for Hercules Technology II, L.P.
		
	Exhibit B-2:	 	Term Note for Hercules Technology Growth Capital, Inc.
		
	Exhibit C:	 	Name, Locations, and Other Information for Borrower
		
	Exhibit D:	 	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	Exhibit E:	 	Borrower’s Deposit Accounts and Investment Accounts
		
	Exhibit F:	 	Compliance Certificate
		
	Exhibit G:	 	Joinder Agreement
		
	Exhibit H:	 	Reserved
		
	Exhibit I:	 	ACH Debit Authorization Agreement
		
	Schedule 1	 	Subsidiaries
	Schedule 1A	 	Existing Permitted Indebtedness
	Schedule 1B	 	Existing Permitted Investments
	Schedule 1C	 	Existing Permitted Liens
	Schedule 5.3	 	Consents, Etc.
	Schedule 5.5	 	Actions Before Governmental Authorities
	Schedule 5.8	 	Tax Matters
	Schedule 5.9	 	Intellectual Property Claims
	Schedule 5.10	 	Intellectual Property
	Schedule 5.11	 	Borrower Products
	Schedule 5.14	 	Capitalization
		
	Exhibit J:	 	Repayment Election Notice

 ADDENDUM 1 to LOAN AND SECURITY AGREEMENT 

(a) Borrower’s Business. For purposes of this Addendum 1, Borrower shall be deemed to include its
“affiliates” as defined in Title 13 Code of Federal Regulations Section 121.103. Borrower represents and warrants to Hercules Technology II, L.P. (“Hercules II”) as of the Closing Date, and covenants to Hercules II for a
period of one year after the Closing Date with respect to subsections 2, 3, 4, 5, 6 and 7 below, as follows: 
  

	 	1.	Size Status. As of December 31, 2010, Borrower did not have tangible net worth in excess of $18 million or average net income after Federal income taxes
(excluding any carry-over losses) for the preceding two completed fiscal years then ended in excess of $6 million; 

  

	 	2.	No Relender. Borrower’s primary business activity does not involve, directly or indirectly, providing funds to others, purchasing debt obligations, factoring,
or long-term leasing of equipment with no provision for maintenance or repair; 

  

	 	3.	No Passive Business. Borrower is engaged in a regular and continuous business operation (excluding the mere receipt of payments such as dividends, rents, lease
payments, or royalties). Borrower’s employees are carrying on the majority of day to day operations. Borrower will not pass through substantially all of the proceeds of the Loan to another entity; 

 

	 	4.	No Real Estate Business. Borrower is not classified under Major Group 65 (Real Estate) or Industry No. 1531 (Operative Builders) of the SIC Manual. The
proceeds of the Loan will not be used to acquire or refinance real property unless Borrower (x) is acquiring an existing property and will use at least 51 percent of the usable square footage for its business purposes; (y) is building or
renovating a building and will use at least 67 percent of the usable square footage for its business purposes; or (z) occupies the subject property and uses at least 67 percent of the usable square footage for its business purposes.

  

	 	5.	 No Project Finance. Borrower’s assets are not intended to be reduced or consumed, generally without replacement, as the life of its business
progresses, and the nature of Borrower’s business does not require that a stream of cash payments be made to the business’s financing sources, on a basis associated with the continuing sale of assets (e.g., real estate development projects
and oil and gas wells). The primary purpose of the Loan is not to fund 

	 	 
production of a single item or defined limited number of items, generally over a defined production period, where such production will constitute the majority of the activities of Borrower (e.g.,
motion pictures and electric generating plants). 

  

	 	6.	No Farm Land Purchases. Borrower will not use the proceeds of the Loan to acquire farm land which is or is intended to be used for agricultural or forestry purposes,
such as the production of food, fiber, or wood, or is so taxed or zoned. 

  

	 	7.	No Foreign Investment. The proceeds of the Loan will not be used substantially for a foreign operation. At the time of the Loan, Borrower will not have more
than 49 percent of its employees or tangible assets located outside the United States. The representation in this subsection (7) is made only as of the date hereof and shall not continue for one year as contemplated in the first sentence
of this Section 1. 

 (b) Small Business Administration Documentation. Hercules II
acknowledges that Borrower completed, executed and delivered to Hercules II SBA Forms 480, 652 and 1031 (Parts A and B) together with a business plan showing Borrower’s financial projections (including balance sheets and income and cash
flows statements) for the period described therein and a written statement (whether included in the purchase agreement or pursuant to a separate statement) from Hercules II regarding its intended use of proceeds from the sale of securities to
Hercules II (the “Use of Proceeds Statement”). Borrower represents and warrants to Hercules II that the information regarding Borrower and its affiliates set forth in the SBA Form 480, Form 652 and Form 1031 and the Use
of Proceeds Statement delivered as of the Closing Date is accurate and complete. 
 (c)
Inspection. The following covenants contained in this Section (c) are intended to supplement and not to restrict the related provisions of the Loan Documents. Subject to the preceding sentence, Borrower will permit, for
so long as Hercules II holds any debt or equity securities of Borrower, Hercules II or its representative, at Hercules II’s expense, and examiners of the SBA to visit and inspect the properties and assets of Borrower, to examine its books of
account and records, and to discuss Borrower’s affairs, finances and accounts with Borrower’s officers, senior management and accountants, all at such reasonable times as may be requested by Hercules II or the SBA. 

(d) Annual Assessment. Promptly after the end of each calendar year (but in any event prior to
February 28 of each year) and at such other times as may be reasonably requested by Hercules II, Borrower will deliver to Hercules II a written assessment of the economic impact of Hercules II’s investment in Borrower, specifying the
full-time equivalent jobs created or retained in connection with the investment, the impact of the investment on the businesses of Borrower in terms of expanded revenue and taxes, other economic benefits resulting from the investment (such as
technology development or commercialization, minority business development, or expansion of exports) and such 

 
other information as may be required regarding Borrower in connection with the filing of Hercules II’s SBA Form 468. Hercules II will assist Borrower with preparing such
assessment. In addition to any other rights granted hereunder, Borrower will grant Hercules II and the SBA access to Borrower’s books and records for the purpose of verifying the use of such proceeds. Borrower also will furnish or
cause to be furnished to Hercules II such other information regarding the business, affairs and condition of Borrower as Hercules II may from time to time reasonably request. 

(e) Use of Proceeds. Borrower will deliver to Hercules II from time to time promptly following Hercules
II’s request, a written report, certified as correct by Borrower’s Chief Financial Officer, verifying the purposes and amounts for which proceeds from the Loan have been disbursed. Borrower will supply to Hercules II such additional
information and documents as Hercules II reasonably requests with respect to its use of proceeds and will permit Hercules II and the SBA to have access to any and all Borrower records and information and personnel as Hercules II deems necessary to
verify how such proceeds have been or are being used. 
 (f) Activities and Proceeds. Neither Borrower nor
any of its affiliates (if any) will engage in any activities or use directly or indirectly the proceeds from the Loan for any purpose for which a small business investment company is prohibited from providing funds by the SBIC Act, including
13 C.F.R. §107.720. Without obtaining the prior written approval of Hercules II, Borrower will not change within 1 year of the date hereof, Borrower’s current business activity to a business activity which a licensee under the
SBIC Act is prohibited from providing funds by the SBIC Act. 
 (g) Redemption Provisions. Notwithstanding
any provision to the contrary contained in the Certificate of Incorporation of Borrower, as amended from time to time (the “Charter”), if, pursuant to the redemption provisions contained in the Charter, Hercules II is entitled to a
redemption of its Warrant, such redemption (in the case of Hercules II) will be at a price equal to the redemption price set forth in the Charter (the “Existing Redemption Price”). If, however, Hercules II delivers written notice to
Borrower that the then current regulations promulgated under the SBIC Act prohibit payment of the Existing Redemption Price in the case of an SBIC (or, if applied, the Existing Redemption Price would cause the Series C Preferred Stock to lose its
classification as an “equity security” and Hercules II has determined that such classification is unadvisable), the amount Hercules II will be entitled to receive shall be the greater of (i) fair market value of the securities being
redeemed taking into account the rights and preferences of such securities plus any costs and expenses of Hercules II incurred in making or maintaining the Warrant, and (ii) the Existing Redemption Price where the amount of accrued but unpaid
dividends payable to Hercules II is limited to Borrower’s earnings plus any costs and expenses of Hercules II incurred in making or maintaining the Warrant; provided, however, the amount calculated in subsections (i) or (ii) above
shall not exceed the Existing Redemption Price. 
 (h) Cost of Money. Notwithstanding any provision to the
contrary contained in the Loan Documents, all interest and fees charged pursuant to the Loan Documents shall comply with the provisions of 13 C.F.R. § 107.855, including, without limitation, that such amounts shall not exceed the Cost of Money
ceiling (as defined hereafter). The current Cost of Money ceiling for this Loan is fourteen percent. 

 (i) Compliance and Resolution. Borrower agrees that a failure to
comply with Borrower’s obligations under this Addendum, or any other set of facts or circumstances where it has been asserted by any governmental regulatory agency (or Hercules II believes that there is a substantial risk of such assertion)
that Hercules II and its affiliates are not entitled to hold, or exercise any significant right with respect to, any securities issued to Hercules II by Borrower, will constitute a breach of the obligations of Borrower under the financing agreements
between Borrower and Hercules II. In the event of (i) a failure to comply with Borrower’s obligations under this Addendum; or (ii) an assertion by any governmental regulatory agency (or Hercules II believes that there is a
substantial risk of such assertion) of a failure to comply with Borrower’s obligations under this Addendum, then (i) Hercules II and Borrower will meet and resolve any such issue in good faith to the satisfaction of Borrower, Hercules II,
and any governmental regulatory agency, and (ii) upon request of Hercules II, Borrower will cooperate and assist with any assignment of the financing agreements from Hercules II to Hercules Technology Growth Capital, Inc. 

 EXHIBIT A 
 ADVANCE REQUEST 
  

							
	To:  	 	Lender:	  	Date:            	  	            , 20    

 Hercules Technology II, L.P. 
 Hercules Technology Growth Capital, Inc. 
 400 Hamilton Avenue, Suite 310

 Palo Alto, CA 94301 
 Facsimile: 650-473-9194 
 Attn: 

AcelRx Pharmaceuticals, Inc. (“Borrower”) hereby requests from Hercules Technology II, L.P. and Hercules Technology Growth Capital, Inc.
(collectively, “Lender”) an Advance in the amount of Ten Million Dollars ($10,000,000.00) on             ,          (the
“Advance Date”) pursuant to the Loan and Security Agreement between Borrower and Lender (the “Agreement”). In addition, Borrower directs Lender to (i) retain the Facility Charge and reimbursement of Lender’s current
expenses and (ii) payoff the Pinnacle Ventures facility in accordance with the payoff letter. Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 

Please: 
  

							
	(a)	    	 Issue a check payable to Borrower

 
	  	                    	  	
		    	 or
  
	  		  	
	(b)	    	 Wire Funds to Borrower’s account

 
	  	                    	  	
		    	Bank:	  	  
	  	
		    	Address:	  	  
	  	
		    		  	  
	  	
		    	ABA Number:	  	  
	  	
		    	Account Number:	  	  
	  	
		    	Account Name:	  	  
	  	

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied
and shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement and in the Warrant are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance with all the terms and provisions set forth in each Loan Document on its part to be observed or performed; and (iv) that as of
the Advance Date, no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default under the Loan Documents. Borrower understands and acknowledges that Lender has the right to
review the financial information supporting this representation and, based upon such review in its sole discretion, Lender may decline to fund the requested Advance. 

 Borrower hereby represents that Borrower’s corporate status and locations have not
changed since the date of the Agreement or, if the Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 
 Borrower agrees to notify Lender promptly before the funding of the Loan if any of the matters which have been represented above shall not be true and correct on the Borrowing Date and if Lender has
received no such notice before the Advance Date then the statements set forth above shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 

Executed as of             , 20    .

  

	
	BORROWER: AcelRx Pharmaceuticals, Inc.
	
	SIGNATURE:                            
                                    
	TITLE:                            
                                         
       
	PRINT
NAME:                                        
                      

 [Signature Page to Advance Request] 

 ATTACHMENT TO ADVANCE REQUEST 

Dated:                     

 Borrower hereby represents and warrants to Lender that Borrower’s current name and organizational status is as follows: 

 

					
	 Name:
	 	AcelRx Pharmaceuticals, Inc.	  	
			
	 Type of organization:
	 	Corporation	  	
			
	 State of organization:
	 	Delaware	  	
			
	 Organization file number:
	 		  	

 Borrower hereby represents and warrants to Lender that the street addresses, cities, states and postal codes of its
current locations are as follows: 

 EXHIBIT B-1 
 THIS SECURED CONVERTIBLE TERM PROMISSORY NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT BE TRANSFERRED UNLESS (I) THIS NOTE HAS BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, (II) THIS NOTE MAY BE SOLD PURSUANT TO RULE 144, OR
(III) THE BORROWER HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

SECURED CONVERTIBLE TERM PROMISSORY NOTE 
  

			
	$10,000,000	 	Advance Date: June 29, 2011

 FOR VALUE RECEIVED, AcelRx Pharmaceuticals, Inc., a Delaware corporation, for itself and each of its
Subsidiaries (the “Borrower”) hereby promises to pay to the order of Hercules Technology II, L.P., a Delaware limited partnership or the holder of this Note (the “Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or
such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of Ten Million Dollars
($10,000,000) or such other principal amount as Lender has advanced to Borrower, together with interest at a floating rate equal to the greater of either (i) 8.50% per annum plus the difference between the prime rate as reported in The
Wall Street Journal and 5.25%, and (ii) 8.50% per annum, based upon a year consisting of 360 days, with interest computed daily based on the actual number of days in each month. 

This Promissory Note is the Note referred to in, and is executed and delivered in connection with, that certain Loan and Security
Agreement dated June 29, 2011, by and between Borrower and Lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan Agreement”), and is entitled to the benefit and security
of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement, including
the right of Borrower to pay a portion of the amounts due and owing under this Promissory Note in shares of Common Stock in accordance with, and subject to the limitations set forth in, Section 2.2(e) of the Loan Agreement (including the
requirement that any shares of Common Stock issuable by Borrower upon conversion of this Note are subject to an effective resale registration statement or are eligible for resale to the public pursuant to Rule 144 without any limitation). All terms
defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default under this Promissory Note. 

Borrower waives presentment and demand for payment, notice of dishonor, protest and notice of protest under the UCC or any applicable
law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated and delivered to Lender and

 
is payable in the State of California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California, excluding any conflicts of law
rules or principles that would cause the application of the laws of any other jurisdiction. 
  

							
	BORROWER:	 		 	ACELRX PHARMACEUTICALS, INC.
				
		 		 	By:	 	
		 		 	Title:	 	

 EXHIBIT B-2 
 THIS SECURED CONVERTIBLE TERM PROMISSORY NOTE, AND ANY SECURITIES ISSUED UPON CONVERSION PURSUANT TO THIS SECURED CONVERTIBLE TERM PROMISSORY NOTE, HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED
FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE BORROWER HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
 SECURED CONVERTIBLE TERM PROMISSORY NOTE 

 

			
	$10,000,000	  	Advance Date: June 29, 2011

 FOR VALUE RECEIVED, AcelRx Pharmaceuticals, Inc., a Delaware corporation, for itself and each of its
Subsidiaries (the “Borrower”) hereby promises to pay to the order of Hercules Technology Growth Capital, Inc., a Maryland corporation or the holder of this Note (the “Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA
94301 or such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of Ten Million
Dollars ($10,000,000) or such other principal amount as Lender has advanced to Borrower, together with interest at a floating rate equal to the greater of either (i) 8.50% per annum plus the difference between the prime rate as reported in
The Wall Street Journal and 5.25%, and (ii) 8.50% per annum, based upon a year consisting of 360 days, with interest computed daily based on the actual number of days in each month. 

This Promissory Note is the Note referred to in, and is executed and delivered in connection with, that certain Loan and Security
Agreement dated June 29, 2011, by and between Borrower and Lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan Agreement”), and is entitled to the benefit and security
of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement, including
the right of Borrower to pay a portion of the amounts due and owing under this Promissory Note in shares of Common Stock in accordance with, and subject to the limitations set forth in, Section 2.2(e) of the Loan Agreement (including the
requirement that any shares of Common Stock issuable by Borrower upon conversion of this Note are subject to an effective resale registration statement or are eligible for resale to the public pursuant to Rule 144 without any limitation). All terms
defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default under this Promissory Note. 

 Borrower waives presentment and demand for payment, notice of dishonor, protest and notice
of protest under the UCC or any applicable law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated and
delivered to Lender and is payable in the State of California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California, excluding any conflicts of law rules or principles that
would cause the application of the laws of any other jurisdiction. 
  

					
	BORROWER:	  		 	ACELRX PHARMACEUTICALS, INC.
			
		  		 	By:
		  		 	Title:

 EXHIBIT C 
 NAME, LOCATIONS, AND OTHER INFORMATION FOR BORROWER 
 1. Borrower
represents and warrants to Lender that Borrower’s current name and organizational status as of the Closing Date is as follows: 
  

			
	Name:	  	AcelRx Pharmaceuticals, Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	Delaware
		
	Organization file number:	  	

 2. Borrower represents and warrants to Lender that for five (5) years prior to the Closing Date,
Borrower did not do business under any other name or organization or form except the following: 
 Name: 

Used during dates of: 
 Type of Organization: Corporation 
 State of organization: Delaware 

Organization file Number: 
 Borrower’s fiscal year ends on                      

Borrower’s federal employer tax identification number is:
                             
 3. Borrower represents and warrants to Lender that its chief executive office is located at
                            . 

 EXHIBIT D 
 BORROWER’S PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

 EXHIBIT E 
 BORROWER’S DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS 

 EXHIBIT F 
 COMPLIANCE CERTIFICATE 
 Hercules Technology II, L.P. 

Hercules Technology Growth Capital, Inc. 
 400
Hamilton Avenue, Suite 310 
 Palo Alto, CA 94301 
 Reference is made to that certain Loan and Security Agreement dated June 29, 2011 and all ancillary documents entered into in connection with such Loan and Security Agreement all as may be amended
from time to time, (hereinafter referred to collectively as the “Loan Agreement”) between Hercules Technology II, L.P. and Hercules Technology Growth Capital, Inc., each as a Lender, and AcelRx Pharmaceuticals, Inc. (the
“Company”) as Borrower. All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement. 
 The undersigned is an Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide certification of information regarding the Company; hereby certifies that in
accordance with the terms and conditions of the Loan Agreement, the Company is in compliance for the period ending             , 20     of all covenants,
conditions and terms and hereby reaffirms that all representations and warranties contained therein are true and correct on and as of the date of this Compliance Certificate with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties. Attached are the required
documents supporting the above certification. The undersigned further certifies that these are prepared in accordance with GAAP (except for the absence of footnotes with respect to unaudited financial statement and subject to normal year end
adjustments) and are consistent from one period to the next except as explained below. 
  

					
	REPORTING REQUIREMENT	  	REQUIRED	  	CHECK IF
 ATTACHED

			
	Interim Financial Statements	  	Monthly within 30 days	  	 ̈
			
	Interim Financial Statements	  	Within 45 days after each of the first 3 fiscal quarters of each fiscal year	  	 ̈
			
	Audited Financial Statements	  	FYE within 90 days	  	 ̈

 
			
	Very Truly Yours,
	
	ACELRX PHARMACEUTICALS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

 [Signature Page to Compliance Certificate] 

 EXHIBIT G 
 FORM OF JOINDER AGREEMENT 
 This Joinder Agreement (the “Joinder
Agreement”) is made and dated as of [            ], 20[    ], and is entered into by and between
                    ., a
                     corporation (“Subsidiary”), and HERCULES TECHNOLOGY II, L.P., a Delaware limited partnership, and HERCULES
TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (collectively, “Lender”). 
 RECITALS 

A. Subsidiary’s Affiliate, AcelRx Pharmaceuticals, Inc. (“Company”) has entered into that certain Loan and Security
Agreement dated June 29, 2011, with Lender, as such agreement may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; 

B. Subsidiary acknowledges and agrees that it will benefit both directly and indirectly from Company’s execution of the Loan
Agreement and the other agreements executed and delivered in connection therewith; 
 AGREEMENT 

NOW THEREFORE, Subsidiary and Lender agree as follows: 
  

	1.	The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms not defined herein shall have the meaning provided in the
Loan Agreement. 

  

	2.	By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement the same as if it were the Borrower (as defined in the
Loan Agreement) under the Loan Agreement, mutatis mutandis, provided however, that Lender shall have no duties, responsibilities or obligations to Subsidiary arising under or related to the Loan Agreement or the other agreements executed and
delivered in connection therewith. Rather, to the extent that Lender has any duties, responsibilities or obligations arising under or related to the Loan Agreement or the other agreements executed and delivered in connection therewith, those duties,
responsibilities or obligations shall flow only to Company and not to Subsidiary or any other person or entity. By way of example (and not an exclusive list): (a) Lender’s providing notice to Company in accordance with the Loan Agreement
or as otherwise agreed between Company and Lender shall be deemed provided to Subsidiary; (b) a Lender’s providing an Advance to Company shall be deemed an Advance to Subsidiary; and (c) Subsidiary shall have no right to request an
Advance or make any other demand on Lender. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

 

	
	SUBSIDIARY:
	
	
                        
                                        
.

  

					
		 	By:	 	
		 	Name:	 	
		 	Title:	 	
			
		 	Address:	 	
			
		 	Telephone:                     	 	
		 	Facsimile:                       	 	

 HERCULES TECHNOLOGY II, L.P. 
  

									
		  	By:	  	Hercules Technology SBIC Management, LLC, its General Partner
			
		  	By:	  	Hercules Technology Growth Capital, Inc., its Manager

  

					
		 	By:                             
                                         
                  	  	
		 	Name:                             
                                         
              	  	
		 	Title:                            
                                         
                 	  	
			
		 	 Address:
 400 Hamilton Ave.,
Suite 310
 Palo Alto, CA 94301

Facsimile: 650-473-9194
 Telephone:
650-289-3060
	  	
	
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
			
		 	By:                             
                                         
                  	  	
		 	Name:                             
                                         
              	  	
		 	Title:                            
                                         
                 	  	
			
		 	 Address:
 400 Hamilton Ave.,
Suite 310
 Palo Alto, CA 94301

Facsimile: 650-473-9194
 Telephone:
650-289-3060
	  	

 [Signature Page to Joinder Agreement] 

 EXHIBIT H 
 [RESERVED] 

 EXHIBIT I 
 ACH DEBIT AUTHORIZATION AGREEMENT 
 Hercules Technology II, L.P. 

Hercules Technology Growth Capital, Inc. 
 400
Hamilton Avenue, Suite 310 
 Palo Alto, CA 94301 
 Re: Loan and Security Agreement dated June 29, 2011 between AcelRx Pharmaceuticals, Inc. (“Borrower”) and Hercules Technology II, L.P. and Hercules Technology Growth Capital, Inc.
(collectively, “Company”) (the “Agreement”) 
 In connection with the above referenced Agreement, the Borrower hereby
authorizes the Company to initiate debit entries for the periodic payments due under the Agreement to the Borrower’s account indicated below. The Borrower authorizes the depository institution named below to debit to such account. 

 

			
	 DEPOSITORY NAME
  
	 	BRANCH
	 CITY

 
	 	STATE AND ZIP CODE
	 TRANSIT/ABA
NUMBER
  
	 	ACCOUNT NUMBER

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 

			
	 ACELRX PHARMACEUTICALS, INC.

	
	
By:                       
                                         
            

	
	
Date:                       
                                         
         

 EXHIBIT J 
 REPAYMENT ELECTION NOTICE 
 [INSERT DATE] 

Hercules Technology II, L.P. 
 Hercules
Technology Growth Capital, Inc. 
 400 Hamilton Avenue, Suite 310 
 Palo Alto, CA 94301 
 Reference is made to that certain Loan and Security
Agreement dated June 29, 2011 and all ancillary documents entered into in connection with such Loan and Security Agreement all as may be amended from time to time, (hereinafter referred to collectively as the “Loan Agreement”) between
Hercules Technology II, L.P. and Hercules Technology Growth Capital, Inc., each as a Lender, and AcelRx Pharmaceuticals, Inc. (the “Company”) as Borrower. All capitalized terms not defined herein shall have the same meaning as defined in
the Loan Agreement. 
 Borrower hereby irrevocably elects to make [the Principal Installment Payment
in the amount of $         due on [                    ](the “Delivery Date”) in
shares of Common Stock in accordance with Section 2.2(e) of the Loan Agreement][an Optional Prepayment in the amount of $         on
[                    ](the “Delivery Date”) in shares of Common Stock in accordance with Section 2.2(e) of the Loan
Agreement].1 The number of shares of Common Stock
to be delivered to Lender, on or prior to the Delivery Date, is [                    ], which amount was determined in accordance with
Section 2.2(e) of the Loan Agreement. The stock certificates shall be delivered free and clear of any restrictive legends. 

The Borrower hereby represents, warrants and certifies to Lender that, as of the date hereof, all of the Stock Payment Conditions have
been satisfied. The Borrower acknowledges and agrees that its right to pay the [Principal Installment Payment][Optional Prepayment] in Common Stock in accordance with this Repayment Election Notice is subject to the satisfaction
of all of the Stock Payment Conditions on the Delivery Date and, to the extent any of the Stock Payment Conditions are not satisfied on the Delivery Date, Borrower shall pay the [Principal Installment Payment][Optional
Prepayment] in cash. 
 Sincerely, 

 

			
	 ACELRX PHARMACEUTICALS, INC.

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Its:
	 	  

  

	1 	 Note: In accordance with Section 2.2(e) of the Loan Agreement, the Delivery Date must be at least 10 days following the date of delivery of
this Repayment Election Notice.Senior Notes Indenture, dated as of May 17, 2011

 Exhibit 4.2 
 Execution Copy 
  

 
  

DELPHI CORPORATION, 
 as Issuer 
 THE GUARANTORS PARTY HERETO, 

as Guarantors 
 WILMINGTON TRUST COMPANY, 
 as Trustee 

AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Registrar, Paying Agent and Authenticating Agent 
 5.875% SENIOR NOTES
DUE 2019 
 6.125% SENIOR NOTES DUE 2021 
 INDENTURE DATED AS OF 
 MAY 17, 2011 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
 ESTABLISHMENT; DEFINITIONS AND INCORPORATION BY REFERENCE
	   

  

			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	  
	 SECTION 1.02.
	 	 Other Definitions
	  	 	25	  
	 SECTION 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	26	  
	 SECTION 1.04.
	 	 Rules of Construction
	  	 	26	  
	
	ARTICLE 2	  
	THE NOTES	  
			
	 SECTION 2.01.
	 	 Form and Dating
	  	 	27	  
	 SECTION 2.02.
	 	 Execution and Authentication
	  	 	27	  
	 SECTION 2.03.
	 	 Registrar and Paying Agent
	  	 	28	  
	 SECTION 2.04.
	 	 Paying Agent to Hold Money in Trust
	  	 	28	  
	 SECTION 2.05.
	 	 Holder Lists
	  	 	28	  
	 SECTION 2.06.
	 	 Transfer and Exchange
	  	 	29	  
	 SECTION 2.07.
	 	 Replacement Notes
	  	 	38	  
	 SECTION 2.08.
	 	 Outstanding Notes
	  	 	38	  
	 SECTION 2.09.
	 	 Treasury Notes
	  	 	38	  
	 SECTION 2.10.
	 	 Temporary Notes
	  	 	38	  
	 SECTION 2.11.
	 	 Cancellation
	  	 	39	  
	 SECTION 2.12.
	 	 Defaulted Interest
	  	 	39	  
	 SECTION 2.13.
	 	 CUSIP or ISIN Numbers
	  	 	39	  
	 SECTION 2.14.
	 	 Additional Notes
	  	 	39	  
	
	ARTICLE 3	  
	REDEMPTION AND PREPAYMENT	  
			
	 SECTION 3.01.
	 	 Notices to Trustee
	  	 	40	  
	 SECTION 3.02.
	 	 Selection of Notes to Be Redeemed
	  	 	40	  
	 SECTION 3.03.
	 	 Notice of Redemption
	  	 	41	  
	 SECTION 3.04.
	 	 Effect of Notice Upon Redemption
	  	 	41	  
	 SECTION 3.05.
	 	 Deposit of Redemption Price
	  	 	41	  
	 SECTION 3.06.
	 	 Notes Redeemed in Part
	  	 	42	  
	 SECTION 3.07.
	 	 Optional Redemption for the 2019 Notes
	  	 	42	  
	 SECTION 3.08.
	 	 Optional Redemption for the 2021 Notes
	  	 	43	  
	 SECTION 3.09.
	 	 Mandatory Redemption
	  	 	43	  
	
	ARTICLE 4	  
	COVENANTS	  
			
	 SECTION 4.01.
	 	 Payment of Notes
	  	 	44	  
	 SECTION 4.02.
	 	 Maintenance of Office or Agency
	  	 	44	  
	 SECTION 4.03.
	 	 Reports
	  	 	44	  
	 SECTION 4.04.
	 	 Compliance Certificate
	  	 	46	  
	 SECTION 4.05.
	 	 Restricted Payments
	  	 	46	  
	 SECTION 4.06.
	 	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	49	  
	 SECTION 4.07.
	 	 Limitation on Indebtedness
	  	 	51	  
	 SECTION 4.08.
	 	 Limitation on Sales of Assets and Subsidiary Stock
	  	 	54	  
	 SECTION 4.09.
	 	 Affiliate Transactions
	  	 	56	  

  
 -i-

							
	 	 	 	  	Page	 
			
	 SECTION 4.10.
	 	 Liens
	  	 	57	  
	 SECTION 4.11.
	 	 Offer to Repurchase Upon Change of Control
	  	 	57	  
	 SECTION 4.12.
	 	 Corporate Existence
	  	 	58	  
	 SECTION 4.13.
	 	 Additional Guarantors
	  	 	58	  
	 SECTION 4.14.
	 	 Suspension of Covenants
	  	 	58	  
	
	ARTICLE 5	  
	SUCCESSORS	  
			
	 SECTION 5.01.
	 	 Merger, Consolidation, or Sale of Assets
	  	 	59	  
	 SECTION 5.02.
	 	 Successor Corporation Substituted
	  	 	61	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 SECTION 6.01.
	 	 Events of Default
	  	 	61	  
	 SECTION 6.02.
	 	 Acceleration
	  	 	62	  
	 SECTION 6.03.
	 	 Other Remedies
	  	 	63	  
	 SECTION 6.04.
	 	 Waiver of Past Defaults
	  	 	63	  
	 SECTION 6.05.
	 	 Control by Majority
	  	 	63	  
	 SECTION 6.06.
	 	 Limitation on Suits
	  	 	64	  
	 SECTION 6.07.
	 	 Rights of Holders of Notes to Receive Payment
	  	 	64	  
	 SECTION 6.08.
	 	 Collection Suit by Trustee
	  	 	64	  
	 SECTION 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	64	  
	 SECTION 6.10.
	 	 Priorities
	  	 	65	  
	 SECTION 6.11.
	 	 Undertaking for Costs
	  	 	65	  
	
	ARTICLE 7	  
	TRUSTEE	  
			
	 SECTION 7.01.
	 	 Duties of Trustee
	  	 	65	  
	 SECTION 7.02.
	 	 Rights of the Trustee
	  	 	66	  
	 SECTION 7.03.
	 	 Individual Rights of Trustee
	  	 	67	  
	 SECTION 7.04.
	 	 Trustee’s Disclaimer
	  	 	67	  
	 SECTION 7.05.
	 	 Notice of Defaults
	  	 	67	  
	 SECTION 7.06.
	 	 Reports by Trustee to Holder
	  	 	68	  
	 SECTION 7.07.
	 	 Compensation and Indemnity
	  	 	68	  
	 SECTION 7.08.
	 	 Replacement of Trustee
	  	 	69	  
	 SECTION 7.09.
	 	 Successor Trustee by Merger, Etc.
	  	 	70	  
	 SECTION 7.10.
	 	 Eligibility; Disqualification
	  	 	70	  
	 SECTION 7.11.
	 	 Preferential Collection of Claims Against Issuer
	  	 	70	  
	
	ARTICLE 8	  
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 SECTION 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	70	  
	 SECTION 8.02.
	 	 Legal Defeasance and Discharge
	  	 	70	  
	 SECTION 8.03.
	 	 Covenant Defeasance
	  	 	71	  
	 SECTION 8.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	71	  
	 SECTION 8.05.
	 	 Deposited Money and U.S. Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	72	  
	 SECTION 8.06.
	 	 Satisfaction and Discharge
	  	 	72	  
	 SECTION 8.07.
	 	 Repayment to Issuer
	  	 	73	  
	 SECTION 8.08.
	 	 Reinstatement
	  	 	73	  
	 SECTION 8.09.
	 	 Survival
	  	 	73	  

  
 -ii-

							
	 	  	 	  	Page	 
	ARTICLE 9	  
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	 SECTION 9.01.
	  	 Without Consent of Holder
	  	 	73	  
	 SECTION 9.02.
	  	 With Consent of Holders of Notes
	  	 	74	  
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act
	  	 	75	  
	 SECTION 9.04.
	  	 Revocation and Effect of Consents
	  	 	75	  
	 SECTION 9.05.
	  	 Trustee and Agents to Sign Amendments
	  	 	76	  
	
	ARTICLE 10	  
	NOTE GUARANTEES	  
			
	 SECTION 10.01.
	  	 Note Guarantees
	  	 	76	  
	 SECTION 10.02.
	  	 Limitation on Liability
	  	 	77	  
	 SECTION 10.03.
	  	 Successors and Assigns
	  	 	77	  
	 SECTION 10.04.
	  	 No Waiver
	  	 	77	  
	 SECTION 10.05.
	  	 Release of Subsidiary Guarantor
	  	 	77	  
	 SECTION 10.06.
	  	 Contribution
	  	 	78	  
	
	ARTICLE 11	  
	MISCELLANEOUS	  
			
	 SECTION 11.01.
	  	 Trust Indenture Act Controls
	  	 	78	  
	 SECTION 11.02.
	  	 Notices
	  	 	78	  
	 SECTION 11.03.
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	 	79	  
	 SECTION 11.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	80	  
	 SECTION 11.05.
	  	 Statements Required in Certificate or Opinion
	  	 	80	  
	 SECTION 11.06.
	  	 Rules by Trustee and Agents
	  	 	80	  
	 SECTION 11.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	80	  
	 SECTION 11.08.
	  	 Governing Law; Waiver of Jury Trial
	  	 	80	  
	 SECTION 11.09.
	  	 No Adverse Interpretation of Other Agreements
	  	 	81	  
	 SECTION 11.10.
	  	 Successors
	  	 	81	  
	 SECTION 11.11.
	  	 Severability
	  	 	81	  
	 SECTION 11.12.
	  	 Counterpart Originals
	  	 	81	  
	 SECTION 11.13.
	  	 Table of Contents, Headings, Etc.
	  	 	81	  
	 SECTION 11.14.
	  	 Force Majeure
	  	 	81	  
	 SECTION 11.15.
	  	 Patriot Act.
	  	 	81	  
			
	EXHIBITS	  		  			
	 Exhibit A-1
	  	 Form of 2019 Note
	   

	 Exhibit A-2
	  	 Form of 2021 Note
	   

	 Exhibit B
	  	 Form of Certificate of Transfer
	   

	 Exhibit C
	  	 Form of Certificate of Exchange
	   

	 Exhibit D
	  	 Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors
	   

 

  
 -iii-

 DELPHI CORPORATION 
 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 
 AND INDENTURE, DATED AS
OF MAY 17, 2011 
  

			
	 Section of Trust Indenture Act of 1939
	  	Section(s) of Indenture
	 ss. 310 (a) (1)
	  	7.10
	   (a) (2)
	  	7.10
	   (a) (3)
	  	N.A.
	   (a) (4)
	  	N.A.
	   (a) (5)
	  	7.10
	   (b)
	  	7.08, 7.10
	   (c)
	  	N.A.
	 ss. 311 (a)
	  	7.11
	   (b)
	  	7.11
	   (c)
	  	N.A.
	 ss. 312 (a)
	  	2.05
	   (b)
	  	2.05
	   (c)
	  	2.05
	 ss. 313 (a)
	  	7.06
	   (b)(1)
	  	N.A.
	   (b)(2)
	  	7.06, 7.07
	   (c)
	  	7.06
	   (d)
	  	7.06
	 ss. 314 (a)
	  	4.03, 4.04
	   (b)
	  	N.A.
	   (c) (1)
	  	11.04
	   (c) (2)
	  	11.04
	   (c) (3)
	  	N.A.
	   (d)
	  	N.A.
	   (e)
	  	11.05
	 ss. 315 (a)
	  	7.01
	   (b)
	  	7.05, 11.02
	   (c)
	  	7.01
	   (d)
	  	7.01
	   (e)
	  	6.11
	 ss. 316 (a) (1) (A)
	  	6.05
	   (a) (1) (B)
	  	6.04
	   (a) (2)
	  	N.A.
	   (a) (last sentence)
	  	6.11
	   (b)
	  	6.07
	 ss. 317 (a) (1)
	  	6.08
	   (a) (2)
	  	6.09
	   (b)
	  	2.04
	 ss. 318 (a)
	  	11.01
	   (b)
	  	N.A.
	   (c)
	  	11.01

  

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

 This INDENTURE, dated as of May 17, 2011 (this “Indenture”), is
by and among Delphi Corporation, a Delaware corporation (the “Issuer”), Delphi Automotive LLP, a limited liability partnership organized under the laws of England and Wales (the “Company”), the other
guarantors listed herein (together with the Company, the “Guarantors”) party hereto, Wilmington Trust Company, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, a New York banking
corporation, as registrar (“Registrar”), paying agent (“Paying Agent”) and authenticating agent (“Authenticating Agent”). 

WITNESSETH: 

WHEREAS, the Issuer is entering into this Indenture to establish the form and terms of its 5.875% Senior Notes due 2019 (the
“2019 Notes”) and its 6.125% Senior Notes due 2021 (the “2021 Notes,” and together with the 2019 Notes, the “Notes”); and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Indenture and to make it a valid and binding obligation
of the Issuer and the Guarantors have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders of the Notes. 
 ARTICLE 1 
 ESTABLISHMENT; DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions

 (a) The following are definitions used in this Indenture. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A-1 or Exhibit A-2
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 Notes
sold in reliance on Rule 144A. 
 “Additional 2019 Notes” means, subject to the Company’s
compliance with Section 4.07, 5.875% Senior Notes due 2019 issued from time to time after the Issue Date pursuant to Section 2.14 of this Indenture, and any Notes issued in exchange or replacement therefor. 

“Additional 2021 Notes” means, subject to the Company’s compliance with Section 4.07, 6.125% Senior
Notes due 2021 issued from time to time after the Issue Date pursuant to Section 2.14 of this Indenture, and any Notes issued in exchange or replacement therefor. 
 “Additional Assets” means: 
 (1) any
property or assets (other than Indebtedness) to be used by the Company or a Restricted Subsidiary; 
 (2) the
Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; or 

(3) Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary;
provided, however, that any such Restricted Subsidiary described in clauses (2) or (3) above is primarily engaged in a Permitted Business. 
 “Additional Interest” has the meaning given to such term in the Registration Rights Agreement. 

 “Additional Notes” means the Additional 2019 Notes and the
Additional 2021 Notes. 
 “Adjusted Treasury Rate for the 2019 Notes” means, with respect to any
redemption date for the 2019 Notes, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue for the 2019 Notes (if no maturity is within three months before or after May 15, 2014, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue for the 2019 Notes shall be determined and the Adjusted Treasury Rate for the 2019 Notes shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such
release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue for the 2019
Notes (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, in each case calculated on the third Business Day immediately preceding the redemption date, in each case of (1) and (2),
plus 0.50%. 
 “Adjusted Treasury Rate for the 2021 Notes” means, with respect to any redemption date
for the 2021 Notes, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue for the 2021 Notes (if no maturity is within three months before or after May 15, 2016, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue for the 2021 Notes shall be determined and the Adjusted Treasury Rate for the 2021 Notes shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such
release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue for the 2021
Notes (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, in each case calculated on the third Business Day immediately preceding the redemption date, in each case of (1) and (2),
plus 0.50%. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly,
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing. 
 “Agent” means any Registrar, Paying Agent or Authenticating Agent. 

“Agent’s Message” means a message transmitted by DTC to, and received by, the Depositary and forming a part
of the book-entry confirmation, which states that DTC has received an express acknowledgment from each participant in DTC tendering the Notes and that such participants have received the Letter of Transmittal and agree to be bound by the terms of
the Letter of Transmittal and the Issuer may enforce such agreement against such participants. 
 “Applicable Premium
for the 2019 Notes” means, with respect to a 2019 Note at any redemption date, the greater of (1) 1.00% of the principal amount of such 2019 Note and (2) the excess of (A) the present value at such redemption date of
(i) the redemption price of such 2019 Note on May 15, 2014 (such redemption price being as set forth in Section 3.07(b) exclusive of any accrued interest), plus (ii) all required remaining scheduled interest payments due on such
2019 Note through May 15, 2014 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate for the 2019 Notes, over (B) the principal amount of such Note on such
redemption date. 

  
 -2-

 “Applicable Premium for the 2021 Notes” means, with respect to a
2021 Note at any redemption date, the greater of (1) 1.00% of the principal amount of such 2021 Note and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such 2021 Note on
May 15, 2016 (such redemption price being as set forth in Section 3.08(b) exclusive of any accrued interest), plus (ii) all required remaining scheduled interest payments due on such 2021 Note through May 15, 2016 (but excluding
accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate for the 2021 Notes, over (B) the principal amount of such Note on such redemption date. 

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

“Asset Disposition” means any sale, lease, transfer or other disposition (or series of sales, leases, transfers
or dispositions that are part of a common plan) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation, or similar transaction (each referred to for the purposes of this definition as a
“disposition”), of: 
 (1) any shares of Capital Stock of a Restricted Subsidiary (other
than directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary), 
 (2) all or substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary, or 

(3) any other assets of the Company or any Restricted Subsidiary outside of the ordinary course of business of the Company
or such Restricted Subsidiary, 
 other than, in the case of clauses (1), (2) and (3) above, 

(A) a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted
Subsidiary; 
 (B) for purposes of Section 4.08 only, a disposition subject to Section 4.05 or
constituting a Permitted Investment; 
 (C) a disposition or series of related dispositions of assets with a Fair
Market Value of less than $25.0 million; 
 (D) a sale of accounts receivable and related assets (i) in
a Qualified Receivables Transaction or (ii) pursuant to factoring programs on customary market terms for such transactions and with respect to receivables of, and generated by, the Company or any Subsidiary; 

(E) a transfer of accounts receivable and related assets of the type specified in the definition of “Qualified
Receivables Transaction” (or a fractional undivided interest therein) by a Receivables Entity in a Qualified Receivables Transaction; 
 (F) a disposition of all or substantially all the Company’s assets (as determined on a Consolidated basis) in accordance with the covenant described under Section 5.01; 

(G) a disposition of any assets that are obsolete, worn out or no longer used or useful in the conduct of the business of
the Company and its Restricted Subsidiaries; 
 (H) a disposition constituting a Permitted Lien or foreclosure
thereon; 

  
 -3-

 (I) (i) dispositions of accounts receivable in connection with the
collection or compromise thereof; (ii) dispositions of cash and Temporary Cash Investments; and (iii) dispositions of property pursuant to casualty events; 

(J) dispositions of Investments in joint ventures (or issuances of Capital Stock thereof) to the extent required by, or
made pursuant to, customary buy/sell arrangements between the joint venture parties; and 
 (K) dispositions of
Investments in Unrestricted Subsidiaries. 
 “Average Life” means, as of the date of determination, with
respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing: 
 (1) the sum of the products
of the number of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or scheduled redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such
payment by 
 (2) the sum of all such payments. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors, or the
law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or the relief of debtors. 
 “Board of Directors” means the board of directors of the Company or any committee thereof duly authorized to act on behalf of the board of directors of the Company. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 

“Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a
capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP. 

“Cash Management Obligations” means obligations in respect of overdraft and related liabilities arising from
treasury, depository and cash management services or any automated clearing house transfers of funds or participating in commercial (or purchasing) card programs. 
 “Certificated Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Article 2 hereof, in substantially the form of Exhibit
A-1 or Exhibit A-2 hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Increases or Decreases in the Global Note” attached thereto. 

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

(1) any transaction occurs (including a merger or consolidation of the Company) following which any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Permitted Holder is the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power
of the Voting Stock of the Company; or 
 (2) the Issuer ceases to be a direct or indirect wholly owned
Subsidiary of the Company. 

  
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 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if
(1) the Company becomes a direct or indirect Subsidiary of a holding company and (2) no person (as defined above) (other than a Permitted Holder or another such holding company) owns, directly or indirectly, a majority of the voting power
of the Capital Stock of such holding company. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Comparable Treasury Issue for the 2019 Notes” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the 2019 Notes from the redemption date to May 15, 2014, that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of U.S. Dollar denominated corporate debt securities of a maturity most nearly equal to May 15, 2014. 
 “Comparable Treasury Issue for the 2021 Notes” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of
the 2021 Notes from the redemption date to May 15, 2016, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of U.S. Dollar denominated corporate debt securities of a
maturity most nearly equal to May 15, 2016. 
 “Comparable Treasury Price” means, with respect to
any redemption date, if clause (2) of the definition of “Adjusted Treasury Rate for the 2019 Notes” or “Adjusted Treasury Rate for the 2021 Notes” is applicable, the average of three, or if not possible, such lesser number
as is obtained by the Company, Reference Treasury Dealer Quotations for such redemption date. 
 “Consolidated
Interest Coverage Ratio” as of any date of determination means the ratio of: 
 (1) the aggregate
amount of EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements are available to 

(2) Consolidated Interest Expense for such four fiscal quarters; provided, however, that: 

(A) if the Company or any Restricted Subsidiary has Incurred any Indebtedness (other than Indebtedness incurred under any
revolving credit facility in the ordinary course of business) since the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Interest Coverage
Ratio is an Incurrence of Indebtedness, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such
period and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period; 

(B) if the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness
since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged (in each case other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently
repaid and has not been replaced) on the date of the transaction giving rise to the need to calculate the Consolidated Interest Coverage Ratio, EBITDA and Consolidated Interest Expense for such period shall be calculated on a pro forma basis as if
such discharge had occurred on the first day of such period and as if the Company or such Restricted Subsidiary had not earned the interest income actually earned during such period in respect of cash or Temporary Cash Investments used to repay,
repurchase, defease or otherwise discharge such Indebtedness; 

  
 -5-

 (C) if since the beginning of such period the Company or any Restricted
Subsidiary shall have disposed of any Person or business, the EBITDA for such period shall be reduced by an amount equal to the EBITDA (if positive) directly attributable to the assets disposed for such period or increased by an amount equal to the
EBITDA (if negative) directly attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or
any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company and its Restricted Subsidiaries in connection with such disposition for such period (or, if the Capital Stock of any Restricted Subsidiary is
sold, the Consolidated Interest Expense for such period attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale);

 (D) if since the beginning of such period the Company or any Restricted Subsidiary (by merger or otherwise)
shall have made an Investment in any Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction causing a calculation to be
made hereunder, which constitutes a business, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition
occurred on the first day of such period; and 
 (E) 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 Restricted Subsidiary since the beginning of such period shall have made any disposition or any Investment or acquisition of assets that would have required an
adjustment pursuant to clause (C) or (D) above if made by the Company or a Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if
such Asset Disposition, Investment or acquisition of assets occurred on the first day of such period. 
 For purposes of this
definition, whenever pro forma effect is to be given to an acquisition of assets, Asset Disposition or other Investment, the amount of income, EBITDA or earnings relating thereto and the amount of Consolidated Interest Expense associated with any
Indebtedness Incurred in connection therewith, the pro forma calculations shall be determined in good faith by a responsible Financial Officer of the Company; provided that any pro forma adjustments shall be limited to those that are
probable based on specifically identified actions set forth in an Officer’s Certificate delivered to the Trustee that have occurred or are expected to occur in the next twelve months following the date of such calculation, in the good faith
judgment of a responsible Financial Officer of the Company. 
 If any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest expense on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement
applicable to such Indebtedness if such Interest Rate Agreement has a remaining term as at the date of determination in excess of 12 months). If any Indebtedness is Incurred or repaid under a revolving credit facility and is being given pro
forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four fiscal quarters subject to the pro forma calculation. 

“Consolidated Interest Expense” means, for any period, the total interest expense of
the Company and its Consolidated Restricted Subsidiaries, plus, to the extent Incurred by the Company and its Consolidated Restricted Subsidiaries in such period but not included in such interest expense, without duplication: 

(1) interest expense attributable to Capitalized Lease Obligations, 

(2) amortization of debt discount costs, 

(3) capitalized interest, 
 (4) non-cash interest expense (other than any non-cash interest expense attributed to the allocation of a portion of the issue price of an equity-linked security to the equity component thereof),

  
 -6-

 (5) commissions, discounts and other fees and charges attributable to
letters of credit and bankers’ acceptance financing, 
 (6) interest accruing on any Indebtedness of any
other Person to the extent such Indebtedness is Guaranteed by (or secured by the assets of) the Company or any Restricted Subsidiary but only to the extent such Indebtedness is in default under its terms or any payment is actually made in respect of
such Guarantee, 
 (7) net payments made or received pursuant to Hedging Obligations under Interest Rate
Agreements (including amortization of fees), and 
 (8) dividends paid in cash or Disqualified Stock in respect
of (A) all Preferred Stock of Restricted Subsidiaries and (B) all Disqualified Stock of the Company, in each case held by Persons other than the Company or a Restricted Subsidiary, 
 and less, to the extent included in such total interest expense, the amortization or write-off during such period of capitalized financing costs. Notwithstanding anything to the contrary contained
herein, Consolidated Interest Expense for any period shall include any interest income during such period. 

“Consolidated Net Income” means, for any period, the net income of the Company and
its Consolidated Subsidiaries for such period before payment of dividends on Preferred Stock; provided, however, that there shall not be included in such Consolidated Net Income: 

(1) any net income of any Person (other than the Company) if such Person is not a Restricted Subsidiary, except that the
Company’s equity in the net income of any such Person for such period shall be included in such 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 (subject, in the case of a dividend or other distribution made to a Restricted Subsidiary, to the limitations contained in clause (3) below) and the Company’s equity in a net loss of any
such Person for such period shall be excluded in determining such Consolidated Net Income except to the extent such loss has been funded with cash from the Company or a Restricted Subsidiary; 

(2) any net income (or loss) of any Person acquired by the Company or a Subsidiary of the Company for any period
prior to the date of such acquisition; 
 (3) for purposes of Section 4.05, any net income of any
Restricted Subsidiary (other than a Guarantor) to the extent subject to restrictions (to the extent not waived) on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company (with
the amount of such cash payments that is restricted being determined in good faith by a Financial Officer of the Company)); 
 (4) any gain (or loss) realized upon the sale or other disposition of any asset of the Company or its Consolidated Subsidiaries that is not sold or otherwise disposed of in the ordinary course of
business and any gain (or loss) realized upon the sale or other disposition of any Capital Stock of any Person; 

(5) any (x) extraordinary or non-recurring gain or loss and (y) any unusual gain or loss (including,
without limitation, the amount of any warranty accrual (above ordinary accruals), litigation settlement, restructuring, integration, transition, executive severance, facility closing and similar charges accrued during such period, including any
charges to establish accruals and reserves or to make payments associated with the reassessment or realignment of the business and operations of the Company and its Restricted Subsidiaries, including, without limitation, the sale or closing of
facilities, severance, stay bonuses and curtailments or modifications to pension and post-retirement employee benefit plans, asset write-downs or asset disposals (including leased facilities), write-downs for purchase and lease commitments, start-up
costs for new facilities, writedowns of excess, obsolete or unbalanced inventories, relocation costs which are not otherwise capitalized and any related promotional costs of exiting products or product lines) and any restructuring charges;

  
 -7-

 (6) any gain (or loss) realized upon the extinguishment of any
Indebtedness; 
 (7) any non-cash compensation expense, including any expense recognized pursuant to the
Company’s value creation plan in effect on the Issue Date; 
 (8) any write-off or impairment of assets and
the amortization of intangible assets; 
 (9) any fees, expenses or charges related to any Equity Offering,
Permitted Investment, acquisition or incurrence, repayment or refinancing of Indebtedness permitted to be Incurred by this Indenture (in each case, whether or not successful); 

(10) any currency translation gains and losses related to currency remeasurements of indebtedness, and any net loss or
gain resulting from hedging transactions for currency exchange risk; and 
 (11) the cumulative effect of a
change in accounting principles. 
 “Consolidated Total Assets” means, at
any time, the total Consolidated assets of the Company and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Company at such time calculated on a pro forma basis to give effect to any acquisition or disposition of any
Person or line of business after the date thereof. 
 “Consolidated Total
Debt” means, at any date of determination, the aggregate amount of all outstanding Indebtedness of a type described in clause (1) through (7) or (9) of the definition of
“Indebtedness” of the Company and its Restricted Subsidiaries determined on a Consolidated basis in accordance with GAAP. 
 “Consolidated Total Secured Debt” means, at any date of determination, the aggregate amount of Consolidated Total Debt that is secured by a Lien on any
assets of the Company or any Restricted Subsidiary. 
 “Consolidation”
means, unless the context otherwise requires, the consolidation of (1) in the case of the Company, the accounts of each of the Restricted Subsidiaries with those of the Company and (2) in the case of a Restricted Subsidiary, the accounts
of each Subsidiary of such Restricted Subsidiary that is a Restricted Subsidiary with those of such Restricted Subsidiary, in each case in accordance with GAAP consistently applied; provided, however, that “Consolidation”
will not include consolidation of the accounts of any Unrestricted Subsidiary, but the interest of the Company or any Restricted Subsidiary in an Unrestricted Subsidiary will be accounted for as an investment. The term
“Consolidated” has a correlative meaning. 
 “Corporate Trust
Office of the Trustee” shall be at the address of the Trustee specified in Section 11.02 hereof, or such other address as to which the Trustee may give notice to the Company. 

“Credit Agreement” means, the Credit Agreement, dated as of March 31, 2011 by
and among the Company, Intermediate Holdco, the Issuer, the several lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (including, without limitation, any guarantee agreements and security documents), in
each case as such agreements may be amended (including any amendment and restatement thereof), supplemented, extended or otherwise modified from time to time. 
 “Credit Facilities” means (1) the Credit Agreement and (2) one or more debt facilities, indentures or other agreements refinancing, replacing,
amending, restating or supplementing (whether or not contemporaneously and whether or not related to the agreements specified above) or otherwise restructuring or increasing the amount of available borrowings or other credit extensions under or
making Restricted Subsidiaries of the Company a borrower, additional borrower or guarantor under, all or any portion of the Indebtedness under such agreement or any successor, replacement or supplemental agreement and whether including any
additional obligors or with the same or any other agent, lender or group of lenders or with other financial institutions or lenders. 

  
 -8-

 “Currency Agreement” means with respect
to any Person any foreign exchange contract, currency swap agreements or other similar agreement or arrangement to which such Person is a party or of which it is a beneficiary. 

“Custodian” means, with respect to the Notes issuable or issued in whole or in part
in global form, the Person specified in Section 2.03(c) as Custodian with respect to the Notes, and any and all successors thereto appointed as custodian hereunder and having become such pursuant to the applicable provisions of this Indenture.

 “Default” means any event which is, or after notice or passage of time or
both would be, an Event of Default. 
 “Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03(b) 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. 
 “Designated Non-Cash
Consideration” means non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Disposition that is designated by the Company as Designated Non-Cash
Consideration, less the amount of cash or cash equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration, which cash and cash equivalents shall be considered Net Available Cash received as of such date and
shall be applied pursuant to Section 4.08. 
 “Disqualified Stock”
means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event: 

(1) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 

(2) is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or
exchangeable solely at the option of the Company or a Restricted Subsidiary; provided, however, that any such conversion or exchange shall be deemed an Incurrence of Indebtedness or Disqualified Stock, as applicable); or 

(3) is redeemable at the option of the holder thereof, in whole or in part; 

in the case of each of clauses (1), (2) and (3), on or prior to 91 days after the Stated Maturity of the Notes; provided that only the
portion of such Capital Stock that is required to be redeemed, is so redeemable or is so convertible at the option of the holder thereof before such date will be deemed to be Disqualified Capital Stock and Capital Stock will not constitute
Disqualified Capital Stock (i) solely because of provisions giving holders thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes
if the terms thereof specifically state that repurchase or redemption pursuant thereto will not be required prior to the Company’s repurchase of the Notes as required by this Indenture or (ii) if the terms thereof prohibit repurchase or
redemption if prohibited by this Indenture. 
 “Domestic Subsidiary” means
any Subsidiary that was formed under the laws of the United States, any state of the United States or the District of Columbia. 

“EBITDA” means Consolidated Net Income plus, without duplication and to the
extent deducted therefrom in determining Consolidated Net Income of the Company and its Restricted Subsidiaries: 

(i) Consolidated Interest Expense and charges, deferred financing fees and milestone payments in connection with any
investment or series of related investments, losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection
with financing activities; 
 (ii) expense and provision for taxes paid or accrued; 

  
 -9-

 (iii) depreciation; 

(iv) amortization (including amortization of intangibles, including, but not limited to goodwill); 

(v) non-cash charges recorded in respect of purchase accounting or impairment of goodwill, intangibles or long-lived
assets and non-cash exchange, translation or performance losses relating to any foreign currency hedging transactions or currency fluctuations except to the extent representing an accrual for future cash outlays; 

(vi) any other non-cash items except to the extent representing an accrual for future cash outlays; 

(vii) without duplication, income of any non-wholly owned Restricted Subsidiaries and deductions attributable to minority
interests; 
 (viii) any non-cash costs or expenses incurred by the Company or a Restricted Subsidiary pursuant
to any employee or management equity plan or stock plan with respect to Capital Stock of the Company or any of its direct or indirect parent companies; 
 (ix) expenses with respect to casualty events; 
 (x) to the extent
actually reimbursed, expenses incurred to the extent covered by indemnification provisions in any agreement in connection with any Investment; and 
 (xi) non-cash charges pursuant to SFAS 158; 
 minus, to the extent included in Consolidated
Net Income, the sum of: 
 (x) any unusual, infrequent or extraordinary income or gains; and 

(y) any other non-cash income (except to the extent representing an accrual for future cash income), all calculated for
the Company and its Restricted Subsidiaries in accordance with GAAP on a consolidated basis; 
 provided, however, that, to the
extent included in Consolidated Net Income, (A) there shall be excluded in determining EBITDA currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain resulting from any Currency
Agreement) and (B) there shall be excluded in determining EBITDA for any period any adjustments resulting from the application of SFAS 133. 
 “Equity Offering” means a public or private offering of Capital Stock (other than Disqualified Stock) of the Company or, to the extent contributed to
the capital of the Company, any direct or indirect parent company of the Company. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange
Notes” means the Notes issued in an Exchange Offer pursuant to Section 2.06(f) hereof. 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Fair Market Value” means, with respect to any asset or property, the price which
could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction as such price is, unless
specified otherwise in this Indenture, determined in good faith by a Financial Officer of the Company or by the Board of Directors. Fair Market Value (other than of any asset with a public trading market) of any asset or property (or group of assets
or property subject to an event giving rise to a requirement under this Indenture that “Fair Market Value” be determined) in excess of $150.0 million shall be determined by the Board of Directors or a duly authorized committee
thereof. 
 “Financial Officer” means the Chief Financial Officer, the
Treasurer or the Chief Accounting Officer of the Company. 

  
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 “Foreign Subsidiary” means any Restricted Subsidiary of the Company
that is not organized under the laws of the United States of America or any State thereof or the District of Columbia. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the
Issue Date set forth in: 
 (1) the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants, 
 (2) statements and pronouncements of the Financial
Accounting Standards Board, 
 (3) such other statements by such other entities as approved by a significant
segment of the accounting profession, and 
 (4) the rules and regulations of the SEC governing the
inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar
written statements from the accounting staff of the SEC. 
 All ratios and computations based on GAAP contained in this
Indenture shall be computed in conformity with GAAP. 
 “Global Note Legend” means the legend set forth
in Section 2.06(g)(ii) hereof, which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted
Global Notes, in the form of Exhibit A-1 or Exhibit A-2 hereto issued in accordance with Article 2 hereof. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or
indirect, contingent or otherwise, of such Person: 
 (1) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise) or 
 (2) entered into for purposes of assuring in any other manner the
obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor”
means each Subsidiary Guarantor, the Company, Intermediate Holdco and any future parent company of the Issuer that provides a Note Guarantee under this Indenture. 
 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or raw materials hedge agreement or any hedging
agreement entered into in connection with the issuance of convertible debt. 
 “Holder” means the Person
in whose name a Note is registered on the Registrar’s books. 

  
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 “Incur” means issue, assume, Guarantee, incur or otherwise become
liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such
Person at the time it becomes a Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. The accretion of principal of a non-interest bearing or other discount security shall not be deemed the
Incurrence of Indebtedness. 
 “Indebtedness” means, with respect to any Person on any date of
determination, without duplication: 
 (1) the principal of and premium (if any) in respect of indebtedness
of such Person for borrowed money; 
 (2) the principal of and premium (if any) in respect of obligations of
such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all obligations of
such Person for the reimbursement of any obligor on any letter of credit, bank guarantee, bankers’ acceptance or similar credit transaction (other than obligations with respect to letters of credit, bank guarantees, bankers’ acceptances or
similar credit transactions securing obligations (other than obligations described in clauses (1), (2) and (5)) entered into in the ordinary course of business of such Person to the extent such letters of credit, bank guarantees,
bankers’ acceptances or similar credit transactions are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit, bank guarantee, bankers’
acceptance or similar credit transaction); 
 (4) all obligations of such Person to pay the deferred and
unpaid purchase price of property or services (except Trade Payables, milestone payments incurred in connection with any investment or series of related investments, any earn-out obligation that is not a liability on such Person’s balance sheet
under GAAP and deferred or equity compensation arrangements payable to directors, officers, or employees or former directors, officers or employees), which purchase price is due more than six months after the date of placing such property in service
or taking delivery and title thereto or the completion of such services; 
 (5) all Capitalized Lease
Obligations of such Person; 
 (6) the amount of all obligations of such Person with respect to the
redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary of such Person that is not a Guarantor, any Preferred Stock (but excluding, in each case, any accrued and unpaid dividends); 

(7) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; provided, however, that the amount of Indebtedness of such Person shall be the lesser of: 
 (A) the Fair Market Value of such asset at such date of determination and 
 (B) the amount of such Indebtedness of such other Persons; 

(8) Hedging Obligations of such Person; and 

(9) all obligations of the type referred to in clauses (1) through (8) of other Persons for the payment of
which such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee. 
 Notwithstanding the foregoing, (i) in connection with the purchase by the Company or any Restricted Subsidiary of any business, the term “Indebtedness” will exclude bona fide post-closing
payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however,
that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter and (ii) Cash Management Obligations and
other obligations in respect of card obligations, netting services, overdraft protections, cash management services and similar arrangements shall not constitute Indebtedness. 

  
 -12-

 The amount of Indebtedness of any Person at any date shall be the outstanding balance at
such date of all unconditional obligations as described above; provided, however, that (i) in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such
time and (ii) Hedging Obligations permitted under Section 4.07(b)(5) shall be deemed to have a principal amount of zero. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial 2019 Notes” means $500,000,000 in aggregate principal amount of 2019 Notes issued under this Indenture
on the Issue Date. 
 “Initial 2021 Notes” means $500,000,000 in aggregate principal amount of 2021
Notes issued under this Indenture on the Issue Date. 
 “Initial Notes” means the Initial 2019 Notes and
the Initial 2021 Notes. 
 “interest” means, with respect to the Notes of a series, interest and
Additional Interest, if any, on such Notes. 
 “Interest Payment Date” shall have the meaning set forth
in paragraph 1 of the applicable Notes. 
 “Interest Rate Agreement” means, with respect to any Person,
any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar
agreement or arrangement to which such Person is party or of which it is a beneficiary. 
 “Intermediate
Holdco” means Delphi Holdings S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of Luxembourg with a registered office at
65, boulevard Grande Duchesse Charlotte, L-1331 Luxembourg, having a share capital of €12,500, with the trade register number B148.357. 
 “Investment” in any Person means any direct or indirect advance, loan or other extension of credit (including by way of Guarantee or similar arrangement) or capital contribution to
(by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such
Person. If the Company or any Restricted Subsidiary transfers less than all of the Capital Stock of a Restricted Subsidiary to any Person and following such transfer such Restricted Subsidiary ceases to be a Subsidiary, the Company shall be deemed
to have made an Investment at the time of such transfer in an amount equal to the Fair Market Value of the remaining Capital Stock of such former Restricted Subsidiary that is held by the Company and the remaining Restricted Subsidiaries immediately
following such transfer. The designation of any Subsidiary as a Restricted Subsidiary shall be deemed to be an Investment in an amount equal to the Fair Market Value of the Subsidiary so designated. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and
BBB– (or the equivalent) by Standard & Poor’s, or if Moody’s or Standard & Poor’s shall cease to provide a rating of the applicable series of Notes, an equivalent rating by any other Rating Agency. 

“Issue Date” means May 17, 2011. 
 “Legal Holiday” means a Saturday, Sunday or other day on which the Trustee or banking institutions are not required by law or regulation to be open in the State of New York.

  
 -13-

 “Letter of Transmittal” means the letter of transmittal to be
prepared by the Issuer and sent to all Holders for use by such Holders in connection with an Exchange Offer. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge in the nature of an encumbrance
of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof); provided that any obligation in respect of an operating lease shall not be deemed a lien. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating business. 

“Net Available Cash” from an Asset Disposition means cash payments received (including any cash payments received
by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, in each case only as and when received, but excluding any
other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form)
therefrom, in each case net of: 
 (1) all legal, accounting, investment banking, title and recording tax
expenses, commissions and other fees and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP, as a consequence of such Asset Disposition; 

(2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in
accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law be repaid out of
the proceeds from such Asset Disposition; 
 (3) all distributions and other payments required to be made to
minority interest holders in Subsidiaries or joint ventures as a result of such Asset Disposition; and 

(4) appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities
associated with the property or other assets disposed of in such Asset Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition (but only for so long as such reserve is maintained). 

“Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such
issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such
issuance or sale and net of taxes paid or payable as a result thereof. 
 “Note Guarantee” means each
Guarantee of the obligations with respect to the Notes issued by a Guarantor pursuant to the terms of this Indenture. 

“Offering Memorandum” means the Offering Memorandum dated May 10, 2011 relating to the Initial Notes.

 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer,
the President, any Vice President, the Treasurer or the Secretary of the Company. “Officer” of the Issuer or any other Guarantor has a correlative meaning. 
 “Officer’s Certificate” means a certificate signed by an Officer. 
 “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 Issuer, a Guarantor or
the Trustee. 
 “Participant” means, with respect to the Depositary, a Person who has an account with
the Depositary. 

  
 -14-

 “Permitted Business” means any business engaged in by the Company or
any Restricted Subsidiary on the Issue Date and any Related Business. 
 “Permitted Holder” means each
Person holding at least 5% of the Capital Stock of the Company on April 21, 2011 and any of their Affiliates (other than portfolio companies) and any “group” including any of such Persons so long as such Persons have the right to
direct the voting of a majority of the Capital Stock owned by such group. 
 “Permitted Investments”
means: 
 (1) Investments by the Company or any Restricted Subsidiary in any Person that is or will become
immediately after such Investment a Restricted Subsidiary or that will merge or consolidate into the Company or a Restricted Subsidiary; 
 (2) Investments in the Company or any Restricted Subsidiary; 
 (3)
Investments in cash and Temporary Cash Investments; 
 (4) loans and advances to employees, officers and
directors of the Company and the Restricted Subsidiaries (A) in the ordinary course of business for bona fide business purposes, (B) to purchase Capital Stock of the Company (or any direct or indirect parent company of the Company) and
(C) for other purposes not in excess of an aggregate of $25.0 million at any one time outstanding pursuant to this subclause (C); 
 (5) Hedging Obligations entered into in the ordinary course of the Company’s or a Restricted Subsidiary’s businesses and otherwise in compliance with this Indenture; 

(6) Investments received in satisfaction or partial satisfaction of receivables from financially troubled account debtors
and other credits to suppliers or received upon foreclosure or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors, suppliers or customers or in settlement of delinquent obligations
of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured investment or other transfer of title with respect thereto; 

(7) Investments made by the Company or any Restricted Subsidiary as a result of consideration received in connection with
an Asset Disposition made in compliance with Section 4.08 or a disposition of assets exempt therefrom; 

(8) Investments (measured on the date each such Investment was made and without giving effect to subsequent changes in
value) in Persons, including, without limitation, Unrestricted Subsidiaries and joint ventures, engaged in a business similar or related to or logical extensions of the businesses in which the Company and the Restricted Subsidiaries are engaged on
the Issue Date, not to exceed the greater of (i) $675.0 million and (ii) 7.5% of Consolidated Total Assets at the time of such Investment, at any one time outstanding; 

(9) Investments (measured on the date each such Investment was made and without giving effect to subsequent changes in
value) not to exceed the greater of (i) $675.0 million and (ii) 7.5% of Consolidated Total Assets at the time of such Investment, at any one time outstanding; 

(10) Investments in a Receivables Entity as part of a Qualified Receivables Transaction; 

(11) stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing
to the Company or any Restricted Subsidiary or in satisfaction of judgments; 
 (12) payroll, travel and similar
advances to cover matters that are made in the ordinary course of business; 
 (13) Investments in the ordinary
course of business consisting of extensions of credit, endorsements for collection or deposit or prepaid expenses and workers compensation, performance and other similar deposits; 

(14) lease, utility and other similar deposits in the ordinary course of business; 

  
 -15-

 (15) Guarantees of Indebtedness of the Company or a Restricted Subsidiary
permitted to be Incurred under this Indenture; 
 (16) Investments in existence on the Issue Date and any
modification, replacement, renewal, reinvestment or extension thereof that does not increase the amount thereof except as otherwise permitted or as provided by the terms thereof on the Issue Date; 

(17) Investments held by a Person acquired after the Issue Date or merged with and into the Company or any Restricted
Subsidiary, which Investment was not incurred in contemplation of such acquisition or merger; and 
 (18)
customer financing in an aggregate amount not to exceed $50.0 million at any time outstanding. 
 “Permitted
Liens” means, with respect to any Person: 
 (1) Liens to secure Indebtedness permitted
pursuant to Section 4.07(b)(1); 
 (2) pledges or deposits by such Person under workers’
compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases, subleases, licenses or sublicenses to which such Person
is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety, stay, customs, replevin or appeal bonds to which such Person is a party, or deposits as security
for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
 (3) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’, materialman’s, repairman’s, landlord’s, workman’s, supplier’s and other like Liens,
in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other
proceedings for review; 
 (4) Liens for taxes, assessments or other governmental charges not yet due or
payable or subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings; 
 (5) Liens in favor of issuers of surety or performance bonds or letters of credit, bank guarantees, bankers’ acceptances or similar credit transactions issued pursuant to the request of and for
the account of such Person in the ordinary course of its business; 
 (6) survey exceptions, encumbrances,
easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to
the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness for borrowed money and which do not in the aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of such Person; 
 (7) Liens securing
Indebtedness Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property of such Person (including Indebtedness Incurred under Section 4.07(b)(6)); provided, however, that the
Lien may not extend to any other property (other than accessions thereto, proceeds and products thereof and property related to the property being financed or through cross-collateralization of individual financings of equipment provided by the same
lender) owned by such Person or any of its Subsidiaries at the time the Lien is Incurred, and the Indebtedness (other than any interest thereon) secured by the Lien may not be Incurred more than 270 days after the later of the acquisition,
completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 

  
 -16-

 (8) Liens existing on the Issue Date (other than Liens referred to in
the foregoing clause (1)) and extensions, renewals and replacements of any such Liens so long as the principal amount of Indebtedness or other obligations secured thereby is not increased and so long as such Liens are not extended to any other
property of the Company or any of its Subsidiaries; 
 (9) Liens on property or shares of stock of another
Person at the time such other Person becomes a Subsidiary of such Person; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided further, however, that such Liens do not extend to any other property owned by such Person or any of its Subsidiaries, except proceeds and products thereof and improvements thereon or pursuant to after acquired property
clauses existing in the applicable agreements at the time such Person becomes a Subsidiary which do not extend to property transferred to such Person by the Company or a Restricted Subsidiary; 

(10) Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any
acquisition by means of a merger or consolidation with or into such Person or any Subsidiary of such Person; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such
acquisition; provided further, however, that the Liens do not extend to any other property owned by such Person or any of its Subsidiaries other than proceeds or products thereof and accessions thereto; 

(11) Liens securing Indebtedness or other obligations of the Company or a Restricted Subsidiary owing to the Company
or a Restricted Subsidiary; 
 (12) Liens securing Hedging Obligations so long as such Hedging Obligations
are permitted to be Incurred hereunder; 
 (13) Liens to secure any Refinancing (or successive Refinancings)
as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (7), (8), (9) and (10); provided, however, that: 

(A) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements,
accessions, proceeds, dividends or distributions in respect thereof) and 
 (B) the Indebtedness secured by such
Lien at such time is not increased to any amount greater than the sum of: 
 (i) the outstanding principal
amount of the indebtedness secured by Liens described under clauses (7), (8), (9) or (10) at the time the original Lien became a Permitted Lien hereunder; and 

(ii) an amount necessary to pay any fees and expenses, including premiums, related to such Refinancings; 

(14) Liens on accounts receivables and related assets of the type specified in the definition of “Qualified
Receivables Transaction” Incurred in connection with a Qualified Receivables Transaction; 

(15) judgment Liens not giving rise to an Event of Default; 

(16) Liens securing obligations other than Indebtedness for borrowed money and not materially detracting from the
value of the assets and properties of the Company and its Restricted Subsidiaries; 
 (17) leases and
subleases of real property which do not materially interfere with the ordinary conduct of the business of the Company and its Subsidiaries; 

  
 -17-

 (18) Liens which constitute bankers’ Liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained with any bank or other financial institution, whether arising by operation of law or pursuant to contract and Liens in respect of Cash Management Obligations; 

(19) Liens on specific items of inventory or 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; 

(20) Liens on specific items of inventory or other goods and related documentation (and proceeds thereof) securing
reimbursement obligations in respect of trade letters of credit issued to ensure payment of the purchase price for such items of inventory or other goods; and 
 (21) Liens (i) on Capital Stock and assets of Foreign Subsidiaries (other than Guarantors) securing Indebtedness of a Foreign Subsidiary permitted by Section 4.07 and securing other
obligations under the agreements governing or relating to such Indebtedness and (ii) securing Indebtedness permitted to be incurred under Section 4.07(b)(15); and 

(22) other Liens to secure Indebtedness as long as the amount of outstanding Indebtedness secured by Liens Incurred
pursuant to this clause (22) does not exceed the greater of (A) $500.0 million and (B) 5.0% of Consolidated Total Assets at the time any such Lien is granted; provided, however, notwithstanding whether this clause
(22) would otherwise be available to secure Indebtedness, Liens securing Indebtedness originally secured pursuant to this clause (22) may secure Refinancing Indebtedness in respect of such Indebtedness and such Refinancing Indebtedness
shall be deemed to have been secured pursuant to this clause (22). 
 “Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes
(however designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

 “principal” of a note means the principal of the Note plus the premium, if any, payable on the Note
which is due or overdue or is to become due at the relevant time. 
 “Private Placement Legend” means
the legend set forth in Section 2.06(g)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Purchase Money Indebtedness” means Indebtedness: 

(1) Incurred in connection with the purchase of property, plant or equipment whether through the direct purchase of
such assets or the Capital Stock of any Person owning such assets, including conditional sale obligations, obligations under any title retention agreement and other obligations Incurred in connection with the acquisition, construction or improvement
of such asset, in each case where the amount of such Indebtedness does not exceed the greater of 
 (A) the
cost of the asset being financed and 
 (B) the Fair Market Value of such asset; and 

(2) Incurred to finance such acquisition, construction or improvement by the Company or a Restricted Subsidiary of
such asset whether through the direct purchase of such asset or the Capital Stock of any Person owning such asset; 

  
 -18-

 provided, however, that such Indebtedness is Incurred within 270 days after such
acquisition or the completion of such acquisition, construction or improvement. 
 “Qualified Receivables
Transaction” means any transaction or series of transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to:

 (1) a Receivables Entity (in the case of a transfer by the Company or any of its Subsidiaries) or

 (2) any other Person (in the case of a transfer by a Receivables Entity), 

or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its Subsidiaries,
and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all Guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and
other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable; provided, however, that the financing
terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by a Financial Officer of the Company). 
 The grant of a security interest in any accounts receivable of the Company or any of its Restricted Subsidiaries to secure Indebtedness under Credit Facilities that is not intended to constitute a
receivables financing (as determined in good faith by the Company) shall not be deemed a Qualified Receivables Transaction. 

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

“Quotation Agent” means one of the Reference Treasury Dealers selected by the Company. 

“Rating Agency” means Standard & Poor’s and Moody’s or, if Standard & Poor’s or
Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors) which
shall be substituted for Standard & Poor’s or Moody’s or both, as the case may be. 
 “Receivables
Entity” means (a) a Subsidiary of the Company which is designated by the Company as a Receivables Entity or (b) another Person engaging in a Qualified Receivables Transaction with the Company or a Restricted Subsidiary which
Person engages in the business of the financing of accounts receivable, and in either of clause (a) or (b): 

(1) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which 

(A) is Guaranteed by the Company or any Restricted Subsidiary of the Company (excluding Guarantees of obligations (other
than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings); 
 (B)
is recourse to or obligates the Company or any Restricted Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings; or 
 (C) subjects any property or asset of the Company or any Restricted Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to
Standard Securitization Undertakings; 
 (2) with which neither the Company nor any Restricted Subsidiary of
the Company has any material contract, agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from
Persons that are not Affiliates of the Company; and 

  
 -19-

 (3) to which neither the Company nor any Restricted Subsidiary of the
Company has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 Any such designation by the Company shall be evidenced to the Trustee by filing with the Trustee an Officer’s Certificate certifying that such designation complied with the foregoing conditions.

 “Reference Treasury Dealer” means three nationally recognized investment banking firms selected by
the Company that are primary U.S. Government securities dealers. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage
of its principal amount, quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day immediately preceding such redemption date. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem,
defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness, including, in any such case from time to time, after the discharge of the Indebtedness being Refinanced. “Refinanced” and
“Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness”
means Indebtedness that is Incurred to Refinance (including pursuant to any defeasance or discharge mechanism) any Indebtedness of the Company or any Restricted Subsidiary existing on the Issue Date or Incurred in compliance with this Indenture
(including Indebtedness that Refinances Refinancing Indebtedness); provided, however, that: 

(1) the Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being
Refinanced, 
 (2) the Refinancing Indebtedness has an Average Life at the time such Refinancing
Indebtedness is Incurred that is equal to or greater than the remaining Average Life of the Indebtedness being refinanced, 
 (3) such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate
principal amount of the Indebtedness being refinanced (or if issued with original issue discount, the aggregate accreted value) then outstanding (or that would be outstanding if the entire committed amount of any credit facility being Refinanced
were fully drawn (other than any such amount that would have been prohibited from being drawn pursuant to Section 4.07)) (plus fees and expenses, including any premium and defeasance costs), and 

(4) if the Indebtedness being Refinanced is subordinated in right of payment to the Notes, such Refinancing
Indebtedness is subordinated in right of payment to the Notes at least to the same extent as the Indebtedness being Refinanced; provided further, however, that Refinancing Indebtedness shall not include: 

(A) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor that Refinances Indebtedness of the
Company; or 
 (B) Indebtedness of the Company or a Restricted Subsidiary that Refinances Indebtedness of an
Unrestricted Subsidiary. 

  
 -20-

 “Regular Record Date” for the interest payable on any Interest
Payment Date means the applicable date specified as a “Record Date” on the face of the Note. 
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note”
means a Global Note in the form of Exhibit A-1 or Exhibit A-2 hereto, bearing the Global Note Legend, the Private Placement Legend and the Regulation S 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 Global Note Legend” means the legend set forth in Section 2.06(g)(iii) hereof. 
 “Registration Rights Agreement” means (i) the Registration Rights Agreement dated as of the Issue Date among the Issuer, the Guarantors and the initial purchasers of the Notes
issued on the Issue Date and (ii) except for purposes of Section 4.03, any other registration rights agreement entered into in connection with an issuance of Additional Notes in a private offering after the Issue Date. 

“Related Business” means any business (a) reasonably related, ancillary or complementary to the businesses
of the Company and its Restricted Subsidiaries on the Issue Date or (b) for which proprietary rights of the Company and its Restricted Subsidiaries would be, as determined in good faith by the Company, reasonably related, ancillary or
complementary to such business. 
 “Restricted Certificated Note” means a Certificated Note bearing, or
that is required to bear, the Private Placement Legend. 
 “Restricted Global Note” means a Global Note
bearing, or that is required to bear, the Private Placement Legend. 
 “Restricted Period” means, in
respect of any Note issued pursuant to Regulation S, the 40-day distribution compliance period as defined in Regulation S applicable to such Note. 
 “Restricted Subsidiary” means any Subsidiary of the Company (including, without limitation, the Issuer) other than an Unrestricted Subsidiary. 

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

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

“SEC” means the United States Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness secured by a Lien on any assets of the Company or any of its
Restricted Subsidiaries. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Senior Indebtedness” of the Issuer or any Guarantor, as the case may be, means any Indebtedness (other than
Indebtedness owing to the Company or a Subsidiary) that is not subordinated in right of payment to the Notes and the Guarantees thereof. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02(w)(1) or
(2) under Regulation S-X promulgated by the SEC as in effect on the Issue Date. 

  
 -21-

 “Standard & Poor’s” means Standard &
Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating business. 
 “Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary of the Company which, taken as a whole, are customary in an accounts receivable transaction (as
determined in good faith by the Company). 
 “Stated Maturity” means, with respect to any security, the
date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such
security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 
 “Subordinated Obligation” means any Indebtedness of the Issuer (whether outstanding on the Issue Date or thereafter Incurred) that by its terms is subordinate or junior in right of
payment to the Notes. “Subordinated Obligation” of a Guarantor has a correlative meaning. 

“Subsidiary” of any Person means any corporation, association, partnership or other business entity of which more
than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time owned or controlled, directly or indirectly, by: 
 (1) such Person, 

(2) such Person and one or more Subsidiaries of such Person or 

(3) one or more Subsidiaries of such Person. 

Unless otherwise specified, all references to any Subsidiary shall be to a Subsidiary of the Company. For the avoidance of doubt, BDWY, a
Chinese corporation, is a Subsidiary of the Company pursuant to its governance structure as in effect on the Issue Date. 

“Subsidiary Guarantor” means any Subsidiary of the Issuer that has issued a Note Guarantee. 

“Temporary Cash Investments” means any of the following: 

(1) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by,
the United States of America (or by any agency thereof), in each case maturing within one year from the date of acquisition thereof; 
 (2) investments in securities with maturities of less than one year from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States or by any
political subdivision or taxing authority thereof or by any foreign government, the securities of which are rated at least A by Standard & Poor’s or A by Moody’s or commercial paper maturing within one year from the date of
acquisition thereof, and having, at such date of acquisition, ratings of A-1 from Standard & Poor’s or P-1 from Moody’s; 
 (3) investments in demand deposits, certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof and issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by any commercial bank, supranational bank or trust company that has a combined capital and surplus and undivided profits of not less than $500 million; 

(4) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in
clause (1) or (2) above and entered into with a financial institution described in clause (3) above or a non-bank broker dealer listed on the Federal Reserve Bank of New York’s list of primary and other reporting dealers;

  
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 (5) money market funds that invest in assets described above;

 (6) in the case of the Company or any Foreign Subsidiary, substantially similar Investments of comparable
quality denominated in the currency of any jurisdiction in which they do business and other investments of the type and maturity described in clause (3) in obligors organized under the laws of a jurisdiction other than the United States in any
country in which such Subsidiary is located; provided that such investments shall be made in amounts and jurisdictions consistent with the Company’s policies governing short-term investments; and 

(7) in the case of the Company or any Foreign Subsidiary, short-term non-speculative investments for cash management
purposes that are consistent with the Company’s written investment policies regarding short-term investments. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the Issue Date.

 “Total Leverage Ratio” means, as of the date of determination, the ratio of (a) Consolidated
Total Debt to (b) EBITDA for the most recently ended four fiscal quarter period ending immediately prior to the date for which financial statements are internally available; provided, however, that: 

(A) if the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that
remains outstanding on such date of determination or if the transaction giving rise to the calculation of the Total Leverage Ratio is an Incurrence of Indebtedness, then the calculation of EBITDA and Consolidated Total Debt for purposes of this
definition for such period shall give effect on a pro forma basis to such new Indebtedness as if such Indebtedness had been Incurred on the first day of such period and the discharge of any other Indebtedness repaid, repurchased, defeased or
otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period; 
 (B) if the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be repaid,
repurchased, defeased or otherwise discharged (in each case other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving
rise to the calculation of the Total Leverage Ratio, then the calculation of EBITDA and Consolidated Total Debt for purposes of this definition for such period shall give effect on a pro forma basis to such repayment, repurchase, defeasance or
discharge as if it had occurred on the first day of such period and as if the Company or such Restricted Subsidiary had not earned the interest income, if any, actually earned during such period in respect of cash or Temporary Cash Investments used
to repay, repurchase, defease or otherwise discharge such Indebtedness; 
 (C) if since the beginning of
such period the Company or any Restricted Subsidiary shall have made any disposition of a Person or business, then EBITDA for such period shall be reduced by an amount equal to the EBITDA (if positive) directly attributable to the assets that are
the subject of such disposition for such period or increased by an amount equal to the EBITDA (if negative) directly attributable thereto for such period; 
 (D) if since the beginning of such period the Company or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person that becomes a
Restricted Subsidiary) or an acquisition , including any acquisition of assets occurring in connection with a transaction giving rise to a calculation hereunder, which constitutes a business, then EBITDA for such period shall be calculated after
giving pro forma effect to such Investment or acquisition (including the Incurrence of any Indebtedness) as if it occurred on the first day of such period; and 

  
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 (E) 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 Restricted Subsidiary since the beginning of such period shall have made any disposition or any Investment or acquisition of assets that would have required an adjustment
pursuant to clause (C) or (D) above if made by the Company or a Restricted Subsidiary during such period, then EBITDA for such period shall be calculated after giving pro forma effect to such disposition, Investment or acquisition
of assets as if it occurred on the first day of such period. 
 For purposes of this definition, whenever pro forma effect is to
be given to an acquisition of assets, disposition or other Investment, the amount of income, EBITDA or earnings relating thereto, the pro forma calculations shall be determined in good faith by a responsible Financial Officer of the Company;
provided that any pro forma adjustments shall be limited to those that are probable based on specifically identified actions set forth in an Officer’s Certificate delivered to the Trustee that have occurred or are expected to occur in
the next twelve months following the date of such calculation, in the good faith judgment of a responsible Financial Officer of the Company. 
 “Total Secured Leverage Ratio” means the ratio of (a) Consolidated Total Secured Debt to (b) EBITDA for the most recently ended four fiscal quarter period ending
immediately prior to the date for which financial statements are internally available, with such adjustments as are set forth under the definition of “Total Leverage Ratio.” 

“Trade Payables” means, with respect to any Person, any accounts payable or any indebtedness or monetary
obligation to trade creditors created, assumed or Guaranteed by such Person arising in the ordinary course of business in connection with the acquisition of goods or services. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 

“Trust Officer” means the Chairman of the Board, the President or any other officer or assistant officer of the
Trustee assigned by the Trustee to administer its corporate trust matters. 
 “Unrestricted Certificated
Note” means one or more Certificated Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A-1 or Exhibit A-2 hereto, that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend.

 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by
the Board of Directors in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted
Subsidiary. 
 The Board of Directors may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary of
the Company) other than the Issuer or any direct or indirect parent company of the Issuer to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or owns or holds any Lien on any
property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that (i) the Subsidiary to be so designated has total Consolidated assets of $1,000
or less; (ii) at the time of such designation, the Company could have made an Investment in compliance with Section 4.05 in an amount equal to the Fair Market Value of such Subsidiary, in each case at the time of such designation.

  
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 The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided, however, that immediately after giving effect to such designation: 

(x) (1) the Company could Incur all Indebtedness of such Unrestricted Subsidiary under Section 4.07 at such
time; and 
 (y) no Default shall have occurred and be continuing. 

Any such designation of a Subsidiary as a Restricted Subsidiary or Unrestricted Subsidiary by the Board of Directors shall be evidenced
to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

 “U.S. Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S.
dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign
currency as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days prior to such determination. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in
such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the
issuer’s option. 
 “Voting Stock” of a Person means all classes of Capital Stock or other
interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

SECTION 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	 Acceleration Notice
	  	6.02
	 Affiliate Transaction
	  	4.09(a)
	 Asset Sale Offer
	  	4.08
	 Authentication Order
	  	2.02(d)
	 Change of Control Offer
	  	4.11(a)
	 Change of Control Payment Date
	  	4.11(a)
	 Company
	  	Preamble
	 Covenant Defeasance
	  	8.03
	 DTC
	  	2.03(b)
	 Events of Default
	  	6.01
	 Future Guarantor
	  	10.02
	 Global Note Legend
	  	2.06
	 Guaranteed Obligations
	  	10.01
	 Initial Lien
	  	4.10
	 Legal Defeasance
	  	8.02
	 Material Indebtedness
	  	4.13
	 Notes
	  	Preamble
	 Note Register
	  	2.03(a)
	 Paying Agent
	  	2.03(a)
	 Private Placement Legend
	  	2.06
	 Purchase
	  	4.05(a)(2)
	 Redemption Date
	  	2.08(d)
	 Registrar
	  	2.03(a)
	 Regulation S Global Note Legend
	  	2.06
	 Restricted Payment
	  	4.05(a)
	 Reversion Date
	  	4.14(a)
	 Successor Company
	  	5.01(a)(1)
	 Successor Guarantor
	  	5.01(b)(1)
	 Suspended Covenants
	  	4.14(a)
	 Suspension Date
	  	4.14(a)
	 Suspension Period
	  	4.14(a)
	 Trustee
	  	Preamble

  
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 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. 

(a) Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. 
 (b) The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes and the Note Guarantees; 

“indenture security holder” means a Holder; 
 “indenture to be qualified” means this Indenture; 
 “indenture
trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the Notes means the Issuer
and any successor obligor upon the Notes. 
 (c) All other terms used in this Indenture that are defined by the TIA, defined by
TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein have the meanings so assigned to them either in the TIA, by another statute or SEC rule, as applicable. 

SECTION 1.04. Rules of Construction. 
 (a) Unless the context otherwise requires: 
 (i) a term has the
meaning assigned to it; 
 (ii) an accounting term not otherwise defined herein has the meaning assigned to it in
accordance with GAAP; 
 (iii) “or” is not exclusive; 

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

(v) all references in this instrument to “Articles,” “Sections” and other subdivisions are to the
designated Articles, Sections and subdivisions of this instrument as originally executed; 
 (vi) the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(vii) “including” means “including without limitation”, 

(viii) provisions apply to successive events and transactions; and 

(ix) references to sections of or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include
substitute, replacement or successor sections or rules adopted by the SEC from time to time thereunder. 

  
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 (b) Unless otherwise expressly specified, references in this Indenture to specific Article
numbers or Section numbers refer to Articles and Sections contained in this Indenture and not to any other document. 
 ARTICLE 2

 THE NOTES 
 SECTION
2.01. Form and Dating. 
 (a) General. The Authenticating Agent shall initially authenticate two series of Notes
for original issue on the Issue Date in an aggregate principal amount of (i) $500,000,000 of the 2019 Notes and (ii) $500,000,000 of the 2021 Notes, upon a written order of the Issuer (other than as provided in Section 2.07 hereof).
The Notes and the Authenticating Agent’s certificate of authentication shall be substantially in the form of Exhibit A-1 hereto with respect to the 2019 Notes and Exhibit A-2 hereto with respect to the 2021 Notes. The
Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication and shall bear interest from the date of original issuance thereof or from the most recent date
to which interest has been paid or duly provided for. The Notes shall be issued initially in minimum denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. 

(b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A-1 or Exhibit A-2
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-1 or
Exhibit A-2 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 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. 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 Registrar 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. 
 (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be
issued initially in the form of the Regulation S Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian and registered in the name of the Depositary, duly executed by the Issuer and
authenticated by the Authenticating Agent as hereinafter provided. 
 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 Registrar and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

SECTION 2.02. Execution and Authentication. 
 (a) One Officer shall sign the Notes for the Issuer by manual or facsimile signature. 
 (b) 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. 

(c) A Note shall not be valid until authenticated by the manual signature of the Trustee or the Authenticating Agent. The signature shall
be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The Trustee or the Authenticating Agent
shall, upon a written order of the Issuer signed by one Officer (an “Authentication Order”), authenticate Notes for original issue. 

  
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 (e) The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate
Notes. Unless otherwise provided in the 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 has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer or any of their respective Subsidiaries. The Trustee hereby appoints Deutsche Bank Trust Company Americas as Authenticating Agent and Deutsche
Bank Trust Company Americas hereby accepts such appointment. 
 SECTION 2.03. Registrar and Paying Agent. 

(a) The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”) and of their
transfer and exchange. The Issuer 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 Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer 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. 
 (b) The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

(c) The Issuer initially appoints Deutsche Bank Trust Company Americas to act as the Registrar and Paying Agent and to act as Custodian
with respect to the Global Notes, and Deutsche Bank Trust Company Americas hereby initially agrees so to act. 
 SECTION 2.04. Paying Agent
to Hold Money in Trust. 
 The Issuer shall require each Paying Agent other than the Trustee or Deutsche Bank Trust Company
Americas (which by its execution of this Indenture hereby agrees) to agree in writing that the Paying Agent shall hold in trust for the benefit of the 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 of any default by the Issuer 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 Issuer
at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a
Subsidiary 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 bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall
serve as Paying Agent for the Notes. 
 SECTION 2.05. Holder Lists. 

The Trustee shall preserve, or shall cause the Registrar to 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 and shall otherwise comply with TIA Section 312(a). If the Paying Agent is not the same entity as the Registrar, the Issuer shall furnish or cause the Registrar to furnish, to the
Paying Agent, at least seven Business Days before each Interest Payment Date and at such other times as the Paying Agent may request in writing, a list in such form and as of such date or such shorter time as the Registrar may allow, as the Paying
Agent may reasonably require of the names and addresses of the Holders, and the Issuer shall otherwise comply with TIA Section 312(a). 
 Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or under the Notes. The Issuer, the Trustee, the Registrar and any other
Person shall have the protection of TIA Section 312(c). 

  
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 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 thereto or a nominee of such successor thereto. A beneficial interest in a Global Note may not be exchanged for a Certificated Note of the same series
unless (A) the Depositary (x) notifies the Issuer 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 Issuer within 120 days or (B) upon the request of a Holder if there shall have occurred and be continuing a Default or Event of Default with respect to the Notes. Upon the occurrence of any of the
preceding events in (A) above, Certificated Notes delivered in exchange for any Global Note of the same series or beneficial interests therein will be registered in the names, and issued in any 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 of the same series 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 Certificated Notes
issued subsequent to any of the preceding events in (A) or (B) 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, 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 (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) 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; provided that prior to the
expiration of the applicable Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person other than pursuant to Rule 144A; provided that
such interest is then transferred to the Rule 144A Global Note. 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. 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)(i). 
 (ii) 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)(i) 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 or Indirect Participant account to be credited with such increase or (B) (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 cause to be issued a Certificated Note of the same series in an amount equal to the 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 Certificated Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Certificated
Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Global Note prior to (A) the expiration of the applicable Restricted Period therefor 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
Registrar shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 

  
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 (iii) 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)(ii) hereof and the Registrar receives the following: 
 (1) if the transferee will take
delivery in the form of a beneficial interest in a 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 

(2) if the transferee will take delivery in the form of a beneficial interest in a 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. 
 (iv) 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)(ii) hereof and the Registrar receives the following: 
 (1) 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 of the same series, a certificate from such Holder substantially in the form of
Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
 (2) 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 of the same series, a certificate from
such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such
case, if the Registrar so requests or if the Applicable Procedures so require, 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)(iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Authenticating Agent 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)(iv). 
 Beneficial interests in an Unrestricted Global Note cannot 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 Certificated Notes. 
 (i) Beneficial Interests in Restricted Global
Notes to Restricted Certificated Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Certificated Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Restricted Certificated Note, then, upon the occurrence of any of the events in subsection (A) or (B) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation:

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

  
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 (2) 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; 
 (3) 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; 
 (4) 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;

 (5) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (6) 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; 
 Upon satisfaction of the conditions of this Section 2.06(c)(i), the
Registrar shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the Authenticating Agent shall authenticate and mail to the Person
designated in the instructions a Certificated Note in the applicable principal amount. Any Certificated Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) 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 Registrar shall
mail such Certificated Notes to the Persons in whose names such Notes are so registered. Any Certificated Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in
Regulation S Global Note to Certificated Notes. Notwithstanding Sections 2.06(c)(i)(1) and (3) hereof, a beneficial interest in the Regulation S Global Note may not be exchanged for a Certificated Note or transferred to a Person who takes
delivery thereof in the form of a Certificated Note prior to (A) the expiration of the applicable Restricted Period therefor and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B), 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. 
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Certificated Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Certificated Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Certificated Note only upon the occurrence of any of the events in subsection (A) of
Section 2.06(a) hereof and if the Registrar receives the following: 
 (1) if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Certificated Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or 
 (2) 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 Certificated Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 

  
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 and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, 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. 
 (iv) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Certificated Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Certificated Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Certificated Note, then, upon the occurrence of any of the events in subsection (A) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Registrar
shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the Authenticating Agent shall authenticate and mail to the Person
designated in the instructions a Certificated Note in the applicable principal amount. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) 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 Registrar shall mail such
Certificated Notes to the Persons in whose names such Notes are so registered. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Certificated Notes for Beneficial Interests. 

(i) Restricted Certificated Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Certificated
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Certificated 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: 
 (1) if the Holder of such Restricted
Certificated 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;

 (2) if such Restricted Certificated 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; 
 (3) if such Restricted Certificated 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; 
 (4) if such Restricted Certificated 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; 
 (5) if such Restricted Certificated Note is being transferred to the Issuer or any of its
Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (6) if such Restricted Certificated 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; 
 Upon satisfaction of the conditions of this Section 2.06(d)(i)
the Registrar shall cancel the Restricted Certificated Note and increase or cause to be increased the aggregate principal amount of, in the case of clause (1), (4), (5) or (6) above, the applicable Restricted Global Note, in the case of
clause (2) above, the applicable 144A Global Note, and in the case of clause (3) above, the applicable Regulation S Global Note. 

  
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 (ii) Restricted Certificated Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Certificated Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Certificated 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: 
 (1) if the Holder of
such Certificated 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 
 (2) if the Holder of such Certificated 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, if the Registrar so requests or if the Applicable Procedures so require, 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 this Section 2.06(d)(ii), the Registrar shall
cancel the Restricted Certificated Note and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (iii) Unrestricted Certificated Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Certificated Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Certificated 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 request for such an exchange or transfer, the
Registrar shall cancel the applicable Unrestricted Certificated Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Certificated Note to a beneficial interest is effected pursuant to subparagraph (ii) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Authenticating Agent shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Certificated Notes so transferred. 
 (e) Transfer and Exchange of Certificated Notes for Certificated Notes. Upon request by a Holder of Certificated Notes and such Holder’s compliance with the provisions of this
Section 2.06(e), the Registrar shall register the transfer or exchange of Certificated Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Certificated 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): 
 (i) Restricted Certificated Notes to Restricted Certificated Notes. Any Restricted Certificated Note may be transferred to and registered in the name of Persons who take delivery thereof in the
form of a Restricted Certificated Note if the Registrar receives the following: 
 (1) if the transfer will be
made pursuant 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; 

  
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 (2) 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 
 (3) 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. 
 (ii) Restricted
Certificated Notes to Unrestricted Certificated Notes. Any Restricted Certificated Note may be exchanged by the Holder thereof for an Unrestricted Certificated Note or transferred to a Person or Persons who take delivery thereof in the form of
an Unrestricted Certificated Note if the Registrar receives the following: 
 (1) if the Holder of such
Restricted Certificated Notes proposes to exchange such Notes for an Unrestricted Certificated Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 (2) if the Holder of such Restricted Certificated Notes proposes to transfer such Notes to a Person who shall
take delivery thereof in the form of an Unrestricted Certificated 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, if the Registrar so requests, 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.

 (iii) Unrestricted Certificated Notes to Unrestricted Certificated Notes. A Holder of Unrestricted
Certificated Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Certificated Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Certificated
Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of an Exchange
Offer in accordance with the Registration Rights Agreement, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Authenticating Agent shall authenticate (i) one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes of the same series tendered for acceptance by Persons that certify in the Letters of Transmittal or
in an Agent’s Message substantially to the effect that (w) any Exchange Notes to be received by them will be acquired in the ordinary course of their business, (x) at the time of the commencement of the Exchange Offer they have no
arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (y) they are not an “affiliate”
(within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and (z) if such Person is a broker-dealer that will receive Exchange Notes for its own account in exchange for Registrable Securities (as defined in the
Registration Rights Agreement) that were acquired as a result of market-making or other trading activities, then such Person will deliver a Prospectus (as defined in the Registration Rights Agreement) (or, to the extent permitted by law, make
available a Prospectus to purchasers) in connection with any resale of such Exchange Notes, and accepted for exchange in the Exchange Offer and (ii) Unrestricted Certificated Notes in an aggregate principal amount equal to the principal amount
of the Restricted Certificated Notes tendered for acceptance by Persons that certify in the Letters of Transmittal substantially to the effect that (w) any Exchange Notes to be received by them will be acquired in the ordinary course of their
business, (x) at the time of the commencement of the Exchange Offer they have no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of
the provisions of the Securities Act, (y) they are not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and (z) if such Person is a broker-dealer that will receive Exchange
Notes for its own account in exchange for Registrable Securities (as defined in the Registration Rights Agreement) that were acquired as a result of market-making or other trading activities, then

  
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such Person will deliver a Prospectus (as defined in the Registration Rights Agreement) (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any
resale of such Exchange Notes, and accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Notes, the Registrar shall cause the aggregate principal amount of the Restricted Global Notes to be reduced accordingly, and the
Issuer shall execute and the Authenticating Agent shall authenticate and mail to the Persons designated by the Holders of Certificated Notes so accepted Unrestricted Certificated Notes of the same series in the applicable principal amount. Any Notes
of a series that remain outstanding after the consummation of the Exchange Offer, and Exchange Notes of such series issued in connection with such Exchange Offer, shall be treated as a single class of securities under this Indenture. 

(g) Legends. The following legends shall appear on the face of all Global Notes and Certificated Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Private Placement Legend.

 (1) Except as permitted by subparagraph (2) below, each Global Note and each Certificated Note (and all
Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form (the “Private Placement Legend”): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A NOTES: ONE YEAR (OR SUCH SHORTER PERIOD THEN REQUIRED UNDER RULE 144 OR ITS SUCCESSOR RULE) OR IN THE
CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE
ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.” 
 (2) Notwithstanding the foregoing, any Global Note or Certificated Note issued pursuant to subparagraph (b)(iv), 
 (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. In
addition, the Issuer may remove the Private Placement Legend from any Note if it determines that such legend is no longer required to comply with the securities laws of the United States. 

  
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 (ii) Global Note Legend. Each Global Note shall bear a legend in substantially the
following form (with appropriate changes in the last sentence if DTC is not the Depositary) (the “Global Note Legend”): 
 “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 REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) 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 REGISTRAR 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 ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER 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.” 
 (iii) Regulation S
Global Note Legend. The Regulation S Global Note shall bear a legend in substantially the following form (the “Regulation S Global Note Legend”): 
 “THIS 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.” 
 (h) Cancellation and/or Adjustment
of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Certificated Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global
Note shall be returned to or retained and cancelled by the Registrar 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 Certificated Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such
Global Note by the Registrar 

  
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or by the Depositary at the direction of the Registrar 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, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar to
reflect such increase. 
 (i) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Authenticating Agent shall
authenticate Certificated Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall
be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 

(iii) The Registrar shall not be required to register the transfer of or exchange of (a) any Note selected for
redemption in whole or in part pursuant to Article 3, except the unredeemed portion of any Note being redeemed in part, or (b) any Note for a period beginning 15 days before the mailing of a notice of an offer to repurchase or redeem Notes
or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest Payment Date, as the case may be. 

(iv) Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent or
the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not
such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 
 (v) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes
surrendered upon such transfer or exchange. 
 (j) No Obligation of the Trustee, Registrar and Paying Agent. 

(i) The Trustee, Registrar and Paying Agent shall have no responsibility or obligation to any beneficial owner of a Global
Note, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with
respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note).
The rights of beneficial owners in any Global Note in global form shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee, Registrar and Paying Agent may rely and shall be fully
protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee, Registrar and Paying Agent 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 without limitation any transfers between or among Depositary participants, members or beneficial owners 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. 

  
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 SECTION 2.07. Replacement Notes. 

If any mutilated Note is surrendered to the Registrar or the Issuer and the Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Issuer shall issue and the Authenticating Agent, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Registrar’s requirements are met. If required by the Registrar or
the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Registrar and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a
Note is replaced. The Issuer may charge for its expenses in replacing a Note. 
 In case any such mutilated, destroyed, lost or
stolen Note had become or is about to become due and payable, the Issuer, in its discretion, may, instead of issuing a new Note, pay such Note, upon satisfaction of the conditions set forth in the preceding paragraph. 

Every replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 The provisions of this Section 2.07 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies of any Holder with respect to the replacement or payment of mutilated, destroyed, lost or stolen Note. 
 SECTION 2.08. Outstanding Notes. 
 (a) The Notes outstanding at any time are
all the Notes authenticated by the Authenticating Agent except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Registrar in accordance with the provisions hereof,
and those described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be
deemed to be outstanding for purposes of Section 2.09 hereof. 
 (b) If a Note is replaced pursuant to Section 2.07
hereof, it ceases to be outstanding unless the Registrar receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 (c) 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. 

(d) If the Paying Agent (other than the Company or a Subsidiary thereof) segregates and holds in trust, in accordance with this
Indenture, on a date of redemption (a “Redemption Date”) or maturity date, money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the 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,
amendment, supplement, waiver or consent, Notes owned by the Company or a Subsidiary 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, amendment, supplement, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
 SECTION
2.10. Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Issuer may prepare and the
Authenticating Agent, 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 Issuer considers appropriate for temporary
Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Authenticating Agent shall authenticate Certificated Notes in exchange for temporary Notes. 

  
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 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.

 SECTION 2.11. Cancellation. 
 The Issuer at any time may deliver Notes to the Registrar for cancellation. The Trustee and Paying Agent shall forward to the Registrar any Notes surrendered to them for registration of transfer, exchange
or payment. The Registrar, upon direction by the Issuer and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in accordance with its
customary procedures (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the Issuer from time to time upon written request. The Issuer may not issue new
Notes to replace Notes that it has paid or that have been delivered to the Registrar for cancellation. 
 SECTION 2.12. Defaulted
Interest. 
 If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest payable on the defaulted interest, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent
special record date. The Issuer shall notify the Trustee and Paying Agent in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the
Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee and Paying Agent for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed any 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 Issuer of any such special record date. At least 15 days before
any such special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each Holder, with a copy to the
Trustee, 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 Issuer in issuing the Notes may
use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee and Registrar, as applicable, shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders;
provided, however, 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 of a redemption and that reliance may be placed only on
the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee and Registrar of any change in the “CUSIP” or
“ISIN” numbers. 
 SECTION 2.14. Additional Notes. 
 The Issuer shall be entitled, subject to its compliance with Section 4.07 hereof, to issue Additional 2019 Notes and Additional 2021 Notes, including Exchange Notes in respect thereof, under this
Indenture in an unlimited aggregate principal amount, each of which shall have identical terms as the Initial 2019 Notes or Initial 2021 Notes, respectively, other than with respect to the date of issuance and issue price and first payment of
interest (and, if such Additional Notes shall be issued in the form of Restricted Global Notes or Restricted Certificated Notes, other than 

  
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with respect to transfer restrictions, any registration rights agreement and additional interest with respect thereto). The Initial 2019 and any Additional 2019 Notes or Exchange Notes with
respect to the 2019 Notes shall be treated as a single class and the Initial 2021 Notes and any Additional 2021 Notes or Exchange Notes with respect to the 2021 Notes shall be treated as a single class, in each case for all purposes under this
Indenture, including without limitation, waivers, amendments, redemptions and offers to purchase. 
 With respect to any
Additional Notes, the Issuer shall set forth in a resolution of its Board of Directors and an Officer’s Certificate, a copy of each which shall be delivered to the Trustee and the Agent, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;
and 
 (b) the issue price, the issue date and the CUSIP number(s) of such Additional Notes; provided,
however, that if Additional Notes are issued at a price that would cause such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Internal Revenue Code of 1986, as amended, such Additional
Notes shall not have the same “CUSIP” number as the Additional Notes of the same series. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

SECTION 3.01. Notices to Trustee. 
 If the Issuer elects to redeem any series of Notes pursuant to the optional redemption provisions of Sections 3.07 and 3.08 hereof and paragraph 5 of the applicable Notes, it shall furnish to the
Trustee and the applicable Agent an Officer’s Certificate setting forth (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of 2019 Notes or 2021
Notes, as applicable, to be redeemed, and (iv) the redemption price. If the Issuer elects to redeem any series of Notes pursuant to the provisions of Sections 3.07 and 3.08 hereof and paragraph 5 of the Notes, it shall furnish such
Officer’s Certificate to the Trustee and the applicable Agent at least 30 days but not more than 60 days before a Redemption Date unless a shorter notice shall be reasonably satisfactory to the Trustee. Any such notice may be cancelled at
any time prior to notice of such redemption being mailed to any Holder and shall, therefore, be void and of no effect. 
 SECTION 3.02.
Selection of Notes to Be Redeemed. 
 If less than all of the Notes of any series are to be redeemed or purchased at any
time, the Registrar and Paying Agent shall select the Notes or such series to be redeemed or purchased, (i) if the applicable Notes are listed, in compliance with the requirements of the principal national securities exchange on which the
applicable Notes are listed, or (ii) if the applicable Notes are not so listed, on a pro rata basis, by lot or by such method as the Registrar and Paying Agent in its sole discretion shall deem to be fair and appropriate. In the event of
partial redemption, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Registrar and Paying Agent from the outstanding Notes not
previously called for redemption. 
 The Paying Agent and Registrar shall promptly notify the Issuer in writing of the Notes
selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

  
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 SECTION 3.03. Notice of Redemption. 

At least 30 days but not more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, by first class
mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 
 The notice shall
identify the Notes to be redeemed (including the CUSIP or ISIN number) and shall state: 
 (a) the Redemption
Date; 
 (b) the redemption price; 

(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 Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the Redemption Date; 
 (g) the paragraph of the Notes and Section of this Indenture pursuant
to which the Notes called for redemption are being redeemed; and 
 (h) that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s
request, the Registrar shall give the notice of redemption in the Issuer’s name and at its expense, provided, however, that the Issuer gives the Registrar at least 3 Business Days prior notice of such request. 

SECTION 3.04. Effect of Notice Upon Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price stated in the
notice except that any redemption and notice thereof may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent, including consummation of a related Equity Offering. Subject to the foregoing, upon
surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest to the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due
on the related Interest Payment Date). 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. 
 SECTION 3.05. Deposit of Redemption Price. 
 On or before 11:00 a.m.
Eastern Time on any Redemption Date, the Issuer shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions of Notes) to be redeemed on that date. Upon written
instructions of the Issuer, the Paying Agent shall promptly return to the Issuer any money deposited with the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be
redeemed. 

  
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 If the Issuer complies with the provisions of the preceding paragraph, on and after the
Redemption Date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption, whether or not such Notes are presented for payment. 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 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 Issuer 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 lawful on any interest not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 SECTION 3.06. Notes
Redeemed in Part. 
 Upon surrender of a Note that is redeemed in part, the Issuer shall issue and, upon the Issuer’s
written request, the Authenticating Agent shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

SECTION 3.07. Optional Redemption for the 2019 Notes. 
 Except as set forth in subparagraphs (a) and (c) below, the 2019 Notes are not redeemable before May 15, 2014. 

(a) At any time prior to May 15, 2014, the Issuer may, at its option, redeem all or part of the 2019 Notes
(calculated after giving effect to any issuance of Additional 2019 Notes), at a redemption price equal to 100% of the principal amount of 2019 Notes redeemed plus the Applicable Premium for the 2019 Notes, as of, and accrued and unpaid interest, if
any, to, but not including, the Redemption Date (subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

(b) On or after May 15, 2014, the Issuer may, at its option, redeem all or a part of the 2019 Notes, at the
redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest to the applicable Redemption Date (subject to the right of Holders of Notes on the relevant Regular Record Date to receive interest due
on the relevant Interest Payment Date), if redeemed during the twelve-month period beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	 Redemption Price
	 
	 2014
	  	 	104.406	% 
	 2015
	  	 	102.938	% 
	 2016
	  	 	101.469	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c)
Notwithstanding the provisions of subparagraphs (a) and (b) of this Section 3.07, at any time prior to May 15, 2014, the Issuer may, at its option, on one or more occasions redeem up to 35% of the original aggregate principal
amount of 2019 Notes issued under this Indenture (calculated after giving effect to any issuance of Additional 2019 Notes) with the Net Cash Proceeds of one or more Equity Offerings by the Company, at a redemption price equal to 105.875% of the
principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment
Date); provided that: 
 (1) at least 65% of the original aggregate principal amount of the 2019 Notes
issued under this Indenture (calculated after giving effect to any issuance of Additional 2019 Notes) remains outstanding immediately after giving effect to any such redemption; and 

(2) any such redemption by the Issuer must be made within 120 days after the closing of such Equity Offering.

  
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 (d) Any redemption pursuant to this Section 3.07 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 hereof. 
 SECTION 3.08. Optional Redemption for the 2021 Notes. 

Except as set forth in subparagraphs (a) and (c) below, the 2021 Notes are not redeemable before May 15, 2016. 

(a) At any time prior to May 15, 2016, the Issuer may, at its option, redeem all or part of the 2021 Notes
(calculated after giving effect to any issuance of Additional 2021 Notes), at a redemption price equal to 100% of the principal amount of 2021 Notes redeemed plus the Applicable Premium for the 2021 Notes, as of, and accrued and unpaid interest, if
any, to, but not including, the Redemption Date (subject to the rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

(b) On or after May 15, 2016, the Issuer may, at its option, redeem all or a part of the 2021 Notes, at the
redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest to the applicable Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date), if redeemed during the twelve-month period beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	 Redemption Price
	 
	 2016
	  	 	103.063	% 
	 2017
	  	 	102.042	% 
	 2018
	  	 	101.021	% 
	 2019 and thereafter
	  	 	100.000	% 

 (c)
Notwithstanding the provisions of subparagraphs (a) and (b) of this Section 3.08, at any time prior to May 15, 2014, the Issuer may, at its option, on one or more occasions redeem up to 35% of the original aggregate principal
amount of 2021 Notes issued under this Indenture (calculated after giving effect to any issuance of Additional 2021 Notes) with the Net Cash Proceeds of one or more Equity Offerings by the Company at a redemption price equal to 106.125% of the
principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment
Date); provided that: 
 (1) at least 65% of the original aggregate principal amount of the 2021 Notes
issued under this Indenture (calculated after giving effect to any issuance of Additional 2021 Notes) remains outstanding immediately after giving effect to any such redemption; and 

(2) any such redemption by the Issuer must be made within 120 days after the closing of such Equity Offering.

 (d) Any redemption pursuant to this Section 3.08 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. 
 SECTION 3.09. Mandatory Redemption. 

Except as set forth in Sections 4.08 and 4.11 hereof, the Issuer shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes. 

  
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 ARTICLE 4 
 COVENANTS 
 SECTION 4.01. Payment of Notes. 

The Issuer shall pay or cause to be paid the principal of, premium, if any, interest on, the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the
Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on that date. Interest shall be
computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 4.02. Maintenance of Office or Agency. 

(a) The Issuer shall maintain an office or agency (which may be an office or drop facility of the Trustee or an affiliate of the Trustee
or Registrar) where Notes may be presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints Deutsche Bank Trust Company Americas as its agent to receive all such presentations, surrenders,
notices and demands. 
 (b) The Issuer may also from time to time designate one or more other offices or agencies where the
Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 
 (c) The Issuer hereby designates the address of Deutsche Bank Trust Company
Americas set forth in Section 11.02 as one such office, drop facility or agency of the Issuer in accordance with Section 4.02(a). 

SECTION 4.03. Reports. 

(a) Prior to the completion of the Exchange Offer, the Issuer shall furnish to the Trustee for distribution to a Holder upon any such
Holder’s written request the following reports within the time periods set forth below: 
 (1) within 90
days after the end of each fiscal year, annual reports of the Company containing substantially all of the information that would have been required to be contained in an Annual Report on Form 10-K under the Exchange Act (other than information
described in Items 9A, 9AT, and 9B of Part II or in Items 11, 12, 13 (other than any information required by Item 404 of Regulation S-K) and 14 of Part III of such form) if the Company had been a reporting company under the Exchange Act,
including (A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (B) audited financial statements prepared in accordance with GAAP (but without the need for compliance with Rule
3-10 of Regulation S-X); 
 (2) within 45 days after the end of each of the first three fiscal quarters of
each fiscal year, quarterly reports of the Company containing substantially all of the information that would have been required to be contained in a Quarterly Report on Form 10-Q under the Exchange Act (other than information described in Items 4
and 4T of Part I and Items 2 and 5 of Part II of such form) if the Company had been a reporting company under the Exchange Act (but only to the extent similar information is provided in this offering memorandum), including
(A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (B) unaudited quarterly financial statements prepared in accordance with GAAP (but without the need to comply with Rule 3-10 of
Regulation S-X); and 

  
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 (3) within 5 business days after the occurrence of any event that would have
been required to be reported in a Current Report on Form 8-K (other than a report required pursuant to Items 1.01 or 1.02 (in each case, to the extent not relating to a financing or acquisition), 2.02, 2.05, 2.06, 3.01, 3.02, 5.02, 5.03, 5.04, 5.05,
5.06 and 5.07) under the Exchange Act if the Company had been a reporting company under the Exchange Act, current reports containing substantially all of the information that would have been required to be contained in a Current Report on Form 8-K
under the Exchange Act if the Company had been a reporting company under the Exchange Act; provided, however, that no such current report will be required to be furnished if an executive officer of the Issuer determines in its good
faith judgment that such event is not material to Holders or the business, assets, operations, financial positions or prospects of the Company and its Restricted Subsidiaries, taken as a whole; 

provided, however, that (A) such reports will not be required to comply with Section 302 or Section 404 of the
Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein) or Regulation G and (B) no schedules or
exhibits shall be required to be included in any report. 
 Prior to the completion of the Exchange Offer, the Issuer will also
post all such reports to its website. 
 (b) In addition, the Issuer shall furnish to Holders, prospective investors,
broker-dealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 

(c) From and after the completion of the Exchange Offer, whether or not required by the rules and regulations of the SEC, so long as any
Notes are outstanding, the Issuer will provide the Trustee and Holders and prospective Holders within the time periods specified in the SEC’s rules and regulations for non-accelerated filers, copies of: 

(1) annual reports on Form 10-K, or any successor or comparable form, of the Company containing the information required
to be contained therein, or required in such successor or comparable form; 
 (2) quarterly reports on Form 10-Q
of the Company, containing the information required to be contained therein, or any successor or comparable form; and 
 (3) from time to time after the occurrence of an event required to be therein reported, such other reports on Form 8-K, or any successor or comparable form, of the Company. 

Notwithstanding whether the Company is subject to the periodic reporting requirements of the Exchange Act, the Company will nevertheless
continue filing the reports specified above unless the SEC will not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to accept any such filings. Notwithstanding the foregoing, to the extent the
Company files the information and reports referred to in the preceding paragraph with the SEC and such information is publicly available on the Internet, the Company shall be deemed to be in compliance with its obligations to furnish such
information to the Holders of the Notes. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in the preceding paragraph on its website within the time
periods that would apply if the Company were required to file those reports with the SEC. 
 (d) The Company will participate in
a quarterly conference call available to Holders of the Notes, prospective investors in the Notes, broker-dealers and securities analysts to discuss operating results and related matters. The Company shall post a notice of such quarterly conference
calls on its website at least three business days in advance of each such conference call which will provide the date and time of any such call and will either provide Holders, prospective investors, broker-dealers and securities analysts with
instructions for accessing such call or direct such persons to contact the investor relations office of the Company to obtain access to the conference call. 
 (e) In the event that any direct or indirect parent company of the Company (of which the Company is a wholly-owned Subsidiary) is or becomes a Guarantor of the Notes, the Issuer may satisfy its
obligations under this Section 4.03 by furnishing information (or filing it with the SEC) relating to such direct or indirect parent company. 

  
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 Any such reports delivered or filed by the Company with the Trustee shall be considered for
informational purposes only and the Trustee’s receipt of such reports shall not constitute notice or actual knowledge of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

SECTION 4.04. Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer’s Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to the Officer signing such certificate, that to the best of his or her knowledge the Company 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 of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the
Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. For the purposes of this paragraph, such compliance shall be determined without regard to any grace
period or requirement of notice provided under this Indenture. The Issuer shall also comply with TIA Section 314(a)(4). 

(b) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith and in any event within
30 days upon any Officer becoming aware of any Default or Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officer’s Certificate specifying such Default or Event of
Default and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 4.05. Restricted Payments. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary, directly or indirectly, to: 

(1) declare or pay any dividend, make any distribution on or in respect of its Capital Stock or make any similar payment
(including any payment in connection with any merger or consolidation involving the Company or any Restricted Subsidiary) to the direct or indirect holders of its Capital Stock in their capacity as such, except (A) dividends or distributions
payable solely in its Capital Stock (other than Disqualified Stock) and (B) dividends or distributions payable to the Company or a Restricted Subsidiary (and, if such Restricted Subsidiary has Capital Stock held by Persons other than the
Company or other Restricted Subsidiaries, to such other Persons on no more than a pro rata basis); 
 (2)
purchase, repurchase, redeem, retire or otherwise acquire (“Purchase”) for value any Capital Stock of the Company or any direct or indirect parent of the Company held by any Person (other than Capital Stock held by the
Company or a Restricted Subsidiary); 
 (3) purchase for value, prior to scheduled maturity, any scheduled
repayment or any scheduled sinking fund payment, any Subordinated Obligations (other than (a) the purchase for value of Subordinated Obligations acquired in anticipation of satisfying a sinking fund obligation, principal installment or final
maturity, in each case due within one year of the date of such Purchase or (b) the purchase for value of Indebtedness outstanding under Section 4.07(b)(2)); or 

(4) make any Investment (other than a Permitted Investment) 

  
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 (any such dividend, distribution, payment or Purchase being herein referred to as a “Restricted
Payment”), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment: 

(A) a Default shall have occurred and be continuing (or would result therefrom); 

(B) the Company could not Incur at least $1.00 of additional Indebtedness under Section 4.07(a); or 

(C) the aggregate amount of such Restricted Payment and all other Restricted Payments (the amount so expended, if other
than in cash, to be determined in good faith by a Financial Officer of the Issuer, whose determination will be conclusive; provided, however, that with respect to any non-cash Restricted Payment, the amount so expended shall be
determined in accordance with the provisions of the definition of Fair Market Value) declared or made subsequent to the Issue Date would exceed the sum, without duplication, of: 

(i) 50% of the Consolidated Net Income accrued during the period (treated as one accounting period) from the beginning of
the fiscal quarter during which the Issue Date occurs to the end of the most recent fiscal quarter for which financial statements are available prior to the date of such Restricted Payment (or, in case such Consolidated Net Income will be a deficit,
minus 100% of such deficit); plus 
 (ii) 100% of the aggregate Net Cash Proceeds and the Fair Market
Value of other property received by the Company from the issuance or sale of its Capital Stock (other than Disqualified Stock) subsequent to the Issue Date (other than an issuance or sale to a Subsidiary of the Company and other than an issuance or
sale to an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) and 100% of any capital contribution received by the Company from its equityholders subsequent to the
Issue Date; plus 
 (iii) the amount by which Indebtedness of the Company or its Restricted Subsidiaries
is reduced on the Company’s Consolidated balance sheet upon the conversion or exchange (other than by the Company or a Subsidiary of the Company) subsequent to the Issue Date of any Indebtedness of the Company or its Restricted Subsidiaries
issued after the Issue Date for Capital Stock (other than Disqualified Stock) of the Company; plus 

(iv) in the case of the disposition or repayment of or return on any Investment that was treated as a Restricted Payment
made after the Issue Date, an amount (to the extent not included in the computation of Consolidated Net Income) equal to the aggregate amount received by the Company or any Restricted Subsidiary in cash or other property (valued at the Fair Market
Value thereof) with respect to such Investment; plus 
 (v) without duplication of amounts that increased
the amounts available for Permitted Investments, upon a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Fair Market Value of the Company’s proportionate interest in such Subsidiary immediately following such
redesignation. 
 (b) Notwithstanding the foregoing, the provisions of Section 4.05(a) shall not prohibit: 

(1) any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent sale of, or made by exchange
for, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Company or an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for
the benefit of their employees to the extent such sale to such an employee stock ownership plan or trust is financed by loans from or guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to
the date of determination) or a substantially concurrent cash capital contribution received by the Company from its equityholders; provided, however, that: 

  
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 (A) such Restricted Payment shall be excluded in the calculation of the
amount of Restricted Payments, and 
 (B) the Net Cash Proceeds from such sale applied in the manner set forth in
this clause (1) shall be excluded from the calculation of amounts under clause (C)(ii) of paragraph (a) above; 
 (2) any prepayment, repayment or Purchase for value of Subordinated Obligations made by exchange for, or out of the proceeds of the substantially concurrent sale of, other Subordinated Obligations;
provided, however, that such prepayment, repayment or Purchase for value shall be excluded in the calculation of the amount of Restricted Payments; 

(3) dividends paid within 60 days after the date of declaration thereof if at such date of declaration such dividends
would have complied with this Section 4.05; provided, however, that such dividends shall be included in the calculation of the amount of Restricted Payments; 

(4) any (A) Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for
present or former officers, directors, consultants or employees of the Company and its Subsidiaries in existence on the Issue Date and (B) purchase for value of Capital Stock of the Company or any of its Subsidiaries or direct or indirect
parent companies (or any distribution to any such parent to finance such purchase) from employees, former employees, directors or former directors of the Company or any of its Subsidiaries or direct or indirect parent companies (or permitted
transferees of such employees, former employees, directors or former directors) in an aggregate amount not to exceed $125.0 million per year (with unused amounts carried over to future years); provided further, however, that such
Purchases for value shall be included in the calculation of the amount of Restricted Payments; 
 (5) so long as
no Default has occurred and is continuing, payments of dividends on Disqualified Stock issued after the Issue Date pursuant to Section 4.07; provided, however, that such dividends shall be included in the calculation of the amount
of Restricted Payments; 
 (6) repurchases of Capital Stock deemed to occur upon exercise of stock options or
warrants if such Capital Stock represents a portion of the exercise price of such options; provided, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments; 

(7) so long as no Default has occurred and is continuing, any prepayment, repayment or Purchase for value of Subordinated
Obligations (i) upon a Change of Control or (ii) from proceeds of an asset sale; provided that prior to such purchase, all Notes validly tendered and not withdrawn pursuant to a Change of Control Offer or Asset Sale Offer in
connection therewith have been purchased; provided, however, that such prepayment, repayment or Purchase for value shall be excluded in the calculation of the amount of Restricted Payments; 

(8) payments to holders of Capital Stock (or to the holders of Indebtedness that is convertible into or exchangeable for
Capital Stock upon such conversion or exchange) in lieu of the issuance of fractional shares; provided, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 

(9) Restricted Payments if, at the time of making such payments, and after giving effect thereto (including, without
limitation, the Incurrence of any Indebtedness to finance such payment), the Total Leverage Ratio would not exceed 3.50 to 1.00; provided, however, that at the time of each such Restricted Payment, no Default shall have occurred and be
continuing (or result therefrom); and provided further, however, that such amounts shall be included in the calculation of the amount of Restricted Payments; 

(10) tax distributions to members of the Company in accordance with the terms of the Company’s partnership agreement
as in effect on the Issue Date or as amended in any manner that is not adverse in any material respect to the Holders of Notes; and provided further, however, that 50% of such amounts shall be included in the calculation of the amount
of Restricted Payments; 

  
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 (11) following the first initial public offering of the common Capital Stock
of the Company or any direct or indirect parent of the Company, dividends or distributions in an aggregate amount per annum not to exceed 6% of the net cash proceeds received by or contributed to the capital of the Company in connection with such
initial public offering; provided, however, that such amounts shall be included in the calculation of the amount of Restricted Payments; 
 (12) distributions (A) to pay expenses in connection with the formation of a holding company of the Company and/or consummating (or attempting to consummate) an initial public offering of the Capital
Stock of such holding company and (B) (i) in amounts required for any direct or indirect parent of the Company to pay fees and expenses (including franchise or similar taxes) required to maintain its corporate existence, customary salary,
bonus and other benefits payable to, and indemnity provided on behalf of, officers and employees of any direct or indirect parent of the Company, and general corporate overhead expenses of any direct or indirect parent of the Company, in each case
to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership or operation of the Company and its Subsidiaries and (ii) in amounts required for any direct or indirect parent of the Company to
pay fees and expenses related to any unsuccessful equity or debt offering of such parent; provided, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 

(13) transactions permitted under clause (b)(2), (b)(3), (b)(4), (b)(5), (b)(9) or (b)(10) of Section 4.09 to the
extent constituting a Restricted Payment; provided that such payments shall be excluded in the calculation of the amount of Restricted Payments; or 
 (14) any Restricted Payment in an amount which, when taken together with all Restricted Payments made after the Issue Date pursuant to this clause (14), does not exceed $675.0 million; provided,
however, that (A) at the time of each such Restricted Payment, no Default shall have occurred and be continuing (or result therefrom) and (B) such Restricted Payments shall be excluded in the calculation of the amount of Restricted
Payments. 
 SECTION 4.06. Dividend and Other Payment Restrictions Affecting Subsidiaries. 

The Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective
any contractual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends
or make any other distributions on its Capital Stock; 
 (2) pay any Indebtedness or other obligations owed to
the Company; 
 (3) make any loans or advances to the Company; or 

(4) transfer any of its property or assets to the Company, 
 except, in the case of clauses (1), (2), (3) and (4) above: 
 (A) any encumbrance or restriction pursuant to (i) applicable law, rule, regulation or order or (ii) an agreement in effect at or entered into on the Issue Date; 

(B) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any
Indebtedness Incurred by such Restricted Subsidiary prior to the date on which such Restricted Subsidiary was acquired by the Company (other than Indebtedness Incurred as consideration in, in contemplation of, or to provide all or any portion of the
funds or credit support utilized to consummate the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by the Company) and outstanding on such date;

  
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 (C) any encumbrance or restriction pursuant to an agreement effecting a
Refinancing of Indebtedness Incurred pursuant to an agreement referred to in clause (A) or (B) of this Section 4.06 or this clause (C) or contained in any amendment to an agreement referred to in clause (A) or (B) of
this Section 4.06 or this clause (C); provided, however, that the encumbrances and restrictions contained in any such Refinancing agreement or amendment are no less favorable in any material respect to the Holders than the
encumbrances and restrictions contained in such predecessor agreements; 
 (D) any encumbrance or restriction
pursuant to an agreement with respect to Indebtedness incurred in reliance on Section 4.07(b)(1); 
 (E) in
the case of clause (4) above, any encumbrance or restriction: 
 (i) that restricts in a customary manner
the subletting, assignment or transfer of any property or asset that is subject to a lease, sublease, license or similar contract, or the assignment or transfer of any such lease, sublease, license or other contract; or 

(ii) contained in mortgages, pledges and other security agreements securing Indebtedness of a Restricted Subsidiary to the
extent such encumbrance or restriction restricts the transfer of the property subject to such security agreements or the Subsidiary incurring or Guaranteeing such indebtedness; 

(F) with respect to a Restricted Subsidiary, any restriction imposed pursuant to an agreement entered into for the sale or
disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 
 (G) any encumbrance or restriction existing under or by reason of Indebtedness or other contractual requirements of a Receivables Entity in connection with a Qualified Receivables Transaction or the
Company or any Restricted Subsidiary with respect to Standard Securitization Undertakings in connection with a Qualified Receivables Transaction; 
 (H) purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions on the property purchased or leased of the nature
described in clause (4) above; 
 (I) any encumbrances or restrictions contained in joint venture agreements
and restrictions with respect to the disposition or distribution of assets or property subject to asset sale agreements, stock sale agreements and other similar agreements and customary provisions in agreements restricting the assignment or transfer
thereof; 
 (J) restrictions on cash or other deposits or net worth imposed by customers, lenders, suppliers or,
in the ordinary course of business, other third parties or by Liens permitted hereby; 
 (K) with respect to any
Foreign Subsidiary, any encumbrance or restriction contained in the terms of any Indebtedness incurred by such Foreign Subsidiary; and 
 (L) any encumbrance or restriction contained in the terms of any Indebtedness permitted to be incurred hereunder; provided that such encumbrance of restriction are not expected to (as determined by
the Company in good faith on the date of incurrence) materially adversely affect the ability of the Company to pay principal and interest on the Notes; and any amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings thereof that do not contain encumbrances or restrictions that are materially more restrictive (as determined by the Company in good faith) than those in the original Indebtedness. 

  
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 For purposes of determining compliance with this Section 4.06, (i) the priority of
any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and
(ii) the subordination of loans or advances made to the Company or a Restricted Subsidiary to other Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or
advances. 
 SECTION 4.07. Limitation on Indebtedness. 
 (a) The Company will not, and will not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that the Company or any Restricted Subsidiary
may Incur Indebtedness if on the date of such Incurrence and after giving effect thereto and the application of the proceeds therefrom the Consolidated Interest Coverage Ratio would be greater than 2.0:1.0; provided that the maximum aggregate
principal amount of Indebtedness outstanding at any time and incurred by Restricted Subsidiaries that are not the Issuer or a Guarantor pursuant to this clause (a) (when aggregated with the aggregate principal amount of Indebtedness of
Restricted Subsidiaries that are not the Issuer or a Guarantor incurred in respect thereof pursuant to clause (b)(3) below and then outstanding) shall not exceed $350.0 million. 

(b) Notwithstanding the foregoing paragraph (a), the Company and its Restricted Subsidiaries may Incur the following Indebtedness:

 (1) Indebtedness under Credit Facilities in an aggregate principal amount not to exceed the greater of
(A) $2,750.0 million, less the aggregate amount of all prepayments of principal applied to permanently reduce any such Indebtedness in satisfaction of the Company’s obligations under Section 4.08, (B) the sum of (i) 60% of
the book value of the inventory of the Company and its Restricted Subsidiaries plus (ii) 80% of the book value of the accounts receivable of the Company and its Restricted Subsidiaries (other than any accounts receivable pledged, sold or
otherwise transferred or encumbered by the Company or any Restricted Subsidiary in connection with a Qualified Receivables Transaction), in each case, as of the end of the most recent fiscal quarter for which financial statements are available (but
calculated on a pro forma basis for any acquisition or disposition of a Person or business occurring after such date and on or prior to the date of determination) and (C) solely in the case of Secured Indebtedness of the Company or a Guarantor
that is not Guaranteed by any Restricted Subsidiary that is not the Issuer or a Guarantor, an amount such that, after giving pro forma effect thereto and the application of the proceeds therefrom, the Total Secured Leverage Ratio does not exceed
2.0:1.0; 
 (2) Indebtedness of the Company owed to and held by any Restricted Subsidiary or Indebtedness of a
Restricted Subsidiary owed to and held by the Company or any Restricted Subsidiary; provided, however, that (i) any Indebtedness owed by the Issuer or any Guarantor to any Restricted Subsidiary that is not the Issuer or a
Guarantor shall be subordinated in right of payment to the Notes or the Note Guarantees, as applicable and (ii) any subsequent event that results in any Restricted Subsidiary to which any such Indebtedness is owed ceasing to be a Restricted
Subsidiary or any subsequent transfer of any such Indebtedness (except to the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the issuer thereof not permitted by this clause
(2); 
 (3) Indebtedness (A) represented by the Notes (not including any Additional Notes) and the Note
Guarantees and any Exchange Notes and related Guarantees issued in exchange for such Notes and Note Guarantees pursuant to the Registration Rights Agreement, (B) outstanding on the Issue Date (other than the Indebtedness described in clauses
(1) (under the Credit Agreement), (2) and (3)(A) above) and (C) consisting of Refinancing Indebtedness Incurred in respect of any Indebtedness described in this clause (3) (including Indebtedness that is Refinancing
Indebtedness) or the foregoing paragraph (a); 

  
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 (4) (A) Indebtedness of a Restricted Subsidiary Incurred and
outstanding on or prior to the date on which such Restricted Subsidiary was acquired by the Company or a Restricted Subsidiary (other than Indebtedness Incurred in contemplation of, in connection with, as consideration in, or to provide all or any
portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Subsidiary of or was otherwise acquired by the Company); provided,
however, that on the date that such Restricted Subsidiary is acquired by the Company, (i) the Company would have been able to Incur $1.00 of additional Indebtedness pursuant to the foregoing paragraph (a) after giving effect to the
Incurrence of such Indebtedness pursuant to this clause (4) or (ii) the Consolidated Interest Coverage Ratio immediately after giving effect to such Incurrence and acquisition would be equal to or greater than such ratio immediately prior
to such transaction and (B) Refinancing Indebtedness Incurred by a Restricted Subsidiary in respect of Indebtedness Incurred by such Restricted Subsidiary pursuant to this clause (4); 

(5) Indebtedness in respect of (A) workers compensation claims, health disability or other employee benefits or
property, casualty or liability insurance or self-insurance in the ordinary course of business, (B) bid, performance surety, stay, customs, appeal or replevin bonds, bankers’ acceptances, letters of credit, bank guarantees and performance
and completion guarantees, or similar obligations entered into by the Company or any Restricted Subsidiary in the ordinary course of business, (C) judgments, decrees, attachments or awards that do not constitute an Event of Default and
(D) Hedging Obligations not entered into for speculative purposes; 
 (6) Purchase Money Indebtedness and
Capitalized Lease Obligations and Refinancing Indebtedness in respect thereof in an aggregate principal amount on the date of Incurrence that, when added to all other Indebtedness Incurred pursuant to this clause (6) and then outstanding, will
not exceed the greater of (A) $500.0 million and (B) 5.0% of Consolidated Total Assets at the time such Indebtedness is Incurred; 
 (7) Indebtedness Incurred by a Receivables Entity in a Qualified Receivables Transaction; 
 (8) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;
provided, however, that such Indebtedness is extinguished within five Business Days of a Financial Officer’s becoming aware of its Incurrence; 

(9) any Guarantee by the Company or a Restricted Subsidiary of Indebtedness or other obligations of the Company or any of
its Restricted Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture; 

(10) (A) Indebtedness of the Company or a Restricted Subsidiary in an amount not to exceed $100.0 million Incurred in
contemplation of, in connection with, as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became
a Subsidiary of or was otherwise acquired by the Company whether by means of the acquisition of assets or the Capital Stock of such entity; provided, however, that on the date that such Restricted Subsidiary is acquired by the Company,
(i) the Company would have been able to Incur $1.00 of additional Indebtedness pursuant to the foregoing paragraph (a) after giving effect to the Incurrence of such Indebtedness pursuant to this clause (10) or (ii) the
Consolidated Interest Coverage Ratio immediately after giving effect to such Incurrence and acquisition would be equal to or greater than such ratio immediately prior to such transaction and (B) Refinancing Indebtedness Incurred in respect of
Indebtedness Incurred pursuant to this clause (10); 
 (11) Indebtedness of a Foreign Subsidiary (x) to
finance working capital and other cash management needs and (y) in an aggregate principal amount outstanding at any time and incurred under this subclause (y) not to exceed the greater of (A) $350.0 million and (B) 5.0% of
Consolidated Total Assets at the time such Indebtedness is Incurred; 

  
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 (12) Indebtedness of the Company and the Restricted Subsidiaries in an
aggregate principal amount on the date of Incurrence that, when added to all other Indebtedness Incurred pursuant to this clause (12) and then outstanding, will not exceed the greater of (A) $675.0 million and (B) 7.5% of Consolidated
Total Assets at the time such Indebtedness is Incurred; 
 (13) Indebtedness consisting of bona fide purchase
price adjustments, earnouts, indemnification obligations, obligations under deferred compensation or similar arrangements and similar items in connection with acquisitions and asset dispositions otherwise permitted by this Indenture; 

(14) Indebtedness (A) in the form of (x) guarantees of loans and advances to officers, directors, consultants
and employees, in an aggregate amount not to exceed $10.0 million at any one time outstanding; and (y) reimbursements owed to officers, directors, consultants and employees and (B) consisting of obligations to make payments to current or
former officers, directors and employees, their respective estates, spouses or former spouses with respect to the cancellation, or to finance the purchase or redemption, of Capital Stock of the Company (or any direct or indirect parent thereof); and

 (15) Indebtedness consisting of (A) the financing of insurance premiums with the providers of such
insurance or their affiliates and (B) take-or-pay obligations contained in supply arrangements in the ordinary course of business. 
 (c) For purposes of determining the outstanding principal amount of any particular Indebtedness Incurred pursuant to this Section 4.07: 

(1) Outstanding Indebtedness under the Credit Agreement on the Issue Date shall be deemed to have been Incurred pursuant
to clause (1) of paragraph (b) of this Section 4.07; 
 (2) Indebtedness permitted by this
Section 4.07 need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.07 permitting such
Indebtedness; 
 (3) in the event that Indebtedness meets the criteria of more than one of the types of
Indebtedness described in this Section 4.07, the Company, in its sole discretion, shall classify such Indebtedness (or any portion thereof) as of the time of Incurrence and will only be required to include the amount of such Indebtedness in one
of such clauses (provided that any Indebtedness originally classified as Incurred pursuant to clauses (b)(2) through (b)(15) of this Section 4.07 may later be reclassified as having been Incurred pursuant to paragraph (a) or any
other of clauses (b)(2) through (b)(15) of this Section 4.07 to the extent that such reclassified Indebtedness could be Incurred pursuant to paragraph (a) or one of clauses (b)(2) through 

(b)(15) of this Section 4.07, as the case may be, if it were Incurred at the time of such reclassification); and 

(4) Guarantees or Liens in respect of, or obligations in respect of letters of credit relating to, Indebtedness which is
otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness supported by such Guarantee, Lien or
letter of credit, as the case may be, was in compliance with this Section 4.07. 
 (d) For purposes of determining
compliance with any U.S. dollar denominated restriction on the Incurrence of Indebtedness where the Indebtedness Incurred is denominated in a different currency, the amount of such Indebtedness will be the U.S. Dollar Equivalent determined on
the date of the Incurrence of such Indebtedness; provided, however, that (i) if any such Indebtedness denominated in a different currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal,
premium, if any, and interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided in such Currency Agreement and (ii) if such Indebtedness is Incurred to refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S.
dollar-denominated restriction shall 

  
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be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding
the foregoing, the maximum amount of Indebtedness that may be incurred pursuant to this Section 4.07 shall not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the fluctuations in the exchange rates of
currencies. 
 SECTION 4.08. Limitation on Sales of Assets and Subsidiary Stock. 

(a) The Company will not, and will not permit any Restricted Subsidiary to, make any Asset Disposition unless: 

(1) the Company or such Restricted Subsidiary receives consideration (including by way of relief from, or by any other
Person assuming sole responsibility for, any liabilities, contingent or otherwise) at the time of such Asset Disposition at least equal to the Fair Market Value of the shares and assets subject to such Asset Disposition; 

(2) at least 75% of the consideration thereof received by the Company or such Restricted Subsidiary is in the form of cash
or Additional Assets; and 
 (3) an amount equal to 100% of the Net Available Cash from such Asset Disposition is
applied by the Company (or such Restricted Subsidiary, as the case may be): 
 (A) first, to the extent
the Company elects (or is required by the terms of any applicable Indebtedness), to prepay, repay, purchase, repurchase, redeem, retire, defease or otherwise acquire for value Indebtedness outstanding under the Credit Agreement or incurred pursuant
to Section 4.07(b)(1), any Secured Indebtedness or any Indebtedness of a Restricted Subsidiary that is not the Issuer or a Guarantor, within 365 days after the later of the date of such Asset Disposition or the receipt of such Net Available
Cash; 
 (B) second, to acquire Additional Assets (or otherwise to make capital expenditures), in each
case within 365 days after the later of the date of such Asset Disposition or the receipt of such Net Available Cash (provided that if during such 365-day period the Company or a Restricted Subsidiary enters into a definitive written
agreement committing it to apply such Net Available Cash in accordance with the requirements of this clause (B), such 365-day period shall be extended with respect to the amount of Net Available Cash so committed until the earlier of the date
required to be paid in accordance with such agreement and 180 days); 
 (C) third, to the extent of
the balance of such Net Available Cash after application in accordance with clauses (A) and (B), to make an Asset Sale Offer (as defined in paragraph (c) of this Section 4.08) to purchase Notes pursuant to and subject to the
conditions set forth in paragraph (c) of this Section 4.08; provided, however, that if the Issuer elects (or is required by the terms of any other Senior Indebtedness), such Asset Sale Offer may be made ratably to purchase
the Notes and any Senior Indebtedness of the Company or a Restricted Subsidiary; and 
 (D) fourth, to the
extent of the balance of such Net Available Cash after application in accordance with clauses (A), (B) and (C) above, for any purpose permitted by the terms of this Indenture; 
 provided, however, that in connection with any prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition for value of revolving credit Indebtedness
pursuant to clause (A) above, the Company or such Restricted Subsidiary will retire such Indebtedness and will cause the related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid,
purchased, repurchased, redeemed, retired, defeased or otherwise acquired for value. 

  
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 Notwithstanding the foregoing provisions of this paragraph (3), the Company and its
Restricted Subsidiaries will not be required to apply any Net Available Cash in accordance with this Section 4.08 until such time as the aggregate Net Available Cash from all Asset Dispositions that has not been applied in accordance with the
preceding paragraph of this Section 4.08 exceeds $50.0 million. Pending application of Net Available Cash pursuant to this Section 4.08, such Net Available Cash may be used or invested in any manner that is not prohibited by this
Indenture. 
 (b) For purposes of this Section 4.08, the following are deemed to be cash: 

(1) the assumption of Indebtedness or other obligations of the Company (other than obligations in respect of Subordinated
Obligations or Disqualified Stock of the Company) or any Restricted Subsidiary (other than obligations in respect of Subordinated Obligations, Disqualified Stock and Preferred Stock of a Restricted Subsidiary that is a Subsidiary Guarantor) and the
release of the Company or such Restricted Subsidiary from all liability on such Indebtedness or obligations in connection with such Asset Disposition; 
 (2) any Designated Non-Cash Consideration having an aggregate Fair Market Value that, when taken together with all other Designated Non-Cash Consideration received pursuant to this clause and then
outstanding, does not exceed at the time of the receipt of such Designated Non-Cash Consideration (with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to
subsequent changes in value) the greater of (i) $300.0 million and (ii) 3.0% of Consolidated Total Assets; 
 (3) securities, notes or similar obligations received by the Company or any Restricted Subsidiary from the transferee that are converted by the Company or such Restricted Subsidiary into cash or Temporary
Cash Investments within 180 days; and 
 (4) Temporary Cash Investments. 

(c) In the event of an Asset Disposition that requires the purchase of Notes pursuant to clause (a)(3)(C) of this Section 4.08, the
Issuer will be required: 
 (1) to purchase Notes tendered pursuant to an offer by the Issuer for the Notes (the
“Asset Sale Offer”) at a purchase price of 100% of their principal amount plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant date to receive interest due on the
relevant Interest Payment Date) in accordance with the procedures (including prorating in the event of oversubscription), set forth in this Section 4.08; and 

(2) to purchase other Senior Indebtedness of the Issuer or a Guarantor on the terms and to the extent contemplated
thereby; provided that in no event shall the Issuer offer to purchase such Senior Indebtedness at a purchase price in excess of 100% of its principal amount (without premium) plus accrued and unpaid interest thereon. 

If the aggregate purchase price of Notes (and other Senior Indebtedness) tendered pursuant to the Asset Sale Offer is less than the Net
Available Cash allotted to the purchase of the Notes (and other Senior Indebtedness), the Issuer will apply the remaining Net Available Cash in accordance with clause (a)(3)(D) of this Section 4.08. If the aggregate purchase price of Notes (and
other Senior Indebtedness) tendered pursuant to the Asset Sale Offer is greater than the Net Available Cash allotted to the purchase of the Notes (and other Senior Indebtedness), the Issuer will purchase Notes (and such other Senior Indebtedness) on
a pro rata basis; provided that no Note will be purchased in part if the remaining principal amount of such Note would be less than $2,000. 
 (d) The Issuer shall, not later than 45 days after the Issuer becomes obligated to make an Asset Sale Offer pursuant to this Section 4.08, mail a notice to each Holder with a copy to the Trustee
stating: (1) that an Asset Disposition that requires the purchase of a portion of the Notes has occurred and that such Holder has the right (subject to the prorating described below) to require the Issuer to purchase a portion of such
Holder’s Notes at a purchase price in cash equal to 100% of the aggregate principal amount thereof on the purchase date, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on a record
date to receive 

  
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interest on the relevant Interest Payment Date); (2) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed);
(3) the instructions determined by the Issuer, consistent with this Section 4.08, that a Holder must follow in order to have its Notes purchased; and (4) the amount of the Asset Sale Offer. If, upon the expiration of the period for
which the Asset Sale Offer remains open, the aggregate principal amount of Notes surrendered by Holders exceeds the amount of the Asset Sale Offer, the Issuer shall select the Notes to be purchased on a pro rata basis. 

(e) The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 
 SECTION 4.09. Affiliate Transactions. 
 (a) The Company will not, and will
not permit any Restricted Subsidiary to, directly or indirectly, enter into or conduct any transaction or series of related transactions (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any
Affiliate of the Company involving aggregate consideration with a Fair Market Value in excess of $15.0 million (an “Affiliate Transaction”) unless such transaction is on terms: 

(1) that are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could be
obtained at the time of such transaction in arm’s length dealings with a Person who is not such an Affiliate; and 
 (2) that, in the event such Affiliate Transaction involves an aggregate amount in excess of $50.0 million have been approved by a majority of the members of the Board of Directors who are disinterested
directors as to such Affiliate Transaction; and 
 (3) that, in the event such Affiliate Transaction involves an
amount in excess of $150.0 million, have been determined by a nationally recognized appraisal, accounting or investment banking firm to be fair, from a financial standpoint, to the Company and its Restricted Subsidiaries. 

(b) The provisions of Section 4.09(a) above shall not prohibit: 

(1) any Restricted Payment or Permitted Investment permitted to be paid pursuant to Section 4.05; 

(2) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment or consultant arrangements, stock options and stock ownership plans approved by the Board of Directors; 
 (3) the grant of stock options or similar rights to employees and directors of the Company pursuant to plans approved by the Board of Directors; 

(4) loans or advances to directors, officers, consultants or employees in the ordinary course of business of the Company
and its Restricted Subsidiaries; 
 (5) the payment of reasonable fees and compensation to, or the provision of
employee benefit arrangements and indemnity for the benefit of, directors, officers and employees of the Company and its Restricted Subsidiaries in the ordinary course of business; 

(6) (A) any transaction between or among any of the Company and any Restricted Subsidiaries and (B) any transaction
between the Company or any Restricted Subsidiary and any joint venture or similar entity which would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns an equity interest in or otherwise controls such
joint venture or similar entity; 

  
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 (7) the issuance or sale of any Capital Stock (other than Disqualified
Stock) of the Company and the granting of customary registration rights in respect thereof; 
 (8) any agreement
as in effect on the Issue Date, or any renewals, extensions or amendments of any such agreement or similar agreement (so long as such renewals, extensions or amendments or similar agreement are not less favorable in any material respect to the
Company or its Restricted Subsidiaries) and the transactions evidenced thereby; 
 (9) transactions with
landlords, customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services in each case in the ordinary course of business; or 

(10) any transaction effected as part of a Qualified Receivables Transaction. 

SECTION 4.10. Liens. 

The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (the
“Initial Lien”) of any nature whatsoever on any of its property or assets (including Capital Stock of a Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, which Initial Lien secures any Indebtedness,
other than Permitted Liens, without effectively providing that 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. 

Any Lien created for the benefit of the Holders of the Notes pursuant to the preceding sentence shall provide by its terms that such Lien
shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 
 For
purposes of determining compliance with this Section 4.10, (A) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens described in the definition of “Permitted Liens”
but may be permitted in part under any combination thereof and (B) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens described in the
definition of “Permitted Liens,” the Company shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies
with this Section 4.10 and will only be required to include the amount and type of such Lien or such item of Indebtedness secured by such Lien in one of the clauses of the definition of “Permitted Liens” and such Lien securing such
item of Indebtedness will be treated as being Incurred or existing pursuant to only one of such clauses. 
 SECTION 4.11. Offer to Repurchase
Upon Change of Control. 
 (a) If a Change of Control occurs, each Holder shall have the right to require the Company to
purchase all or any part of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest to
the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). Within 30 days following the date upon which the Change of Control occurred, Issuer must
send, by first class mail, a notice to the Trustee and each Holder. Such notice shall state (i) that a Change of Control has occurred and that such Holder has the right to require the Issuer to purchase all or a portion of such Holder’s
Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest on the
relevant Interest Payment Date), (ii) the circumstances and relevant facts and financial information regarding such Change of Control, (iii) the purchase date, which must be no earlier than 30 days nor later than 60 days from the
date such notice is mailed, unless as otherwise may be required by law (the “Change of Control Payment Date”) and (iv) the instructions determined by the Issuer, consistent with this Section 4.11, that a Holder must
follow in order to have its Notes purchased. Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

  
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 (b) On the Change of Control Payment Date, the Issuer shall, to the extent lawful,
(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
so tendered and (3) deliver or cause to be delivered to the applicable Trustee or Registrar the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by
the Issuer. The Paying Agent shall promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Authenticating Agent shall promptly authenticate and mail or deliver (or cause to be transferred by book
entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess
thereof. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of
Notes pursuant to this Section 4.11. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.11, the Issuer will comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this Section 4.11 by virtue thereof. 
 (d) Notwithstanding anything
to the contrary in this Section 4.11, the Issuer shall not be required to make a Change of Control Offer upon 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 4.11 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. In addition, the Issuer will not be required to make a Change of Control Offer upon a Change of
Control if the Notes have been or are called for redemption by the Issuer prior to it being required to mail notice of the Change of Control Offer, and thereafter redeems all Notes called for redemption in accordance with the terms set forth in such
redemption notice. Notwithstanding anything to the contrary contained herein, a revocable Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement
is in place for the Change of Control at the time the Change of Control Offer is made. The provisions under this Indenture related to the Issuer’s obligations to make an offer to purchase the Notes as a result of a Change of Control may be
waived or modified with the written consent of the Holders of a majority in principal amount of the Notes. 
 SECTION 4.12. Corporate
Existence 
 Except as otherwise permitted by Article 5 hereof, the Issuer will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. 
 SECTION 4.13. Additional Guarantors. 

The Issuer will cause each new Domestic Subsidiary of the Issuer that is a guarantor of Indebtedness of the Issuer or any Guarantor under
the Credit Agreement or any other Credit Facilities incurred in reliance on Section 4.07(b)(1) (“Material Indebtedness”); to execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D
hereto, pursuant to which such Subsidiary will provide a Note Guarantee. In addition, the Issuer will cause each Foreign Subsidiary that becomes a guarantor of any Material Indebtedness of the Issuer or any Domestic Subsidiary of the Issuer to
execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant to which such Subsidiary will provide a Note Guarantee. Additionally, the Company, at its option, may cause any direct or indirect parent
company of the Company to become a Guarantor. 
 SECTION 4.14. Suspension of Covenants. 

(a) Following the first day (the “Suspension Date”) that (i) the Notes of a series have an Investment Grade
Rating from both of the Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, the Company and its Restricted Subsidiaries shall not be subject to the following provisions of this Indenture with respect to
such series of Notes: 
  

	 	(1)	 Section 4.05; 

  
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	 	(2)	Section 4.06; 

  

	 	(3)	Section 4.07; 

  

	 	(4)	Section 4.08; 

  

	 	(5)	Section 4.09; 

  

	 	(6)	Section 4.13; 

  

	 	(7)	clause (a)(3) and (b)(3) of Section 5.01; 

 (collectively, the “Suspended Covenants”). 
 In the event
that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants with respect to any series of Notes for any period of time as a result of the foregoing and on any subsequent date (the “Reversion
Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the rating assigned to a series of Notes below an Investment Grade Rating, then the Company and its Restricted Subsidiaries will thereafter
again be subject to the Suspended Covenants with respect to such series of Notes as it relates to such future events. The period of time between the Suspension Date and the Reversion Date is referred to in this description as the
“Suspension Period.” Notwithstanding that the Suspended Covenants may be reinstated, no default will be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period or
the result of any compliance by the Company and its Restricted Subsidiaries thereafter with any obligation incurred during the Suspension Period. During any Suspension Period, the Issuer may not designate any Subsidiary to be an Unrestricted
Subsidiary. 
 (b) On the Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified to have been
Incurred pursuant to Section 4.07(a) or one of the clauses set forth in Section 4.07(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred
prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 4.07(a) or 4.07(b), such Indebtedness will be deemed to have been outstanding on
the Issue Date, so that it is classified as permitted under Section 4.07(b)(3)(B). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.05 will be made as though
Section 4.05 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
Section 4.05(a) and the items specified in Section 4.05(a)(C) will increase the amount available to be made under Section 4.05(a). For purposes of determining compliance with Sections 4.08(a) and 4.08(b), the Net Available Cash
from all Asset Dispositions not applied in accordance with the covenant will be deemed to be reset to zero after the Reversion Date. 
 ARTICLE 5 
 SUCCESSORS 
 SECTION 5.01. Merger, Consolidation, or Sale of Assets. 
 (a) The Issuer
will not, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets in one or a series of related transactions to, any Person, unless: 

(1) the resulting, surviving or transferee Person (the “Successor Company”) will be a corporation,
limited liability company or limited liability partnership organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Issuer) will expressly assume, by a
supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Issuer under this Indenture and the Notes (and, if the Successor Company is not a corporation, the Issuer shall cause a
corporation to become a co-obligor on the Notes); 

  
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 (2) immediately after giving effect to such transaction (and treating any
Indebtedness which becomes an obligation of the Successor Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), no
Default shall have occurred and be continuing; 
 (3) immediately after giving effect to such transaction,
(A) the Company would be able to Incur an additional $1.00 of Indebtedness under Section 4.07(a) or (B) the Consolidated Interest Coverage Ratio for the Company would be equal to or greater than such ratio for the Company immediately
prior to such transaction; and 
 (4) the Issuer 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) comply with this Indenture. 
 (b) The Company will not and will not permit any other Guarantor to, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets in
one or a series of related transactions to, any Person, unless: 
 (1) except in the case of a Subsidiary
Guarantor (i) that has been disposed of in its entirety to another Person (other than to the Company or a Restricted Subsidiary of the Company), whether through a merger, consolidation or sale of Capital Stock or that has transferred or leased
all or substantially of its assets to another Person or (ii) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary, the resulting, surviving or transferee Person (the “Successor
Guarantor”) will be a corporation, limited liability partnership, limited liability company, limited company, or other similar organization (and in the case of any such transaction involving the Company, such Successor Guarantor shall
be organized under the laws of the jurisdiction of organization of the United States of America (or any state thereof or the District of Columbia) the United Kingdom (including the Channel Islands), any member state of the European Union as in
effect on the Issue Date, Switzerland, Bermuda or The Cayman Islands), and such Person (if not such Guarantor) will expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all the obligations of such Guarantor under its
Note Guarantee; 
 (2) immediately after giving effect to such transaction (and treating any Indebtedness which
becomes an obligation of the Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no Default shall have
occurred and be continuing; 
 (3) in the case of a transaction involving a Guarantor that is not a Subsidiary
Guarantor, immediately after giving effect to such transaction, (A) the Company would be able to Incur an additional $1.00 of Indebtedness under Section 4.07(a) or (B) the Consolidated Interest Coverage Ratio for the Company would be
equal to or greater than such ratio for the Company immediately prior to such transaction; and 
 (4) the Issuer
will 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) comply with this Indenture. 

(c) Notwithstanding clauses (2) and (3) of Section 5.01(a) or clauses (2) and (3) of Section 5.01(b):

 (1) any Restricted Subsidiary of the Issuer may consolidate with, merge into or transfer all or part of its
properties and assets to the Issuer or any Subsidiary Guarantor; 
 (2) any Restricted Subsidiary of the Company
(other than the Issuer) may consolidate with, merge into or transfer all or part of its properties and assets to the Issuer or any Guarantor; and 

  
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 (3) the Issuer and any Guarantor may merge with an Affiliate organized
solely for the purpose of reorganizing the Issuer or such Guarantor in another jurisdiction. 
 SECTION 5.02. Successor Corporation
Substituted. 
 Upon any consolidation, merger or any transfer of all or substantially all of the assets of the Company or
the Issuer in accordance with Section 5.01 hereof, in which the Company or the Issuer is not the continuing Person, the successor Person formed by such consolidation or into which the Issuer is merged or to which such conveyance, lease or
transfer is made shall succeed to, and be substituted for, and may exercise every right and power of the Company or the Issuer, as applicable, under this Indenture and the Notes with the same effect as if such surviving entity had been named as such
and that, in the event of a conveyance or transfer (but not a lease), the conveyor or transferor (but not a lessor) shall be released from the provisions of this Indenture and the obligation to pay the principal of and interest on the Notes.

 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. 

Each of the following is an “Event of Default” with respect to each series of Notes: 

(a) a default in any payment of interest on the Notes of such series when due and payable and such default continues for a
period of 30 days; 
 (b) a default in the payment of principal of any Note of such series when due and payable
at its Stated Maturity, upon optional redemption or required repurchase, upon declaration of acceleration or otherwise; 
 (c) the failure by the Issuer or any Guarantor to comply with its obligations under Section 5.01 above; 
 (d) the failure by the Company or any Restricted Subsidiary to comply with any of its obligations under Sections 4.05 to 4.10, 4.11, 4.13 or 4.14 for 60 days after the Company receives
written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes of such series; 

(e) the failure by the Company or any Restricted Subsidiary to comply with its other agreements contained in this
Indenture for 90 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes of such
series; 
 (f) the failure by the Company or any Restricted Subsidiary to pay the principal amount of any
Indebtedness (other than Indebtedness owing to the Company or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default if the total
amount of such Indebtedness unpaid or accelerated exceeds $100.0 million or its foreign currency equivalent; 

(g) the rendering of any final and nonappealable judgment or decree (not covered by insurance) for the payment of money in
excess of $100.0 million or its foreign currency equivalent (treating any deductibles, self-insurance or retention as not so covered) against the Company, the Issuer or a Significant Subsidiary if such final judgment or decree remains
outstanding and is not satisfied, discharged or waived within a period of 60 days following such judgment; 

  
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 (h) any Note Guarantee of the Company or any Significant Subsidiary (or
group of Subsidiaries that together would constitute a Significant Subsidiary) ceases to be in full force and effect in all material respects (except as contemplated by the terms thereof) or any Guarantor denies or disaffirms such Guarantor’s
obligations under this Indenture or any Note Guarantee and such Default continues for 10 days after receipt of the notice as specified in this Indenture; 
 (i) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary within the
meaning of Bankruptcy Law: 
 (i) commences a voluntary case, 

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

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

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

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

(i) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
 (ii) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary; or 
 (iii) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiaries or any group of Restricted Securities that, taken together, would constitute a Significant Subsidiary, 
 and the order
or decree remains unstayed and in effect for 60 consecutive days. 
 The foregoing will constitute Events of Default whatever
the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body. 
 However, a default under clause (d), (e), (f), (g) or (h) will not constitute an Event of Default with
respect to a series of Notes until the Trustee notifies the Company or the Holders of at least 25% in principal amount of the outstanding Notes of such series notify the Company and the Trustee of the default and the Company or the Subsidiary
Guarantor, as applicable, does not cure such default within the time specified in clause (d), (e), (f), (g) or (h) hereof after receipt of such notice. 
 SECTION 6.02. Acceleration. 
 If an Event of Default (other than an Event of
Default specified in clauses (i) or (j) of Section 6.01 hereof with respect to the Company or the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes of any
series may declare the principal of and accrued but unpaid interest on all the Notes of such series to be due and payable immediately by notice in writing to the Company and the Trustee (if given by the Holders) specifying the respective Event of
Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the same shall become immediately due and payable. If an Event of Default specified in clause (i) or (j) of
Section 6.01 hereof with respect to the Company or the Issuer occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all the outstanding 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. 

  
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 In the event of a declaration of acceleration of the Notes solely because an Event of
Default described in Section 6.01(f) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default triggering such Event of Default
pursuant to Section 6.01(f) shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived (and the related declaration of acceleration rescinded or annulled) by the holders of the relevant Indebtedness
within 20 Business Days after the declaration of acceleration with respect to the Notes and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained
by the Trustee for the payment of amounts due on the Notes. 
 At any time after a declaration of acceleration with respect to
the Notes as described in the second preceding paragraph, the Holders of a majority in principal amount of the Notes of any series may rescind and cancel such declaration with respect to the Notes of such series and its consequences (i) if the
rescission would not conflict with any judgment or decree, (ii) if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration, (iii) to the
extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (iv) if the Issuer has paid the Trustee
and the Agents their compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances; and (v) in the event of the cure or waiver of an Event of Default of the type described in clause (i) or (j) of
Section 6.01 hereof, the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. No such rescission shall affect any subsequent Default or impair any right
consequent thereto. 
 SECTION 6.03. Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance
of any provision of the Notes or this Indenture. The Trustee may maintain a 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 of a Note in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

SECTION 6.04. Waiver of Past Defaults. 
 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes of any series by notice to the Trustee may on behalf of the Holders of all of the Notes of such series waive
an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and interest on the Notes of such series (including in connection with an offer to
purchase) (provided, however, that the Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes of a series may rescind an acceleration with respect to such series and its consequences, including
any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 SECTION 6.05. Control by Majority.

 Holders of a majority in principal amount of the then outstanding Notes of any series 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 with respect to the Notes of any such series. However, the Trustee may refuse to follow any direction that conflicts with
law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holders of Notes of such series or that would involve the Trustee in personal liability. 

  
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 SECTION 6.06. Limitation on Suits. 

A Holder of a Note of any series may pursue a remedy with respect to this Indenture or the Notes of such series only if: 

(a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in principal amount of the then outstanding Notes of such series make a written request to
the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes of such series offer to the
Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

(d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of
security or indemnity; and 
 (e) within such 60-day period the Holders of a majority in principal amount of the
then outstanding Notes of such series do not give the Trustee a direction inconsistent with the request. 
 A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 SECTION 6.07. Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any,
and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, 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) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Issuer for the whole amount of principal of, premium on, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09. Trustee May File Proofs of Claim. 
 The Trustee is authorized
to 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 of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to
receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 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, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 SECTION 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 
 First: to the Trustee, the Agents, their respective agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for
amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and 
 Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

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 a 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 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.06 hereof, or a suit by Holders of
more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE 7 

TRUSTEE 
 SECTION 7.01. Duties
of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or opinions specifically required by any provision
hereof to be furnished to it, 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). 

  
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 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i) this paragraph does not limit the
effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) 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 hereof. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee
security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Issuer. 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 the Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated
in any such document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its
own selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes
or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture, provided that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer
shall be sufficient if signed by an Officer of the Issuer. 
 (f) The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs,
expenses and liabilities that might be incurred by it in compliance with such request or direction. 
 (g) The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its reasonable discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall reasonably determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer during normal business hours and upon reasonable notice, personally or by agent or attorney at the sole cost of the Issuer and shall incur no
liability or additional liability of any kind by reason of such inquiry or investigation. 

  
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 (h) The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys, and the Trustee shall not be responsible for any willful misconduct or gross negligence on the part of any agent or attorney appointed with due care by it under this
Indenture. 
 (i) The Trustee shall not be required to give any bond or surety in respect of the performance of
its power and duties hereunder. 
 (j) Notwithstanding anything in this Indenture to the contrary, the rights,
privileges, protections, immunities and benefits given to the Trustee under this Article 7, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, Deutsche Bank Trust Company Americas in each of its
capacities hereunder as an Agent, and to each agent, Custodian and other Person employed to act hereunder. 
 (k)
The permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture shall not be construed as a duty. 
 (l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or
software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. 
 (m) Anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to
loss of profit), even if the Issuer has been advised as to the likelihood of such loss or damage and regardless of the form of action. 

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 Issuer or any Affiliate of the Issuer with the same rights it would have if it
were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like
rights and duties. The Trustee shall also be subject to Sections 7.10 and 7.11 hereof. 
 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 Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication. 
 SECTION 7.05. Notice of Defaults. 

(a) The Trustee shall not be deemed to have notice of any Default with respect to Notes of any series unless a Responsible Officer of the
Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuer or the Holders of 25% in
aggregate principal amount of the outstanding Notes of such series, and such notice references the specific Default or Event of Default, the Notes of such series and this Indenture. 

  
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 (b) If a Default occurs and is continuing and is known to the Trustee, the Trustee shall
mail to Holders of the Notes of the applicable series, notice of the Default within the earlier of 90 days after the occurrence of a Default or 30 days after it is actually known to a Trust Officer or written notice of it is received by the
Trustee, unless such Default shall have been cured or waived. Except in the case of a Default in the payment of principal of, premium, if any, or interest on any Note of any series (including payments pursuant to the redemption provisions of the
Notes of such series), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

SECTION 7.06. Reports by Trustee to Holder. 
 Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders a
brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The
Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 
 A copy of each report at the time of its mailing to the Holders shall be mailed to the Issuer and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA
§ 313(d). The Issuer shall promptly notify the Trustee when the Notes are listed on any stock exchange and any delisting thereof. 

SECTION 7.07. Compensation and Indemnity. 
 The Issuer and the Guarantors shall pay to Deutsche Bank Trust Company Americas, in each of its capacities as Agent, and through Deutsche Bank Trust Company Americas to Trustee from time to time
reasonable compensation for its and Trustee’s services hereunder (it being understood all amounts set forth in the fee letter dated May 2, 2011, between the Company and Deutsche Bank Trust Company Americas shall be deemed reasonable). The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer and the Guarantors shall reimburse the Trustee and the Agents promptly upon request for all reasonable disbursements, advances
and expenses incurred or made by such party in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s and Agents’ respective agents and counsel.

 The Issuer and the Guarantors shall, jointly and severally, indemnify the Trustee against any and all losses, liabilities or
expenses (including reasonable attorneys’ fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Issuer and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer and the Guarantors or any Holder or any other person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Issuer and the Guarantors promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel
and the Issuer shall pay the reasonable fees and expenses of such counsel. The Issuer and the Guarantors need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld. 

The obligations of the Issuer and the Guarantors under this Section 7.07 shall survive the resignation or removal of the Trustee or
the Agents, as applicable, the satisfaction and discharge and the termination of this Indenture. 
 To secure the Issuer’s
and the Guarantors’ payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes.
Such Lien shall survive the resignation or removal of the Trustee, the satisfaction and discharge and the termination of this Indenture. 

  
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 In addition, and without prejudice to the rights provided to the Trustee under any of the
provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) hereof occurs, the expenses and the compensation for the services (including the fees and
expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

“Trustee” for purposes of this Section shall include any predecessor Trustee and the Trustee in each of its
capacities hereunder and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other
Trustee hereunder. 
 The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

SECTION 7.08. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The
Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Issuer, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply
with Section 7.10, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. 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 under this Indenture. The successor Trustee shall mail 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, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

  
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 SECTION 7.09. Successor Trustee by Merger, Etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or banking association, the successor corporation or banking association without any further act shall, if such successor corporation or banking association is otherwise eligible hereunder, be the successor Trustee. 

Subject to Section 7.10, any business entity into which the Trustee may be merged or converted or with which it may be consolidated,
or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 SECTION 7.10.
Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is a Person 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 a
combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b). 

SECTION 7.11. Preferential Collection of Claims Against Issuer. 
 The Trustee is subject to TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated therein. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 8.01. Option to Effect Legal Defeasance or
Covenant Defeasance. 
 The Issuer may, at the option of its Board of Directors evidenced by a resolution set forth in an
Officer’s Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes of any series upon compliance with the conditions set forth below in this Article 8. 

SECTION 8.02. Legal Defeasance and Discharge. 
 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes of any series on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes of such series, 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 (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and
the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of
Holders of outstanding Notes of such series to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal amount of, premium, if any, and interest on
such Notes when such payments are due, (b) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee and Agents
hereunder and the Issuer’s obligations in connection therewith and (d) the provisions of this Article 8 with respect to Legal Defeasance. Subject to compliance with this Article 8, the Issuer may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 

  
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 SECTION 8.03. Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13
and 4.14 hereof with respect to the outstanding Notes of such series on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes of such series
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 continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes of such series shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes of such series, the Issuer 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 such Notes of such series shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(d) and 6.01(e) hereof shall not constitute Events of Default. 
 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 of any series: 

In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a) the Issuer must deposit with the Paying Agent, in trust, for the benefit of the Holders, cash in United States
dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal amount at maturity of, premium, if any, and interest on the outstanding Notes of such series 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 Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States of America reasonably acceptable to the Trustee confirming that (A) the Issuer has received from, or there has been published by, the Internal Revenue
Service a ruling or (B) since the date of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
outstanding Notes of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under
Section 8.03 hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States of America reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes of such series will not
recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred; 

  
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 (d) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article 8 concurrently with such
incurrence and the grant of a Lien to secure such Indebtedness); 
 (e) such Legal Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under this Indenture (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing
such borrowing) or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; 

(f) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 
 (g) the Issuer shall have paid or duly provided for payment of all amounts then due to the Trustee pursuant to Section 7.07 hereof. 

Notwithstanding the foregoing, the Opinion of Counsel required by clause (b) above with respect to a Legal Defeasance need not be
delivered if all Notes of such series not therefor delivered to the Registrar for cancellation (A) have become due and payable, or (B) will become due and payable on the maturity date or upon redemption within one year under arrangements
satisfactory to the Trustee for giving of notice of redemption by the Trustee or Registrar in the name, and at the expense, of the Issuer. 

SECTION 8.05. Deposited Money and U.S. Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

All cash and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with the Paying Agent (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes of any series 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 Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of the Notes of such series of
all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such cash and securities need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee and Paying Agent, as applicable, against any tax, fee or other charge imposed on or
assessed against the cash or non-callable U.S. Government Obligations 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 of such series. 
 Anything in this Article 8 to the contrary
notwithstanding, the Paying Agent shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S. Government Obligations held by it as provided in Section 8.04 hereof which, 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. Satisfaction and
Discharge. 
 This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights or
registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes of any series when (i) either (a) all the Notes of such series theretofore authenticated and delivered (except
lost, stolen or destroyed Notes of such series which have been replaced or paid and Notes of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the
Issuer or discharged from such trust) have been delivered to the Trustee or Registrar and Paying Agent 

  
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for cancellation or (b) all Notes of such series not theretofore delivered to the Trustee or Registrar and Paying Agent for cancellation have become due and payable or will become due and
payable within one year, whether at maturity or on a redemption date, pursuant to an irrevocable optional redemption notice, and the Issuer has deposited or caused to be deposited with the Trustee or Registrar and Paying Agent funds or U.S.
Government Obligations in an amount sufficient to pay and discharge the entire Indebtedness on the Notes of such series not theretofore delivered to the Trustee or Registrar and Paying Agent for cancellation, for principal of, premium, if any, and
interest on the Notes of such series to the date of deposit together with irrevocable instructions from the Issuer directing the Trustee or Registrar and Paying Agent to apply such funds to the payment thereof at maturity or redemption, as the case
may be; (ii) the Issuer has paid all other sums due and payable under this Indenture by the Issuer; and (iii) the Issuer has delivered to the Trustee or Registrar and Paying Agent an Officer’s Certificate and an Opinion of Counsel
stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 SECTION 8.07. Repayment to Issuer. 
 Any cash or non-callable U.S.
Government Obligations deposited with the Trustee or any Paying Agent, or then held by the Issuer, 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 Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the
Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Issuer 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 Issuer cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such cash and securities 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 cash and securities then remaining will be repaid to the Issuer.

 SECTION 8.08. Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any cash or non-callable U.S. Government Obligations in accordance with Section 8.02 or 8.03, 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 Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant
to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with Section 8.02 or 8.03, as the case may be; provided, however, that, if the Issuer
makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders to receive such payment from the cash and securities held by the
Trustee or Paying Agent. 
 SECTION 8.09. Survival. 
 The Trustee’s rights under this Article 8 shall survive termination of this Indenture or the resignation of the Trustee. 
 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 

SECTION 9.01. Without Consent of Holder. 
 Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Note Guarantees or the Notes of any series without the consent
of any Holder of a Note of such series to: 
 (a) cure any ambiguity, omission, defect or inconsistency;

 (b) provide for the assumption by a successor entity of the obligations of the Issuer or any Guarantor under
this Indenture; 

  
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 (c) provide for uncertificated Notes in addition to or in place of
certificated Notes (provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in
Section 163(f)(2)(B) of the Code); 
 (d) add additional Guarantees with respect to the Notes or to confirm
and evidence the release, termination or discharge of any Guarantee when such release, termination or discharge is permitted under this Indenture; 
 (e) add to the covenants of the Company or the Issuer for the benefit of the Holders of Notes or to surrender any right or power conferred upon the Company or the Issuer; 

(f) make any change that does not adversely affect the rights of any Holder in any material respect; 

(g) make any amendment to the provisions of this Indenture relating to the form, authentication, transfer and legending of
Notes; provided, however, that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any other applicable securities law and (B) such amendment does
not materially affect the rights of Holders to transfer Notes; 
 (h) comply with any requirement of the SEC in
connection with the qualification of this Indenture under the TIA; 
 (i) issue Exchange Notes pursuant to the
Registration Rights Agreement; 
 (j) convey, transfer, assign, mortgage or pledge as security for the Notes any
property or assets in accordance with Section 4.10; or 
 (k) conform any provision of this Indenture or the
Notes to the “Description of notes” section of the Offering Memorandum to the extent such provision was intended to be a verbatim recital of any provision thereof. 
 Upon the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 9.05 hereof, the Trustee and the Agents shall join with the Issuer and the Subsidiary Guarantors
in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but neither the Trustee nor the Agents
shall be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 SECTION 9.02. With Consent of Holders of Notes. 
 Except as provided below
in this Section 9.02, this Indenture, the Notes Guarantees and the Notes of any series may be amended or supplemented as it relates to such series with the written consent of the Holders of at least a majority in principal amount of the Notes
of such series then outstanding voting as a single class, and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or
interest on the Notes of such series, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Note Guarantees or the Notes of such series may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding Notes of such series voting as a single class. 

  
 -74-

 Upon the request of the Issuer accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the
documents described in Section 9.05 hereof, the Trustee shall join with the Issuer in the execution of such amended or supplemental indenture unless such amended or supplemental Indenture directly affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 

It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any
proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer shall mail to the Holders of Notes of any series affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal
amount of the Notes then outstanding of a series voting as a single class may waive compliance in a particular instance by the Issuer with any provision of this Indenture or the Notes with respect to such series. However, without the consent of each
Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes of such series held by a non-consenting Holder): 
 (a) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the rate of or extend the time for payment of interest on any Note; 
 (c) reduce the principal of or extend the Stated Maturity of any Note; 
 (d) reduce the premium payable upon the redemption of any Note or change the scheduled date at which any Note may be redeemed as set forth in Sections 3.07 and 3.08; 

(e) make any Notes payable in money other than that stated in the Notes; 

(f) impair the right of any Holder of Notes to receive payment of principal of and interest on such Note on or after the
due dates therefore or to institute suit for the enforcement of such payment on or with respect to such Holder’s Notes; 
 (g) make any change in the amendment provisions which require each Holder’s consent or in the waiver provisions; or 

(h) release the Note Guarantee of any Significant Subsidiary (or group of Subsidiaries in a transaction or series of
related transactions that would together constitute a Significant Subsidiary). 
 SECTION 9.03. Compliance with Trust Indenture Act.

 Every amendment or supplement to this Indenture or the Notes shall be set forth in a amended or supplemental indenture that
complies with the TIA as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder of a Note
and every subsequent Holder of a Note or portion thereof that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent
as to its Note or portion thereof if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver shall become effective in accordance with its terms and
thereafter shall bind every Holder. 

  
 -75-

 SECTION 9.05. Trustee and Agents to Sign Amendments. 

The Trustee and Agents shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee and Agents, as applicable. In executing any amended or supplemental indenture, the Trustee and Agents shall be provided with and (subject to
Section 7.01 hereof) shall be fully protected in relying upon an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that
such amended or supplemental indenture is the legal, valid and binding obligations of the Issuer enforceable against it in accordance with its terms, subject to customary exceptions and that such amended or supplemental indenture complies with the
provisions hereof. 
 ARTICLE 10 
 NOTE GUARANTEES 
 SECTION 10.01. Note Guarantees. 

Each Guarantor, as primary obligor and not merely as surety, hereby fully, unconditionally and irrevocably guarantees on a senior
unsecured basis, jointly and severally, to each Holder and to the Trustee, the Agents and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at Stated Maturity,
by acceleration or otherwise, and all other monetary obligations of the Issuer under this Indenture and the Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of the Issuer under this
Indenture and the Notes (all such obligations set forth in clauses (a) and (b) above 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 such Guarantor and that such Guarantor will remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation.

 Each Guarantor waives presentation to, demand of, payment from and protest to the Issuer 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. The obligations of each Guarantor hereunder shall not be affected by (a) the failure of any Holder, the
Trustee or Agents to assert any claim or demand or to enforce any right or remedy against the Issuer, any other Guarantor or any other Person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of
any obligation of the Issuer under the Indenture or any Note, by operation of law or otherwise; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; or
(d) except as set forth in Section 10.05, any change in the ownership of such Guarantor. 
 Each Guarantor further
agrees that its Note 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, the Trustee or Agents to any
security held for payment of the Guaranteed Obligations. 
 Each Guarantor further agrees that its Note Guarantee herein shall
continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or Agents upon
the bankruptcy or reorganization of the Issuer or otherwise. 
 Each Guarantor further agrees that, as between it, on the one
hand, and the Holders, the Trustee and the Agents, on the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Article 6 for the purposes of such Guarantor’s Note Guarantee herein,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in
Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section. 
 Each Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee, the Agents or any Holder in enforcing any rights under this Section.

  
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 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 Note
Guarantee of such Guarantor (a) 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 foreign, federal or state law to the
extent applicable to any Note Guarantee, and (b) not result in a distribution to shareholders not permitted under the applicable foreign or state law. Any term or provision of this Indenture to the contrary notwithstanding, the maximum
aggregate amount of the obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering the Note Guarantee, 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. If following the date of this Indenture and notwithstanding anything in Section 9.02 to the contrary, any Restricted Subsidiary
incorporated, organized or formed, as the case may be, under the laws of any jurisdiction outside the United States of America (a “Future Guarantor”) shall be required to execute a Note Guarantee and the Issuer shall
reasonably determine that the preceding limitations shall not adequately address the limitations on such Note Guarantee imposed by applicable law of the jurisdiction of incorporation, organization or formation, as the case may be, of any such Future
Guarantor then upon the delivery of an Officer’s Certificate and Opinion of Counsel, the Issuers shall be entitled to amend such clauses or add such additional provisions (including any related modifications to a supplement to this Indenture or
a Note Guarantee), as the case may be, in order for the Note Guarantee of a Guarantor to adequately address the limitations imposed by applicable law. 
 SECTION 10.03. Successors and Assigns. 
 This Article 10 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, the Agents and the Holders and, in the event of any transfer or assignment of rights by any Holder, the Trustee
or the Agents, 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 10.04. No Waiver. 

Neither a failure nor a delay on the part of either the Trustee, the Agents or the Holders in exercising any right, power or privilege
under this Article 10 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, the Agents 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 10 at law, in equity, by statute or otherwise. 

SECTION 10.05. Release of Subsidiary Guarantor. 
 The Note Guarantee of a Subsidiary Guarantor will be released with respect to a series of Notes under this Article 10 without any further action required on the part of the Trustee, the Agents or any
Holder: 
 (a) upon the sale or other disposition (including by way of consolidation or merger) of Capital Stock
of a Subsidiary Guarantor following which such Subsidiary Guarantor is no longer a Restricted Subsidiary; 
 (b)
if such Subsidiary Guarantor no longer guarantees or is otherwise obligated under any Material Indebtedness; 

(c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; or 

(d) if the Issuer exercises its Legal Defeasance option or its Covenant Defeasance option with respect to such series of
Notes in accordance with Article 8 hereof or if the Issuer’s obligations with respect to such series of Notes are discharged in accordance with the terms of Section 8.06. 

  
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 SECTION 10.06. Contribution. 
 Each Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in full of all Guaranteed Obligations to contribution from each Guarantor, as applicable, in an amount equal to
such 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. 
 ARTICLE 11 
 MISCELLANEOUS 
 SECTION 11.01. Trust Indenture Act Controls. 
 If any provision of this
Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the provision required by the TIA shall control. 
 SECTION 11.02. Notices. 
 Any notice or communication by the Issuer, the
Trustee or an Agent to the other parties is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), facsimile or electronic transmission or overnight air courier
guaranteeing next-day delivery, to the other’s address: 
 If to the Issuer: 

Delphi Corporation 
 5725 Delphi Drive 
 Troy, Michigan 48098 

Facsimile: (248) 813-2491 
 Attention: Treasurer 
 With a copy to: 

Delphi Corporation 
 5725 Delphi Drive 
 Troy, Michigan 48098 

Facsimile: (248) 813-2491 
 Attention: General Counsel 
 Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York, NY 10017 
 Facsimile: (212) 701-5111 

Attention: Michael Kaplan 
 If to the Trustee: 
 Wilmington Trust Company 

Rodney Square North 
 1100 N. Market Street 
 Wilmington, DE 19890-1615 

Attn: Corporate Capital Markets Services – Delphi Corporation 

Tel: 302-636-6438 

Fax: 302-636-4145 

  
 -78-

 If to the Registrar, Paying Agent or Authenticating Agent: 

Deutsche Bank Trust Company Americas 
 Trust & Securities Services 
 60 Wall Street, MS NYC60-2710 

New York, New York 10005 
 Attn: Corporates Team Deal Manager - Delphi 
 Tel: 201-593-3533 

Fax: 732-578-4635 
 With a copy to: 
 Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 
 Trust & Securities Services 
 100 Plaza One, Mailstop JCY03-0699

 Jersey City, New Jersey 07311 
 Attn: Corporates Team Deal Manager - Delphi 
 Tel: 201-593-3533 

Fax: 732-578-4635 
 The Issuer, the Trustee or the Agents, by notice to the other, may designate additional or different addresses for subsequent notices or communications. 

The Trustee and the Agents, as applicable, agree to accept and act upon facsimile transmission of written instructions pursuant to this
Indenture; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions in a timely manner and (b) such
originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. 
 All notices and communications (other than those sent to the Trustee, Agents or Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile transmission; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day
delivery. All notices and communications to the Trustee, Agents or Holders shall be deemed duly given and effective only upon receipt. 
 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next-day delivery to its address
shown on the security register for the Notes. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. 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 within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a
notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 SECTION 11.03. Communication by
Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other
Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

  
 -79-

 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee or an Agent to take any action under any provision of this Indenture, the
Issuer shall furnish to the Trustee and/or Agent, as applicable: 
 (a) an Officer’s Certificate in form and
substance reasonably satisfactory to the Trustee and/or Agent, as applicable, (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee and/or Agent, as applicable, (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent
and covenants have been complied with. 
 SECTION 11.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary
to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 SECTION 11.06. Rules by Trustee and Agents. 
 The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Authenticating Agent may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 11.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the Issuer, any Guarantor or the Trustee, as such, shall have any liability for any obligations of the Issuer or of
the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. 
 SECTION 11.08. Governing Law; Waiver of Jury Trial.

 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES. 

  
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 EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE 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 OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 11.09. No Adverse Interpretation of Other Agreements. 
 This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 11.10. Successors. 
 All covenants and agreements of the Issuer in this Indenture and the Notes shall bind its successors. All covenants and agreements of the Trustee and the Agents in this Indenture shall bind their
respective successors. 
 SECTION 11.11. Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 
 SECTION 11.12. Counterpart Originals. 
 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. 

SECTION 11.13. Table of Contents, Headings, Etc. 
 The Table of Contents, Cross-Reference Table and Headings in this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way
modify or restrict any of the terms or provisions hereof. 
 SECTION 11.14. Force Majeure. 

In no event shall the Trustee or the Agents 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
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee and the Agents, as applicable, shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 11.15.
Patriot Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee
and the Agents, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account. The parties to this agreement agree that they will provide the Trustee and the Agents with such information as they may request in order to satisfy the requirements of the USA Patriot Act 

[Signatures on following page] 

  
 -81-

 SIGNATURES 
 Dated as the date first written above 
  

									
	ISSUER:	 	
		
		 	DELPHI CORPORATION
			
		 	By:	 	 /s/ Kevin P. Clark

		 		 	Name:	 	Kevin P. Clark
		 		 	Title:	 	Chief Financial Officer

[Signature Page – Indenture] 

  

 
					
	GUARANTORS:
	
	DELPHI AUTOMOTIVE LLP
		
	By:	 	 /s/ Kevin P. Clark

		 	Name:	 	Kevin P. Clark
		 	Title:	 	Vice President and Chief Financial Officer
		
	By:    	 	 /s/ David M. Sherbin

		 	Name:	 	David M. Sherbin
		 	Title:	 	Vice President and General Counsel
	
	DELPHI HOLDINGS S.à.r.l.
		
	By:	 	 /s/ David M. Sherbin

		 	Name:	 	David M. Sherbin
		 	Title:	 	“A” Manager
	
	DELPHI HOLDINGS, LLC
		
	By:	 	 /s/ Keith D. Stipp

		 	Name:	 	Keith D. Stipp
		 	Title:	 	President and Treasurer
	
	DELPHI AUTOMOTIVE SYSTEMS, LLC
		
	By:	 	 /s/ Keith D. Stipp

		 	Name:	 	Keith D. Stipp
		 	Title:	 	Treasurer
	
	DELPHI CONNECTION SYSTEMS, LLC
		
	By:	 	 /s/ Keith D. Stipp

		 	Name:    	 	Keith D. Stipp
		 	Title:	 	Vice President & Treasurer

  

  
 [Signature
Page – Indenture] 

 
			
	DELPHI INTERNATIONAL SERVICES
COMPANY, LLC
		
	By:	 	   /s/ Keith D. Stipp

		 	Name: Keith D. Stipp
		 	Title: Treasurer
	  
 DELPHI TECHNOLOGIES, INC.

 

	By:	 	   /s/ Keith D. Stipp

		 	Name: Keith D. Stipp
		 	Title: Treasurer
	  
 DELPHI TRADE MANAGEMENT, LLC

 

	By:	 	   /s/ Keith D. Stipp

		 	Name: Keith D. Stipp
		 	Title: Treasurer
	  
 DELPHI CONNECTION SYSTEMS
HOLDING
LLC
  

	By:	 	   /s/ Keith D. Stipp

		 	Name: Keith D. Stipp
		 	Title: Vice President & Treasurer
	  
 DELPHI PROPERTIES MANAGEMENT LLC

 

	By:	 	   /s/ Keith D. Stipp

		 	Name: Keith D. Stipp
		 	Title: Treasurer
	  
 DELPHI GLOBAL REAL ESTATE
SERVICES,
LLC
  

	By:	 	   /s/ Keith D. Stipp

		 	Name: Keith D. Stipp
		 	Title: Treasurer

 [Signatures Page
– Indenture] 

  

			
	 DELPHI MEDICAL SYSTEMS, LLC

		
	By:	 	/s/ Keith D. Stipp
		 	 
		 	Name:    Keith D. Stipp
		 	Title:      Assistant Treasurer

 [Signatures Page – Indenture] 

  

			
	 TRUSTEE: WILMINGTON TRUST COMPANY

		
	By:	 	 /s/ Geoffrey J. Lewis

		 	Name:    Geoffrey J. Lewis
		 	Title:      Assistant Vice President

 [Signatures Page – Indenture] 

			
	 REGISTRAR, PAYING AGENT AND
 AUTHENTICATING AGENT: DEUTSCHE BANK
 TRUST COMPANY AMERICAS

		
	By:	 	    Deutsche Bank National Trust Company
		
	By:	 	     /s/ Cynthia J. Powell

		 	Name: Cynthia J. Powell
		 	Title: Vice President
		
	By:	 	     /s/ Wanda Camacho

		 	Name: Wanda Camacho
		 	Title: Vice President

[Signatures Page – Indenture] 

 EXHIBIT A-1 
 [FORM OF FACE OF NOTE] 
 [Global Note Legend] 

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 REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) 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 REGISTRAR 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 ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER 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. 
 [Private Placement Legend] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A NOTES: ONE YEAR (OR SUCH SHORTER
PERIOD THEN REQUIRED UNDER RULE 144 OR ITS SUCCESSOR RULE) OR IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS
SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN 

  
 A-1-1

 
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND
THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON
THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 [Regulation S Global Note Legend] 

THIS 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. 

  
 A-1-2

 CUSIP:             

ISIN:              

[RULE 144A][REGULATION S] GLOBAL NOTE 
 5.875% Senior Notes due 2019 
  

			
	No.     	  	$[        ]

 DELPHI CORPORATION 
 promises to pay to Cede & Co., or registered assigns, 

the principal sum of
                                         
            DOLLARS on May 15, 2019, as such amount may be changed from time to time pursuant to the Schedule of Exchanges of Interests attached hereto. 

Interest Payment Dates: May 15 and November 15 
 Record Dates: May 1 and November 1 

  
 A-1-3

 Dated:             ,
20     
  

			
	DELPHI CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-4

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Authenticating Agent 
  

					
	By:	 	    Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-5

 [FORM OF REVERSE SIDE OF NOTE] 

5.875% Senior Note due 2019 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Delphi Corporation (the “Issuer”), promises to pay interest on the principal amount of this Note at
a rate per annum of 5.875% from May 17, 2011 until maturity or pursuant to Section 6.02 of the Indenture. The Issuer will pay interest on this Note semi-annually in arrears on May 15 and November 15 of each year, commencing on
November 15, 2011, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The Issuer will make each interest payment to the Holder of record of this Note on the
immediately preceding May 1 and November 1 (each, a “Regular Record Date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and
including May 17, 2011. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate borne by this Note; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate borne by this Note. Interest
will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. METHOD OF PAYMENT. The Issuer will pay
interest on this Note to the Person who is the registered Holder of this Note at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the Note
Register of Holders, provided that (a) all payments of principal, premium, if any, and interest on, Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made by wire transfer of immediately
available funds to the accounts specified by the Holder or Holders thereof and (b) all payments of principal, premium, if any, and interest with respect to certificated Notes will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant
due date for payment (or such other date as the Trustee or the Paying Agent may accept in its discretion). Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. 
 3. AUTHENTICATING AGENT, PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas will
act as Authenticating Agent, Paying Agent and Registrar. The Issuer may change any Authenticating Agent, Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of May 17, 2011 (the “Indenture”),
among the Issuer, the Guarantors party thereto, Wilmington Trust Company, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as authenticating agent
(“Authenticating Agent”), registrar (“Registrar”) and paying agent (“Paying Agent”). The Issuer shall be entitled to issue Additional 2019 Notes pursuant to Section 2.14 of
the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject
to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. 

  
 A-1-6

 5. OPTIONAL REDEMPTION. 

Except as set forth in subparagraphs (a) and (c) below, the 2019 Notes are not redeemable before May 15, 2014. 

(a) At any time prior to May 15, 2014, the Issuer may, at its option, redeem all or part of the 2019 Notes (calculated after giving
effect to any issuance of Additional 2019 Notes), at a redemption price equal to 100% of the principal amount of 2019 Notes redeemed plus the Applicable Premium for the 2019 Notes, as of, and accrued and unpaid interest, if any, to, but not
including, the Redemption Date (subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 (b) On or after May 15, 2014, the Issuer may, at its option, redeem all or a part of the 2019 Notes, at the redemption prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest to the applicable Redemption Date (subject to the right of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period
beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	Redemption Price	 
	 2014
	  	 	104.406	% 
	 2015
	  	 	102.938	% 
	 2016
	  	 	101.469	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) Notwithstanding the
provisions of subparagraphs (a) and (b) of this Section 5, at any time prior to May 15, 2014, the Issuer may, at its option, on one or more occasions redeem up to 35% of the original aggregate principal amount of 2019 Notes
issued under this Indenture (calculated after giving effect to any issuance of Additional 2019 Notes) with the Net Cash Proceeds of one or more Equity Offerings by the Company, at a redemption price equal to 105.875% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); provided that:

 (1) at least 65% of the original aggregate principal amount of the 2019 Notes issued under the Indenture (calculated after
giving effect to any issuance of Additional 2019 Notes) remains outstanding immediately after giving effect to any such redemption; and 
 (2) any such redemption by the Issuer must be made within 120 days after the closing of such Equity Offering. 
 (d) Any redemption pursuant to this Section 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 

6. MANDATORY REDEMPTION. Except as set forth in Sections 4.08 and 4.11 of the Indenture, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
 7. NOTICE OF REDEMPTION. At least 30 days but not
more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. Any redemption and notice thereof may, in
the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent, including consummation of a related Equity Offering. 
 8. OFFERS TO REPURCHASE. Upon the occurrence of a Change of Control, the Issuer shall make a Change of Control Offer in accordance with Section 4.11 of the Indenture. In connection with certain Asset
Dispositions, the Issuer shall make an Asset Sale Offer as and when provided in accordance with 4.08 of the Indenture. 

  
 A-1-7

 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer of or exchange of
(a) any Note selected for redemption in whole or in part pursuant to Article 3 of the Indenture, except the unredeemed portion of any Note being redeemed in part, or (b) any Note for a period beginning 15 days before the mailing of a
notice of an offer to repurchase or redeem Notes or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest Payment Date, as
the case may be. 
 10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

 11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as
provided in the Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in
Section 6.01 of the Indenture. If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then
outstanding Notes may declare the principal of and accrued but unpaid interest on all the Notes to be due and payable immediately by notice in writing to the Company and the Trustee (if given by the Holders) specifying the respective Event of
Default and that it is a “notice of acceleration”, and the same shall become immediately due and payable. If an Event of Default arising from certain events of bankruptcy or insolvency occurs and is continuing, then all unpaid principal
of, and premium, if any, and accrued and unpaid interest on all the outstanding 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. Holders may not enforce
the Indenture, the Notes or the Note Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest.
The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its consequences under the Indenture except a
continuing Default in payment of the principal of, premium, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and
the Issuer is required within 30 Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto. 

13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee or Authentication Agent. 
 14. GOVERNING LAW. THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE NOTE GUARANTEES. 
 15. CUSIP AND ISIN NUMBERS.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee or Registrar may use CUSIP and ISIN 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. 

  
 A-1-8

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to the Issuer at the following address: 
 Delphi Corporation 

5725 Delphi Drive 

Troy, Michigan 48098 
 Facsimile: (248) 813-2491 
 Attention: Treasurer 

  
 A-1-9

 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 Issuer. The agent may substitute another to act for him. 

Date:                      

 

			
	Your Signature:	 	  

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

 Signature
Guarantee*:                                 

 

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

  
 A-1-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.08 or 4.11 of the Indenture, check the
appropriate box below: 
  

			
	[    ] Section 4.08	  	[    ] Section 4.11

 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.08 or Section 4.11 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-1-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is
$            . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Certificated Note, or exchanges of a part of another Global or
Certificated 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
 officer
of Trustee
 or Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-1-12

 EXHIBIT A-2 
 [FORM OF FACE OF NOTE] 
 [Global Note Legend] 

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 REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) 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 REGISTRAR 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 ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER 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. 
 [Private Placement Legend] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A NOTES: ONE YEAR (OR SUCH SHORTER
PERIOD THEN REQUIRED UNDER RULE 144 OR ITS SUCCESSOR RULE) OR IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS
SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER 

  
 A-2-1

 
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 [Regulation S Global Note Legend] 
 THIS 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. 

  
 A-2-2

	
	CUSIP:                    
	ISIN:                     

[RULE 144A][REGULATION S] GLOBAL NOTE 
 6.125% Senior Notes due 2021 
  

					
	 No.         
	  	 	$[            ]	  

 DELPHI
CORPORATION 
 promises to pay to Cede & Co., or registered assigns, 
 the principal sum of
                                         
                DOLLARS on May 15, 2021, as such amount may be changed from time to time pursuant to the Schedule of Exchanges of Interests attached hereto.

 Interest Payment Dates: May 15 and November 15 
 Record Dates: May 1 and November 1 

  
 A-2-3

 Dated:         , 20    

  

			
	 DELPHI CORPORATION

		
	 By:
	 	  

		 	Name:
		 	Title:

  
 A-2-4

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

	 as Authenticating Agent

		
	 By:
	 	Deutsche Bank National Trust Company
		
	 By:
	 	  

		 	Name:
		 	Title:

  
 A-2-5

 [FORM OF REVERSE SIDE OF NOTE] 

6.125% Senior Note due 2021 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Delphi Corporation (the “Issuer”), promises to pay interest on the principal amount of this Note at
a rate per annum of 6.125% from May 17, 2011 until maturity or pursuant to Section 6.02 of the Indenture. The Issuer will pay interest on this Note semi-annually in arrears on May 15 and November 15 of each year, commencing on
November 15, 2011, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The Issuer will make each interest payment to the Holder of record of this Note on the
immediately preceding May 1 and November 1 (each, a “Regular Record Date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and
including May 17, 2011. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate borne by this Note; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate borne by this Note. Interest will
be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. METHOD OF PAYMENT. The Issuer will pay
interest on this Note to the Person who is the registered Holder of this Note at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the Note
Register of Holders, provided that (a) all payments of principal, premium, if any, and interest on, Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made by wire transfer of immediately
available funds to the accounts specified by the Holder or Holders thereof and (b) all payments of principal, premium, if any, and interest with respect to certificated Notes will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant
due date for payment (or such other date as the Trustee or the Paying Agent may accept in its discretion). Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. 
 3. AUTHENTICATING AGENT, PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas will
act as Authenticating Agent, Paying Agent and Registrar. The Issuer may change any Authenticating Agent, Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of May 17, 2011 (the “Indenture”),
among the Issuer, the Guarantors party thereto, Wilmington Trust Company, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as authenticating agent
(“Authenticating Agent”), registrar (“Registrar”) and paying agent (“Paying Agent”). The Issuer shall be entitled to issue Additional 2021 Notes pursuant to Section 2.14 of
the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject
to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. 

  
 A-2-6

 5. OPTIONAL REDEMPTION. 

Except as set forth in subparagraphs (a) and (c) below, the 2021 Notes are not redeemable before May 15, 2016. 

(a) At any time prior to May 15, 2016, the Issuer may, at its option, redeem all or part of the 2021 Notes (calculated after giving
effect to any issuance of Additional 2021 Notes), at a redemption price equal to 100% of the principal amount of 2021 Notes redeemed plus the Applicable Premium for the 2021 Notes, as of, and accrued and unpaid interest, if any, to, but not
including, the Redemption Date (subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 (b) On or after May 15, 2016, the Issuer may, at its option, redeem all or a part of the 2021 Notes, at the redemption prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest to the applicable Redemption Date (subject to the right of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period
beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	Redemption Price	 
	 2016
	  	 	103.063	% 
	 2017
	  	 	102.042	% 
	 2018
	  	 	101.021	% 
	 2019 and thereafter
	  	 	100.000	% 

 (c) Notwithstanding the
provisions of subparagraphs (a) and (b) of this Section 5, at any time prior to May 15, 2014, the Issuer may, at its option, on one or more occasions redeem up to 35% of the original aggregate principal amount of 2021 Notes
issued under this Indenture (calculated after giving effect to any issuance of Additional 2021 Notes) with the Net Cash Proceeds of one or more Equity Offerings by the Company at a redemption price equal to 106.125% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); provided that:

 (1) at least 65% of the original aggregate principal amount of the 2021 Notes issued under the Indenture (calculated after
giving effect to any issuance of Additional 2021 Notes) remains outstanding immediately after giving effect to any such redemption; and 
 (2) any such redemption by the Issuer must be made within 120 days after the closing of such Equity Offering. 
 (d) Any redemption pursuant to this Section 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 

6. MANDATORY REDEMPTION. Except as set forth in Sections 4.08 and 4.11 of the Indenture, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
 7. NOTICE OF REDEMPTION. At least 30 days but not
more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. Any redemption and notice thereof may, in
the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent, including consummation of a related Equity Offering. 
 8. OFFERS TO REPURCHASE. Upon the occurrence of a Change of Control, the Issuer shall make a Change of Control Offer in accordance with Section 4.11 of the Indenture. In connection with certain Asset
Dispositions, the Issuer shall make an Asset Sale Offer as and when provided in accordance with 4.08 of the Indenture. 

  
 A-2-7

 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer of or exchange of
(a) any Note selected for redemption in whole or in part pursuant to Article 3 of the Indenture, except the unredeemed portion of any Note being redeemed in part, or (b) any Note for a period beginning 15 days before the mailing of a
notice of an offer to repurchase or redeem Notes or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest Payment Date, as
the case may be. 
 10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

 11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as
provided in the Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in
Section 6.01 of the Indenture. If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then
outstanding Notes may declare the principal of and accrued but unpaid interest on all the Notes to be due and payable immediately by notice in writing to the Company and the Trustee (if given by the Holders) specifying the respective Event of
Default and that it is a “notice of acceleration”, and the same shall become immediately due and payable. If an Event of Default arising from certain events of bankruptcy or insolvency occurs and is continuing, then all unpaid principal
of, and premium, if any, and accrued and unpaid interest on all the outstanding 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. Holders may not enforce
the Indenture, the Notes or the Note Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest.
The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its consequences under the Indenture except a
continuing Default in payment of the principal of, premium, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and
the Issuer is required within 30 Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto. 

13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee or authentication agent. 
 14. GOVERNING LAW. THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE NOTE GUARANTEES. 
 15. CUSIP AND ISIN NUMBERS.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee or Registrar may use CUSIP and ISIN 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. 

  
 A-2-8

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to the Issuer at the following address: 
 Delphi Corporation 

5725 Delphi Drive 

Troy, Michigan 48098 
 Facsimile: (248) 813-2491 
 Attention: Treasurer 

  
 A-2-9

 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 Issuer. The agent may substitute another to act for him. 
 Date:
                     
  

			
	 Your Signature:
	 	  

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

 Signature Guarantee*:         
                                 

 

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

  
 A-2-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.08 or 4.11 of the Indenture, check the
appropriate box below: 
 [    ] Section 4.08
                                        
[    ] Section 4.11 
 If you want to elect to have only part of this Note purchased by the Issuer
pursuant to Section 4.08 or Section 4.11 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-2-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $        . The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Certificated Note, or exchanges of a part of another Global or Certificated 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
 officer
of Trustee or
 Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-2-12

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Delphi Corporation 

5725 Delphi Drive 
 Troy, Michigan 48098

 Facsimile: (248) 813-2491 

Attention: Treasurer 
 Deutsche Bank Trust
Company Americas 
 Trust & Securities Services 
 60 Wall Street, MS NYC60-2710 
 New York, New York 10005 

Attn: Corporates Team Deal Manager - Delphi 

Tel: 201-593-3533 
 Fax: 732-578-4635 

Re:         5.875% Senior Notes due 2019 

              6.125% Senior Notes due 2021 

Reference is hereby made to the Indenture, dated as of May 17, 2011 (the “Indenture”), among Delphi
Corporation, the Guarantors party thereto, Wilmington Trust Company, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, as registrar, paying agent and authenticating agent. 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 RELEVANT 144A GLOBAL NOTE OR RELEVANT CERTIFICATED 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 Certificated Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Certificated 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 RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT CERTIFICATED NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to
and in accordance with Rule 903 or Rule 904 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 

  
 B-1

 
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, (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 applicable 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 Certificated 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 RELEVANT CERTIFICATED 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 Certificated 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 under the Securities Act; or 

(b)  ̈ such Transfer is being effected to the Issuer or a 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 IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED CERTIFICATED NOTE. 

(a)  ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 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 Certificated 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 Certificated Notes and
in the Indenture. 
 (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 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 Certificated 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
Certificated 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 Certificated Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Certificated Notes and in the Indenture. 

  
 B-2

 (d)  ̈ CHECK IF TRANSFER IS
PURSUANT TO REGISTERED OFFERING. 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. 

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

 

			
	[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 

  

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

  

	 	(b)	 ̈ a Restricted Certificated 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 

  

	 	(iii)	 ̈ Unrestricted Global Note ([    ] [        ]); or

  

	 	(b)	 ̈ a Restricted Certificated Note; or 

 

	 	(c)	 ̈ an Unrestricted Certificated Note, in accordance with the terms of the Indenture. 

  
 B-4

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Delphi Corporation 

5725 Delphi Drive 
 Troy, Michigan 48098

 Facsimile: (248) 813-2491 

Attention: Treasurer 
 Deutsche Bank Trust
Company Americas 
 Trust & Securities Services 
 60 Wall Street, MS NYC60-2710 
 New York, New York 10005 

Attn: Corporates Team Deal Manager - Delphi 

Tel: 201-593-3533 
 Fax: 732-578-4635 

Re:         5.875% Senior Notes due 2019 

              6.125% Senior Notes due 2021 

Reference is hereby made to the Indenture, dated as of May 17, 2011 (the “Indenture”), among Delphi
Corporation, the Guarantors party thereto, Wilmington Trust Company, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, as registrar, paying agent and authenticating agent. 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 CERTIFICATED NOTES OR BENEFICIAL INTERESTS IN A
RESTRICTED GLOBAL NOTE FOR UNRESTRICTED CERTIFICATED NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES 
 a)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. 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 of the same series 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. 

b)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO UNRESTRICTED CERTIFICATED NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Certificated Note of the same series, the Owner hereby certifies
(i) the Certificated 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 

  
 C-1

 
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 Certificated 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 CERTIFICATED NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the
Owner’s Exchange of a Restricted Certificated Note for a beneficial interest in an Unrestricted Global Note of the same series, 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 Certificated 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 CERTIFICATED NOTE TO UNRESTRICTED CERTIFICATED NOTE OF THE SAME SERIES. In connection with the Owner’s Exchange of a Restricted Certificated Note for an Unrestricted Certificated Note of the same series, the Owner hereby
certifies (i) the Unrestricted Certificated 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 Certificated
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 Certificated Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2) EXCHANGE OF RESTRICTED CERTIFICATED NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED CERTIFICATED NOTES OF THE SAME SERIES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES OF
THE SAME SERIES 
 a)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED CERTIFICATED NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Certificated Note of the same series with
an equal principal amount, the Owner hereby certifies that the Restricted Certificated 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 Certificated Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Certificated Note and in the Indenture and the Securities Act.

 b)  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED CERTIFICATED NOTE TO
BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s Restricted Certificated Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global Note of
the same series, 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 Issuer and are dated                     . 

  
 C-2

 
			
	[Insert Name of Transferor]
		
	By:	 	  

		 	 Name:

		 	 Title:

 Dated:                      

  
 C-3

 EXHIBIT D 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 Supplemental Indenture (this “Supplemental Indenture”), dated as of
            , among                      (the “Guaranteeing
Party”), Wilmington Trust Company, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as authenticating agent (“Authenticating Agent”),
registrar (“Registrar”) and paying agent (“Paying Agent”). 
 W I T N E S S E T H

 WHEREAS, Delphi Corporation, a Delaware corporation (the “Issuer”), has heretofore executed and
delivered to the Trustee that certain Indenture (the “Indenture”), dated as of May 17, 2011, providing for the issuance of an unlimited aggregate principal amount of 5.875% Senior Notes due 2019 (the “2019
Notes”) and 6.125% Senior Notes due 2021 (the “2021 Notes,” and together with the 2019 Notes, the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Party shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Party shall
fully and unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture, jointly and severally with each other Guarantor, on the terms and conditions set forth herein and under the Indenture (the “Note
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute
and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 
 (1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(2) Agreement to Guarantee. The Guaranteeing Party hereby agrees as follows: 

(a) Along with all other Guarantors named in the Indenture (including pursuant to any supplemental indentures), as primary
obligor and not merely as surety, to fully, unconditionally and irrevocably guarantee on a senior unsecured basis, jointly and severally, to each Holder and to the Trustee, the Agents and their respective successors and assigns (a) the full and
punctual payment of principal of and interest on the Notes when due, whether at Stated Maturity, by acceleration or otherwise, and all other monetary obligations of the Issuer under this Indenture and the Notes and (b) the full and punctual
performance within applicable grace periods of all other obligations of the Issuer under this Indenture and the Notes (all such obligations set forth in clauses (a) and (b) above being hereinafter collectively called the
“Guaranteed Obligations”). Such Note Guarantee shall remain in full force and effect until payment in full of all Guaranteed Obligations. The Guaranteeing Party further agrees that the Guaranteed Obligations may be extended
or renewed, in whole or in part, without notice or further assent from Guaranteeing Party and that Guaranteeing Party will remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) The Guaranteeing Party waives presentation to, demand of, payment from and protest to the Issuer of any of the
Guaranteed Obligations and also waives notice of protest for nonpayment. The Guaranteeing Party waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of the Guaranteeing Party hereunder shall not be affected by
(a) the failure of any Holder, the Trustee or Agents to assert any claim or demand or to enforce any right or remedy against the Issuer or any 

  
 S-1

 
other Person under this Supplemental Indenture, the Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Supplemental Indenture, the Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder, the Trustee or Agents for the Guaranteed
Obligations or any of them; (e) the failure of any Holder, the Trustee or Agents to exercise any right or remedy against any other guarantor of the Obligations; or (f) except as set forth in Section 10.06 of the Indenture, any change
in the ownership of such Guarantor. 
 (c) The Guaranteeing Party further agrees that its Note 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, the Trustee or Agents to any security held for payment of the
Guaranteed Obligations. 
 (d) The Guaranteeing Party further agrees that its Note Guarantee herein shall
continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or Agents upon
the bankruptcy or reorganization of the Issuer or otherwise. 
 (e) The Guaranteeing Party further agrees that,
as between it, on the one hand, and the Holders, the Trustee and the Agents, on the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Article 6 of the Indenture for the purposes of the Guaranteeing
Party’s Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Guaranteed
Obligations as provided in Article 6 of the Indenture, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Party for the purposes of Section 10.01 of the Indenture and this
Supplemental Indenture. 
 (f) The Guaranteeing Party also agrees to pay any and all costs and expenses
(including reasonable attorneys’ fees) incurred by the Trustee or the Agents in enforcing any rights under Section 10.01 of the Indenture or this Supplemental Indenture. 

(3) Limitation on Liability. The Guaranteeing Party hereby confirms that it is the intention of all parties that the Note
Guarantee of the Guaranteeing Party (a) 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 foreign, federal or state law
to the extent applicable to any Note Guarantee, and (b) not result in a distribution to shareholders not permitted under the applicable foreign or state law. Any term or provision of this Supplemental Indenture or the Indenture to the contrary
notwithstanding, the maximum aggregate amount of the obligations guaranteed hereunder by the Guaranteeing Party shall not exceed the maximum amount that can be hereby guaranteed without rendering this Note Guarantee, as it relates to the
Guaranteeing Party, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 (4) Successors and Assigns. This Supplemental Indenture and Article 10 of the Indenture shall be binding upon the Guaranteeing Party and its successors and assigns and shall inure to the benefit of
the successors and assigns of the Trustee, the Agents and the Holders and, in the event of any transfer or assignment of rights by any Holder, the Trustee or the Agents, the rights and privileges conferred upon that party in this Supplemental
Indenture, in the 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 the Indenture. 

(5) No Waiver. Neither a failure nor a delay on the part of either the Trustee, the Agents or the Holders in exercising any right,
power or privilege under this Supplemental Indenture or Article 10 of the Indenture 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, the Agents and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Supplemental Indenture and Article 10 of
the Indenture at law, in equity, by statute or otherwise 

  
 S-2

 (6) Merger, Consolidation or Sale of All or Substantially All Assets. 

(a) Except as otherwise provided in clause (b) below, the Guaranteeing Party may not, directly or indirectly, consolidate with or
merge with or into, or convey, transfer or lease all or substantially all of its assets in one or a series of related transactions to, any Person, unless: 
 (i) except in the case if the Guaranteeing Party is a Subsidiary Guarantor and (i) has been disposed of in its entirety to another Person (other than to the Company or a Restricted Subsidiary of the
Company), whether through a merger, consolidation or sale of Capital Stock or has transferred or leased all or substantially of its assets to another Person or (ii) as a result of the disposition of all or a portion of its Capital Stock, ceases
to be a Subsidiary, the resulting, surviving or transferee Person (the “Successor Guarantor”) will be a corporation, limited liability partnership, limited liability company, limited company, or other similar organization,
and such Person (if not the Guaranteeing Party) will expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all the obligations of the Guaranteeing Party under its Note Guarantee; 

(ii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no Default shall have occurred and be continuing;

 (iii) in the case of a transaction involving the Guaranteeing Party, if it is not a Subsidiary Guarantor,
immediately after giving effect to such transaction, (A) the Company would be able to Incur an additional $1.00 of Indebtedness under Section 4.07(a) or (B) the Consolidated Interest Coverage Ratio for the Company would be equal to or
greater than such ratio for the Company immediately prior to such transaction; and 
 (iv) the Issuer will 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) comply with the Indenture. 

(ii) Notwithstanding clause (a) above: 

(i) any Restricted Subsidiary of the Issuer may consolidate with, merge into or transfer all or part of its properties and
assets to the Issuer or any Subsidiary Guarantor; 
 (ii) any Restricted Subsidiary of the Company (other than
the Issuer) may consolidate with, merge into or transfer all or part of its properties and assets to the Issuer or any Guarantor; and 
 (iii) the Issuer and any Guarantor may merge with an Affiliate organized solely for the purpose of reorganizing the Issuer or such Guarantor in another jurisdiction. 

(7) Releases. 
 The Note Guarantee of the Guaranteeing Party, if it is a Subsidiary Guarantor, will be released with respect to a series of Notes under this Supplemental Indenture and Article 10 of the Indenture without
any further action required on the part of the Trustee, the Agents or any Holder: 
 (a) upon the sale or other disposition
(including by way of consolidation or merger) of Capital Stock of the Guaranteeing Party following which the Guaranteeing Party is no longer a Restricted Subsidiary; 
 (b) if the Guaranteeing Party no longer guarantees or is otherwise obligated under any Material Indebtedness; 

  
 S-3

 (c) upon the designation of the Guaranteeing Party as an Unrestricted Subsidiary; or

 (d) if the Issuer exercises its Legal Defeasance option or its Covenant Defeasance option with respect to such series of
Notes in accordance with Article 8 hereof or if the Issuer’s obligations with respect to such series of Notes are discharged in accordance with the terms of Section 8.06. 

(8) Contribution. If the Guaranteeing Party makes a payment under its Note Guarantee, it shall be entitled upon payment in full of
all Guaranteed Obligations to contribution from each other Guarantor, as applicable, in an amount equal to such 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. 
 (9) Registration Rights Agreement. The Guaranteeing Party hereby joins in and
agrees to perform, comply with and be bound by all of the terms, conditions, covenants and other provisions of the Registration Rights Agreement applicable to any or all Guarantors, in each case with the same force and effect as if the Guaranteeing
Party had executed a counterpart to the Registration Rights Agreement as a Guarantor. 
 (10) No Recourse Against Others.
No director, officer, employee, incorporator or stockholder of the Guaranteeing Party shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Party) under the Notes, any Guarantees, the Indenture or
this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. 
 (11) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (12) 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. 

(13) Effect of Headings. The section headings herein are for convenience only and shall not affect the construction hereof.

 (14) The Trustee and the Agents. The Trustee and the Agents 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 Party. 

  
 S-4

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

			
	[GUARANTEEING PARTY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST COMPANY, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as
 Paying Agent, Registrar and Authenticating Agent

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 S-5

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