Document:

Document

Exhibit 4.4

DESCRIPTION OF REGISTRANT’S SECURITIES

The following description of the stock of CĪON Investment Corporation (the “Company”) is a summary only and does not describe every right, term or condition of owning the Company’s stock. It is subject to and is qualified in its entirety by reference to the Company’s Third Articles of Amendment and Restatement of the Articles of Incorporation (the “Articles of Incorporation”) and the Company’s Bylaws (the “Bylaws”). For a complete description, refer to the Articles of Incorporation and the Bylaws and any applicable provisions of relevant law, including, without limitation, the applicable provisions of the Maryland General Corporation Law (the “MGCL”).

The shares of common stock, par value $0.001 per share, of the Company were previously registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to the Registration Statement on Form 8-A filed with the Securities and Exchange Commission (the “SEC”) on July 2, 2012. In connection with the listing of the Company’s common stock (the “Listing”) on the New York Stock Exchange LLC (the “NYSE”), the common stock was registered pursuant to Section 12(b) of the Exchange Act pursuant to the Registration Statement on Form 8-A filed with the SEC on September 30, 2021.  The Company has no other securities registered under Section 12 of the Exchange Act.

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit.

Stock

The authorized stock of the Company consists of 500,000,000 shares of stock, par value $0.001 per share. The Company’s common stock commenced trading on the NYSE on October 5, 2021 under the symbol “CION”. There are no outstanding options or warrants to purchase the Company’s stock. No stock has been authorized for issuance under any equity compensation plans. The transfer agent and registrar for the Company’s common stock is SS&C Technologies, Inc. (f/k/a DST Systems, Inc.), P.O. Box 219476, Kansas City, MO 64121-9476. Under the MGCL, the Company’s shareholders generally are not personally liable for the Company’s debts or obligations.

Common Stock

Under the terms of the Company’s Articles of Incorporation, all shares of the Company’s common stock have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and non-assessable. Distributions may be paid to the holders of the Company’s common stock if, as and when authorized by the Company’s board of directors and declared by the Company out of funds legally available for such purpose. Except as may be provided by the board of directors in setting the terms of classified or reclassified stock, shares of the Company’s common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of the Company’s liquidation, dissolution or winding up, each share of the Company’s common stock would be entitled to share ratably in all of the Company’s assets that are legally available for distribution after the Company pays all debts and other liabilities and subject to any preferential rights of holders of the Company’s preferred stock, if any preferred stock is outstanding at such time. Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as may be provided by the board of directors in setting the terms of classified or reclassified stock, the holders of the Company’s common stock have and will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock are able to elect all of the Company’s directors, provided that there are no shares of any other class or series of stock outstanding entitled to vote in the election of directors, and holders of less than a majority of such shares are unable to elect any director.

Preferred Stock

Under the terms of the Company’s Articles of Incorporation, the Company’s board of directors is authorized to issue shares of preferred stock in one or more series without shareholder approval. The board has discretion to determine the rights, preferences, privileges, and restrictions, including voting rights, distribution rights, conversion rights, redemption privileges, and liquidation preferences of each series of preferred stock. The purpose of authorizing the Company’s board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a shareholder vote on specific issuances. In the event the Company issues preferred stock, it will supplement this Description of Securities accordingly.

Preferred stock could be issued with rights and preferences that would adversely affect the holders of common stock. Preferred stock could also be used as an anti-takeover device. Every issuance of preferred stock will be required to comply with the requirements of the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires that: (1) immediately after issuance and before any distribution is made with respect to the Company’s common stock and before any purchase of common stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 100% of the Company’s total assets after deducting the amount of such distribution or purchase price, as the case may 

be, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. The Company believes that the availability for issuance of preferred stock will provide the Company with increased flexibility in structuring future financings and acquisitions.

Provisions of the MGCL and the Company’s Articles of Incorporation and Bylaws

The MGCL and the Company’s Articles of Incorporation and Bylaws contain provisions that could make it more difficult for a potential acquirer to acquire the Company by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of the Company to negotiate first with the board of directors. The Company believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

Maryland Business Combination Act and The Maryland Control Share Acquisition Act

The Maryland Business Combination Act, subject to limitations, prohibits certain business combinations between a Maryland corporation (like the Company is) and an interested shareholder (defined generally as any person who beneficially owns 10% or more of the voting power of the Company’s voting capital stock) or an affiliate of any interested shareholder for five years following the most recent date on which the shareholder became an interested shareholder, and thereafter imposes special appraisal rights and special shareholder voting requirements on these combinations. The Maryland Control Share Acquisition Act provides that “control shares” of a Maryland corporation (defined as shares which, when aggregated with other shares controlled by the shareholder, entitle the shareholder to exercise, or direct the exercise of, one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by the corporation’s shareholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.

The provisions of these two statutes generally apply to a Maryland corporation unless the corporation’s board of directors and bylaws, respectively, exempt the corporation from such provisions. The Company’s board of directors has adopted resolutions that expressly exempt the Company from the Maryland Business Combination Act and the Company’s Bylaws contain provisions that expressly exempt the Company from the Maryland Control Share Acquisition Act. The Company’s election to be exempt from the provisions of the Maryland Control Share Acquisition Act may be repealed by its board of directors at its discretion, the result of which would make it more difficult for a third party to obtain control of the Company.

Election of Directors

As permitted by the MGCL, the Company’s directors are elected by a plurality of all votes cast by holders of the outstanding shares of stock entitled to vote at a meeting at which a quorum is present.

Classified Board of Directors

The Company’s board of directors is divided into three classes of directors serving staggered terms. At each annual meeting of the Company’s shareholders, the successors to the class of directors whose term expires at such meeting will be elected to hold office for a term expiring at the annual meeting of shareholders held in the third year following the year of their election. Each director holds office for the term to which he or she is elected and until his or her successor is duly elected and qualifies. The Company believes that the longer time required to elect a majority of a classified board of directors helps to ensure the continuity and stability of the Company’s management and policies.

Number of Directors; Vacancies; Removal

The Company’s Articles of Incorporation provide that the number of directors is set by the board of directors in accordance with the Bylaws. The Company’s Bylaws provide that a majority of the Company’s entire board of directors may at any time increase or decrease the number of directors. The Company’s Bylaws provide that the number of directors may never be less than one or more than twelve. Except as may be provided by the board of directors in setting the terms of any class or series of preferred stock, and pursuant to an election in the Company’s Articles of Incorporation as permitted by Maryland law, any and all vacancies on the board of directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.

The Company’s shareholders may remove a director only for cause by the affirmative vote of a two-thirds of all the votes entitled to be cast in the election of directors. “Cause” means, with respect to any particular director, conviction of a felony 

or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.

The Company currently has a total of eight members of the board of directors, six of whom are independent directors. The Company’s Articles of Incorporation provide that a majority of the Company’s board of directors must be independent directors except for a period of up to 60 days after the death, removal or resignation of an independent director pending the election of his or her successor.

Limitation on Liability of Directors and Officers; Indemnification and Advancement of Expenses

Maryland law permits a Maryland corporation to include in its articles of incorporation a provision limiting the liability of its directors and officers to the corporation and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment and that is material to the cause of action.

Despite the above provisions of Maryland law, the Company’s Articles of Incorporation and the investment advisory agreement provide that CIM and its officers, directors, controlling persons and any other person or entity affiliated with it acting as the Company’s agent is not entitled to indemnification (including reasonable attorneys’ fees and amounts reasonably paid in settlement) for any liability or loss suffered by CIM, nor will CIM be held harmless for any loss or liability suffered by the Company, unless (1) CIM has determined, in good faith, that the course of conduct that caused the loss or liability was in the Company’s best interests, (2) CIM was acting on behalf of or performing services for the Company, (3) the liability or loss suffered was not the result of willful malfeasance, bad faith or gross negligence by CIM or an affiliate thereof acting as the Company’s agent and (4) the indemnification or agreement to hold CIM harmless is only recoverable out of the Company’s assets and not from the Company’s shareholders. In accordance with the 1940 Act, the Company will not indemnify any person for any liability to which such person would be subject by reason of such person’s willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Maryland law requires a corporation (unless its articles of incorporation provide otherwise, which the Company’s Articles of Incorporation do not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity against reasonable expenses incurred in the proceeding in which the director or officer was successful. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met. The Articles of Incorporation provide that the Company will indemnify current and former directors and officers of the Company to the fullest extent permitted by Maryland law.

Action by Shareholders

The MGCL provides that shareholder action can be taken only at an annual or special meeting of shareholders or by unanimous consent in lieu of a meeting. These provisions, combined with the requirements of the Company’s Bylaws regarding the calling of a shareholder-requested special meeting of shareholders discussed below, may have the effect of delaying consideration of a shareholder proposal until the next annual meeting.

Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals

The Company’s Bylaws provide that with respect to an annual meeting of shareholders, nominations of persons for election to the board of directors and the proposal of business to be considered by shareholders may be made only (a) pursuant to the Company’s notice of the meeting, (b) by the board of directors or (c) by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of the Bylaws. Among other things, and subject to certain exceptions, such advance notice provisions require that certain detail concerning the shareholder nominee or proposal be delivered to the Company’s Secretary not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year’s annual meeting. With respect to special meetings of shareholders, only the business specified in the Company’s notice of the meeting may be brought before the meeting. Nominations of persons for election to the board of directors at a special meeting may be made only (a) pursuant to the Company’s notice of the meeting, (b) by the board of 

directors or (c) provided that the board of directors has determined that directors will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the Bylaws. Among other things, such advance notice provisions require that certain detail concerning the shareholder nominee, including, among other things, the name, age and address of the shareholder nominee and number of shares held by the shareholder nominee, be delivered to the Company’s Secretary not earlier than the 120th day prior to such special meeting and not later than the close of business on the later of the 90th day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the board of directors to be elected at such meeting.

The purpose of requiring shareholders to give the Company advance notice of nominations and other business is to afford the Company’s board of directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Company’s board of directors, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although the Company’s Bylaws do not give the Company’s board of directors any power to disapprove shareholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Company and its shareholders.

Calling of Special Meetings of Shareholders

The Company’s Bylaws provide that its board of directors and certain of its officers may call special meetings of shareholders. Additionally, the Company’s Articles of Incorporation and Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the Secretary upon the written request of shareholders entitled to cast 10% or more of the votes entitled to be cast at the meeting.

Approval of Extraordinary Corporate Action; Amendment of Articles of Incorporation and Bylaws

Under Maryland law, a Maryland corporation generally cannot dissolve, amend its articles of incorporation, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless advised by the board of directors and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its articles of incorporation for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Pursuant to the Company’s Articles of Incorporation, provided that the Company’s directors then in office have approved and declared the action advisable and submitted such action to the shareholders, an amendment to the Company’s Articles of Incorporation that requires shareholder approval, including a merger, or a sale of all or substantially all of the Company’s assets or a similar transaction outside the ordinary course of business, must be approved by the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Notwithstanding the foregoing, (i) amendments to the Company’s Articles of Incorporation to make its common stock a “redeemable security” or to convert the Company, whether by merger or otherwise, from a closed-end company to an open-end company, and (ii) the dissolution of the Company, must each be approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter.

The Company’s Articles of Incorporation and Bylaws provide that the board of directors will have the exclusive power to make, alter, amend or repeal any provision of the Company’s Bylaws.

The Company’s Articles of Incorporation provide that approval by a majority of its shareholders is needed for the following actions:

•Amendment of the investment advisory agreement;
•Removal of CION Investment Management, LLC (“CIM”) and election of a new investment adviser;
•Approval or disapproval of the sale of all or substantially all of the Company’s assets when such sale is to be made other than in the ordinary course of the Company’s business; and
•Approval of a merger involving the Company or its reorganization.

Without the approval of a majority of the Company’s shareholders, CIM may not:

•Amend the investment advisory agreement except for amendments that would not adversely affect the interests of the Company’s shareholders;
•Voluntarily withdraw as the Company’s investment adviser unless such withdrawal would not affect the Company’s tax status and would not materially adversely affect the Company’s shareholders;
•Appoint a new investment adviser;

•Sell all or substantially all of the Company’s assets other than in the ordinary course of business; and
•Approve a merger involving the Company or its reorganization.

No Appraisal Rights

In certain extraordinary transactions, the MGCL provides the right to dissenting shareholders to demand and receive the fair value of their shares, subject to certain procedures and requirements set forth in the statute. Those rights are commonly referred to as appraisal rights. Except with respect to appraisal rights arising in connection with the Maryland Control Share Acquisition Act (defined and discussed above), as permitted by the MGCL, and similar rights in connection with a proposed roll-up transaction, the Company’s Articles of Incorporation provide that shareholders will not be entitled to exercise appraisal rights. 

Additional Provisions of Maryland Law

Maryland law provides that a Maryland corporation that is subject to the Exchange Act and has at least three outside directors can elect by resolution of the board of directors to be subject to some corporate governance provisions that may be inconsistent with the corporation’s articles of incorporation and bylaws. Under the applicable statute, a board of directors may classify itself without the vote of shareholders. A board of directors classified in that manner cannot be altered by amendment to the articles of incorporation of the corporation. Further, the board of directors may, by electing into applicable statutory provisions and notwithstanding the articles of incorporation or bylaws:

•provide that a special meeting of shareholders will be called only at the request of shareholders, entitled to cast at least a majority of the votes entitled to be cast at the meeting;
•reserve for itself the right to fix the number of directors;
•provide that a director may be removed only by the vote of the holders of two-thirds of the stock entitled to vote;
•retain for itself sole authority to fill vacancies created by the death, removal or resignation of a director; and
•provide that all vacancies on the board of directors may be filled only by the affirmative vote of a majority of the remaining directors, in office, even if the remaining directors do not constitute a quorum.

In addition, if the board is classified, a director elected to fill a vacancy under this provision will serve for the balance of the unexpired term instead of until the next annual meeting of shareholders. A board of directors may implement all or any of these provisions without amending the articles of incorporation or bylaws and without shareholder approval. A corporation may be prohibited by its articles of incorporation or by resolution of its board of directors from electing any of the provisions of the statute. The Company not prohibited from implementing any or all of the statute.

Pursuant to the Company’s Articles of Incorporation, the Company has elected to be subject to a specific provision of the statute such that, at all times that the Company is eligible to make that election, all vacancies on the board of directors resulting from an increase in the size of the board or the death, resignation or removal of a director, may be filled only by the affirmative vote of a majority of the remaining directors, even if the remaining directors do not constitute a quorum. That election by the Company’s board is subject to applicable requirements of the 1940 Act and subject to any provisions of a class or series of preferred stock established by the board, and provided that independent directors will nominate replacements for any vacancies among the independent directors’ positions. While certain other of the provisions available for election under the statute are already contemplated by the Company’s Articles of Incorporation and Bylaws, the law would permit the Company’s board of directors to override further changes to the Articles of Incorporation or Bylaws.

Conflicts with the 1940 Act

The Company’s Bylaws provide that, if and to the extent that any provision of the MGCL, including the Maryland Control Share Acquisition Act (if the Company amends the Company’s Bylaws to be subject to such act) and the Maryland Business Combination Act, or any provision of the Company’s Articles of Incorporation or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

Limitation on the Transferability of the Company’s Shares following the Listing 

Without the prior written consent of the Company’s board of directors, a shareholder should not be able to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber:

• two-thirds of the shares held by such shareholder prior to the date of a Listing for 180 days following the Listing; and

• one-third of the shares held by such shareholder prior to the date of a Listing for 270 days following the Listing.

Any purported transfer in violation of the Articles of Incorporation would be void and have no force or effect.EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 BELLRING DISTRIBUTION, LLC 

7.00% SENIOR NOTES DUE 2030 

INDENTURE 
 Dated as of
March 10, 2022 
  
  

COMPUTERSHARE TRUST COMPANY, N.A. 

Trustee 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE 1	  

	DEFINITIONS AND INCORPORATION	  

	BY REFERENCE	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	38	 
	 Section 1.03
	 	Rules of Construction	  	 	38	 
	
	ARTICLE 2	  

	THE NOTES	  

			
	 Section 2.01
	 	Form and Dating	  	 	39	 
	 Section 2.02
	 	Execution and Authentication	  	 	40	 
	 Section 2.03
	 	Registrar and Paying Agent	  	 	40	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	41	 
	 Section 2.05
	 	Holder Lists	  	 	41	 
	 Section 2.06
	 	Transfer and Exchange	  	 	41	 
	 Section 2.07
	 	Replacement Notes	  	 	52	 
	 Section 2.08
	 	Outstanding Notes	  	 	52	 
	 Section 2.09
	 	Treasury Notes	  	 	53	 
	 Section 2.10
	 	Temporary Notes	  	 	53	 
	 Section 2.11
	 	Cancellation	  	 	53	 
	 Section 2.12
	 	Defaulted Interest	  	 	53	 
	 Section 2.13
	 	CUSIP Numbers	  	 	54	 
	
	ARTICLE 3	  

	REDEMPTION AND PREPAYMENT	  

			
	 Section 3.01
	 	Notices to Trustee	  	 	54	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	 	54	 
	 Section 3.03
	 	Notice of Redemption	  	 	55	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	56	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	56	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	56	 
	 Section 3.07
	 	Optional Redemption	  	 	57	 
	 Section 3.08
	 	Mandatory Redemption	  	 	58	 
	 Section 3.09
	 	Offer to Repurchase by Application of Excess Proceeds of Asset Sales	  	 	58	 
	
	ARTICLE 4	  

	COVENANTS	  

			
	 Section 4.01
	 	Payment of Notes	  	 	59	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	60	 
	 Section 4.03
	 	Reports	  	 	60	 
	 Section 4.04
	 	Compliance Certificate	  	 	63	 
	 Section 4.05
	 	[Reserved]	  	 	63	 
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	63	 
	 Section 4.07
	 	Restricted Payments	  	 	63	 
	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	69	 
	 Section 4.09
	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	71	 
	 Section 4.10
	 	Asset Sales	  	 	77	 

  
 i 

							
	 Section 4.11
	 	Transactions with Affiliates	  	 	80	 
	 Section 4.12
	 	Liens	  	 	82	 
	 Section 4.13
	 	Corporate Existence	  	 	82	 
	 Section 4.14
	 	Offer to Repurchase Upon Change of Control	  	 	83	 
	 Section 4.15
	 	[Reserved]	  	 	85	 
	 Section 4.16
	 	Additional Subsidiary Guarantees	  	 	85	 
	 Section 4.17
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	85	 
	 Section 4.18
	 	Changes in Covenants when Notes are Rated Investment Grade	  	 	86	 
	 Section 4.19
	 	The Transactions	  	 	87	 
	 Section 4.20
	 	Limited Condition Transactions	  	 	87	 
	
	ARTICLE 5	  

	SUCCESSORS	  

			
	 Section 5.01
	 	Merger, Consolidation or Sale of Assets	  	 	89	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	91	 
	
	ARTICLE 6	  

	DEFAULTS AND REMEDIES	  

			
	 Section 6.01
	 	Events of Default	  	 	91	 
	 Section 6.02
	 	Acceleration	  	 	93	 
	 Section 6.03
	 	Other Remedies	  	 	95	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	95	 
	 Section 6.05
	 	Control by Majority	  	 	96	 
	 Section 6.06
	 	Limitation on Suits	  	 	96	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	96	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	96	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	97	 
	 Section 6.10
	 	Priorities	  	 	97	 
	 Section 6.11
	 	Undertaking for Costs	  	 	97	 
	
	ARTICLE 7	  

	TRUSTEE	  

			
	 Section 7.01
	 	Duties of Trustee	  	 	98	 
	 Section 7.02
	 	Rights of Trustee	  	 	99	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	100	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	100	 
	 Section 7.05
	 	Notice of Defaults	  	 	101	 
	 Section 7.06
	 	Compensation and Indemnity	  	 	101	 
	 Section 7.07
	 	Replacement of Trustee	  	 	102	 
	 Section 7.08
	 	Successor Trustee by Merger, etc.	  	 	103	 
	 Section 7.09
	 	Eligibility; Disqualification	  	 	103	 
	
	ARTICLE 8	  

	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  

			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	103	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	103	 
	 Section 8.03
	 	Covenant Defeasance	  	 	104	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	104	 
	 Section 8.05
	 	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	 	105	 
	 Section 8.06
	 	Repayment to Company	  	 	106	 

  
 ii 

							
	 Section 8.07
	 	Reinstatement	  	 	106	 
	
	ARTICLE 9	  

	AMENDMENT, SUPPLEMENT AND WAIVER	  

			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	106	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	108	 
	 Section 9.03
	 	Revocation and Effect of Consents	  	 	109	 
	 Section 9.04
	 	Notation on or Exchange of Notes	  	 	109	 
	 Section 9.05
	 	Trustee to Sign Amendments, etc.	  	 	109	 
	
	ARTICLE 10	  

	SUBSIDIARY GUARANTEES	  

			
	 Section 10.01
	 	Guarantee	  	 	110	 
	 Section 10.02
	 	Limitation on Guarantor Liability	  	 	111	 
	 Section 10.03
	 	Execution and Delivery of Supplemental Indenture for Subsidiary Guarantee	  	 	111	 
	 Section 10.04
	 	Releases	  	 	111	 
	
	ARTICLE 11	  

	SATISFACTION AND DISCHARGE	  

			
	 Section 11.01
	 	Satisfaction and Discharge	  	 	112	 
	 Section 11.02
	 	Application of Trust Money	  	 	114	 
	
	ARTICLE 12	  

	MISCELLANEOUS	  

			
	 Section 12.01
	 	[Reserved]	  	 	114	 
	 Section 12.02
	 	Notices	  	 	114	 
	 Section 12.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	115	 
	 Section 12.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	115	 
	 Section 12.05
	 	Statements Required in Certificate or Opinion	  	 	116	 
	 Section 12.06
	 	Rules by Trustee and Agents	  	 	116	 
	 Section 12.07
	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	116	 
	 Section 12.08
	 	Governing Law; Waiver of Jury Trial	  	 	116	 
	 Section 12.09
	 	No Adverse Interpretation of Other Agreements	  	 	117	 
	 Section 12.10
	 	Successors	  	 	117	 
	 Section 12.11
	 	Severability	  	 	117	 
	 Section 12.12
	 	Counterpart Originals, Electronic Signatures	  	 	117	 
	 Section 12.13
	 	Table of Contents, Headings, etc.	  	 	117	 
	 Section 12.14
	 	U.S.A Patriot Act	  	 	118	 

  

							
	EXHIBITS	  

			
	 Exhibit A
	 	FORM OF NOTE	  			
	 Exhibit B
	 	FORM OF CERTIFICATE OF TRANSFER	  			
	 Exhibit C
	 	FORM OF CERTIFICATE OF EXCHANGE	  			
	 Exhibit D
	 	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	  			
	 Exhibit E
	 	[RESERVED]	  			
	 Exhibit F
	 	FORM OF SUPPLEMENTAL INDENTURE	  			

  

  
 iii 

 INDENTURE dated as of March 10, 2022 between BellRing Distribution, LLC, a Delaware
limited liability company (the “Company”) and Computershare Trust Company, N.A., a national banking association, as trustee. 

The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined)
of the 7.00% Senior Notes due 2030 (the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 Section 1.01 Definitions. 

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

 “Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person; 

provided, that Indebtedness of such other Person that is redeemed, defeased, retired or otherwise repaid at the time, or immediately upon consummation,
of the transaction by which such other Person is merged with or into or became a Restricted Subsidiary of such Person will not be Acquired Debt. 

“Additional Notes” means additional Notes, if any, issued under this Indenture after the Issue Date and forming a single
class of securities with the Initial Notes. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” shall have correlative meanings. 

“Agent” means any Custodian, Registrar, co-registrar, Paying Agent or additional
paying agent. 
 “Applicable Premium” means, with respect to any Note on any redemption date, the greater of: 

(1) 1.0% of the principal amount of the Note; or 

(2) the excess of: 

  
 1 

 (i) the present value at such redemption date of (A) the redemption
price of the Note at March 15, 2027 (such redemption price being set forth in the table under Section 3.07) plus (B) all required interest payments due on the Note through March 15, 2027 (excluding accrued but unpaid interest to
the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(ii) the principal amount of the Note. 

Calculation of the Applicable Premium will be made by the Company or on behalf of the Company by such Person as the Company shall designate.

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

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.14 and/or Section 5.01 and not by Section 4.10; and 

(2) the issuance or sale of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or
any of the Company’s Restricted Subsidiaries of Equity Interests in any of the Company’s Restricted Subsidiaries. 

Notwithstanding the preceding, the following items shall not be deemed to be Asset Sales: 

(1) any single transaction or series of related transactions that (a) involves assets (including, if applicable, the
Equity Interests of a Restricted Subsidiary) having an aggregate fair market value of less than the greater of (i) $50.0 million and (ii) 20.0% of Consolidated Cash Flow as of the date of such transaction or (b) generates net proceeds, or
is in exchange for assets of other property having an aggregate fair market value, of less than the greater of (i) $50.0 million and (ii) 20.0% of Consolidated Cash Flow as of the date of such transaction; 

(2) a transfer of assets or rights between or among the Company and its Restricted Subsidiaries; 

(3) sales of inventory in the ordinary course of business and sales of accounts receivable that the Company determines are no
longer collectible in the ordinary course of business; 
 (4) an issuance of Equity Interests by a Restricted Subsidiary to
the Company or to another Restricted Subsidiary; 
 (5) any Permitted Investment or any Restricted Payment, in each case,
that is permitted by Section 4.07; 
 (6) a disposition of products, services, equipment or inventory in the ordinary
course of business or a disposition of damaged or obsolete equipment or equipment that is no longer useful in the conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in the ordinary course of business; 

  
 2 

 (7) the grant of Liens (or foreclosure thereon, or the enforcement with
respect thereto, including by deed or assignment in lieu of foreclosure) permitted by Section 4.12; 
 (8) the sale or
transfer of Receivables Program Assets or rights therein in connection with a Qualified Receivables Transaction; 
 (9) the
surrender or waiver of contractual rights or the settlement, release or surrender of contract, tort or other litigation claim in the ordinary course of business; 

(10) the sale or other disposition of cash or Cash Equivalents; 

(11) grants of licenses or sublicenses of intellectual property of the Company or any of its Restricted Subsidiaries to the
extent not materially interfering with the business of the Company and its Restricted Subsidiaries; 
 (12) any exchange of
like-kind property pursuant to Section 1031 of the Internal Revenue Code that are used or useful in a Permitted Business; 

(13) the lease, assignment or sublease of any real or personal property in the ordinary course of business; 

(14) the abandonment of intellectual property rights in the ordinary course of business, which in the reasonable good faith
determination of the Company or any of its Restricted Subsidiaries are not material to the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; 

(15) condemnations, appropriations or any similar action (including by deed in lieu of condemnation) on assets; 

(16) any issuance, sale, conveyance or other disposition of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary (or a Restricted Subsidiary which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no assets other than the Equity Interests of such Unrestricted Subsidiary); 

(17) any financing transaction with respect to real property constructed, acquired, replaced, repaired or improved (including
any reconstruction, refurbishment, renovation and/or development of real property) by the Company or any Restricted Subsidiary after the Issue Date, including any Sale and Leaseback Transaction; 

(18) sales, transfers and other dispositions of Investments in joint ventures to the extent required by customary buy/sell
arrangements between the joint venture parties as set forth in joint venture agreements; 
 (19) any liquidation or
dissolution of a Restricted Subsidiary, provided that such Restricted Subsidiary’s direct parent is also either the Company or a Restricted Subsidiary of the Company and immediately becomes the owner of such Restricted Subsidiary’s assets;

 (20) any issuance or transfer of debt obligations of the Company or any Restricted Subsidiary to the Company or any
Restricted Subsidiary, or any exchange of debt obligations of the Company or any Restricted Subsidiary for other debt obligations of the Company or any Restricted Subsidiary having substantially the same principal amount or fair market value as the
debt obligations so exchanged; 

  
 3 

 (21) [Reserved]; 

(22) [Reserved]; 

(23) any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition),
made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such acquisition; and 

(24) any sale, contribution, exchange, transfer or other disposition pursuant to or in connection with the Transactions. 

In the event that a transaction (or any portion thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted
Payment or Permitted Investment, the Company, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Sale and/or one or more of the types of permitted Restricted Payments or Permitted
Investments. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as such term is used in Section 13(d)(3) of the Exchange Act), such “person”
shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members, managers or the board of directors thereof; and 
 (4) with respect to any other Person, the board or committee of
such Person serving a similar function. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which
the Trustee or banking institutions in New York are authorized or required by law to close. 
 “Capital Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof
shall be the date of the last 

  
 4 

 
payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty; provided that all
obligations of the Company and its Restricted Subsidiaries that are or would be characterized as an operating lease as determined in accordance with GAAP as in effect for fiscal years beginning prior to December 15, 2018 (whether or not such
operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a Capital Lease Obligation) for purposes of this Indenture regardless of any change in GAAP that would otherwise require such obligation
to be characterized or recharacterized as a Capital Lease Obligation. 
 “Capital Stock” means: 

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

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Cash Equivalents”
means: 
 (1) marketable direct Obligations issued by, or unconditionally guaranteed by, the United States government or
issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within two years from the date of acquisition; 

(2) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of one year
or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than $500,000,000 and a Thomson Bank Watch Rating of “B”
or better; 
 (3) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing
within two years from the date of acquisition; 
 (4) repurchase obligations of any commercial bank satisfying the
requirements of clause (2) of this definition, having a term of not more than 7 days, with respect to securities of the type described in clause (1) of this definition; 

(5) securities with maturities of one year or less from the date of acquisition issued or fully Guaranteed by any state,
commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory, the securities of which state, commonwealth, territory, political subdivision or taxing authority (as the
case may be) are rated at least A by S&P or A by Moody’s; 

  
 5 

 (6) with respect to any Foreign Subsidiary: (i) obligations of the
national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business, provided such country is a member of the Organization for Economic Cooperation and Development, in each case
maturing within two years after the date of investment therein, (ii) certificates of deposit of, bankers’ acceptance of, or time deposits with, any commercial bank which is organized and existing under the laws of the country in which such
Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from S&P is at
least “A-2” or the equivalent thereof or from Moody’s is at least “P-2” or the equivalent thereof (any such bank being an “Approved
Foreign Bank”), and in each case with maturities of not more than 270 days from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank; 

(7) marketable short-term money market and similar securities, having a rating of at least
“P-2” or “A-2” from either S&P or Moody’s, respectively, (or, if at the time, neither S&P nor Moody’s is rating such obligations,
then a comparable rating from another Nationally Recognized Statistical Rating Organization selected by the Company); 
 (8)
money market mutual or similar funds that invest at least 90% of their assets in instruments satisfying the requirements of clauses (1) through (7) of this definition; and 

(9) credit card receivables and debit card receivables in the ordinary course of business or consistent with past practice, so
long as such are considered cash equivalents under GAAP and are so reflected on the Company’s balance sheet. 
 In the case of
Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States of America, Cash Equivalents shall also include (a) investments of the type and maturity described in the clauses
above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by
Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in the clauses above and in this paragraph. 

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

(1) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange
Act), other than to the Company or any of its Restricted Subsidiaries; or 
 (2) the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above) becomes the Beneficial Owner, directly or indirectly, of 50% or more of the Voting Stock of the Company, measured by
voting power rather than number of shares; provided, however, that an entity that conducts no other material activities other than holding Equity Interests in the Company or any direct or indirect parent of the Company and has no other
material assets other than such Equity Interests will not itself be considered a “person” for purposes of this clause (2). 

  
 6 

 Notwithstanding the preceding or any provision of
Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially own Voting Stock (x) subject to a stock or asset purchase agreement, merger agreement, or similar
agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with the transactions contemplated by such agreement or (y) as a result of veto or approval rights
in any joint venture agreement, shareholder agreement, investor rights agreement or other similar agreement and (ii) a Person or group will not be deemed to beneficially own the Voting Stock of another Person as a result of its ownership of
Voting Stock or other securities of such other Person’s parent entity (or related contractual rights) unless it owns 50% or more of the total voting power of the Voting Stock entitled to vote for the election of directors of such parent entity
having a majority of the aggregate votes on the board of directors (or similar body) of such parent entity. 
 Notwithstanding the
foregoing, (i) the consummation of any of the Transactions shall not give rise to a Change of Control and (ii) prior to the consummation of the Transactions, Post’s and any of its Subsidiaries’ and Affiliates’ ownership of
all of the Company’s Voting Stock will not be deemed to constitute a Change of Control. 
 “Clearstream” means
Clearstream Banking, S.A. 
 “Common Stock” means with respect to any Person, any and all shares, interests or other
participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common
stock. 
 “Company” means BellRing Distribution, LLC, a Delaware limited liability company, and its successors. Effective
immediately following the conversion and re-naming of BellRing Distribution, LLC to BellRing Brands, Inc., a Delaware corporation, automatically without any further action by any party, references herein to
the “Company” shall mean BellRing Brands, Inc., a Delaware corporation, and its successors. 
 “Consolidated Cash
Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 

(1) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the
extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (2) consolidated net
interest expense of such Person and its Restricted Subsidiaries for such period whether paid or accrued and whether or not capitalized (including, without limitation, amortization of original issue discount,
non-cash interest payments, the interest component of any deferred payment Obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees
and charges incurred in respect of letter of credit or bankers’ acceptance financings, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Receivables Transaction, and net payments, if any,
pursuant to Hedging Obligations, but excluding amortization of debt issuance costs), to the extent that any such expense was deducted in computing such Consolidated Net Income; plus 

(3) depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid
cash expenses that were paid in a prior period) and other non-cash expenses, write-offs, write-downs or impairment charges (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period and any non-cash charge, expense or loss
relating to write-offs, write-downs or reserves with respect to accounts receivable or inventory) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; plus 

  
 7 

 (4) non-cash charges or expenses
related to stock-based compensation and other non-cash charges or non-cash losses (including extraordinary, unusual or
non-recurring non-cash losses) incurred or recognized to the extent deducted in computing such Consolidated Net Income; plus 

(5) the amount of any earn-out and contingent consideration obligations incurred or
accrued in connection with any acquisition or other Investment in the nature of an acquisition and paid or accrued during such period; plus 

(6) the amount of any expected cost savings, operating improvements and expense reductions, product margin synergies and other
synergies (net of the amount of actual amounts realized) reasonably identifiable and factually supportable (in the good faith determination of the Company) related to (i) the Transactions and (ii) after the Issue Date, permitted asset
sales, mergers or other business combinations, acquisitions, Investments, dispositions or divestitures, optimizations, facility consolidations, operating improvements and expense reductions, restructurings, cost saving initiatives and other similar
initiatives (in each case calculated on a pro forma basis as though such cost savings, operating improvements and expense reductions, product margin synergies and other synergies had been realized on the first day of such period and as if such cost
savings, operating improvements and expense reductions, product margin synergies and other synergies were realized during the entirety of such period); provided that, such cost savings, operating improvements and expense reductions, product
margin synergies and other synergies are reasonably expected to be realized within 24 months of the event giving rise thereto or the consummation of such transaction; provided further that, with respect to clause (ii) above, the
aggregate amount of cost savings, operating improvements and expense reductions, product margin synergies and other synergies added-back pursuant to this clause (6) in any four consecutive fiscal quarter period, shall not exceed 25.0% of
Consolidated Cash Flow for such period prior to giving effect to this clause (6); plus 
 (7) costs, charges, accruals,
impairments, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives or operating expense reductions, product margin synergies and other synergies and similar initiatives, integration, transition,
reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, facilities opening and pre-opening, business optimization and other restructuring costs, charges,
accruals, reserves and expenses including inventory optimization programs, software development costs and costs related to the closure or consolidation of facilities, branches or distribution centers, and plants, the closure, consolidation or
transfer of production lines between facilities and curtailments, costs related to entry into new markets, consulting and other professional fees, signing costs and bonuses, retention or completion bonuses, executive recruiting costs, relocation
expenses, severance payments, modifications to, or losses on settlement of, pension and post-retirement employee benefit plans, new systems design and implementation costs, and project startup costs, integration, transition, reconstruction,
decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, facilities opening and pre-opening, business optimization and other restructuring costs, charges, accruals, reserves
and expenses including inventory optimization programs, software development costs and costs related to the closure or consolidation of facilities, branches or distribution centers, and plants, the closure, consolidation or transfer of production
lines between facilities and curtailments, costs related to entry into new markets, consulting and other professional fees, signing costs and bonuses, retention or completion bonuses, executive recruiting costs, relocation expenses, severance
payments, modifications to, or losses on settlement of, pension and post-retirement employee benefit plans, new systems design and implementation costs, and project startup costs; plus 

  
 8 

 (8) unrealized losses relating to hedging transactions and mark-to-market of Indebtedness denominated in foreign currencies resulting from the application of FASB ASC 830 or any similar accounting standard shall be excluded; plus 

(9) to the extent not otherwise included above, proceeds of business interruption insurance in an amount representing the
earnings for the applicable period that such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within the next four fiscal quarters (it being understood that to the extent not
actually received within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated Cash Flow for such fiscal quarters)); minus 

(10) non-cash items increasing such Consolidated Net Income for such period, other than
items that were accrued in the ordinary course of business, in each case, on a consolidated basis for such Person and its Restricted Subsidiaries and determined in accordance with GAAP. 

Unless otherwise expressly provided, Consolidated Cash Flow as of any date of determination shall mean Consolidated Cash Flow of the Company
for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available. 

“Consolidated Leverage Ratio” means, with respect to any specified Person for any period, the ratio of (i) funded
Indebtedness for borrowed money of such Person (net of any unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries, excluding any cash proceeds from an incurrence of Indebtedness on the Consolidated Leverage Ratio
Calculation Date (as defined below)) on such date to (ii) Consolidated Cash Flow for the period of four consecutive fiscal quarters for which internal financial statements are available immediately preceding the date of the event for which the
calculation of the Consolidated Leverage Ratio is made (for purposes of this definition, the “Consolidated Leverage Ratio Reference Period”). In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes,
Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any funded Indebtedness for borrowed money (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock, in each case, subsequent to the
commencement of the Consolidated Leverage Ratio Reference Period and on or prior to the date of the event for which the calculation of the Consolidated Leverage Ratio is made (for purposes of this definition, the “Consolidated Leverage Ratio
Calculation Date”), then the Consolidated Leverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of funded Indebtedness for borrowed
money, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the Consolidated Leverage Ratio Reference Period. In addition, the Consolidated Leverage
Ratio shall be determined with such pro forma adjustments as are consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio (including, for avoidance of doubt and without limitation, the proviso to
the first paragraph of the definition thereof). Notwithstanding the foregoing, solely for purposes of determining whether the Company or the Guarantors may issue any Disqualified Stock, or whether any Restricted Subsidiaries (other than the
Guarantors), may issue any shares of preferred stock, pursuant to Section 4.09(a) or 4.09(b)(20), the aggregate face amount or liquidation preference, as applicable, of any outstanding Disqualified Stock issued by the Company or any Guarantor
and of any shares of preferred stock issued by a Restricted Subsidiary (other than a Guarantor) shall be added to the amount in clause (i) of this definition when calculating the Consolidated Leverage Ratio. 

  
 9 

 “Consolidated Net Income” means, with respect to any specified Person for
any period, the aggregate of the net income (or loss) of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends;
provided that: 
 (1) the net income of any Restricted Subsidiary (other than a Guarantor) shall be excluded to the
extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or,
directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its shareholders; 

(2) the net income (or loss) for such period of any Person that is not a Restricted Subsidiary, or that is accounted for by the
equity method of accounting, shall be excluded; provided that Consolidated Net Income of the specified Person shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent
converted into cash) made by such Person that is a not a Restricted Subsidiary to the referent Person or a Restricted Subsidiary thereof in respect of such period; 

(3) the cumulative effect of a change in accounting principles shall be excluded; 

(4) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such
period whether or not such operations were classified as discontinued) shall be excluded; 
 (5) any gain (or loss) realized
upon the sale or other disposition of assets of such Person or its consolidated Subsidiaries, other than a sale or disposition in the ordinary course of business, and any gain (or loss) realized upon the sale or disposition of any Capital Stock of
any Person shall be excluded; 
 (6) any impairment charge or asset write-off,
including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities (including any losses with respect to the foregoing in bankruptcy, insolvency or similar
proceedings) or as a result of a change in law or regulation, in each case pursuant to GAAP, shall be excluded; 
 (7) any non-cash compensation expense realized from employee benefit plans or postemployment benefit plans, grants of stock appreciation, restricted stock or similar rights, stock options or other rights to officers,
managers, directors, and employees of such Person or any of its Restricted Subsidiaries shall be excluded; 
 (8) all
extraordinary, unusual or non-recurring charges, gains and losses including, without limitation, all (i) restructuring costs, severance costs, one-time compensation
charges, transition costs, facilities consolidation, closing or relocation costs, (ii) fees, costs, expenses and charges incurred in connection with (a) the Transactions entered into or consummated on or around the Issue Date and any other
Transactions with respect to certain contributions of assets and liabilities among the Company and its Restricted Subsidiaries and the consummation of the
debt-for-equity exchange, in each case, in connection with or as contemplated by the Transaction Agreement (as in effect on the Issue Date, or as amended, modified or
restated from time to time in a manner not materially adverse to the interests of the Holders), or (b) any acquisition prior to or after the Issue Date (including integration costs), in each case including all fees, commissions,

  
 10 

 
expenses and other similar charges of accountants, attorneys, brokers and other financial advisors related thereto, (iii) cash severance payments made in connection with acquisitions, and
(iv) any expense or charge related to the repurchase of Capital Stock or warrants or options to purchase Capital Stock), in each case together with any related provision for taxes, shall be excluded; 

(9) the effects of purchase accounting adjustments, in amounts required or permitted by GAAP and related authoritative
pronouncement, and amortization, write-off or impairment charges resulting therefrom, in each case from the application of purchase accounting in relation to any acquisition, shall be excluded; 

(10) any fees and expenses, including prepayment premiums and similar amounts, incurred during such period, or any amortization
thereof for such period, in connection with any acquisition, disposition, recapitalization, Investment, asset sale, issuance or repayment of Indebtedness (including any issuance of Notes), issuances of Capital Stock, financing transaction or
amendment or modification of any debt instrument (including, in each case, any such transaction undertaken but not completed), shall be excluded; 

(11) any unrealized gains and losses and with respect to Hedging Obligations for such period shall be excluded; 

(12) any unrealized gains and losses related to fluctuations in currency exchange rates for such period shall be excluded; 

(13) any gains and losses from any early extinguishment of Indebtedness shall be excluded; 

(14) any gains and losses from any redemption or repurchase premiums paid with respect to the Notes shall be excluded; 

(15) any write-off or amortization of deferred financing costs (including the
amortization of original issue discount) associated with Indebtedness shall be excluded; 
 (16) any accruals and reserves
established or adjusted, and any changes thereto as a result of the adoption or modification of accounting policies, shall be excluded; and 

(17) non-cash losses on sales of Receivables that are sold, consigned, transferred,
licensed, leased or otherwise disposed of in connection with a Qualified Receivables Transaction permitted hereunder, shall be excluded. 

“Consolidated Senior Secured Leverage Ratio” means, with respect to any specified Person for any period, the ratio of
(i) Senior Secured Indebtedness of such Person (net of any unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries, excluding any cash proceeds from an incurrence of Indebtedness on the Consolidated Senior Secured
Leverage Ratio Calculation Date (as defined below)) on such date to (ii) Consolidated Cash Flow for the period of four consecutive fiscal quarters for which internal financial statements are available immediately preceding the date of the event
for which the calculation of the Consolidated Senior Secured Leverage Ratio is made (for purposes of this definition, the “Consolidated Senior Secured Leverage Ratio Reference Period”). In the event that the specified Person or any
of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any funded Indebtedness for borrowed money (other than ordinary working capital borrowings), in each case, subsequent to the
commencement of the Consolidated Senior Secured Leverage Ratio Reference Period and on or prior to the date of the event for which the 

  
 11 

 
calculation of the Consolidated Senior Secured Leverage Ratio is made (for purposes of this definition, the “Consolidated Senior Secured Leverage Ratio Calculation Date”), then
the Consolidated Senior Secured Leverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of funded Indebtedness for borrowed money, and the
use of the proceeds therefrom, as if the same had occurred at the beginning of the Consolidated Senior Secured Leverage Ratio Reference Period. In addition, the Consolidated Senior Secured Leverage Ratio shall be determined with such pro forma
adjustments as are consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio (including, for avoidance of doubt and without limitation, the proviso to the first paragraph of the definition
thereof). 
 “Consolidated Total Assets” means, as of any date of determination, the consolidated total assets of the
Company and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Company then available, after giving pro forma effect for acquisitions or dispositions of Persons, divisions or lines of business that occurred on or after
such balance sheet date and on or prior to such date of determination. 
 “continuing” means, with respect to any Default
or Event of Default, that such Default or Event of Default has not been cured or waived. 
 “Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 12.02 or such other address as to which the Trustee may give notice to the Company and for purposes of Section 2.03, such office shall also mean the office or
agency of the Trustee located at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, 7th Floor, Minneapolis, MN 55415. 

“Credit Agreement” means the Credit Agreement, to be dated the Issue Date, by and among the Company, JPMorgan Chase Bank,
N.A., as administrative agent and collateral agent, and each lender from time to time party thereto, as amended, modified, supplemented, restated or replaced from time to time (in whole or in part, and without limitation as to amount, terms,
conditions, covenants and other provisions), and any one or more agreements (and related documents) governing Indebtedness, including indentures, incurred to refinance, substitute, supplement, replace or add to (including increasing the amount
available for borrowing or adding or removing any Person as a borrower, issuer or guarantor thereunder, in whole or in part; provided that such increase in borrowings is permitted under Section 4.09), the borrowings and commitments then
outstanding or permitted to be outstanding under such Credit Agreement or one or more successors to the Credit Agreement or one or more new credit agreements.  

“Credit Facility” means, with respect to the Company or any of its Restricted Subsidiaries, the Credit Agreement and one or
more of any other debt facilities (which may be outstanding at the same time) or other financing arrangements (including, without limitation, commercial paper facilities, indentures, note purchase agreements or other agreements) providing for
revolving credit loans, term loans, debt securities, letters of credit, bankers’ acceptances or other indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith,
and, in each case, any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any debt facilities or other financing arrangements (including, without limitation, commercial paper facilities, indentures,
note purchase agreements or other agreements) that replace, refund or refinance any part of the refinancing facility or indenture that increases the amount permitted to be borrowed thereunder (provided that such increase in borrowings is
permitted under Section 4.09) or alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 

  
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 “Currency Protection Agreement” means any currency protection agreement
entered into with one or more financial institutions in the ordinary course of business that is designed to protect the Person or entity entering into the agreement against fluctuations in currency exchange rates with respect to Indebtedness
incurred and not for purposes of speculation. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto. 
 “Default” means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in
the Global Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in
part in global form, the Person specified in Section 2.03 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 provision of this
Indenture. 
 “Derivative Instrument” means, with respect to a Person, any contract, instrument or other right to receive
payment or delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Screened Affiliate) is a party
(whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Company or
any one or more Guarantors. 
 “Designated Noncash Consideration” means the fair market value of noncash consideration
received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, executed
by the principal executive officer or the principal financial officer of the Company, less the amount of cash and Cash Equivalents received in connection with a sale or collection of such Designated Noncash Consideration. 

“Designated Preferred Stock” means preferred stock of the Company (other than Disqualified Stock) that is issued for cash
(other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock pursuant to an Officer’s Certificate on or prior to
the issuance thereof. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security
into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature; provided, however, that only the portion of the Capital Stock which so matures, is
mandatorily redeemable or is redeemable at the option of the holder prior to such date shall be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the
holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale or as a result of the bankruptcy, insolvency or similar event of the issuer shall

  
 13 

 
not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem such Capital Stock pursuant to such provision unless such repurchase or
redemption complies with Section 4.07. Disqualified Stock shall not include Capital Stock which is issued to any plan for the benefit of employees of the Company or its Restricted Subsidiaries or by any such plan to such employees solely
because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Distribution” means the distribution by Post of shares of Company Common Stock as contemplated under the Transaction
Agreement. 
 “Domestic Subsidiary” means, with respect to the Company, any Restricted Subsidiary that was formed under the
laws of the United States of America or any State thereof, but excluding any direct or indirect Subsidiary of a Foreign Subsidiary. 

“Employee Matters Agreement” means that certain Amended and Restated Employee Matters Agreement by and among Post, the
Company, Old BRBR, and BellRing Brands, LLC to be dated on or about the Issue Date, as amended, modified, supplemented, restated or replaced from time to time. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Euroclear” means Euroclear Bank,
S.A./N.V., as operator of the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Exchange Agreement” means that certain Exchange Agreement, dated as of the Issue Date, by and among Post, a Missouri
corporation and the financial institutions party thereto as identified therein, as amended, modified, supplemented, restated or replaced from time to time. 

“Excluded Contribution” means net cash proceeds, the fair market value of marketable securities or the fair market value of
Qualified Proceeds received by the Company from: 
 (1) contributions to its common equity capital; and 

(2) the sale (other than to a Subsidiary of the Company or to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement of the Company) of Capital Stock (other than Disqualified Stock, Designated Preferred Stock and Refunding Capital Stock) of the Company, 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the principal executive officer or the principal
financial officer of the Company within ten (10) Business Days of the date such capital contributions are made, the date such dividends, distributions, fees or other payments are received or the date such Equity Interests are sold, as the case
may be, which shall be excluded from the calculation set forth in Section 4.07(a)(3) (i.e., the “builder basket’). 

“Excluded Subsidiary” means any Domestic Subsidiary that is designated by the Company as an “Excluded Subsidiary”
pursuant to an Officer’s Certificate delivered to the Trustee; provided that each such Subsidiary shall be an Excluded Subsidiary only if and only for so long as: 

(1) such Subsidiary accounts for less than 7.5% of the Company’s Consolidated Total Assets and the consolidated total
revenue (excluding revenue of Unrestricted Subsidiaries); 

  
 14 

 
provided that the Consolidated Total Assets and consolidated total revenue (excluding revenue of Unrestricted Subsidiaries) of all Subsidiaries that would otherwise be deemed Excluded
Subsidiaries under this clause (1) shall not exceed 10.0% of the Consolidated Total Assets and 10.0% of the consolidated total revenue (excluding revenue of Unrestricted Subsidiaries) of the Company and its Restricted Subsidiaries; or 

(2) such Subsidiary is a Receivables Subsidiary. 

“Existing Indebtedness” means any Indebtedness of the Company and its Restricted Subsidiaries in existence on the Issue Date
(other than the Notes and Indebtedness under the Credit Agreement), until such amounts are repaid, refinanced or retired. 
 “fair
market value” means, with respect to any asset or property, the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by
the Company. 
 “Fixed Charge Coverage Ratio” means, with respect to any specified Person for any period (for purposes of
this definition, the “Reference Period”), the ratio of Consolidated Cash Flow of such Person for the Reference Period to the Fixed Charges of such Person for the Reference Period. In the event that the specified Person or any of its
Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock, in each case,
subsequent to the commencement of the Reference Period and on or prior to the date of the event for which the calculation of the Fixed Charge Coverage Ratio is made (for purposes of this definition, the “Calculation Date”), then the
Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of
preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the Reference Period; provided that the pro forma calculation of the Fixed Charge Coverage Ratio shall not give effect to (i) any
Indebtedness incurred on the Calculation Date in reliance on the provisions described in the definition of Permitted Debt (provided, however, that such calculation shall give effect to Indebtedness incurred on the Calculation Date in
reliance on clause (20) of the definition of Permitted Debt) or (ii) any Indebtedness discharged on the Calculation Date to the extent that such discharge results from the proceeds of Indebtedness incurred on the Calculation Date in
reliance on the provisions described in the definition of Permitted Debt. 
 In addition, for purposes of calculating the Fixed Charge
Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries,
including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in
ownership of Restricted Subsidiaries, during the Reference Period or subsequent to the Reference Period and on or prior to the Calculation Date will be given pro forma effect as if they had occurred on the first day of the Reference Period, and
Consolidated Cash Flow for such reference period will be calculated on a pro forma basis; 
 (2) the Consolidated Cash Flow
attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownerships therein) disposed of prior to the Calculation Date, shall be excluded; 

  
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 (3) the Fixed Charges attributable to discontinued operations, as determined
in accordance with GAAP, and operations or businesses (and ownership interests) disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of
the specified Person or any of its Restricted Subsidiaries following the Calculation Date; and 
 (4) pro forma effect will
be given to the Transactions being consummated on or about the Issue Date. 
 For purposes of this definition, whenever pro
forma effect is to be given to a transaction or a calculation is to be made on a pro forma basis, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company and may include, without
duplication, cost savings, synergies and operating expense reductions resulting from such transaction that have been realized or are expected, in the reasonable judgment of such financial or accounting officer, to be realized within 24 months of the
date of calculation. Any such pro forma calculation may include adjustments appropriate, in the reasonable determination of the Company as set forth in an Officer’s Certificate, to reflect all adjustments included in the calculation of Adjusted
EBITDA as set forth in notes (b), (c) and (d) to the “Summary Historical Condensed Consolidated Financial Information” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such
four-quarter period. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for
the entire period (taking into account any Hedging Obligations applicable to such Indebtedness), and for the avoidance of doubt, if any Indebtedness bears a fixed rate of interest and is being given pro forma effect, the interest on such
Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capital Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. For purposes
of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except
as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offering rate, or other rate, shall be
deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 

(1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued,
including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated
with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments, if any, pursuant to Hedging Obligations, but excluding amortization
of debt issuance costs and any redemption or repurchase premiums paid; plus 
 (2) the consolidated interest expense of such
Person and its Restricted Subsidiaries that was capitalized during such period; plus 

  
 16 

 (3) any interest expense on Indebtedness of another Person that is
Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

(4) all dividend payments, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of such
Person or its Restricted Subsidiaries or on any series of preferred stock of any of its Restricted Subsidiaries (other than a Guarantor), other than dividend payments on any such Equity Interests 

(i) payable solely in Equity Interests of the Company or its Restricted Subsidiaries (other than Disqualified Stock of such
Person or its Restricted Subsidiaries or preferred stock of any of its Restricted Subsidiaries (other than a Guarantor)), or 

(ii) payable solely to the Company or a Restricted Subsidiary of the Company; minus 

(5) interest income. 

“Foreign Subsidiary” means, with respect to the Company, any Restricted Subsidiary that was not formed under the laws of the
United States of America or any state thereof. 
 “Formation Documents” means the Employee Matters Agreement, the Legal
Engagement Letter, the Master Services Agreement, the Master Transaction Agreement, the Registration Rights Agreement, the Tax Matters Agreement, the Tax Matters Agreement (2019), the Tax Receivable Agreement, the Trademark and Domain Name License
Agreement and the Transaction Agreement. 
 “GAAP” means generally accepted accounting principles in the United States of
America as in effect from time to time; provided that leases will be accounted for as provided in the definition of “Capital Lease Obligation”; provided, further, that if there occurs a change in GAAP, and such change
would cause a change in the method of calculation of any standards, terms or measures used in this Indenture (an “Accounting Change”), then the Company may elect that such standards, terms or measures shall be calculated as if such
Accounting Change had not occurred. In addition, at any time after the Issue Date, the Company may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP and, upon any such election,
references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided herein); provided that calculations or determinations herein that require the application of GAAP for periods that include fiscal quarters
ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Company will provide notice of any such election made in accordance with this definition to the Trustee and the
Holders of Notes reasonably promptly following the taking of any action in reliance on such election. 
 “Global Note
Legend” means the legend set forth in Section 2.06(f)(2), 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
deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global
Note” attached thereto, issued in accordance with the applicable provisions of this Indenture. 

  
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 “Guarantee” means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any
part of any Indebtedness. 
 “Guarantors” means: 

(1) beginning on March 24, 2022, each Subsidiary of the Company that guarantees the Credit Agreement and executes a
Subsidiary Guarantee and related supplemental indenture in accordance with the provisions of this Indenture; and 
 (2) any
other Subsidiary of the Company that executes a Subsidiary Guarantee and related supplemental indenture in accordance with the provisions of this Indenture; 

and their respective successors and assigns, in each case, until such Person is released from its Subsidiary Guarantee in accordance with the
terms of this Indenture. On the Issue Date, there are no Guarantors. 
 “Hedging Obligations” of any Person means the
obligations of such Person under swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. 

“Holder” means a Person in whose name a Note is registered. 

“IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors. 
 “Indebtedness” means at any time (without duplication), with respect to any Person, whether recourse is to
all or a portion of the assets of such Person, or non-recourse, the following: 
 (1)
all indebtedness of such Person for money borrowed or for the deferred purchase price of property, excluding (A) any trade payables or other current liabilities incurred in the ordinary course of business and (B) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP; 

(2) all Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (including purchase-money
obligations); 
 (3) all Obligations of such Person with respect to letters of credit, bankers’ acceptances or similar
facilities (including reimbursement obligations with respect thereto, except to the extent such reimbursement Obligation relates to a trade payable) issued for the account of such Person; 

(4) all Indebtedness created or arising under any conditional sale or other title retention agreement with respect to property
or assets acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property or assets); 

(5) all Capital Lease Obligations of such Person; 

  
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 (6) (A) the maximum fixed redemption, repayment or other repurchase price of
Disqualified Stock of such Person at the time of determination and (B) with respect to any Restricted Subsidiary that is not a Guarantor, the principal component of all obligations, or liquidation preference, of any preferred stock (but
excluding, in the case of each of the foregoing clauses (A) and (B), any accrued dividends); 
 (7) any Hedging
Obligations of such Person at the time of determination (the amount of any such Obligations to be equal to the termination value of such agreement or arrangement giving rise to such Obligation that would be payable by such Person at such time); and

 (8) all Obligations of the types referred to in clauses (1) through (7) of this definition of another Person and all
dividends and other distributions of another Person, the payment of which, in either case, (A) such Person has Guaranteed, directly or indirectly, or that is otherwise its legal liability or which such Person has agreed to purchase or
repurchase or in respect of which such Person has agreed contingently to supply or advance funds or (B) that is secured by (or the holder of such Indebtedness or the recipient of such dividends or other distributions has an existing right,
whether contingent or otherwise, to be secured by) any Lien upon the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, dividends or other distributions;
provided that if the holder of such Indebtedness has no recourse to such Person other than to the asset, the amount of such Indebtedness will be deemed to equal the lesser of the value of such asset and the amount of the obligation so
secured), 
 if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. 
 For purposes of the foregoing: 

(1) the maximum fixed repurchase price of any Disqualified Stock that does not have a fixed repurchase price shall be
calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock was repurchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture; provided, however, that,
if such Disqualified Stock is not then permitted to be repurchased, the repurchase price shall be the book value of such Disqualified Stock; 

(2) the amount outstanding at any time of any Indebtedness issued with original issue discount is the principal amount of such
Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP, but such Indebtedness shall be deemed incurred only as of the date of original issuance
thereof; 
 (3) in the case of any Indebtedness not issued with original issue discount, the amount of any such Indebtedness
outstanding as of any date will be the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due; 

(4) the amount of any Indebtedness described in clause (8)(A) above shall be the maximum liability under any such Guarantee;

 (5) the amount of any Indebtedness described in clause (8)(B) above shall be the lesser of (I) the maximum amount of
the Obligations so secured and (II) the fair market value of such property or other assets; and 

  
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 (6) except as described in clause (5) immediately above, interest,
fees, premium, and expenses and additional payments, if any, will not constitute Indebtedness. 
 Notwithstanding the foregoing, in
connection with the purchase or sale by the Company or any Restricted Subsidiary of any assets or business, the term “Indebtedness” will exclude (i) customary indemnification obligations, (ii) post-closing payment adjustments to
which the other party may become entitled to the extent such payment is determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that, such amounts under this clause (ii) would not be
required to be reflected as a liability on the face of a balance sheet prepared in accordance with GAAP, (iii) amounts owed to dissenting shareholders (including in connection with, or as a result of, exercise of dissenters’ or appraisal
rights and the settlement of any claims or action (whether actual, contingent or potential)), pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets not prohibited by the applicable provisions of this
Indenture, and (iv) obligations under or in respect of operating leases, Sale and Leaseback Transactions (except any resulting Capital Lease Obligations) and Qualified Receivables Transactions. 

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

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $840.0 million aggregate principal amount of Notes issued under this
Indenture on the Issue Date. 
 “Initial Purchasers” means J.P. Morgan Securities LLC, Barclays Capital Inc.,
BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Rabo Securities USA, Inc., Stifel,
Nicolaus & Company, Incorporated and Truist Securities, Inc., each in their capacity as an initial purchaser of the Initial Notes from the Selling Noteholders or otherwise as an initial purchaser in connection with the offering of the
Initial Notes pursuant to the Offering Memorandum. 
 “Institutional Accredited Investor” means an institution that is an
“accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB. 

“Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended. 

“Investment Grade Rating” means a debt rating of the Notes of BBB- or higher by
S&P and Baa3 or higher by Moody’s or the equivalent of such ratings by S&P and Moody’s or, in the event S&P or Moody’s shall cease rating the Notes and the Company shall select any other Rating Agency, the equivalent of
such ratings by such other Rating Agency. 
 “Investments” means, with respect to any Person, all investments by such
Person in other Persons (including Affiliates) in the forms of direct or indirect loans (including Guarantees of Indebtedness or other Obligations), advances or capital contributions (excluding accounts receivable, trade credit and advances to
customers in the ordinary course of business and commission, travel and similar advances to officers and employees made in the ordinary course of business), prepaid expenses and accounts receivable, purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a direct or indirect Subsidiary of the

  
 20 

 
Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Subsidiary not sold or
disposed of in an amount determined as provided in the last paragraph of Section 4.07. 
 “Issue Date” means
March 10, 2022, the date of issuance of the Initial Notes under this Indenture. 
 “Legal Engagement Letter” means
that certain legal engagement letter to be dated on or about the Issue Date, by and between Post and the Company, as amended, modified, supplemented, restated or replaced from time to time. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period. 
 “Lien” means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that
in no event will an operating lease be deemed to constitute a Lien. 
 “Limited Condition Transaction” means (i) any
Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise), whose consummation is not conditioned on the availability of, or on obtaining, third-party
financing, (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or preferred stock requiring notice in advance of such redemption, repurchase, defeasance, satisfaction and
discharge or repayment and (iii) any Restricted Payment requiring notice in advance thereof or which is subject to a binding agreement. 

“Long Derivative Instrument” means, as to any Person, a Derivative Instrument (i) the value of which to such Person
generally increases, and/or the payment or delivery obligations of such Person under which generally decrease, with positive changes in the financial performance and/or position of the Company or any one or more Guarantors and/or (ii) the value
of which to such Person generally decreases, and/or the payment or delivery obligations of such Person under which generally increase, with negative changes in the financial performance and/or position of the Company or any one or more Guarantors.

 “Market Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of the
Company’s Common Stock that are issued and outstanding on the date of the relevant Restricted Payment and listed on The New York Stock Exchange (or, if the primary listing of such Common Stock is on another exchange, on such other exchange)
multiplied by (ii) the arithmetic mean of the closing price per share of such Common Stock as reported by The New York Stock Exchange (or, if the primary listing of such Common Stock is on another exchange, on such other exchange) for each of
the 30 consecutive trading days immediately preceding the date of such Restricted Payment. 
 “Master Services Agreement”
means that certain Amended and Restated Master Services Agreement to be dated on or about the Issue Date, by and among Post, the Company and certain Subsidiaries of the Company, as amended, modified, supplemented, restated or replaced from time to
time. 

  
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 “Master Transaction Agreement” means that certain Master Transaction
Agreement dated as of October 7, 2019 by and among Post, BellRing Brands, LLC and Old BRBR, as amended, modified, supplemented, restated or replaced from time to time. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor rating agency. 

“Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of
any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of all costs relating to such Asset Sale,
including, without limitation, legal, accounting, investment banking fees and broker fees, and sales and underwriting commissions, and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof, in each case
after taking into account any available tax credits or deductions and any tax sharing arrangements and amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien on the asset
or assets that were the subject of such Asset Sale, any costs associated with unwinding any related Hedging Obligations in connection with such repayment and any reserve for adjustment in respect of the sale price of such asset or assets established
in accordance with GAAP or in respect of liabilities associated with the asset disposed of and retained by the Company or its Restricted Subsidiaries. 

“Net Short” means, with respect to a Holder or beneficial owner of the Notes, as of a date of determination, either
(i) the value of its Short Derivative Instruments exceeds the sum of (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such
would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Company or any Guarantor immediately prior to such date of
determination. 
 “Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against
an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the
payment thereof to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which the lenders have been
notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Notes” has
the meaning assigned to it in the preamble of this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes. 

  
 22 

 “Obligations” means any principal, premium, if any, interest (including
interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or its Restricted Subsidiaries whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees,
charges, expenses, indemnifications, reimbursement obligations, damages, including liquidated damages, Guarantees and other liabilities or amounts payable under the documentation governing any Indebtedness or in respect thereof. 

“Offering Memorandum” means that certain Offering Memorandum with respect to the Initial Notes, dated March 1, 2022 for
the offering of the Initial Notes issued on the Issue Date. 
 “Officer” means, with respect to any Person, the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary, the General Counsel or any Vice
President of such Person. 
 “Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer
of the Company, who must be the principal executive officer, the principal financial officer, the principal accounting officer, the treasurer or the general counsel of the Company, that meets the requirements of Section 12.05. 

“Old BRBR” means BellRing Intermediate Holdings, Inc., a Delaware corporation, formerly known as BellRing Brands, Inc., a
Delaware corporation. 
 “Opinion of Counsel” means a written opinion from legal counsel, who may be internal or external
counsel for the Company, or other counsel reasonably acceptable to the Trustee, complying with Section 12.05. 
 “Parent
Company” means any Person of which the Company is a direct or indirect wholly-owned Subsidiary. 
 “Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Business” means any business that is the same as, or reasonably related, ancillary or complementary to, any of the
businesses in which the Company and its Restricted Subsidiaries are engaged on the Issue Date. 
 “Permitted Investments”
means: 
 (1) any Investment in the Company or in a Restricted Subsidiary of the Company; 

(2) any Investment in cash (including foreign currencies) or Cash Equivalents; 

(3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person engaged in a Related Business, if as
a result of such Investment: 
 (i) such Person in one transaction or a series of related transactions becomes a Restricted
Subsidiary of the Company; or 
 (ii) such Person, in one transaction or a series of related transactions, is merged,
consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 

  
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 (4) any Investment made as a result of the receipt of non-cash consideration from (a) an Asset Sale or any disposition of assets or property not constituting an Asset Sale, or (b) any disposition or issuance of Equity Interests of a Subsidiary, in each case
which is not prohibited by Section 4.10; 
 (5) any Investments by the Company or any Restricted Subsidiary in a
Receivables Subsidiary or a Special Purpose Vehicle or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables Transaction; provided that any Investment in a Receivables Subsidiary or a
Special Purpose Vehicle is in the form of a Purchase Money Note or an Equity Interest or in the form of a purchase of Receivables and Receivables Related Assets pursuant to a Receivables Repurchase Obligation; 

(6) any Investment solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 

(7) Investments in accounts or notes receivable owing to the Company or any Restricted Subsidiary of the Company acquired in
the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary
deems reasonable under the circumstances; 
 (8) loans and advances to directors, officers, managers, employees and
consultants of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes not in excess of $10.0 million at any one time outstanding; 

(9) Investments in securities received in settlement of Obligations of trade creditors or customers in the ordinary course of
business or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of trade creditors or customers; 

(10) workers’ compensation, utility, lease and similar deposits and prepaid expenses in the ordinary course of business
and endorsements of negotiable instruments and documents in the ordinary course of business; 
 (11) commission, payroll,
travel and similar advances to employees in the ordinary course of business; 
 (12) Hedging Obligations entered into in the
ordinary course of the Company’s or its Restricted Subsidiaries’ businesses and not for speculative purposes and otherwise in compliance with this Indenture; 

(13) Investments represented by Guarantees of Indebtedness that are otherwise permitted under this Indenture and performance
guarantees in the ordinary course of business; 
 (14) other Investments in any Person having an aggregate fair market value
(measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (14) that are at any time outstanding, not to exceed
(a) the greater of (i) $150.0 million and (ii) 60.0% of Consolidated Cash Flow as of the date of such Investment plus (b) 100% of the aggregate cash dividends and distributions received by the Company or any Restricted Subsidiary
from any such Investments that are at any time outstanding pursuant to this clause (14), but only to the extent the 

  
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Company elects to include such dividends or distributions in this clause (14)(b), as evidenced by an Officer’s Certificate delivered to the Trustee within 10 Business Days of the date of the
dividend or distribution; provided that if an Investment made pursuant to this clause (14) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of the Investment and such Person becomes a
Restricted Subsidiary after such date, such Investment will thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (14); 

(15) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (16) loans by the Company in an aggregate principal amount not exceeding $10.0 million to
employees of the Company or its Restricted Subsidiaries to finance the sale of the Company’s Capital Stock by the Company to such employees; provided that the net cash proceeds from such sales respecting such loaned amounts will not be
included in the calculation described in Section 4.07(a)(3)(B); 
 (17) any Investment (x) existing on the Issue
Date, (y) made pursuant to binding commitments in effect on the Issue Date or (z) that replaces, refinances, refunds, renews or extends any Investment described under either of the immediately preceding clauses (x) or (y),
provided that any such Investment is in an amount that does not exceed the amount replaced, refinanced, refunded, renewed or extended; 

(18) Investments comprised of intercompany loans between the Company and any Restricted Subsidiary or between any Restricted
Subsidiary and any other Restricted Subsidiary; 
 (19) Investments in the Notes; 

(20) other Investments in any Unrestricted Subsidiary or joint venture of the Company or of any of its Restricted Subsidiaries
having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (20) that are at
any time outstanding, not to exceed (a) the greater of (i) $125.0 million and (ii) 50.0% of Consolidated Cash Flow as of the date of such Investment plus (b) 100% of the aggregate cash dividends and distributions received by the
Company or any Restricted Subsidiary from any such Investments that are at any time outstanding pursuant to this clause (20), but only to the extent the Company elects to include such dividends or distributions in this clause (20)(b), as evidenced
by an Officer’s Certificate delivered to the Trustee within 10 Business Days of the date of dividend or distribution; provided that if an Investment made pursuant to this clause (20) is made in any Person that is not a Restricted
Subsidiary of the Company at the date of the making of the Investment and such Person becomes a Restricted Subsidiary after such date, such Investment will thereafter be deemed to have been made pursuant to clause (1) above and shall cease to
have been made pursuant to this clause (20); 
 (21) any Investment in an Unrestricted Subsidiary to the extent comprised of
assets of, or Equity Interests in, an Unrestricted Subsidiary; 
 (22) any transaction to the extent it constitutes an
Investment that is permitted by and made in accordance with the provisions of Section 4.11(b) (except transactions described in Section 4.11(b)(2), (5), (6), (12) and (14)); 

  
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 (23) other Investments so long as the Consolidated Leverage Ratio,
calculated as of the date of such Investment and after giving pro forma effect thereto (including, without limitation, to the incurrence of any Indebtedness to finance such Investment), does not exceed 4.00 to 1.0; and 

(24) any Investment pursuant to or in connection with the Transactions. 

In the event that a Permitted Investment meets the criteria of more than one of the types of Permitted Investment (at the time
of incurrence or at a later date), the Company in its sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Investment in in any manner that complies with the definition of “Permitted
Investments” and such Permitted Investment shall be treated as having been made pursuant only to the clause or clauses of this definition to which such Permitted Investment has been classified or reclassified. 

“Permitted Liens” means: 

(1) Liens securing Indebtedness of the Company or any Restricted Subsidiary incurred pursuant to Section 4.09(b)(1); 

(2) Liens in favor of the Company or the Guarantors; 

(3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with or becomes a
Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company; provided that such Liens were not entered into in contemplation of such merger or consolidation and do not extend to any assets other than those of the Person
merged into or consolidated with the Company or such Subsidiary; 
 (4) Liens on property existing at the time of acquisition
thereof by the Company or any Restricted Subsidiary of the Company; provided that such Liens were not entered into in contemplation of such acquisition and only extend to the property so acquired; 

(5) Liens on assets of Foreign Subsidiaries securing Indebtedness of Foreign Subsidiaries; 

(6) Liens to secure Indebtedness (including any Capital Lease Obligations) permitted by Sections 4.09(b)(4) or 4.09(b)(18),
covering only the assets financed with such Indebtedness (or, in the case of Section 4.09(b)(18), that are the subject of the applicable Sale and Leaseback Transaction) and, in each case, any additions and improvements thereon; 

(7) Liens existing on the Issue Date securing Existing Indebtedness; 

(8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings diligently conducted, provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(9) Deposits’ and landlords’, lessors’, carriers’, warehousemen’s, mechanics’, suppliers’,
materialmen’s, repairmen’s and other like Liens imposed by law incurred in the ordinary course of business, in each case for sums not yet due or being contested in good faith by appropriate proceedings diligently conducted; 

  
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 (10) pledges or deposits made in connection with workers’ compensation,
unemployment insurance and other types of social security or similar legislation, or good faith deposits to secure the performance of bids, tenders, government contracts (other than for the payment of Indebtedness) or leases to which the Company or
any Restricted Subsidiary is a party, deposits to secure statutory obligations or bankers’ acceptances of the Company or any Restricted Subsidiary and deposits to secure surety and appeal bonds to which the Company or a Restricted Subsidiary is
a party, in each case incurred in the ordinary course of business; 
 (11) judgment Liens not giving rise to Default or an
Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings
may be initiated shall not have expired; 
 (12) Liens on the assets of a Restricted Subsidiary of the Company that is not a
Guarantor securing Indebtedness of that Restricted Subsidiary; provided that such Indebtedness was permitted to be incurred by Section 4.09; 

(13) easements, rights-of-way, zoning
restrictions and other similar charges or encumbrances affecting real property which do not materially adversely affect the value of said property or interfere in any material respect with the ordinary conduct of the business of the Company or such
Restricted Subsidiary; 
 (14) any interest or title of a lessor under any capital lease or operating lease; provided
that such Liens do not extend to any property or assets which is not leased property subject to such lease; 
 (15) Liens in
favor of custom and revenue authorities arising as a matter of law to secure payment of non-delinquent customs duties in connection with the importation of goods; 

(16) Liens securing reimbursement obligations with respect to letters of credit or bankers’ acceptances incurred in
accordance with this Indenture which encumber documents and other property relating to such letters of credit or bankers’ acceptances and products and proceeds thereof; 

(17) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business; 
 (18) leases or subleases, licenses or
sublicenses, granted to others not interfering in any material respect with the business of the Company or any Restricted Subsidiary of the Company; 

(19) Liens arising out of conditional sale, consignment, title retention or similar arrangements for the sale of goods entered
into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
 (20) Liens (i) of a
collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection; (ii) attaching to commodity trading accounts or other commodity brokerage accounts
incurred in the ordinary course of business; and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general
parameters customary in the banking industry; 

  
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 (21) Liens securing Permitted Refinancing Indebtedness which is incurred to
refinance, renew, replace, defease or discharge any Refinanced Indebtedness which has been secured by a Lien permitted under this Indenture and which has been incurred in accordance with the provisions of this Indenture; provided,
however, that such Liens: (i) are no less favorable to the Holders in any material respect and are not more favorable to the lienholders in any material respect with respect to such Liens than the Liens in respect of such Refinanced
Indebtedness; and (ii) do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries not securing such Refinanced Indebtedness; 

(22) Liens upon 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; 

(23) Liens securing Hedging Obligations; 

(24) Liens on Receivables Program Assets securing Receivables Program Obligations; 

(25) deposits made in the ordinary course of business to secure liability to insurance carriers; 

(26) Liens under licensing agreements for use of intellectual property entered into in the ordinary course of business; 

(27) Liens incurred to secure cash management services and other bank products in the ordinary course of business; 

(28) Liens on property or assets used to defease or to satisfy and discharge Indebtedness; provided that such defeasance
or satisfaction and discharge is not prohibited by this Indenture; 
 (29) Liens solely on any cash earnest money deposits
made by the Company or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement; 

(30) Liens incurred on assets or property of the Company or any Restricted Subsidiary of the Company with respect to
Obligations that do not exceed the greater of $150.0 million and 60.0% of Consolidated Cash Flow (determined as of the date of any incurrence); 

(31) additional Liens securing Obligations, provided that after giving effect to the incurrence of such Liens, the Consolidated
Senior Secured Leverage Ratio, calculated as of the date of incurrence, (x) does not exceed 4.25 to 1.0 or (y) in the event that such Obligations are incurred to finance an acquisition or other Investment in the nature of an acquisition,
does not exceed the greater of (i) 4.25 to 1.0 or (ii) the Consolidated Senior Secured Leverage Ratio calculated immediately prior to giving effect to such acquisition or other Investment in the nature of an acquisition; 

(32) Liens created or arising pursuant to or in connection with the Transactions; and 

(33) Liens on Equity Interests in joint ventures or Unrestricted Subsidiaries (i) securing obligations of such joint
ventures or Unrestricted Subsidiaries or (ii) pursuant to the relevant joint venture agreement or arrangements. 

  
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 During any Suspension Period, the relevant clauses of Section 4.09 shall be deemed to
be in effect solely for purposes of determining the amount available under clause (7) above. 
 In the event that a Permitted Lien
meets the criteria of more than one of the types of Permitted Liens (at the time of incurrence or at a later date), the Company in its sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in
any manner that complies with the covenant described in Section 4.12 and such Permitted Lien shall be treated as having been made pursuant only to the clause or clauses of this definition to which such Permitted Lien has been classified or
reclassified. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted
Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, refund, renew, replace, defease or discharge, other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany
Indebtedness) (such other Indebtedness, “Refinanced Indebtedness”); provided that: 
 (1) the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus accrued interest on, the Refinanced Indebtedness (plus the amount of
reasonable fees and expenses (including original issue discount, upfront fees or similar fees) incurred in connection therewith including premiums paid, if any, to the holders thereof); 

(2) such Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity equal to or greater than the Weighted
Average Life to Maturity of the Refinanced Indebtedness; 
 (3) if the Refinanced Indebtedness is contractually subordinated
in right of payment to the Notes, such Permitted Refinancing Indebtedness is contractually subordinated in right of payment to the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the
Refinanced Indebtedness; 
 (4) such Permitted Refinancing Indebtedness is incurred either by the Company or by the
Restricted Subsidiary who is the obligor on the Refinanced Indebtedness; and 
 (5) (a) if the Stated Maturity of the
Indebtedness being refinanced is earlier than the Stated Maturity of the Notes, the Permitted Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Refinanced Indebtedness or (b) if the Stated Maturity of the
Refinanced Indebtedness is later than the Stated Maturity of the Notes, the Permitted Refinancing Indebtedness has a Stated Maturity at least 91 days later than the Stated Maturity of the Notes. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, estate or unincorporated organization or government or any agency or political subdivision thereof or any other entity (including any subdivision or ongoing business of any such entity, or substantially all of the assets of any such
entity, subdivision or business). 
 “Post” means Post Holdings, Inc., a Missouri corporation, and its successors and
assigns. 
 “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

  
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 “Purchase Money Note” means a promissory note evidencing the obligation of
a Receivables Subsidiary or a Special Purpose Vehicle to pay the purchase price for Receivables or other Indebtedness to the Company or to any Restricted Subsidiary (or to a Receivables Subsidiary in the case of a transfer to a Special Purpose
Vehicle) in connection with a Qualified Receivables Transaction, which note shall be repaid from cash available to the maker of such note, other than cash required to be held as reserves pursuant to Receivables Documents, amounts paid in respect of
interest, principal and other amounts owing under Receivables Documents and amounts paid in connection with the purchase of newly generated Receivables. 

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

“Qualified Capital Stock” means any Capital Stock that is not Disqualified Stock. 

“Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a Related Business.

 “Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the
Company or any Restricted Subsidiary of the Company pursuant to which the Company or any such Restricted Subsidiary may sell, convey or otherwise transfer to a Receivables Subsidiary (in the case of a transfer by the Company or any of its Restricted
Subsidiaries) and any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any Receivables Program Assets (whether existing on the Issue Date or arising thereafter); provided that: 

(1) no portion of the Indebtedness or any other Obligations (contingent or otherwise) of a Receivables Subsidiary or Special
Purpose Vehicle 
 (i) is Guaranteed by the Company or any of its Restricted Subsidiaries (other than a Receivables
Subsidiary), excluding Guarantees of Obligations pursuant to Standard Securitization Undertakings, 
 (ii) is recourse to or
obligates the Company or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) in any way other than pursuant to Standard Securitization Undertakings, or 

(iii) subjects any property or asset of the Company or any of its Restricted Subsidiaries (other than a Receivables
Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction of Obligations incurred in such transactions, other than pursuant to Standard Securitization Undertakings; 

(2) neither the Company nor any of its Restricted Subsidiaries (other than a Receivables Subsidiary) has any material contract,
agreement, arrangement or understanding with a Receivables Subsidiary or a Special Purpose Vehicle (except in connection with a receivables securitization facility) other than on terms no less favorable to the Company or such Restricted Subsidiary
than those that might be obtained at the time from Persons that are not Affiliates of the Company; and 
 (3) the Company and
its Restricted Subsidiaries (other than a Receivables Subsidiary) do not have any obligation to maintain or preserve the financial condition of a Receivables Subsidiary or a Special Purpose Vehicle or cause such entity to achieve certain levels of
operating results other than Standard Securitization Undertakings. 
 “Rating Agency” means each of S&P and
Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available (for reasons outside the control of the Company), a statistical rating agency or agencies, as the case may be, nationally recognized in the
United States and selected by the Company (as certified in an Officer’s Certificate) which shall be substituted for S&P’s or Moody’s, or both, as the case may be. 

  
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 “Receivables” means all rights of the Company or any of its Restricted
Subsidiaries (other than a Receivables Subsidiary) to payments (whether constituting accounts, chattel paper, instruments, general intangibles or otherwise, and including the right to payment of any interest or finance charges), which rights are
identified in the accounting records of the Company or such Restricted Subsidiary as accounts receivable. 
 “Receivables
Documents” means: 
 (1) one or more receivables purchase agreements, pooling and servicing agreements, credit
agreements, agreements to acquire undivided interests or other agreements to transfer or obtain loans or advances against, or create a security interest in, Receivables Program Assets, in each case as amended, modified, supplemented, restated or
replaced from time to time and entered into by the Company, a Restricted Subsidiary and/or a Receivables Subsidiary, and 

(2) each other instrument, agreement and other document entered into by the Company, a Restricted Subsidiary or a Receivables
Subsidiary relating to the transactions contemplated by the agreements referred to in clause (a) above, in each case as amended, modified, supplemented, restated or replaced from time to time. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any accounts
receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Qualified Receivables Transaction. 

“Receivables Program Assets” means: 

(1) all Receivables which are described as being transferred by the Company, a Restricted Subsidiary or a Receivables
Subsidiary pursuant to the Receivables Documents; 
 (2) all Receivables Related Assets; and 

(3) all collections (including recoveries) and other proceeds of the assets described in the foregoing clauses. 

“Receivables Program Obligations” means: 

(1) Indebtedness and other Obligations owing in respect of notes, trust certificates, undivided interests, partnership
interests or other interests sold, issued and/or pledged, or otherwise incurred, in connection with a Qualified Receivables Transaction; and 

(2) related obligations of the Company, a Subsidiary of the Company or a Special Purpose Vehicle (including, without
limitation, Standard Securitization Undertakings). 

  
 31 

 “Receivables Related Assets” means: 

(1) any rights arising under the documentation governing or relating to Receivables (including rights in respect of Liens
securing such Receivables and other credit support in respect of such Receivables); 
 (2) any proceeds of such Receivables
and any lockboxes or accounts in which such proceeds are deposited; 
 (3) spread accounts and other similar accounts (and
any amounts on deposit therein) established in connection with a Qualified Receivables Transaction; 
 (4) any warranty,
indemnity, dilution and other intercompany claim arising out of Receivables Documents; and 
 (5) 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. 

“Receivables Repurchase Obligation” means any obligation of the Company or a Restricted Subsidiary (other than a Receivables
Subsidiary) in a Qualified Receivables Transaction to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the Company or a Restricted Subsidiary (other
than a Receivables Subsidiary). 
 “Receivables Subsidiary” means a special purpose Wholly Owned Restricted Subsidiary of
the Company created in connection with the transactions contemplated by a Qualified Receivables Transaction, which Restricted Subsidiary engages in no activities other than those incidental to such Qualified Receivables Transaction and which is
designated as a Receivables Subsidiary by the Company pursuant to an Officer’s Certificate. 
 “Registration Rights
Agreement” means that certain Registration Rights Agreement by and between Post and the Company, to be dated on or about the Issue Date, as amended, modified, supplemented, restated or replaced from time to time. 

“Regulated Bank” means a commercial bank with a consolidated combined capital and surplus of at least $500,000,000 that is
(i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial
lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by
a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any
jurisdiction. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of
Regulation S. 

  
 32 

 “Related Business” means the business conducted by the Company and its
Subsidiaries as of the Issue Date and any and all businesses that in the good faith judgment of the Company are similar or reasonably related, ancillary or complementary thereto or reasonable extensions thereof. 

“Responsible Officer,” when used with respect to the Trustee, means any officer who shall have direct responsibility for the
administration of this Indenture at the Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the
particular subject. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

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

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Group or any successor rating agency. 

“Sale and Leaseback Transaction” means with respect to any Person an arrangement with any bank, insurance company or other
lender or investor or to which such lender or investor is a party, providing for the leasing by such Person of any asset of such Person which has been or is being sold or transferred by such Person to such lender or investor or to any Person to whom
funds have been or are to be advanced by such lender or investor on the security of such asset. 
 “Screened Affiliate”
means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and
such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such
Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any
other Affiliate of such Holder that is acting in concert with such Holders in connection with its investment in the Notes. 

“SEC” means the Securities and Exchange Commission, or any governmental authority succeeding to any of its principal
functions. 
 “Securities Act” means the Securities Act of 1933, as amended. 

  
 33 

 “Selling Noteholders” means J.P. Morgan Securities LLC, Barclays Capital
Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC, each in their capacity as a selling noteholder of the Initial Notes sold to the Initial Purchasers. 

“Senior Secured Indebtedness” means, as of any date of determination, the aggregate principal amount of all funded
Indebtedness for borrowed money (other than Subordinated Indebtedness) that is secured by a Lien on any asset or property of the Company or any Restricted Subsidiary. For avoidance of doubt, issued but undrawn letters of credit and undrawn capacity
under any revolving credit facility are not funded Indebtedness for borrowed money, but all Indebtedness incurred pursuant to Section 4.09(b)(1) (other than any unsecured Indebtedness that, as of such date of determination, has been
reclassified as incurred pursuant to another clause of the definition of Permitted Debt or Section 4.09(a)) will be deemed to be secured for purposes of calculating the Consolidated Senior Secured Leverage Ratio. 

“Separation” means the series of separation transactions contemplated under the Transaction Agreement. 

“Short Derivative Instrument” means, as to any Person, a Derivative Instrument (i) the value of which to such Person
generally decreases, and/or the payment or delivery obligations of such Person under which generally increase, with positive changes in the financial performance and/or position of the Company or any one or more Guarantors and/or (ii) the value
of which to such Person generally increases, and/or the payment or delivery obligations of such Person under which generally decrease, with negative changes in the financial performance and/or position of the Company or any one or more Guarantors.

 “Significant Subsidiary” means (1) any Subsidiary that would be a “significant subsidiary” as defined in
Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Exchange Act, as such Regulation is in effect on the Issue Date and (2) any Restricted
Subsidiary that when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries would constitute a Significant Subsidiary under clause (1) of this definition. 

“Special Purpose Vehicle” means a trust, partnership or other special purpose Person established by the Company and/or any of
its Restricted Subsidiaries to implement a Qualified Receivables Transaction. 
 “Standard Securitization Undertakings”
means representations, warranties, covenants, performance guarantees and indemnities entered into by the Company or any Subsidiary of the Company which, in the good faith judgment of the Company, are reasonably customary in an accounts receivable
transaction and includes, without limitation, any Receivables Repurchase Obligation. 
 “Stated Maturity” means, with
respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subordinated Indebtedness” means Indebtedness that is contractually subordinated in right of payment to the Notes or the
Subsidiary Guarantees. 

  
 34 

 “Subsidiary” means, with respect to any Person: 

(1) any corporation, association or other business entity (other than a partnership) of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or
more of the other Subsidiaries of such Person (or a combination thereof); and 
 (2) any partnership (a) the sole
general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof). 

“Subsidiary Guarantee” means, individually, any Guarantee of payment of the Notes by a Guarantor pursuant to the terms of
this Indenture, and, collectively, all such Guarantees. 
 “Tax and Related Distributions” means, without duplication, for
any taxable period for which the Company is a member of a consolidated, combined, unitary or similar tax group for U.S. federal and/or applicable state or local tax purposes, payments to discharge the consolidated, combined, unitary or similar tax
liabilities of such tax group when and as due, to the extent such liabilities are attributable to the income of the Company and/or any Restricted Subsidiary of the Company (or any Unrestricted Subsidiary of the Company to the extent such
Unrestricted Subsidiary has distributed a corresponding amount to the Company or a Restricted Subsidiary), taking into account any carryovers of losses, excess interest deductions, and any available credits, in each case incurred on or following the
Issue Date; provided that for each taxable period the amount of any such payment shall not be greater than the amount of such taxes that are reasonably expected to be due and payable by the Company and such Subsidiaries if the Company and
such Subsidiaries filed a consolidated, combined, unitary or similar type tax return with the Company as the consolidated parent. 

“Tax Matters Agreement” means that certain Tax Matters Agreement by and among Post, the Company, and Old BRBR, to be dated on
or about the Issue Date, as amended, modified, supplemented, restated or replaced from time to time and the tax receivable agreement, if any, entered into in accordance with Section 2.09 thereof, as amended, modified, supplemented, restated or
replaced from time to time. 
 “Tax Matters Agreement (2019)” means that certain Tax Matters Agreement by and among Post,
the Company, and Old BRBR, dated as of October 21, 2019, as amended, modified, supplemented, restated or replaced from time to time. 

“Tax Receivable Agreement” means that certain Tax Receivable Agreement by and among Post, BellRing Brands, LLC and Old BRBR,
dated as of October 21, 2019, as amended, modified, supplemented, restated or replaced from time to time.  
 “Trademark
and Domain Name License Agreement” means that certain Amended and Restated Trademark and Domain Name License Agreement, to be dated on or about the Issue Date, by and among Post, certain Subsidiaries of Post, the Company, and certain
Subsidiaries of the Company, as amended, modified, supplemented, restated or replaced from time to time. 
 “Transaction
Agreement” means the Transaction Agreement and Plan of Merger, dated as of October 26, 2021, among the Company, Post, BellRing Brands, Inc. and BellRing Merger Sub Corporation, as amended, modified, supplemented, restated or replaced
from time to time. 
 “Transactions” means, collectively, the following transactions, agreements, activities or actions:
(i) the Separation, the Distribution, the merger of BellRing Merger Sub Corporation with and into Old BRBR, (ii) the entry into and performance of the Transaction Agreement (including, each document

  
 35 

 
referenced therein and any other agreements or arrangements entered in accordance with the terms thereof), each of the other Formation Documents, and any transactions in furtherance of the
transactions contemplated by any of the foregoing, (iii) any agreement or transaction to effectuate or facilitate the consummation of the debt-for-debt or debt-for-equity exchange contemplated by the Transaction Agreement, (iv) each of the corporate reorganization transactions, restructuring or similar activities or
transactions in connection with or related to any of the foregoing and (v) cash payments pursuant to or in connection with any of the foregoing, including, without limitation, (a) the payment of the cash merger consideration to the holders
of Equity Interests of Old BRBR, (b) payments to holders of Equity Interests under any management equity plan, stock option plan or any other management or employee benefit plan or agreement of Old BRBR, (c) payments of amounts (including,
without limitation, any amounts treated as being paid on behalf of Old BRBR or any of its or the Company’s Subsidiaries) pursuant to the Tax Matters Agreement, the Tax Matters Agreement (2019) or the Tax Receivable Agreement (in each case
as in effect on the Issue Date, or as amended, modified, supplemented, restated or replaced from time to time in a manner not materially adverse to the interests of the Holders) or pursuant to any tax receivables agreement entered into pursuant to
the terms of the Tax Matters Agreement, (d) payments pursuant to or in connection with the Formation Documents (as in effect on the Issue Date, or as amended, modified, supplemented, restated or replaced from time to time in a manner not
materially adverse to the interests of the Holders), including, without limitation, all indemnity payments thereunder, all fees, costs and expenses thereunder, and all other payments and reimbursements owed thereunder, in each case whether currently
due or paid in respect of accruals from prior periods, and (e) the payment of transaction fees and expenses in connection with any of the foregoing, in each case whether made or paid directly or to or on behalf of the Company, any Restricted
Subsidiary of the Company or any Parent Company, in the case of each of the foregoing clauses (i) through (v), whether occurring prior to, on, or after the Issue Date, provided that the Transactions shall not include (1) the
issuance of the Notes on the Issue Date and (2) the entry into the Credit Agreement on the Issue Date and any borrowings thereunder. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of the earlier of (a) such redemption date or
(b) the date on which the Notes are defeased or satisfied and discharged, of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to
March 15, 2027; provided, however, that if the period from the redemption date to March 15, 2027, is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant
maturity of one year will be used. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb), as in effect on the Issue Date and, to the extent required by law, as amended. 
 “Trustee”
means Computershare Trust Company, N.A., until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private
Placement Legend. 

  
 36 

 “Unrestricted Subsidiary” means any Subsidiary of the Company that is
designated by the Company as an Unrestricted Subsidiary in accordance with Section 4.17, and any Subsidiary of such Subsidiary so designated; provided that any such Subsidiary: 

(1) has no Indebtedness other than Non-Recourse Debt; and 

(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Company. 
 “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 purpose 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 non-callable Obligations of, or Guaranteed
as to the full and timely payment by, the United States of America for the payment of which Guarantee or Obligations the full faith and credit of the United States is pledged. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying
(a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 
 (2)
the then outstanding principal amount of such Indebtedness. 
 “Wholly Owned Restricted Subsidiary” of any Person means a
Restricted Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person and/or by one or more Wholly Owned Restricted
Subsidiaries of such Person. 

  
 37 

 Section 1.02 Other Definitions. 

 

					
		  	 	Defined in	 
	 Term
	  	Section	 
	“Accounting Change” 	  	 	1.01	 
	“Automatic Exchange”	  	 	2.06	 
	“Automatic Exchange Date”	  	 	2.06	 
	“Accounting Change” 	  	 	1.01	 
	“Approved Foreign Bank”	  	 	1.01	 
	“Automatic Exchange Notice”	  	 	2.06	 
	“Automatic Exchange Notice Date”	  	 	2.06	 
	“Affiliate Transaction”	  	 	4.11	 
	“Authentication Order”	  	 	2.02	 
	“BellRing”	  	 	1.01	 
	“Change of Control Offer”	  	 	4.14	 
	“Change of Control Payment”	  	 	4.14	 
	“Change of Control Payment Date”	  	 	4.14	 
	“Covenant Defeasance”	  	 	8.03	 
	“Deemed Date”	  	 	4.09	 
	“Directing Holder”	  	 	6.02	 
	“DTC”	  	 	2.03	 
	“Event of Default”	  	 	6.01	 
	“IFRS”	  	 	1.01	 
	“incur”	  	 	4.09	 
	“Incurrence Clauses”	  	 	4.07	 
	“LCT Election”	  	 	4.19	 
	“LCT Test Date”	  	 	4.19	 
	“Legal Defeasance”	  	 	8.02	 
	“Net Proceeds Offer”	  	 	4.10	 
	“Net Proceeds Offer Amount”	  	 	4.10	 
	“Net Proceeds Offer Payment Date”	  	 	4.10	 
	“Net Proceeds Offer Trigger Date”	  	 	4.10	 
	“Noteholder Direction”	  	 	6.02	 
	“Pari Passu Indebtedness”	  	 	4.10	 
	“Paying Agent”	  	 	2.03	 
	“Payment Default”	  	 	6.01	 
	“Permitted Debt”	  	 	4.09	 
	“Position Representation”	  	 	6.02	 
	“Purchase Date”	  	 	3.09	 
	“Refunding Capital Stock”	  	 	4.07	 
	“Registrar”	  	 	2.03	 
	“Reinstatement Date”	  	 	4.18	 
	“Restricted Payments”	  	 	4.07	 
	“Signature Law”	  	 	12.12	 
	“Surviving Entity”	  	 	5.01	 
	“Suspended Covenants”	  	 	4.18	 
	“Suspension Period”	  	 	4.18	 
	“Treasury Capital Stock”	  	 	4.07	 
	“Verification Covenant”	  	 	6.02	 

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

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

  
 38 

 (2) an accounting term not otherwise defined has the meaning assigned to it
in accordance with GAAP; 
 (3) “or” is not exclusive; 

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

(5) “will” shall be interpreted to express a command; 

(6) all section references contained herein will be deemed to be references to sections of this Indenture, unless otherwise
specified; 
 (7) provisions apply to successive events and transactions; and 

(8) references to sections of or rules under the Securities Act or the Exchange Act will be deemed to include substitute,
replacement of successor sections or rules adopted by the SEC from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and
Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this
Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes
issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will
be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding 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 appropriate, to reflect exchanges, redemptions and transfers of interests. 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 will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06. 

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

  
 39 

 Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of one or more written orders of the Company
signed by at least one Officer (each an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. 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
Company. 
 The Company will be responsible for making calculations called for under the Notes, including but not limited to determination
of redemption price, premium, if any, and any additional amounts or other amounts payable on the Notes. The Company will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders. The
Company will provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification. 

Section 2.03 Registrar and Paying Agent. 

The Company will 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 will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. The Company has entered into a letter of representations with the Depositary in the form provided by the Depositary, and the Trustee and each Agent are hereby authorized to act in accordance with such letter and Applicable Procedures. 

  
 40 

 Section 2.04 Paying Agent to Hold Money in Trust. 

The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium on, if any, or interest, if any, on, the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any
such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying
Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will 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 Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven
Business Days before each interest payment date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such
notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in
part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there
has occurred and is continuing a Default or Event of Default with respect to the Notes and the Registrar or Trustee has received a request from the Depositary to issue such Definitive Notes. 

Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the
Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f). 

  
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 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will 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 will require compliance with either subparagraph (1) or (2) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial
Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the 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 an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(i) 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 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(g). 

  
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 (3) Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in the
form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

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

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

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

and, in each such case set forth in this subparagraph (4), 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 at a time when an Unrestricted Global
Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to
the aggregate principal amount of beneficial interests transferred. 
 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. 

  
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 (5) Automatic Exchange of Beneficial Interests in a Restricted Global
Note for Beneficial Interests in an Unrestricted Global Note. 
 Upon the Company’s satisfaction that the Private Placement Legend
shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Restricted Global Note may be automatically exchanged into beneficial interests in an Unrestricted Global Note without any action required
by or on behalf of the Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (A) with respect to the Notes issued on the Issue Date, the Issue Date or (B) with respect to
Additional Notes, if any, the issue date of such Additional Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”). Upon the Company’s satisfaction that the
Private Placement Legend shall no longer be required in order to maintain compliance with the Securities Act, the Company may, but shall not be obligated to, (i) provide written notice to the Trustee at least 10 calendar days prior to the
Automatic Exchange, instructing the Trustee to direct the Depositary to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note, which the Company shall have previously otherwise
made eligible for exchange with the Depositary, (ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least 10 calendar days prior to
the Automatic Exchange (the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange shall occur, (y) the
“CUSIP” number of the Restricted Global Note from which such Holder’s beneficial interests will be transferred and the (z) “CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial interests
will be transferred, and (iii) on or prior to the date of the Automatic Exchange, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount equal to the
aggregate principal amount of Restricted Global Notes to be exchanged. At the Company’s request on no less than 5 calendar days’ notice, the Trustee shall deliver, in the Company’s name and at its expense, the Automatic Exchange
Notice to each Holder at such Holder’s address appearing in the register of Holders. Notwithstanding anything to the contrary in this Section 2.06, during the 10 day period between the Automatic Exchange Notice Date and the Automatic
Exchange Date, no transfers or exchanges other than pursuant to this Section 2.06(b)(5)(v) shall be permitted without the prior written consent of the Company. As a condition to any Automatic Exchange, the Company shall provide, and the Trustee
shall be entitled to rely upon, an Officer’s Certificate in form reasonably acceptable to the Trustee to the effect that the Automatic Exchange shall be effected in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend shall no longer be required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular Restricted Global Note is to be transferred to the
particular Unrestricted Global Note by adjustment made on the records of the Trustee, as custodian for the Depositary to reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.06(b)(5)(v), the
aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount of such Global
Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be canceled following the Automatic Exchange. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: 

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

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in
the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A
holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note only if the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

  
 45 

 (B) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (2), if the Company or Registrar so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Company or the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3)
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2), the Trustee will cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.
Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 
 (d)
Transfer and Exchange of Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to
Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

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

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof; 

  
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 (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to
the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the
Trustee will cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A
Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 

(2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if the Registrar receives the following: 
 (A) if the Holder of such Definitive Notes proposes to exchange such Notes
for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

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

and, in each such case set forth in this subparagraph (2), if the Company or the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Company or the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction
of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

  
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 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive 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 Definitive Note to a beneficial interest
is effected pursuant to subparagraphs (2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee
will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

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

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

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or
Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

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

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

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (B)
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof; 

  
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 and, in each such case set forth in this subparagraph (2), if the Company or the Registrar
so requests, an Opinion of Counsel in form reasonably acceptable to the Company or the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3)
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request
to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

(f) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE 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 THE DATE ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE HEREOF OR SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED UNDER RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREOF, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY OF THE COMPANY, (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) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 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 COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (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.” 

  
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 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF BELLRING DISTRIBUTION, LLC. 
 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 COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in
accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on the Schedule of Exchange of Interests on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note will be increased accordingly and an endorsement will be made on the Schedule of Exchanges of Interests on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

  
 50 

 (h) General Provisions Relating to Transfers and Exchanges. 

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

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05). 
 (3) The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(5) Neither the Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered on the books of the Registrar as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

 (8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile or electronically via email. 

(9) Neither the Trustee nor the Registrar shall have any duty to monitor the Company’s compliance with or have any
responsibility with respect to the Company’s compliance with any federal or state securities laws in connection with registrations of transfers and exchanges of the Notes. The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law 

  
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with respect to any transfer of any interest in any Notes (including any transfers between or among the Depositary’s participants or beneficial owners of interests in any Global Note) other
than to require delivery of such certificates and other documentation, as is 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. 
 (10) Neither the Trustee nor any Agent shall have responsibility for any actions
taken or not taken by the Depositary. 
 (11) The Company, the Trustee, and the Registrar reserve the right to require the
delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer of any Restricted Global Note or Restricted Definitive Note is being made in compliance with the
Securities Act or the Exchange Act, or rules or regulations adopted by the SEC from time to time thereunder, and applicable state securities laws. 

(12) Notwithstanding anything herein to the contrary, no certificate of transfer in the form attached hereto as Exhibit B or
Exhibit C, and no legal opinion, certification, or other documentation shall be required to effect the registration and transfer of the Initial Notes to any Selling Noteholder or Initial Purchaser on the Issue Date, any Selling Noteholder to Selling
Noteholder on the Issue Date, or any Selling Noteholder who wishes to further transfer to the form of Restricted Global Note on the Issue Date other than (a) a duly completed Assignment Form, in the form included within Exhibit A hereto,
(b) an instruction letter to the Trustee in form and substance reasonably satisfactory to the Company and the Trustee and (c) in the case where the Initial Notes to be so transferred will be delivered as beneficial interests in a Global
Note, an instruction letter to the Trustee for delivery pursuant to DTC’s Deposit and Withdrawal at Custodian (DWAC) service, such instruction letter to be in form and substance reasonably satisfactory to the Company and the Trustee. 

Section 2.07 Replacement Notes. 
 If
any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order,
will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect
the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant to
Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 

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

Section 2.09 Treasury Notes. 
 In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee knows are so owned will be so disregarded. 
 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication
Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 

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

Section 2.11 Cancellation. 
 The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. All cancelled Notes held by the Trustee shall be retained and disposed of by the Trustee in accordance with its customary procedures and
applicable law. Certification of the cancellation of all canceled Notes will be delivered to the Company upon request. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 Section 2.12 Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The Company will notify the Trustee in writing of the
amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company)
will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

  
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 Section 2.13 CUSIP Numbers. 

The Company in issuing the Notes may use CUSIP, ISIN or other similar numbers, if then generally in use, and thereafter with respect to such
Notes the Trustee may use such numbers in any notice provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be
placed only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP, ISIN or
other similar numbers. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 
 Section 3.01
Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07, it
must furnish to the Trustee, at least 10 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased at any time and the Notes are not in global form, unless otherwise required by
law or applicable stock exchange or depositary requirements, the Trustee will select Notes for redemption or purchase as follows: 

(1) if the Notes are listed, in compliance with the requirements of the principal national securities exchange on which the
Notes are listed; or 
 (2) if the Notes are not so listed, on a pro rata basis subject to adjustment for minimum
denominations. 
 If less than all of the Notes are to be redeemed at any time and the Notes are Global Notes, the Notes to be redeemed will
be selected in accordance with the Applicable Procedures. 
 In the event of partial redemption or purchase by lot, the particular Notes to
be redeemed or purchased will be selected, unless otherwise provided herein, not less than 15 days nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or
purchase. 
 The Trustee will promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of
any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in minimum 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 or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes
called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

  
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 Section 3.03 Notice of Redemption. 

Subject to the provisions of Section 3.09, at least 10 days but not more than 60 days before a redemption date, the Company will send or
cause to be sent in accordance with the Applicable Procedures, or by first class mail with respect to Definitive Notes, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11. 

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

(1) the redemption date; 

(2) the redemption price; 

(3) 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 will be issued (or transferred by book entry) upon cancellation of the original Note; 

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

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

(6) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (8) 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; and 
 (9) any conditions precedent to such
redemption in reasonable detail. 
 At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 5 days prior to the date the notice of redemption is to be sent (unless a shorter period shall be satisfactory to the Trustee), an Officer’s
Certificate requesting that the Trustee give such notice together with the notice to be given setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Any redemption or notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including,
but not limited to, a Change of Control, other debt or equity financing, acquisition or other corporate transaction or event (or series of related transactions), and, at the Company’s discretion, the redemption date may be delayed until such
time (including more than 60 days after the date the notice of redemption was mailed or delivered, including by electronic transmission) as 

  
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any or all of such conditions have been satisfied or waived, or such notice may be rescinded at any time in the Company’s discretion if in the good faith judgment of the Company any or all
of such conditions will not be satisfied or waived. In addition, the Company may provide in any notice of redemption that payment of the redemption price and the performance of its obligations with respect to such redemption may be performed by
another Person; provided, however, that the Company will remain obligated to pay the redemption price and perform its obligations with respect to such redemption in the event such other Person fails to do so. 

Any such condition(s) precedent will be described in the notice of redemption in reasonable detail. If any notice of redemption
is rescinded as provided in the immediately preceding paragraph, the Company shall provide written notice to the Trustee not later than 11:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon
receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given. The Trustee makes no representations or warranties about the Depositary’s ability to prevent a redemption,
and shall have no liability for the Depositary’s inability or unwillingness to prevent the redemption. 
 Section 3.04 Effect of Notice of
Redemption. 
 Once notice of redemption is sent in accordance with Section 3.03 hereof, except as may be provided in
Section 3.03 if any such redemption is subject to any condition precedent, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. 

Section 3.05 Deposit of Redemption or Purchase Price. 

At or prior to 11:00 a.m. Eastern Time, on or prior to the redemption or purchase date, the Company will deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption or purchase price of, and accrued and unpaid interest on, if any, all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, if any, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to
accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest 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 record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company
to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase 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. 
 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue (or deliver by book entry transaction pursuant to
Applicable Procedures) and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.

  
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 Section 3.07 Optional Redemption. 

(a) Except as provided in this Section 3.07, the Notes will not be redeemable at the Company’s option prior to March 15, 2027.

 (b) [Reserved]. 
 (c) At
any time prior to March 15, 2027, the Company may on any one or more occasions redeem all or a part of the Notes upon not less than 10 days’ nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of
the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, the date of redemption, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest
payment date. The Company shall notify the Trustee of the Applicable Premium promptly after the calculation, and the Trustee shall not be responsible for such calculation. 

(d) On or after March 15, 2027, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 10
days’ nor more than 60 days’ notice, at the redemption prices (expressed as a percentage of principal amount of the Notes) set forth below, plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the
twelve-month period beginning on March 15 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2027
	  	 	101.750	% 
	 2028
	  	 	101.750	% 
	 2029 and thereafter
	  	 	100.000	% 

 If an optional redemption date is on or after an interest record date and on or before the related interest
payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Notes are registered at the close of business on such record date, and no additional interest will be payable to Holders whose Notes will be subject
to such redemption by the Company. 
 Notwithstanding the foregoing, in connection with a Change of Control Offer or Net Proceeds Offer, if
not less than 90% in aggregate principal amount of the outstanding Notes are validly tendered and not withdrawn in such offer and the Company, or any third party making such offer in lieu of the Company, purchases all of the Notes validly tendered
and not withdrawn, the Company or such third party will have the right upon not less than 10 days’ nor more than 60 days’ prior notice, given not more than 10 days following such purchase date, to redeem (and the Holders of the remaining
Notes shall be deemed to have agreed to surrender) all Notes that remain outstanding following such purchase at a redemption price equal to 101% (in the case of a Change of Control Offer) or 100% (in the case of a Net Proceeds Offer) of the
principal amount thereof in such offer, plus accrued and unpaid interest, if any, thereon, to, but excluding, the date of such redemption. 

The Company or any of its Restricted Subsidiaries may at any time and from time to time purchase Notes in the open market or otherwise. 

Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date. 
 (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Sections 3.01 through 3.06. 

  
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 Section 3.08 Mandatory Redemption. 

The Company is not required to make mandatory redemption payments or sinking fund payments with respect to the Notes. 

Section 3.09 Offer to Repurchase by Application of Excess Proceeds of Asset Sales. 

In the event that, pursuant to Section 4.10, the Company is required to commence a Net Proceeds Offer, it will follow the procedures
specified below. 
 Upon the commencement of a Net Proceeds Offer, the Company will send, in accordance with Applicable Procedures, or by
first class mail with respect to Definitive Notes, a notice to the Trustee and each of the Holders. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Net Proceeds Offer. The
notice, which will govern the terms of the Net Proceeds Offer, will state: 
 (1) that the Net Proceeds Offer is being made
pursuant to this Section 3.09 and Section 4.10 and the length of time the Net Proceeds Offer will remain open; 

(2) the Net Proceeds Offer Amount, the purchase price and the date of purchase (the “Purchase Date”); 

(3) that any Note not tendered or accepted for payment will continue to accrete or accrue interest; 

(4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Net Proceeds Offer
will cease to accrue interest on the Purchase Date; 
 (5) that Holders electing to have a Note purchased pursuant to a Net
Proceeds Offer may elect to have Notes purchased in minimum denominations of $2,000 or an integral multiple of $1,000 in excess thereof; 

(6) that Holders electing to have Notes purchased pursuant to any Net Proceeds Offer will be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the
notice at least three Business Days before the Purchase Date; 
 (7) that , until the close of business on the tenth Business
Day after the date such notice is sent (or such later time and date as the Company may decide in its sole discretion) (such time and date, the “withdrawal deadline”), Holders will be entitled to withdraw their election if the
Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the withdrawal deadline, a facsimile, email transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered
for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the
aggregate principal amount of Notes and other Pari Passu Indebtedness surrendered by holders thereof exceeds the Offer Amount, the Company will select the Notes and other Pari Passu Indebtedness to be purchased or repaid on a pro rata basis
based on the principal amount of Notes and such other Pari Passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in minimum denominations of $2,000, or an integral multiple of $1,000 in
excess thereof, will be purchased); and 

  
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 (9) that Holders whose Notes were purchased only in part will be issued new
Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before
the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount (less any pro rata portion thereof attributable to other Pari Passu Indebtedness) of Notes or
portions thereof tendered pursuant to the Net Proceeds Offer, or if less than the Offer Amount attributable to the Notes has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may
be, will promptly mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon
written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted
shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Net Proceeds Offer on the Purchase Date. 

If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Net Proceeds Offer. 

Other than as specifically provided in this Section 3.09 or Section 4.10, any purchase pursuant to this Section 3.09 shall be
made pursuant to the provisions of Sections 3.01 through 3.06. 
 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Company will pay or cause to be paid the principal of, premium on, if any, and interest on the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace
period), at the same rate to the extent lawful. 

  
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 Section 4.02 Maintenance of Office or Agency.  

The Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company
will 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 Company fails to maintain any such required office or agency or fails 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. 

The Company 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; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 2.03. 
 Section 4.03 Reports.  

(a) Beginning on the Issue Date, so long as any Notes are outstanding, the Company will furnish to the Trustee: 

(1) within 90 days after the end of each fiscal year, beginning with the fiscal year ending September 30, 2022, annual
financial information of the Company containing substantially all of the financial information that would have been required to be contained in an Annual Report on Form 10-K under the Exchange Act if the
Company had been a reporting company under the Exchange Act (but only to the extent similar information was included or incorporated by reference in the Offering Memorandum), consisting of (A) “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” and (B) audited financial statements prepared in accordance with GAAP; 

(2) within 45 days after the end of each of the first three fiscal quarters of each fiscal year, beginning with the fiscal
quarter ending March 31, 2022, quarterly financial information of the Company containing substantially all of the financial information that would have been required to be contained in a Quarterly Report on Form
10-Q under the Exchange Act if the Company had been a reporting company under the Exchange Act (but only to the extent similar information was included or incorporated by reference in the Offering Memorandum),
consisting of (A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (B) unaudited quarterly financial statements prepared in accordance with GAAP and reviewed pursuant to Statement on
Auditing Standards No. 100 (or any successor provision); and 
 (3) within 10 Business Days after the occurrence of each
event that would have been required to be reported in a Current Report on Form 8-K 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 or any information required to be contained in such report will be required to be furnished if the Company determines in its good faith judgment that such event, or any information with
respect to such event which is not included in any report that is furnished, is not material to noteholders or the business, assets, operations, financial positions or prospects of the Company and its Restricted Subsidiaries, taken as a whole, or
such current report relates solely to information required under Items 3.01, 3.02, or 3.03, insofar as it relates to securities other than the Notes and the Subsidiary Guaranties, 4.01, 5.02(a), 5.02(d), 5.02(e), 5.04, 5.06 or 5.07 of Form 8-K or any successor provisions thereto; 
  

  
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 provided, however, that (i) any information required by part III of Form 10-K shall be deemed to be timely delivered in accordance with the foregoing requirements so long as it is included in a definitive proxy statement or amendment to Form 10-K
filed with the Commission within the period permitted under the SEC’s rules and regulations and (ii) all such reports (A) will not be required to comply with Section 302, 906 or Section 404 of the Sarbanes-Oxley Act of 2002,
or related Items 307 and 308 of Regulation S-K promulgated by the Commission, or Item 10(e) of Regulation S-K (with respect to any
non-GAAP financial measures contained therein), (B) will not be required to contain the information required by Items 201, 402, 403, 405, 406, 407, 701 or 703 of Regulation
S-K, (C) will not be required to contain the separate financial information for Guarantors contemplated by Rule 3-10 of Regulation
S-X promulgated by the Commission or any financial statements required by Rule 3-05, 3-09,
3-16, 4-08, 13-01 or 13-02 of Regulation S-X
promulgated by the Commission or comply with Article 11 of Regulation S-X, (D) will not be required to contain any “segment reporting” or any earnings per share information, (E) will not be
required to contain any document that would be required under the SEC’s rules and regulations to be filed as an exhibit to Form 10-K, Form 10-Q or Form 8-K, (F) will not be required to include any summary of the terms of, any employment or compensatory arrangement, agreement, plan or understanding between the Company or any of its Subsidiaries and any
director, officer or manager of the Company or any of its Subsidiaries and (G) will not be required to include any trade secrets, privileged or confidential information obtained from another Person and competitively sensitive information and
other proprietary information. 
 Notwithstanding any of the foregoing, the delivery requirements of clauses (1), (2) or (3) above will
be deemed satisfied if the foregoing materials are publicly available on the Commission’s EDGAR system (or a successor thereto) within the applicable time periods specified above. 

(b) So long as any Notes are outstanding and the Company is not subject to the periodic reporting requirements under the Exchange Act, if the
foregoing materials are not publicly available on the SEC’s EDGAR system (or a successor thereto) within the applicable time periods specified above, the Company will also: 

(1) issue a press release to an internationally recognized wire service no fewer than three Business Days prior to the first
public disclosure of the annual and quarterly reports required by clauses (1) and (2) of Section 4.03(a) announcing the date on which such reports will become publicly available and directing noteholders, prospective investors,
broker-dealers and securities analysts to contact the investor relations office of the Company to obtain copies of such reports; and 

(2) maintain a website to which noteholders, bona fide prospective investors, broker-dealers and securities analysts are given
access and to which all of the reports and press releases required by this Section 4.03 are posted; provided that the Company may deny access to any competitively-sensitive information or reports otherwise to be provided pursuant to this
paragraph to any such noteholder, bona fide prospective investor or security analyst that is a competitor of the Company and its Subsidiaries to the extent that the Company determines in good faith that the provision of such information or reports
to such Person would be competitively harmful to the Company and its Subsidiaries; and provided, further, that such noteholder, bona fide prospective investor or security analyst shall agree to (i) treat all such reports (and the information
contained therein) and information as confidential, (ii) not use such reports and the information contained therein for any purpose other than their investment or potential investment in the Notes and (iii) not publicly disclose any such
reports (and the information contained therein). 

  
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 (c) So long as any Notes are outstanding, the Company (or any Parent Company) will also:

 (1) at any time after the Company releases its earnings for any annual or quarterly period, but in no event later than 10
Business Days after furnishing to the Trustee (or filing with the Commission) the financial information required by clauses (1) and (2) of Section 4.03(a), hold a conference call to discuss such financial information and the results of
operations for the relevant reporting period (which conference call may, at the option of the Company, be the same conference call that the Company’s shareholders and/or equity research analysts are invited to); and 

(2) issue a press release or otherwise announce (which announcement may be made available on the nonpublic website referred to
in clause (2) of the immediately preceding paragraph) no fewer than three Business Days prior to the date of the conference call required to be held in accordance with this paragraph, announcing the time and date of such conference call and
either including all information necessary to access the call or directing noteholders, prospective investors, broker-dealers and securities analysts to contact the appropriate person at the Company to obtain such information. 

Notwithstanding any of the foregoing, the Company may satisfy its obligations pursuant to this Section 4.03 with respect to financial
information relating to the Company by furnishing financial information relating to any Parent Company; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the
information relating to such Parent Company (and other parent entities included in such information, if any), on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. For
the avoidance of doubt, the consolidating information referred to in the proviso in the preceding sentence need not be audited. 
 (d) In
addition, the Company shall furnish to noteholders, 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. 
 Notwithstanding anything herein to the contrary, any failure to comply with this
Section 4.03 shall be automatically cured when the Company provides all required reports to the Trustee or the Holders, as applicable, or files all required reports with the SEC, or holds such conference call, as applicable. 

Delivery of the above reports to the Trustee is for informational purposes only and the Trustee’s receipt of such reports shall not
constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s or any Subsidiary’s compliance with any of their respective covenants hereunder (as
to which the Trustee is entitled to rely exclusively on Officer’s Certificates or certificates delivered pursuant to Section 4.04) or any other agreement or document. The Trustee shall not be obligated to monitor or confirm, on a
continuing basis or otherwise, the Company’s compliance with the covenants or with respect to any reports or other documents filed with the SEC or EDGAR or any website under this Indenture, or participate in any conference calls. 

  
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 Section 4.04 Compliance Certificate.  

(a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate signed by the
principal executive officer, the principal financial officer or the principal accounting officer that need not comply with Section 12.05 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 such Officer signing such
certificate, that to 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 has 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).

 (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, promptly upon any Officer obtaining knowledge
of any Default or Event of Default, an Officer’s Certificate describing such Default or Event of Default and the status thereof. 
 Section 4.05
[Reserved]. 
 Section 4.06 Stay, Extension and Usury Laws.  

The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and
each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07
Restricted Payments.  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or
any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of
the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or
distributions payable to the Company or a Restricted Subsidiary of the Company); 
 (2) purchase, repurchase, redeem, defease
or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company, in each case held by
Persons other than the Company or a Restricted Subsidiary of the Company; 

  
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 (3) make any principal payment on or with respect to, or purchase,
repurchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness (other than the payment, purchase, repurchase, redemption, defeasance, acquisition or retirement of (i) intercompany Indebtedness between or
among the Company and its Restricted Subsidiaries, and (ii) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity thereof, in each case due within one year of the date of such
payment, purchase, repurchase, redemption, defeasance, acquisition or retirement); or 
 (4) make any Restricted Investment
(all such payments and other actions set forth in clauses (1) through (4) above being collectively referred to as “Restricted Payments”), 

unless, at the time of and after giving effect to such Restricted Payment: 

(1) no Event of Default shall have occurred and be continuing or would occur as a consequence of such Restricted Payment; 

(2) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted
Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness (other than Permitted Debt) pursuant to Section 4.09; and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clause (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19), (20), (21), (22) or (23) of
Section 4.07(b)), is less than the sum, without duplication, of: 
 (A) an amount, not less than zero, equal to (a) 100%
of the cumulative Consolidated Cash Flow (excluding the amount of any dividends or distributions included in the calculation of Consolidated Cash Flow to the extent the Company elects to include such dividends or distributions in clause (14)(b) or
20(b) of the definition of “Permitted Investments” in accordance with such clause) of the Company for the period (taken as one accounting period) commencing on October 1, 2021, and ending on the last day of the fiscal quarter ended
immediately prior to the date of such calculation for which internal financial statements are available at the time of such Restricted Payment minus (b) 1.5 times the Fixed Charges of the Company for the same period (taken as one
accounting period); plus 
 (B) 100% of the aggregate net proceeds, and the fair market value of property other than
cash, received by the Company after the Issue Date, as a contribution to its common equity capital or as consideration for the issue or sale (other than to a Subsidiary of the Company) of: 

(i) Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of the Company; or 

(ii) Disqualified Stock, Designated Preferred Stock or Indebtedness of the Company that in each case have been converted into
or exchanged for Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of the Company, provided, however, that this clause (ii) shall not include the proceeds from (x) Refunding Capital Stock or
(y) Excluded Contributions; plus 

  
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 (C) 100% of the fair market value as of the date of issuance of any Equity
Interests (other than Disqualified Stock) issued since the Issue Date, by the Company as consideration for the purchase or other acquisition by the Company or any of its Restricted Subsidiaries of all or substantially all of the assets of, or a
majority of the Voting Stock of, a Related Business (including by means of a merger, consolidation or other business combination permitted under this Indenture); plus 

(D) to the extent that any Restricted Investment that was made after the Issue Date is sold for cash or other property or
otherwise liquidated or repaid for cash, in each case to the extent such cash or other property is received by the Company or any Restricted Subsidiary, the cash return of capital with respect to such Restricted Investment or the fair market value
of such other property, except to the extent increasing the amount available to make Restricted Payments pursuant to Section 4.07(b)(15); plus 

(E) 100% of the aggregate net proceeds (including the fair market value of property other than cash) received by the Company or
any Restricted Subsidiary after the Issue Date from: 
 (i) the issuance, sale or other disposition (other than to the
Company or a Restricted Subsidiary) or the Equity Interests or assets of an Unrestricted Subsidiary; and 
 (ii) any
distribution or dividend from an Unrestricted Subsidiary, 
 in each case, except to the extent any such amount has already
been included in the calculation of Consolidated Cash Flow or to the extent increasing the amount available to make (i) Restricted Payments pursuant to Section 4.07(b)(15) or (ii) Investments pursuant to clause (14)(b) or (20)(b) of
the definition of “Permitted Investments”, provided, however, that this clause (E) shall not include the proceeds from Excluded Contributions; plus 

(F) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or any of its Restricted Subsidiaries, the fair market value of the Company’s or its Restricted Subsidiaries’ Investment in such
Subsidiary as of the date of such redesignation, merger, consolidation or amalgamation, or of the assets transferred or conveyed, as applicable, except to the extent increasing the amount available to make (i) Restricted Payments pursuant to
Section 4.07(b)(15) or (ii) Investments pursuant to clause (14)(b) or (20)(b) of the definition of “Permitted Investments”; plus 

(G) $125.0 million. 

For avoidance of doubt, none of the Transactions being consummated on the Issue Date will increase the amount available for Restricted
Payments pursuant to this Section 4.07(a). 
 (b) The provisions of Section 4.07(a) will not prohibit: 

(1) the payment of any dividend or distribution or consummation of any irrevocable redemption within 90 days after the
date of declaration thereof or the giving of any redemption notice related thereto, if at said date of declaration or notice such payment would have complied with the provisions of this Indenture; 

  
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 (2) the making of any Restricted Payment in exchange for, or out of the net
cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the contribution of common equity capital to the Company within 10
Business Days; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment shall be excluded from clause (3)(B) of Section 4.07(a); 

(3) the redemption, repurchase, retirement, defeasance or other acquisition or retirement for value of Subordinated
Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries with the net cash proceeds from a substantially concurrent (i) incurrence of Permitted Refinancing Indebtedness or (ii) issuance of Disqualified Stock
permitted to be issued under this Indenture; 
 (4) the payment of any dividend (or, in the case of any partnership, limited
liability company or other business entity, any similar distribution) by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis; 

(5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any
Parent Company or any Restricted Subsidiary of the Company held by any current or former officer, manager, director or employee of the Company (or any of its Restricted Subsidiaries or such Parent Company) pursuant to any equity subscription
agreement, stock option agreement, employment agreement, severance agreement or other executive compensation arrangement or any other management or employee benefit plan or agreement, shareholders’ agreement or similar agreement; provided
that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $10.0 million in any calendar year (with unused amounts in any calendar year being carried over to subsequent calendar
years; provided that the aggregate purchase price for all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $20.0 million in any calendar year); and provided, further, that such amount in any
calendar year may be increased by an amount not to exceed the cash proceeds received by the Company from sales of Equity Interests (other than Disqualified Stock) of the Company to officers, managers, directors or employees of the Company or any of
its Restricted Subsidiaries or any such Parent Company that occur after the Issue Date (provided that the amount of such cash proceeds used for any such repurchase, redemption, acquisition or retirement will not increase the amount available
for Restricted Payments under clause (3)(B) of Section 4.07(a); and provided, further, that the Company may elect to apply all or any portion of the aggregate increase contemplated by this proviso in any calendar year); and
provided, further, that cancellation of Indebtedness owing to the Company from members of management of the Company or any Restricted Subsidiary of the Company in connection with a repurchase of Equity Interests of the Company will not
be deemed to constitute a Restricted Payment; 
 (6) the repurchase of Equity Interests deemed to occur (i) upon the
exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options and (ii) in connection with the withholding of a portion of the Equity Interests granted or awarded to a director or
an employee to pay for the taxes payable by such director or employee upon such grant or award; 

  
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 (7) payments to holders of the Company’s capital stock in lieu of the
issuance of fractional shares of its Capital Stock; 
 (8) the redemption, repurchase, retirement, defeasance or other
acquisition of Disqualified Stock of the Company in exchange for Disqualified Stock of the Company or with the net cash proceeds from a substantially concurrent issuance of Disqualified Stock by the Company, in each case that is permitted to be
issued as described under Section 4.09; 
 (9) the repurchase, redemption or other acquisition or retirement for value
of any Subordinated Indebtedness in accordance with the provisions similar to those described under Sections 4.10 and 4.14, provided that all Notes validly tendered by Holders in connection with a Change of Control Offer or Net Proceeds Offer, as
applicable, have been repurchased, redeemed or acquired for value; 
 (10) the declaration and payment of dividends to
holders of any class or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries or any class or series of preferred stock of a Restricted Subsidiary issued in accordance with Section 4.09 to the extent such dividends
are included in the definition of “Fixed Charges”; 
 (11) (i) the declaration and payment of dividends to holders
of any class or series of Designated Preferred Stock of the Company and (ii) the declaration and payment of dividends on Refunding Capital Stock that is preferred stock; provided that in the case of each of
sub-clauses (i) and (ii) of this clause (11), the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such Designated Preferred Stock or Refunding Capital Stock, as applicable, was issued would have been at least 2.0 to 1.0; 

(12) the distribution, as a dividend or otherwise, of Capital Stock of, or Indebtedness owed to the Company or a Restricted
Subsidiary by, any Unrestricted Subsidiary; 
 (13) payments or distributions to satisfy dissenters’ rights, pursuant to
or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the property and assets of the Company; 

(14) the purchase, redemption, acquisition, cancellation or other retirement for a nominal value per right of any rights
granted to all of the holders of Common Stock of the Company pursuant to any shareholders’ rights plan adopted for the purpose of protecting shareholders from unfair takeover tactics; provided that any such purchase, redemption,
acquisition, cancellation or other retirement of such rights is not for the purpose of evading the limitations of this Section 4.07 (all as determined in good faith by a senior financial officer of the Company); 

(15) Restricted Payments in an aggregate amount under this clause (15) at any time outstanding not to exceed the greater
of $100.0 million and 40.0% of Consolidated Cash Flow (determined as of the date of any Restricted Payment pursuant to this clause (15)); 

(16) Restricted Payments in an aggregate amount in any fiscal year not to exceed an amount equal to 3.0% of the Market
Capitalization; provided, that at least one class of the Company’s Common Stock has been listed on The New York Stock Exchange (or, if the primary listing of such Common Stock is on another exchange, on such other exchange) for the 30
consecutive trading days immediately preceding the date of such Restricted Payment; 

  
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 (17) other Restricted Payments so long as the Consolidated Leverage Ratio,
calculated as of the date of such Restricted Payment and after giving pro forma effect thereto (including, without limitation, to the incurrence of any Indebtedness to finance such Restricted Payment), does not exceed 3.75 to 1.0; 

(18) (i) the prepayment, redemption, purchase, repurchase, defeasance, discharge, retirement, exchange or other acquisition of
any Equity Interests, including any accrued and unpaid dividends thereon (“Treasury Capital Stock”) or Subordinated Indebtedness of the Company or any Restricted Subsidiary or any Equity Interests of any parent entity of which the
Company is a wholly owned Subsidiary, in exchange for, or in an amount equal to or less than the proceeds of a sale or issuance (other than to a Restricted Subsidiary) of Equity Interests of the Company or any such parent entity to the extent such
amount was contributed to the Company (in each case, other than any Disqualified Stock) within 120 days of such sale or issuance and is designated as “Refunding Capital Stock” pursuant to an Officer’s Certificate executed by the
principal executive officer or the principal financial officer of the Company and delivered to the Trustee within ten (10) Business Days following receipt by the Company of such proceeds (“Refunding Capital Stock”) and
(ii) if immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted under clause (11) of this paragraph, the declaration and payment of dividends on the Refunding Capital
Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, purchase, repurchase, defease, retire or otherwise acquire any Equity Interests of any Parent Entity) in an aggregate amount per year no greater than the aggregate
amount of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately prior to such retirement; 

(19) distributions or payments of Receivables Fees and purchases of Receivables in connection with any Qualified Receivables
Transaction or any repurchase obligation in connection therewith; 
 (20) Restricted Payments in an amount that does not
exceed the aggregate amount of Excluded Contributions received since the Issue Date; 
 (21) [Reserved]; 

(22) any Restricted Payments pursuant to or in connection with the Transactions; and 

(23) Restricted Payments comprised of (A) Tax and Related Distributions and (B) to the extent necessary to permit any
Parent Company to pay (i) general administrative fees, costs and expenses (including corporate overhead, corporate maintenance, insurance premiums, audit and other accounting and reporting fees, costs and expenses, SEC fees, costs and expenses,
legal or similar fees, costs and expenses and customary wages, salary, bonus and other benefits payable to directors, officers, employees, members of management, consultants and/or independent contractors of any Parent Company, fees, costs and
expenses in connection with debt or equity offerings (whether or not consummated), and fees, costs and expenses in connection with Investments (whether or not consummated), in the case of such Investments or debt or equity offerings, so long as and
to the extent that such Investments or the proceeds of such debt or equity offerings are contributed or were intended to be contributed (if such Investment, debt or equity offerings were not consummated) to the Company or its Restricted
Subsidiaries), in each case, which are reasonable and customary and incurred in the ordinary course of business by such Parent Company, and (ii) any reasonable and customary indemnification claims made by current or former directors, officers,
members of management, employees or consultants of any Parent Company, in the case of each of clauses (i) and (ii), solely to the extent (1) attributable to the ownership by such 

  
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Parent Company of the Company and/or its Subsidiaries or to the payment by such Parent Company of any of such expenses on behalf of the Company and its Subsidiaries and (2) that the Company
and its Restricted Subsidiaries have not otherwise made payments to such Parent Company or any of its Affiliates in respect of such fees, costs and expenses; provided that Restricted Payments under this
sub-clause (B) of this clause (23) that are attributable to any Unrestricted Subsidiary shall be permitted only to the extent that either (x) such Unrestricted Subsidiary has made one or more
cash distributions, advances or loans to the Company or any of its Restricted Subsidiaries for such purpose in an amount up to the amount of such Unrestricted Subsidiary’s proportionate share of such fees, costs and expenses or (y) the
amount of such Restricted Payments made by the Company on behalf of such Unrestricted Subsidiary is treated as an Investment that is subject to this Section 4.07; 

provided that in the case of clauses (16) and (17), no Default shall have occurred and be continuing. 

The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s)
or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. For purposes of determining compliance with this Section 4.07, in the event that a
Restricted Payment meets the criteria of more than one of the exceptions described in clauses (1) through (23) above or is entitled to be made pursuant to this Section 4.07(a) or one or more clauses of the definition of “Permitted
Investments”, the Company will be permitted, in its sole discretion, to classify the Restricted Payment and/or Permitted Investment, or later reclassify the Restricted Payment or Permitted Investment in whole or in part among such clauses
(1) through (23) and such first paragraph and/or one or more of the clauses contained in the definition of “Permitted Investments,” in any manner that complies with this Section 4.07. In the event that a Restricted Payment (or
any portion thereof) or Permitted Investment (or any portion thereof) is divided, classified or reclassified under clause (17) above or clause (23) of the definition of “Permitted Investments” (such clauses, the
“Incurrence Clauses”), the determination of the amount of such Restricted Payment or Permitted Investment that may be made pursuant to the Incurrence Clauses shall be made without giving pro forma effect to any substantially
concurrent incurrence of Indebtedness to finance any other portion of such Restricted Payment or Permitted Investment or any other Restricted Payment or Permitted Investment divided, classified or reclassified under the first paragraph of this
covenant and/or one or more of the preceding clauses or one or more clauses of the definition of “Permitted Investments” other than an Incurrence Clause. For avoidance of doubt, nothing in this Indenture will restrict the repurchase,
redemption, defeasance or other acquisition or retirement for value of the Notes or any of the Company’s other from time to time outstanding senior notes, including any call premium paid in connection therewith. 

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.  

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay
dividends or make any other distributions on its Capital Stock to the Company or any of the Company’s Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed
to the Company or any of the Company’s Restricted Subsidiaries; 
 (2) make loans or advances to the Company or any of
the Company’s Restricted Subsidiaries; or 

  
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 (3) transfer any of its properties or assets to the Company or any of the
Company’s Restricted Subsidiaries. 
 (b) The restrictions in Section 4.08(a) will not apply to encumbrances or restrictions
existing under or by reason of: 
 (1) agreements governing Existing Indebtedness and any other agreement (including the
Credit Agreement) as in effect on the Issue Date and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in such agreements on
the Issue Date; 
 (2) this Indenture, the Notes and the related Subsidiary Guarantees; 

(3) applicable law, rule, regulation or administrative or court order; 

(4) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted
Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred or Capital Stock was issued in connection with or in contemplation of such acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

(5) customary non-assignment provisions in leases, licenses, contracts and other
agreements entered into in the ordinary course of business; 
 (6) purchase money obligations for property acquired in the
ordinary course of business and Capital Lease Obligations that impose restrictions on the property so acquired of the nature described in Section 4.08(a)(3); 

(7) any agreement for the sale or other disposition of all or substantially all of the Capital Stock or assets of a Restricted
Subsidiary that restricts distributions by such Restricted Subsidiary pending the closing of such sale or other disposition; 

(8) agreements governing Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements
governing such Permitted Refinancing Indebtedness are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(9) any agreement creating a Lien securing Indebtedness otherwise permitted to be incurred pursuant to the provisions of
Section 4.12, to the extent limiting the right of the Company or any of its Restricted Subsidiaries to dispose of the assets subject to such Lien; 

(10) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale
agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business or with the approval of the Company’s Board of Directors; 

  
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 (11) customary restrictions on a Receivables Subsidiary and Receivables
Program Assets effected in connection with a Qualified Receivables Transaction; 
 (12) restrictions on cash or other
deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (13) in the
case of the provision described in Section 4.08(a)(3): (a) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset or
(b) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary thereof
in any manner material to the Company or any Restricted Subsidiary thereof; 
 (14) existing under, by reason of or with
respect to customary provisions contained in leases or licenses of intellectual property and other agreements, in each case, entered into in the ordinary course of business; 

(15) existing under, by reason of or with respect to Indebtedness of the Company or a Restricted Subsidiary not prohibited to
be incurred under this Indenture; provided that (a) such encumbrances or restrictions are customary for the type of Indebtedness being incurred and the jurisdiction of the obligor and (b) such encumbrances or restrictions will not
affect in any material respect the Company’s or any Guarantor’s ability to make principal and interest payments on the Notes, as determined in good faith by the Company; 

(16) agreements governing Indebtedness incurred in compliance with Section 4.09(b)(4), provided that such encumbrances or
restrictions apply only to assets financed with the proceeds of such Indebtedness; 
 (17) any other agreement governing
Indebtedness incurred after the Issue Date that contains encumbrances or other restrictions that are, in the good faith judgment of the Company, no more restrictive in any material respect taken as a whole than those encumbrances and other
restrictions that are customary in comparable financings; 
 (18) any encumbrances or restrictions imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (17) above; provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially more restrictive as a whole with respect to such encumbrances or restrictions than
prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; and 

(19) any agreement or arrangement entered into pursuant to or in connection with the Transactions. 

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.  

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company and the Guarantors will not issue any
Disqualified Stock and the Company will 

  
 71 

 
not permit any of its Restricted Subsidiaries (other than the Guarantors) to issue any shares of preferred stock; provided, however, that the Company and any of the Guarantors may
incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, if either (a) the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock is issued would have been at least 2.0 to 1.0 or (b) the Consolidated Leverage Ratio for the Company’s most recently ended four
full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred of such Disqualified Stock is issued would have been no more than 6.00 to 1.0, in the case of
each of clauses (a) and (b), determined on a pro forma basis (including a pro forma application of the net proceeds therefrom) as if the additional Indebtedness had been incurred, or the Disqualified Stock had been issued, as the case may be,
at the beginning of such four-quarter period. 
 (b) The provisions of Section 4.09(a) will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by the Company and
its Restricted Subsidiaries of (a) Indebtedness, letters of credit and bankers’ acceptances under Credit Facilities in an aggregate amount at any time outstanding as of any date of incurrence of any such Indebtedness (together with the
aggregate amount of any Permitted Refinancing Indebtedness outstanding as of such date that was incurred pursuant to clause (1)(b) and that is not deemed to be incurred pursuant to another clause of the definition of Permitted Debt or clause
(a) above as a result of reclassification) not to exceed (x) $250.0 million plus (y) the greater of $250.0 million and 100% of Consolidated Cash Flow (determined as of the date of such incurrence) plus (z) an
amount such that, after giving pro forma effect to the incurrence thereof, the Consolidated Senior Secured Leverage Ratio, calculated as of the date of incurrence, does not exceed 3.50 to 1.0, and (b) any Permitted Refinancing Indebtedness
incurred to extend, refinance, refund, renew, replace, defease or discharge any Indebtedness that was incurred pursuant to this clause (1) and was not, as of the date of incurrence of such Permitted Refinancing Indebtedness, deemed to be
incurred pursuant to another clause of the definition of Permitted Debt or clause (a) above as a result of reclassification; 

(2) the incurrence by the Company and its Restricted Subsidiaries of Existing Indebtedness; 

(3) the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes to be issued on the Issue Date
and the Subsidiary Guarantees thereof; 
 (4) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property,
plant or equipment used in the business of the Company or such Restricted Subsidiary (whether through the direct purchase of assets or the Equity Interests of any Person owning such assets), in an aggregate principal amount at any time outstanding,
as of the date of incurrence of any Indebtedness pursuant to this clause (4), including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (4), not to exceed the
greater of (a) $100.0 million and (b) 40.0% of Consolidated Cash Flow (determined as of the date of incurrence); 

  
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 (5) the incurrence by the Company or any of its Restricted Subsidiaries of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness incurred under clauses (2), (3) or (4) above, this clause (5), clauses (17), (18), (20), (26)
or (28) below or pursuant to Section 4.09(a); 
 (6) the incurrence by the Company or any of its Restricted
Subsidiaries of Indebtedness owed to the Company or any of its Restricted Subsidiaries; provided, however, that: 

(A) if the Company or any Guarantor is the obligor on such Indebtedness, and the payee is not the Company or a Guarantor, such
Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the Subsidiary Guarantee of such Guarantor, in the case of a Guarantor; and 

(B) (1) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a
Person other than the Company or a Restricted Subsidiary thereof and (2) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof shall be deemed, in each case, to
constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

(7) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness under Hedging Obligations that are not
entered into for the purpose of speculation; 
 (8) the issuance by any of the Company’s Restricted Subsidiaries to the
Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 
 (a) any
subsequent issuance or transfer of Equity Interests (other than the incurrence of a Permitted Lien) that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company, and 

(b) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted
Subsidiary of the Company, 
 will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary
that was not permitted by this clause (8); 
 (9) the Guarantee by the Company or any of its Restricted Subsidiaries of
Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09 and could have been incurred (in compliance with this Section 4.09) by the Person so
Guaranteeing such Indebtedness; 
 (10) the incurrence of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within five Business Days of incurrence; 
 (11) the incurrence of Indebtedness of the Company or any of its
Restricted Subsidiaries in respect of security for workers’ compensation claims, payment obligations in connection with self- insurance, health, disability or other employee benefits or property, casualty or liability insurance provided to the
Company or any of its Restricted Subsidiaries, bankers’ acceptances, performance, surety and similar bonds and completion guarantees provided by the Company or any of its Restricted Subsidiaries in the ordinary course of business; provided
that the underlying obligation to perform is that of the Company and its Restricted Subsidiaries and not that of the Company’s Unrestricted Subsidiaries; and provided further that such underlying obligation is not in respect of
borrowed money; 

  
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 (12) the incurrence of Indebtedness that may be deemed to arise as a result
of agreements of the Company or any Restricted Subsidiary of the Company providing for indemnification, adjustment of purchase price, earn-out or similar Obligations, in each case, incurred or assumed in
connection with the disposition of any business or assets of the Company or any Restricted Subsidiary or Equity Interests of a Restricted Subsidiary; provided that (a) any amount of such Obligations included on the face of the balance
sheet of the Company or any Restricted Subsidiary shall not be permitted under this clause (12) and (b) the maximum aggregate liability in respect of all such Obligations outstanding under this clause (12) shall at no time exceed the gross
proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent
changes in value) actually received by the Company and the Restricted Subsidiaries in connection with such disposition; 

(13) Indebtedness incurred under commercial letters of credit issued for the account of the Company or any of its Restricted
Subsidiaries in the ordinary course of business (and not for the purpose of, directly or indirectly, incurring Indebtedness or providing credit support or a similar arrangement in respect of Indebtedness); or Indebtedness of the Company or any of
its Restricted Subsidiaries under letters of credit and bank guarantees backstopped by letters of credit under the Credit Facilities; 

(14) pledges, deposits or payments made or given in the ordinary course of business in connection with or to secure statutory,
regulatory or similar obligations, including obligations under health, safety or environmental obligations, or arising from guarantees to suppliers, lessors, licenses, contractors, franchisees or customers of obligations, other than Indebtedness,
made in the ordinary course of business; 
 (15) the incurrence of Indebtedness by the Company or any of its Restricted
Subsidiaries issued to directors, officers, managers or employees of the Company or any of its Restricted Subsidiaries in connection with the redemption or purchase of Capital Stock that, by its terms, is subordinated to the Notes, is not secured by
any assets of the Company or any of its Restricted Subsidiaries and does not require cash payments prior to the Stated Maturity of the Notes, in an aggregate principal amount at any time outstanding not to exceed $10.0 million; 

(16) [Reserved]; 

(17) the incurrence by any Foreign Subsidiary of Indebtedness and/or the guarantee by the Company and/or any of its Restricted
Subsidiaries of such Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, as of the date of incurrence of any Indebtedness pursuant to this clause (17), including all Permitted Refinancing
Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (17), not to exceed the greater of (a) $75.0 million and (b) 30.0% of Consolidated Cash Flow (determined as of the date of incurrence);

 (18) the incurrence by the Company or any of its Restricted Subsidiaries of any Capital Lease Obligation resulting from a
Sale and Leaseback Transaction in an aggregate principal amount at any time outstanding, as of the date of incurrence of any Indebtedness pursuant to this clause (18), including all Permitted Refinancing Indebtedness incurred to refund,
refinance or replace any Indebtedness incurred pursuant to this clause (18), not to exceed the greater of $100.0 million and 40.0% of Consolidated Cash Flow (determined as of the date of incurrence); 

  
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 (19) Indebtedness in respect of Receivables Program Obligations; 

(20) the incurrence of Acquired Debt or other Indebtedness incurred in connection with, or in contemplation of, an acquisition
(including by way of merger or consolidation) by the Company or any of its Restricted Subsidiaries; provided that after giving pro forma effect to such acquisition, immediately following such acquisition and incurrence (including a pro forma
application of the net proceeds therefrom), either (a) the Company’s Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available would be at least
2.0 to 1.0 or the Company’s Consolidated Leverage Ratio would be no more than 6.0 to 1.0 or (b) the Company’s pro forma Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which
internal financial statements are available would be equal to or greater than the actual Fixed Charge Coverage Ratio of the Company immediately prior to such acquisition and incurrence or the Company’s pro forma Consolidated Leverage Ratio
would be equal to or less than the actual Consolidated Leverage Ratio of the Company immediately prior to such acquisition and incurrence; 

(21) Indebtedness incurred by the Company or any Restricted Subsidiary of the Company to the extent that the net proceeds
thereof are promptly deposited to defease, redeem or to satisfy and discharge the Notes; 
 (22) Indebtedness of the Company
or any Restricted Subsidiary of the Company consisting of obligations to pay insurance premiums or take-or-pay obligations contained in supply arrangements incurred in
the ordinary course of business; 
 (23) Indebtedness in respect of overdraft facilities, employee credit card programs and
other cash management arrangements in the ordinary course of business; 
 (24) Indebtedness representing deferred
compensation to employees of the Company and its Restricted Subsidiaries incurred in the ordinary course of business; 
 (25)
cash management obligations and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts; 

(26) the incurrence of Indebtedness by any Restricted Subsidiary of the Company that is not a Guarantor, and/or the guarantee
by the Company or any of its Restricted Subsidiaries of Indebtedness of any joint venture of the Company or any of its Restricted Subsidiaries, in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, as of the
date of incurrence of any Indebtedness pursuant to this clause (26), including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (26), not to exceed the greater of
$150.0 million and 60.0% of Consolidated Cash Flow (determined as of the date of incurrence); 
 (27) [Reserved]; and

 (28) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, as of the date of incurrence of any Indebtedness pursuant to this clause (28), including 

  
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all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (28), not to exceed the greater of $150.0 million and
60.0% of Consolidated Cash Flow (determined as of the date of incurrence). 
 The Company will not, and will not permit any Guarantor to,
directly or indirectly, incur any Indebtedness that is contractually subordinated in right of payment to any other Indebtedness of the Company or of such Guarantor, as the case may be, unless such Indebtedness is also contractually subordinated in
the right of payment to the Notes and the applicable Subsidiary Guarantee on substantially the same terms. For purposes of the foregoing, no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness
of the Company or any Guarantor solely by virtue of being unsecured or secured by a junior priority Lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or
more of such holders priority over the other holders in the collateral held by them, including intercreditor agreements that contain customary provisions requiring turnover by holders of junior priority Liens of proceeds of collateral in the event
that the security interests in favor of the holders of the senior priority in such intended collateral are not perfected or invalidated and similar customary provisions protecting the holders of senior priority Liens. 

For purposes of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of
more than one of the categories of Permitted Debt described in clauses (1) through (28) above, or is entitled to be incurred pursuant to Section 4.09(a), the Company will be permitted to classify such item of Indebtedness on the date
of its incurrence (or later reclassify such Indebtedness in whole or in part) in any manner that complies with this Section 4.09. In addition, the accrual of interest, accretion or amortization of original issue discount, the payment of
interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form
of additional shares of the same class of Disqualified Stock will not be treated as an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09. 

In connection with the incurrence or issuance, as applicable, of (x) revolving loan Indebtedness under this covenant or (y) any
commitment or other transaction relating to the incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock under this covenant and the granting of any Lien to secure such Indebtedness, the Company or applicable Restricted
Subsidiary may designate such incurrence or issuance and the granting of any Lien therefor as having occurred on the date of first incurrence of such revolving loan Indebtedness or commitment or intention to consummate such transaction (such date,
the “Deemed Date”), and any related subsequent actual incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under this Indenture to have been incurred or issued and granted on such Deemed Date,
including, without limitation, for purposes of calculating the Fixed Charge Coverage Ratio, usage of any baskets hereunder (if applicable), the Consolidated Leverage Ratio, the Consolidated Senior Secured Leverage Ratio, Total Assets and
Consolidated Cash Flow (and all such calculations on and after the Deemed Date until the termination or funding of such commitment or until such transaction is consummated or abandoned or such election is rescinded shall be made on a pro forma basis
giving effect to the deemed incurrence or issuance, the granting of any Lien therefor and related transactions in connection therewith). 

Notwithstanding the foregoing, the maximum amount of Indebtedness that may be incurred pursuant to this Section 4.09 shall not be deemed
to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies. 

  
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 For purposes of determining compliance with any U.S. dollar denominated restriction on the
incurrence of Indebtedness where the Indebtedness incurred, or any Indebtedness outstanding pursuant to the clause or clauses of the definition of Permitted Debt under which such Indebtedness is being incurred, is denominated in a different
currency, the amount of any such Indebtedness being incurred and such outstanding Indebtedness, if any, will in each case be the U.S. Dollar Equivalent determined on the date any such Indebtedness was incurred, in the case of term Indebtedness,
or first committed or first incurred (whichever yields the lower U.S. Dollar Equivalent), in the case of revolving credit Indebtedness, which U.S. Dollar Equivalent will be reduced by any repayment on such Indebtedness in proportion to the
reduction in principal amount; provided, however, that if any such Indebtedness denominated in a different currency is subject to a Currency Protection Agreement with respect to U.S. dollars covering all principal, premium, if any, and
interest, if any, payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided in such Currency Protection Agreement. The principal amount of any Permitted Refinancing Indebtedness incurred in the same
currency as the Indebtedness being refinanced will be the U.S. Dollar Equivalent of the Indebtedness refinanced, except to the extent that (1) such U.S. Dollar Equivalent was determined based on a Currency Protection Agreement, in
which case the Permitted Refinancing Indebtedness will be determined in accordance with the preceding sentence, and (2) if the principal amount of the Permitted Refinancing Indebtedness exceeds the principal amount of the Indebtedness being
refinanced, the U.S. Dollar Equivalent of such excess, as appropriate, will be determined on the date such Permitted Refinancing Debt is incurred. 

Section 4.10 Asset Sales. 
 (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (1) the
Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the fair market value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the
assets or Equity Interests issued or sold or otherwise disposed of, as approved in good faith by the Company; and 
 (2) at
least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary together with all other Asset Sales by the Company or any Restricted Subsidiary since the Issue Date (on a cumulative basis), is in the form of
cash or Cash Equivalents. For purposes of this provision only (and specifically not for the purposes of the definition of “Net Proceeds”), each of the following shall be deemed to be cash: 

(A) (a) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet, or if
incurred, accrued or increased subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s or such Restricted Subsidiary’s balance sheet if such incurrence had taken place on or prior to
the date of such balance sheet, as determined in good faith by the Company) of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee)
that are assumed by the transferee of any such assets and (b) any Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Company and each other Restricted
Subsidiary are released from any guarantee of payment of such Indebtedness in connection with such Asset Sale; 
 (B) any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that within 180 days are converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received
in that conversion); 

  
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 (C) any Designated Noncash Consideration received by the Company or any
Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Noncash Consideration received pursuant to this clause (C) since the Issue Date that is at the time outstanding, not to
exceed the greater of (a) $50.0 million and (b) 20.0% of Consolidated Cash Flow at the time of receipt of such Designated Noncash Consideration, with the fair market value of each item of Designated Noncash Consideration being measured at the
time received and without giving effect to subsequent changes in value; 
 (D) the fair market value (measured as of the date
such Equity Interests or assets are received) of any Equity Interests or assets of the kind referred to in clauses (2) or (4) of Section 4.10(b); and 

(E) consideration consisting of Indebtedness (other than Subordinated Indebtedness) of the Company or any Restricted Subsidiary
received after the Issue Date from Persons who are not the Company or any Restricted Subsidiary. 
 (b) Within 365 days after the
receipt of any Net Proceeds of any Asset Sale, the Company or such Restricted Subsidiary, at its option, may apply an amount equal to the Net Proceeds from such Asset Sale: 

(1) (i) to repay, prepay, redeem or repurchase Indebtedness (other than Subordinated Indebtedness) and other Obligations (other
than Subordinated Indebtedness), or (ii) to offer to repay the Notes at par, plus accrued and unpaid interest, pursuant to the Net Proceeds Offer provisions of Section 4.10(c) (and upon completion of such offer, the amount of Net Proceeds
offered to be applied to repurchase the Notes shall be deemed to have been applied in accordance with this Section 4.10(b)(1); 

(2) to acquire all or substantially all of the assets of another Related Business, or to acquire any Equity Interests of
another Related Business, if, after giving effect to any such acquisition of Equity Interests, the Related Business is or becomes a Restricted Subsidiary of the Company; 

(3) to make a capital expenditure; 

(4) to acquire other assets (other than securities or current assets) that will be used or useful in a Related Business,
including that replace the businesses, properties or assets that are the subject of such Asset Sale; or 
 (5) a combination
of prepayments and investments permitted by the foregoing clauses (1), (2), (3) and (4); 
 provided that the Company and its Restricted
Subsidiaries will be deemed to have applied such Net Proceeds pursuant to clause (2), (3) or (4) of this Section 4.10(b), as applicable, if and to the extent that, within 365 days after the Asset Sale that generated the Net
Proceeds, the Company has entered into and not abandoned or rejected a binding agreement to consummate any reinvestment described in clause (2), (3) or (4) of this paragraph, and such reinvestment is thereafter completed within
180 days after the end of such 365-day period. 

  
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 (c) Pending the final application of such Net Proceeds, the Company or any Restricted
Subsidiary may temporarily reduce borrowings under the Credit Facilities or any other revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. Subject to Section 4.10(e), on the
366th day (as extended pursuant to the provisions in the preceding paragraph) after an Asset Sale or such earlier date, if any, as the Company or of such Restricted Subsidiary determines not to apply the Net Proceeds relating to such Asset Sale
as set forth in clause (1), (2), (3), (4) or (5) of Section 4.10(b) (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Proceeds which have not been applied on or before such Net Proceeds Offer
Trigger Date as permitted in clauses (1), (2), (3), (4) or (5) of Section 4.10(b) (each a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the
“Net Proceeds Offer”) on a date (the “Net Proceeds Offer Payment Date”) not less than 10 days nor more than 60 days following the applicable Net Proceeds Offer Trigger Date (for avoidance of doubt, subject to
Section 4.10(g)), from all Holders (and, if required by the terms of any other Indebtedness of the Company ranking pari passu with the Notes in right of payment and which has similar provisions requiring the Company either to make an offer to
repurchase or to otherwise repurchase, redeem or repay such Indebtedness with the proceeds from Asset Sales (the “Pari Passu Indebtedness”), from the holders of such Pari Passu Indebtedness) on a pro rata basis (in proportion
to the respective principal amounts or accreted value, as the case may be, of the Notes and any such Pari Passu Indebtedness) an aggregate principal amount of Notes (plus, if applicable, an aggregate principal amount or accreted value, as the case
may be, of Pari Passu Indebtedness) equal to the Net Proceeds Offer Amount. The offer price in any Net Proceeds Offer shall be equal to 100% of the principal amount of the Notes (or 100% of the principal amount or accreted value, as the case may be,
of such Pari Passu Indebtedness), plus accrued and unpaid interest thereon, if any, to the Net Proceeds Offer Payment Date. 
 (d)
[Reserved]. 
 (e) The Company may defer the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or
in excess of $40.0 million resulting from one or more Asset Sales (at which time the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $40.0 million, shall be applied as required pursuant to
Section 4.10, and in which case the Net Proceeds Offer Trigger Date shall be deemed to be the earliest date that the Net Proceeds Offer Amount is equal to or in excess of $40.0 million). 

(f) Each Net Proceeds Offer will be sent to the record Holders as shown on the register of Holders within 25 days following the Net
Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in Section 3.09. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in minimum
denominations of $2,000 or integral multiples of $1,000 in excess thereof in exchange for cash. To the extent that the aggregate principal amount of the Notes (plus, if applicable, the aggregate principal amount or accreted value, as the case may
be, of Pari Passu Indebtedness) validly tendered by the Holders thereof and not withdrawn exceeds the Net Proceeds Offer Amount, Notes of tendering Holders (and, if applicable, Pari Passu Indebtedness tendered by the holders thereof) will be
purchased on a pro rata basis (based on the principal amount of the Notes and, if applicable, the principal amount or accreted value, as the case may be, of any such Pari Passu Indebtedness tendered and not withdrawn). To the extent that the
aggregate amount of the Notes (plus, if applicable, the aggregate principal amount or accreted value, as the case may be, of any Pari Passu Indebtedness) tendered pursuant to a Net Proceeds Offer is less than the Net Proceeds Offer Amount, the
Company may use such excess Net Proceeds Offer Amount for general corporate purposes or for any other purpose not prohibited by this Indenture. Upon completion of any such Net Proceeds Offer, the Net Proceeds Offer Amount shall be reset at zero
(regardless whether there is any excess Net Proceeds Offer Amount upon such completion). A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by applicable law. 

  
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 (g) The Company or the applicable Restricted Subsidiary, as the case may be, will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase
of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 or this Section 4.10, the Company or such Restricted Subsidiary shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under Section 3.09 or this Section 4.10 by virtue of such compliance. 

(h) The provisions of this Indenture relating to the Company’s obligations to make an offer to repurchase the Notes as a result of an
Asset Sale may be waived or modified at any time with the written consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. An Asset Sale Offer may be made at the same time as consents are solicited with
respect to an amendment, supplement or waiver of this Indenture, the Notes and/or the Subsidiary Guarantees. 
 Section 4.11 Transactions with
Affiliates.  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make
any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, loan, advance or guarantee with, or
for the benefit of, any Affiliate of the Company or any of its Restricted Subsidiaries (each, an “Affiliate Transaction”), involving aggregate consideration in excess of the greater of (i) $15.0 million and (ii) 5.0% of
Consolidated Cash Flow, unless: 
 (1) such Affiliate Transaction is on terms that are not materially less favorable to the
Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction at such time by the Company or such Restricted Subsidiary with a Person who is not an Affiliate of the Company or such Restricted
Subsidiary or, if in the good faith judgment of the Company, no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or such Restricted Subsidiary from a
financial point of view and when such transaction is taken in its entirety; and 
 (2) the Company delivers to the Trustee:

 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $25.0 million, an Officer’s Certificate certifying that such Affiliate Transaction complies with this Section 4.11; and 

(B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $50.0 million, a resolution of the Board of Directors set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this Section 4.11 and that such Affiliate Transaction has been approved by
a majority of the disinterested members of the Board of Directors. 
 (b) The following items shall not be deemed to be Affiliate
Transactions and, therefore, shall not be subject to the provisions of Section 4.11(a): 
 (1) transactions between or
among the Company and/or its Restricted Subsidiaries or exclusively between or among such Restricted Subsidiaries; 
 (2)
Permitted Investments and Restricted Payments that are permitted by Section 4.07; 

  
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 (3) reasonable fees and compensation paid to (including issuances and grants
of Equity Interests of the Company, employment agreements and stock option and ownership plans for the benefit of), and indemnity and insurance provided on behalf of, current, former or future officers, managers, directors, employees or consultants
of the Company or any Restricted Subsidiary in the ordinary course of business; 
 (4) transactions pursuant to any agreement
in effect on the Issue Date, as in effect on the Issue Date or as thereafter amended or replaced in any manner, that, taken as a whole, is not more disadvantageous to the Holders in any material respect than such agreement as it was in effect on the
Issue Date; 
 (5) loans or advances to employees, managers, and officers of the Company and its Restricted Subsidiaries
permitted by clause (8) of the definition of “Permitted Investments”; 
 (6) any transaction with a Person
(other than an Unrestricted Subsidiary) which would constitute an Affiliate Transaction solely because the Company, directly or through any of its Restricted Subsidiaries, owns an equity interest in or otherwise controls such Person; provided
that no Affiliate of the Company or its Restricted Subsidiaries other than the Company or a Restricted Subsidiary shall have a beneficial interest in such Person; 

(7) any service, purchase, lease, supply or similar agreement entered into in the ordinary course of business (including,
without limitation, pursuant to any joint venture agreement) between the Company or any Restricted Subsidiary and any Affiliate that is a customer, client, supplier, purchaser or seller of goods or services, so long as the Company determines in good
faith that any such agreement is on terms not materially less favorable to the Company or such Restricted Subsidiary than those that could be obtained in a comparable arms’-length transaction with an entity that is not an Affiliate; 

(8) the issuance and sale of Qualified Capital Stock; 

(9) any transaction effected in connection with a Qualified Receivables Transaction; 

(10) pledges of equity interests of, or Obligations owing from, Unrestricted Subsidiaries; 

(11) the existence of, or the performance by the Company or any of its Restricted Subsidiaries of their obligations under the
terms of, any customary registration rights agreement to which they are a party or become a party in the future; 
 (12)
transactions in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an independent financial advisor stating that such transaction is fair to the Company or such Restricted Subsidiary
from a financial point of view or meets the requirements of Section 4.11(a)(1); 
 (13) any contribution to the common
equity capital of the Company; 
 (14) any transaction or series of transactions between the Company or any Restricted
Subsidiary of the Company and any of their joint ventures; and 
 (15) any transaction or any agreement entered into pursuant
to or in connection with the Transactions. 

  
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 Section 4.12 Liens.  

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer
to exist any Lien of any kind securing Indebtedness on any property or assets now owned or hereafter acquired, other than, in each case, Permitted Liens, unless: 

(1) in the case of any Lien securing an Obligation that ranks pari passu with the Notes or a Subsidiary Guarantee, effective
provision is made to secure the Notes or such Subsidiary Guarantee, as the case may be, at least equally and ratably with or prior to such Obligation with a Lien on the same properties or assets of the Company or such Restricted Subsidiary, as the
case may be; and 
 (2) in the case of any Lien securing an Obligation that is subordinated in right of payment to the Notes
or a Subsidiary Guarantee, effective provision is made to secure the Notes or such Subsidiary Guarantee, as the case may be, with a Lien on the same properties or assets of the Company or such Restricted Subsidiary, as the case may be, that is prior
to the Lien securing such subordinated obligation. 
 Notwithstanding the foregoing, any Lien securing the Notes granted pursuant to this
Section 4.12 shall be automatically and unconditionally released and discharged upon (a) the release by the holders of the Indebtedness described above of their Lien on the property or assets of the Company or any Restricted Subsidiary
(including any deemed release upon payment in full of all obligations under such Indebtedness, except payment in full made with the proceeds from the foreclosure, sale or other realization from an enforcement on the collateral by the holders of the
Indebtedness described above of their Lien), (b) any sale, exchange or transfer to any Person other than the Company or any Restricted Subsidiary of the property or assets secured by such Lien, or of all of the Capital Stock held by the Company
or any Restricted Subsidiary in, or all or substantially all of the assets of, any Restricted Subsidiary creating such Lien in each case in accordance with the terms of this Indenture, (c) payment in full of the principal of, and accrued and
unpaid interest, if any, on, the Notes, or (d) a defeasance or discharge of the Notes in accordance with Section 8 or Section 11. 

Section 4.13 Corporate Existence.  

The Company shall deliver to the Trustee an Officer’s Certificate together with a certificate of the Delaware Secretary of State
reflecting the corporate conversion and re-naming of the Company within 10 Business Days after such conversion and re-naming is effective. Subject to Article 5, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
 (1) its corporate
existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 

  
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 Section 4.14 Offer to Repurchase Upon Change of Control.  

(a) If a Change of Control occurs, the Company will make an offer (a “Change of Control Offer”) to each Holder of Notes, pursuant to
which each such Holder will have the right to require the Company to repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of that Holder’s Notes pursuant to a Change of Control Offer. In the Change of
Control Offer, the Company will offer a payment in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any (the “Change of Control Payment”). Within 30 days following any
Change of Control, the Company will send a notice to each Holder with a copy to the Trustee, to the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC with the following information: 

(1) that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered
pursuant to such Change of Control Offer will be accepted for payment by the Company; 
 (2) the purchase price and the
purchase date, which date will be no earlier than 10 days nor later than 60 days from the date such notice is delivered (the “Change of Control Payment Date”); 

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

(4) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
 (5) that Holders
electing to have Notes purchased pursuant to any Net Proceeds Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to
the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three Business Days before the Change of Control Payment Date; 

(6) that, until the withdrawal deadline (or such later time and date as the Company may decide in its sole discretion), Holders
will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the withdrawal deadline, a facsimile, email transmission or letter setting forth the name of the Holder, the
principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(7) that if less than all of such Holder’s Notes are tendered for purchase, such Holder will be issued new Notes (or, in
the case of global notes, such Notes shall be reduced by such amount of Notes that the Holder has tendered) and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered; provided that the
unpurchased portion of the Notes must be equal to at least $2,000 or integral multiples of $1,000 in excess thereof; 
 (8)
if such notice is sent prior to the occurrence of a Change of Control in accordance with this Indenture, that the Change of Control Offer is conditional on the occurrence of such Change of Control, and that such purchase may not occur and such
notice may be rescinded in the event that the Company shall determine that the occurrence of such Change of Control will not be satisfied or waived by the Change of Control Payment Date; and 

  
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 (9) such other instructions, as determined by the Company, consistent with
this Section 4.14, that a Holder must follow. 
 (b) The Company will comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 4.14, the Company or such Restricted Subsidiary shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under this Section 4.14 by virtue of such compliance. 
 (c) On
the Change of Control Payment Date, the Company will, 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 Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

The Paying Agent will promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (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 minimum
principal amount of $2,000 or integral multiples of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

(d) The provisions of Section 4.14(a) that require the Company to make a Change of Control Offer following a Change of Control will be
applicable regardless of whether or not any other provisions of this Indenture are applicable. 
 (e) Notwithstanding anything to the
contrary in this Section 4.14, the Company will not be required to make a Change of Control Offer upon a Change of Control if (1) 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 4.14 and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer or (2) a notice of redemption has been given prior to the Change of Control pursuant to
Section 3.07 unless and until there is a default in payment of the applicable redemption price. 
 (f) Notwithstanding anything to the
contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control and conditioned upon the consummation of such Change of Control, if a definitive agreement with respect to the Change of Control is in place at the
time the Change of Control Offer is made. 

  
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 Section 4.15 [Reserved] 

Section 4.16 Subsidiary Guarantees.  

On March 24, 2022, the Company shall cause each Restricted Subsidiary that, as of the Issue Date, guarantees the Credit Agreement, to
execute and deliver to the Trustee a supplemental indenture substantially in the form attached as Exhibit F hereto pursuant to which each such Restricted Subsidiary shall unconditionally Guarantee all of the Company’s obligations under the
Notes and this Indenture. 
 In addition, if the Company or any of its Wholly Owned Restricted Subsidiaries acquires or creates another
Domestic Subsidiary that is a Wholly Owned Restricted Subsidiary (other than an Excluded Subsidiary) that Guarantees (a) the Credit Agreement (including, for avoidance of doubt, any refinancing or replacement thereof), (b) any Indebtedness of
the Company or any Guarantor incurred and outstanding pursuant to clause (1) of the definition of Permitted Debt or (c) any series of capital markets debt securities of the Company or any Guarantor with an aggregate principal amount in
excess of $50.0 million, then that newly acquired or created Domestic Subsidiary that is a Wholly Owned Restricted Subsidiary will become a Guarantor and, within twenty (20) Business Days of the date on which it provides a Guarantee
described in the foregoing clauses (a), (b) and/or (c), as applicable, the Company shall cause such Domestic Subsidiary that is a Wholly Owned Restricted Subsidiary to execute and deliver to the Trustee a supplemental indenture substantially in the
form attached as Exhibit F hereto pursuant to which such Domestic Subsidiary shall unconditionally Guarantee all of the Company’s obligations under the Notes and this Indenture; provided, however, that in no event shall any such
supplemental indenture be required to be executed prior to March 24, 2022. 
 Section 4.17 Designation of Restricted and Unrestricted
Subsidiaries. 
 The Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary pursuant to an Officer’s
Certificate and in accordance with the definition of “Unrestricted Subsidiary” if the designation would not cause a Default. All outstanding Investments owned by the Company and its Restricted Subsidiaries in the designated Unrestricted
Subsidiary will be treated as an Investment made at the time of the designation. The amount of all such outstanding Investments will be the aggregate fair market value of such Investments at the time of the designation. The designation will not be
permitted if such Investment would not be permitted as a Restricted Payment or Permitted Investment at that time and if such Restricted Subsidiary does not otherwise meet the definition of an Unrestricted Subsidiary. Any designation of a Subsidiary
of the Company as an Unrestricted Subsidiary shall be evidenced to the Trustee by delivering an Officer’s Certificate certifying that such designation complied with the foregoing conditions and the conditions set forth in the definition of
“Unrestricted Subsidiary” and was permitted by Section 4.07. 
 If, at any time, any Unrestricted Subsidiary would fail to
meet any of the requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary
of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09, the Company shall be in default of such Section 4.09. 

The Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary pursuant to an Officer’s Certificate
delivered to the Trustee certifying that such designation complied with the conditions of this paragraph; provided that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any
outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if (1) either (a) such Indebtedness is permitted under Section 4.09, calculated on a pro forma basis as if such designation had occurred
at the 

  
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beginning of the four-quarter reference period, or (b) within 20 Business Days of such designation, such Indebtedness is repaid, defeased, satisfied or discharged, or otherwise does not
constitute Indebtedness of the Company and its Restricted Subsidiaries, and any Indebtedness of the Company or its Restricted Subsidiaries incurred to finance such repayment, defeasance, satisfaction or discharge would be permitted under such
Section 4.09 as an original incurrence (and not a refinancing); and (2) no Default or Event of Default would be in existence following such designation. 

Notwithstanding the foregoing, no Subsidiary of the Company shall be designated an Unrestricted Subsidiary during any Suspension Period. 

Section 4.18 Changes in Covenants when Notes are Rated Investment Grade. 

If on any date following the Issue Date: 
  

	 	(a)	 the Notes have an Investment Grade Rating from both Rating Agencies; and 

 

	 	(b)	 no Default or Event of Default has occurred and is continuing under this Indenture, 

then beginning on that day and subject to the provisions of the following paragraph, the sections specifically listed below will be suspended
with respect to the Notes: 
 (1) Section 4.10 (Asset Sales); 

(2) Section 4.07 (Restricted Payments); 

(3) Section 4.09 (Incurrence of Indebtedness and Issuance of Preferred Stock); 

(4) Clause (a)(3) of Section 5.01 (Merger, Consolidation or Sale of Assets); 

(5) Section 4.08 (Dividend and Other Payment Restrictions Affecting Subsidiaries); and 

(6) Section 4.11 (Transactions with Affiliates) 

(collectively, the “Suspended Covenants”). The period during which covenants are suspended pursuant to this Section 4.18
is called the “Suspension Period.” The Company will notify the Trustee of the continuance and termination of any Suspension Period. The Trustee shall have no obligation to independently determine or verify if such events have
occurred or notify the Holders of the continuance and termination of any Suspension Period. The Trustee may provide a copy of such notice to any Holder of Notes upon request. 

In the event that the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of
this Section 4.18 and, subsequently, one of the Rating Agencies withdraws its ratings or downgrades the rating assigned to the Notes so that the Notes no longer have Investment Grade Ratings from both Rating Agencies or a Default or Event of
Default occurs and is continuing, then the Company and the Restricted Subsidiaries will, from and after such date (the “Reinstatement Date”), again be subject to the Suspended Covenants. Notwithstanding the foregoing and any other
provision of this Indenture, the Notes or the Subsidiary Guarantees, no Default or Event of Default shall be deemed to exist under this Indenture, the Notes or any Subsidiary Guarantees with respect to the Suspended Covenants based on, and none of
the Company or any of the Restricted Subsidiaries shall bear any liability with respect to the Suspended Covenants for, (a) any actions taken or 

  
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events occurring, or deemed to have been taken or to have occurred in connection with a Limited Condition Transaction, during a Suspension Period (including without limitation any agreements,
Liens, preferred stock, obligations (including Indebtedness), or of any other facts or circumstances or obligations that were incurred or otherwise came into existence during a Suspension Period), or (b) any actions required to be taken at any
time pursuant to any contractual obligation entered into during a Suspension Period, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. 

In the event of any reinstatement of the Suspended Covenants, all Indebtedness Incurred during the Suspension Period will be
classified as having been Incurred pursuant to Section 4.09(b)(2) and all Restricted Payments made after such reinstatement will be calculated as though the limitations contained in Section 4.07 had been in effect prior to, but not during,
the Suspension Period. 
 For purposes of Section 4.08, on the Reinstatement Date, any consensual encumbrances or
restrictions of the type specified in Section 4.08(a) entered into during the Suspension Period will be deemed to have been in effect on the Issue Date, so that they are permitted under Section 4.08(b)(1). 

For purposes of Section 4.11, any Affiliate Transaction entered into after the Reinstatement Date pursuant to a contract,
agreement, loan, advance or guaranty with, or for the benefit of, any Affiliate of the Company entered into during the Suspension Period will be deemed to have been in effect as of the Issue Date for purposes of Section 4.11(b)(4). 

During any period when the Suspended Covenants are suspended, the Company may not designate any of the Company’s
Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture. 
 Section 4.19 The Transactions. 

For the purposes of any calculation of Consolidated Cash Flow, Consolidated Net Income, the Fixed Charge Coverage Ratio, the Consolidated
Leverage Ratio, the Consolidated Senior Secured Leverage Ratio, or any other similar calculation or determination under this Indenture, for all periods prior to the consummation of the Separation and the Distribution, pro forma effect will be given
to the Transactions being consummated on the Issue Date, and the Company’s Subsidiaries and the other Subsidiaries of Post, if any, that will become Subsidiaries of the Company as part of the Transactions will be deemed to have been Restricted
Subsidiaries of the Company. In addition, with respect to any historical financial statements, financial ratios, financial calculations and/or financial performance of the Company for any period or partial period prior to the Issue Date, such
historical financial statements, financial ratios, financial calculations and/or financial performance shall be deemed to be references to historical financial statements, financial ratios, financial calculations and/or financial performance, as
applicable, of Old BRBR. 
 Notwithstanding anything to the contrary set forth in this Indenture, no provision of this Indenture shall
prevent the consummation of any of the Transactions, nor shall the Transactions give rise to any Default or Event of Default nor shall the consummation of any of the Transactions constitute the usage of any baskets hereunder. 

Section 4.20 Limited Condition Transactions. 

When calculating the availability under any basket or ratio under this Indenture or compliance with any provision of this Indenture in
connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of, or the prepayment, redemption, purchase, defeasance, or satisfaction of,
Indebtedness, Disqualified Stock or 

  
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Designated Preferred Stock and the use of proceeds thereof, the incurrence or consummation, as applicable, of Liens, repayments, Restricted Payments and Asset Sales), in each case, at the option
of the Company (the Company’s election to exercise such option, an “LCT Election”), the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any
requirement or condition therefor is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) either
(a) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a Restricted Payment, entry into a binding agreement or similar event), or
(b) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, the date on which a “Rule 2.7 announcement” of a firm intention to make an offer (or equivalent announcement
in another jurisdiction) in respect of a target of a Limited Condition Transaction and, in each case, if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions,
Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Designated Preferred Stock and the use of proceeds thereof, the incurrence or consummation, as applicable, of Liens, repayments, Restricted Payments and Asset Sales) and
any related pro forma adjustments, the Company or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any
related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of Indebtedness, for example, whether such
Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided, that (1) if financial statements for one or more subsequent fiscal quarters shall have become available, the Company may elect, in
its sole discretion, to re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT
Test Date for purposes of such ratios, tests or baskets, (2) except as contemplated in the foregoing clause (1), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at
any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Designated
Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales) and (3) consolidated interest expense for purposes of Fixed Charge Coverage Ratio will be calculated using an assumed
interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Indebtedness or, if no such indicative interest margin exists, as reasonably determined by the Company in good faith. 

For the avoidance of doubt, if the Company shall have made an LCT Election, (a) if any of the ratios, tests or baskets for which
compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to
fluctuations in Consolidated Cash Flow or Consolidated Total Assets of the Company or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied
with as a result of such fluctuations; (b) if any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined or tested as of the LCT Test
Date would at any time after the LCT Test Date not have been complied with or satisfied (including due to the occurrence or continuation of a Default or Event of Default), such requirements and conditions will not be deemed to have been failed to be
complied with or satisfied (and such Default or Event of Default shall be deemed not to have occurred or be continuing); and (c) in calculating the availability under any ratio, test or basket in connection with any action or transaction
unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to the 

  
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earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable
notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested on a pro forma basis assuming
such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of debt and the use of proceeds thereof (but without netting the cash proceeds thereof)) had been consummated. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Merger, Consolidation or Sale of Assets. 

(a) The Company will not, directly or indirectly, in a single transaction or series of related transactions, consolidate or merge with or into
any other Person or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (determined on a consolidated basis) to any Person or group of affiliated Persons, or permit any of its Restricted
Subsidiaries to enter into any such transaction or transactions if such transaction or transactions, in the aggregate, would result in the sale, assignment transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company and its Restricted Subsidiaries taken as a whole to any other Person or group of Persons unless: 

(1) either: 

(A) the Company shall be the surviving or continuing corporation or 

(B) the Person formed by or surviving such consolidation or merger (if other than the Company) or the Person to which such
sale, assignment, transfer, lease, conveyance or other disposition has been made (the “Surviving Entity”) is a corporation, limited liability company, partnership (including a limited partnership) or trust organized or existing
under the laws of the United States, any state or territory thereof or the District of Columbia (provided that if such Person is not a corporation, (i) a corporate Wholly Owned Restricted Subsidiary of such Person organized or existing under
the laws of the United States, any state or territory thereof or the District of Columbia, or (ii) a corporation of which such Person is a Wholly Owned Restricted Subsidiary organized or existing under the laws of the United States, any state
or territory thereof or the District of Columbia, is a co-issuer of the Notes or becomes a co-issuer of the Notes in connection therewith); 

(2) the Surviving Entity, if applicable, expressly assumes, by supplemental indenture (in form and substance reasonably
satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium on (if any), and interest on, all of the Notes, and the performance of every covenant of the Notes and this Indenture
on the part of the Company to be performed or observed; 
 (3) immediately after giving pro forma effect to such transaction
or series of transactions and the assumption contemplated by clause (2) above (including giving effect to any Indebtedness and Acquired Debt, in each case, incurred or anticipated to be incurred in connection with or in respect of such
transaction), the Company or the Surviving Entity, as the case may be, shall (a) be able to incur at least $1.00 of additional Indebtedness (other than Permitted Debt) pursuant to Section 4.09 or (b) have a Fixed Charge Coverage Ratio
for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available that is 

  
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equal to or greater than the Fixed Charge Coverage Ratio of the Company for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available
or a Consolidated Leverage Ratio that is equal to or less than the Consolidated Leverage Ratio of the Company, in each case immediately prior to such consolidation, merger, sale, assignment, transfer, conveyance or other disposition;
provided, however, that this clause (3) shall not apply during any Suspension Period; 
 (4) immediately after
giving effect to such transaction or series of transactions and the assumption contemplated by clause (2) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt, in each case, incurred or anticipated to be
incurred and any Lien granted in connection with or in respect of such transaction), no Default or Event of Default shall have occurred and be continuing; and 

(5) the Company or the Surviving Entity, as the case may be, shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel (subject to customary assumptions and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture, complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 

Notwithstanding the foregoing, (i) any merger of the Company with an Affiliate incorporated solely for the purpose of reincorporating the
Company in another jurisdiction shall be permitted without regard to clause (3) of Section 5.01(a), (ii) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the
Company and its Restricted Subsidiaries shall be permitted and (iii) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets pursuant to or in connection with the Transactions shall be
permitted. 
 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company the Capital Stock of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed
to be the transfer of all or substantially all of the properties and assets of the Company. 
 (b) Each Guarantor will not, and the Company
will not cause or permit any Guarantor to, directly or indirectly, in a single transaction or series of related transactions, consolidate or merge with or into any Person other than the Company or any other Guarantor unless: 

(1) if the Guarantor was a corporation or limited liability company under the laws of the United States, any State thereof or
the District of Columbia, the entity formed by or surviving any such consolidation or merger (if other than the Guarantor) is a corporation or limited liability company organized and existing under the laws of the United States, any State thereof or
the District of Columbia; 
 (2) such entity assumes by supplemental indenture all of the obligations of the Guarantor under
its Subsidiary Guarantee; 
 (3) immediately after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; 

  
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 (4) immediately after giving effect to such transaction and the use of any
net proceeds therefrom on a pro forma basis, the Company could satisfy the provisions of clause (a)(3) of this Section 5.01; provided, however, that this clause (4) shall not apply during any Suspension Period; and 

(5) the Guarantor or the Surviving Entity, as the case may be, shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel (subject to customary assumptions and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture, complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 

Notwithstanding the foregoing, the requirements of Section 5.01(b) will not apply to any transaction pursuant to which such Guarantor is
automatically released from its Subsidiary Guarantee in accordance with the provisions described under Section 10.04. 
 Section 5.02 Successor
Corporation Substituted 
 (a) Upon any consolidation or merger of the Company or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01(a) in which the Company is not the continuing corporation, the Surviving Entity formed by such consolidation or into which the Company is
merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same
effect as if such Surviving Entity had been named as such and the Company shall be released from its obligations under this Indenture and the Notes; provided, however, that the Company shall not be released from its obligations under
this Indenture or the Notes in the case of a lease. 
 (b) Upon any consolidation or merger of any Guarantor with or into any Person other
than the Company or any other Guarantor in accordance with Section 5.01(b) and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the
Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor
with the same effect as if it had been named herein as a Guarantor. All of the Subsidiary Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Subsidiary Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(1) default for 30 consecutive days in the payment when due of interest on the Notes; 

  
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 (2) default in the payment when due (at maturity, upon redemption or
otherwise) of the principal of, or premium, if any, on, the Notes (including default in payment when due in connection with the purchase of Notes tendered pursuant to a Change of Control Offer or Net Proceeds Offer on the date specified for such
payment in the applicable offer to purchase); 
 (3) default in the observance or performance of any covenant or agreement
contained in this Indenture or the Notes, which default continues for a period of 60 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders (with a copy to
the Trustee) of at least 25% of the outstanding principal amount of the Notes; 
 (4) default under any mortgage, indenture
or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its
Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default: 

(A) is caused by a failure to pay principal of, premium on, if any, or interest on, if any, such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

(B) results in the acceleration of such Indebtedness prior to its express maturity, 

and, in the case of each of clauses (A) and (B), the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $75.0 million (excluding amounts bonded or covered by insurance), or more; 

(5) failure by the Company or any of its Restricted Subsidiaries to pay non-appealable
final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $75.0 million (excluding amounts covered by insurance or bonded), which judgments are not paid, discharged or stayed, for a period of more than 60
days after such judgments have become final and non-appealable and, in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree
which is not promptly stayed; 
 (6) except as permitted by this Indenture, any Subsidiary Guarantee shall be held in any
judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its Obligations under its Subsidiary Guarantee
if, and only if, in each such case, such default continues for 10 days; 
 (7) the Company or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 

(A) commences a voluntary case, 

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

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

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

(E) generally is not paying its debts as they become due; or 

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

(A) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 

(B) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company 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 of the Company that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders
the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02 Acceleration. 
 If an
Event of Default specified in clause (7) or (8) of Section 6.01 occurs and is continuing, then all unpaid principal of, premium, if any, and accrued and unpaid interest, if any, on all outstanding Notes will become due and payable
immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all amounts owing under the
Notes to be due and payable immediately by a notice in writing to the Company (and to the Trustee, if given by Holders) specifying the Event of Default and that it is a “notice of acceleration.” 

Upon any such declaration, the aggregate principal of, premium, if any, and accrued and unpaid interest, if any, on the outstanding Notes
shall become immediately due and payable. 
 Notwithstanding the foregoing, a notice of Default, notice of acceleration or instruction to
the Trustee to provide a notice of Default or notice of acceleration may not be given by the Trustee or the Holders of the Notes (or any other action taken on the assertion of any Default) with respect to any action taken, and reported publicly or
to Holders of the Notes, more than two years prior to such notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default or notice of acceleration (or other action). 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all
of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences hereunder except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the
principal of, the Notes (except nonpayment of principal of, premium on, if any, or interest on the Notes that has become due solely because of the acceleration); provided the Company has paid the Trustee its reasonable compensation and
reimbursed the Trustee for its expenses, disbursements and advances. 

  
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 Any notice of Default, notice of acceleration or instruction to the Trustee to provide a
notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders other than a Regulated Bank (each a “Directing Holder”) must be accompanied by a
written representation from each such holder of Notes delivered to the Company and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that have
represented to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default shall be deemed a continuing
representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. If the holder of the Notes is a clearing system or a common safekeeper or its nominee, any Position Representation required
hereunder shall be provided by the clearing system or the common safekeeper or its nominee or by the beneficial owner of an interest in such global Note after delivery to the Trustee of appropriate confirmation of beneficial ownership satisfactory
to the Trustee. In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Company with such other information as the Company may reasonably request from time to time in order to verify
the accuracy of such Holder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”). The Trustee shall have no duty whatsoever to provide this information to the Company or to obtain
this information for the Company. In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee,
and DTC shall be entitled to conclusively rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. 

If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company determines in good faith that there
is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s Certificate stating that the Company has initiated litigation in a court of
competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure
period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and
non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the
Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default
that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s
participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly
provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received
such Noteholder Direction or any notice of such Default or Event of Default; provided, however, this shall not invalidate any indemnity or security provided by the Directing Holders to the Trustee which obligations shall continue to survive.
For the avoidance of doubt, the foregoing requirements applicable to Noteholder Directions as defined above do not apply to any other directions given by Holders to the Trustee under this Indenture. 

With their acquisition of the Notes, each Holder and subsequent purchaser of the Notes consents to the delivery of its Position Representation
by the Trustee to the Company in accordance with the terms of this Indenture. Each Holder and subsequent purchaser of the Notes waives any and all claims, in law and/or in equity, against the Trustee and agrees not to commence any legal proceeding
against the Trustee in 

  
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respect of, and agrees that the Trustee will not be liable for any action that the Trustee takes in accordance with this Indenture, or arising out of or in connection with following instructions
or taking actions in accordance with a Noteholder Direction. The Company waives any and all claims, in law and/or in equity, against the Trustee, and agrees not to commence any legal proceeding against the Trustee in respect of, and agrees that the
Trustee will not be liable for any action that the trustee takes in accordance with this Indenture, or arising out of or in connection with following instructions or taking actions in accordance with a Noteholder Direction. 

Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the
pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the preceding two paragraphs. In addition, for the avoidance of doubt, the preceding two paragraphs shall not apply to any holder
that is a Regulated Bank. For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy
of any Position Representation, enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative
Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Company, any Holder or any other Person in acting in good faith on a Noteholder Direction. For the avoidance
of doubt, the Trustee will treat all holders equally with respect to their rights under this Indenture. In connection with the requisite percentages required under this Indenture, the Trustee shall also treat all outstanding Notes equally
irrespective of any Position Representation in determining whether the requisite percentage has been obtained with respect to the initial delivery of the Noteholder Direction. Any and all other actions that the Trustee takes or omits to take with
respect to a Noteholder Direction and all fees, costs expenses of the Trustee and its agents and counsel arising hereunder and in connection herewith shall be covered by the Company’s indemnification obligations under the this Indenture. 

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 of, premium on, if any, or 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. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the
Holders of all of the Notes, waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on the Notes (including in
connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration pursuant to Section 6.02. 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. 

  
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 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that may involve the
Trustee in personal liability. The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 6.06 Limitation on Suits. 

No Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless: 

(1) such Holder has previously given to the Trustee written notice that an Event of Default is continuing; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy; 
 (3) such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity
satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with such request
within 60 days after receipt of the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such 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 of, premium on, if
any, or interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), 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(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment
in its own name and as trustee of an express trust against the Company or the Guarantors for the whole amount of principal of, premium on, if any, and interest, if any, 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. 

  
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 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 Company or the
Guarantors (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 7.06. 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 7.06 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. 
 Section 6.10 Priorities. 

After an Event of Default, any moneys or properties distributable in respect of the Company’s or any Guarantor’s obligations under
this Indenture, or any money or property collected by the Trustee pursuant to this Article 6, shall be paid out or distributed in the following order: 

First: to the Trustee (including any predecessor Trustee), its agents and attorneys for amounts due under
Section 7.06, including payment of all compensation, expenses 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, if
any, 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, if any, respectively; and 

Third: to the Company 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, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.07, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

  
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 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has actual notice,
the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will 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 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will 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 any mathematical calculations or other facts stated therein. 

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

 (2) the Trustee will 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 
 (3) the Trustee will 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. 

(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 will require the Trustee to expend or
risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security or indemnity
satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Company. Money and other property held in trust by the Trustee need not be segregated from other funds except to the extent required by law. The Trustee shall not be required to give any bond or
surety in respect of the performance of its powers or duties hereunder. 

  
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 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the
Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will 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 and the written advice of such counsel or any Opinion of Counsel will 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 will not be responsible
for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will 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. 
 (e)
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company and any resolution of the Board of Directors may be sufficiently
evidenced by an Officer’s Certificate or a certificate of the Secretary of the Company. 
 (f) The Trustee will 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 have offered to the Trustee indemnity or security satisfactory to it against the losses, liabilities and
expenses that might be incurred by it in compliance with such request or direction. 
 (g) The permissive right of the Trustee to do things
enumerated in this Indenture shall not be construed as a duty of the Trustee, and the Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and reasonably believed by it to be within the discretion or power
conferred upon it by this Indenture other than for its own negligence or willful misconduct. 
 (h) The Trustee shall not be required to
take notice or be deemed to have notice of any Default or Event of Default hereunder unless a Responsible Officer has actual knowledge thereof, or the Trustee shall be specifically notified in writing of such Default or Event of Default by the
Company or by the Holders of at least 25% of the aggregate principal amount of Notes then outstanding, at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including without limitation its right to be
compensated, reimbursed, and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each Agent, custodian and other Person employed to act hereunder. 

(j) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation any act or provision of any present or future law or regulation or governmental authority, natural disaster, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, labor dispute, disease, epidemic or pandemic, quarantine, national emergency and interruptions, loss or malfunctions of utilities,

  
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communications or computer (software and hardware) services, communications system failure, malware or ransomware or other unavailability of the Federal Reserve Bank wire or facsimile or telex
system or other funds transfer system or other wire or communication facility or unavailability of any securities clearing system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 (k) The Trustee may request that the Company and
the Guarantors deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

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

(m) The Trustee will 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 discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it will be entitled to examine the books, records, and premises of the Company, personally or by agent or attorney at the sole
cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (n) The
transferor of any Note shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations
under Section 6045 of the Internal Revenue Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. In connection with any proposed exchange of a
certificated Note for a Global Note, the Company or DTC shall be required to provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without
limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest within the meaning of Trust Indenture Act Section 310(b), it must eliminate such
conflict within 90 days or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.09. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or
Subsidiary Guarantees, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein 

  
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or any statement in the Notes or Subsidiary Guarantees or in the Offering Memorandum, any Formation Document, the Exchange Agreement, or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of authentication. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes or the Subsidiary Guarantees. The Trustee
shall have no obligation to independently determine or verify if any event has occurred or notify the Holders of any event dependent upon the rating of the Notes, or if the rating on the Notes has been changed, suspended or withdrawn by any Rating
Agency. The Trustee shall have no obligation to independently determine or verify if any Change of Control, Suspension Period or Reinstatement Date, or any other event, has occurred or notify the Holders of any such event. 

Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium on, if any, or interest on any Note, the Trustee may withhold the notice if and so long
as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Company and the Guarantors will jointly and severally indemnify the Trustee and its directors, officers, agents and employees against
any and all losses, liabilities or expenses, including reasonable attorney’s 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 Company and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person) or liability in
connection with the exercise or performance of any of its rights, powers or duties hereunder, and including reasonable attorneys’ fees and expenses and court costs incurred in connection with any action, claim or suit brought to enforce the
Trustee’s right to compensation, reimbursement or indemnification, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct as finally adjudicated by a court of competent jurisdiction.
The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such
Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any
settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Company and the
Guarantors under this Section 7.06 will survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. 

(d) To secure the Company’s and the Guarantors’ payment obligations in this Section 7.06, the Trustee will 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 of, premium on, if any, or interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 

  
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 (e) When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(8) or (9) 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. 

(f) “Trustee” for the purposes of this Section 7.06 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 or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee
hereunder. 
 Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign in writing at any time upon 30
days’ notice and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee upon 30
days’ notice and the Company in writing. The Company may remove the Trustee upon 30 days’ notice if: 
 (1) the
Trustee fails to comply with Section 7.09; 
 (2) 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; 
 (3) a custodian or public officer takes charge of
the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.09,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all of the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send a notice of its succession to
Holders. The retiring Trustee will 

  
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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 7.06. Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s obligations under Section 7.06 will continue for the benefit of the retiring Trustee. 

Section 7.08 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, the successor corporation without any further act will be the successor Trustee. 
 Section 7.09 Eligibility; Disqualification.

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at its option and at any time, elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Subsidiary Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes (including the Subsidiary Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (1) and (2)
below, and to have satisfied all of their other obligations under such Notes, the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same),
except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights
of Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, or interest on such Notes when such payments are due from the trust referred to in Section 8.04; 

(2) the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust under Article 2 and Section 4.02; 

  
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 (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and the Company’s and the Guarantors’ obligations in connection therewith; and 
 (4) this Article 8.

 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.16, 4.17 and 4.18
and clause (3) of Section 5.01(a) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will 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 will continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Subsidiary Guarantees, the
Company and the Guarantors may omit to comply with and will 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 will not constitute a Default or an Event of Default under Section 6.01, but, except as specified
above, the remainder of this Indenture and such Notes and Subsidiary Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04, Sections 6.01(3), (4), (5), (6) and (7) will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient (without consideration of any reinvestment of interest), in the opinion of a nationally recognized investment bank, appraisal firm or firm of
independent public accountants delivered to the Trustee, to pay the principal of, premium, if any, and interest on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify
whether the Notes are being defeased to maturity or to a particular redemption date; 
 (2) in the case of an election under
Section 8.02, the Company shall have delivered to the Trustee an Opinion of Counsel (subject to customary assumptions and exceptions) confirming that: 

(A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 

  
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 (B) since the Issue Date, there has been a change in the applicable U.S.
federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of
the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of an election under
Section 8.03, the Company shall have delivered to the Trustee an Opinion of Counsel (subject to customary assumptions and exceptions) confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) 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 borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
this Indenture or any material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound (other than any such default under this Indenture resulting solely from the
borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith); 

(6) the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(7) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel (subject to customary
assumptions and exceptions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06, all money and non-callable U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes will be held in trust
and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders
of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company will pay and indemnify the Trustee 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 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes. 

  
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 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay
to the Company from time to time upon the request of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 8.04 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(1)), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium
on, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall, subject to applicable abandoned property law, be paid to the Company on its request or (if
then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars 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 Company’s and the
Guarantors’ obligations under this Indenture and the Notes and the Subsidiary Guarantees will 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 money in accordance with Section 8.02 or 8.03, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest on, any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02, without the consent of any Holder of Notes, the Company, the Guarantors and the Trustee may amend or
supplement this Indenture, the Notes or the Subsidiary Guarantees: 
 (1) to cure any ambiguity, omission, defect or
inconsistency; 

  
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 (2) to provide for uncertificated Notes in addition to or in place of
certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code); 

(3) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes in the
case of a merger or consolidation or sale of all or substantially all of the Company’s or a Guarantor’s assets; 

(4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights hereunder of any Holder in any material respect; 
 (5) to add any Person as a Guarantor;
provided any such supplemental indenture may be signed by the Company, the Guarantor providing the Subsidiary Guarantee and the Trustee; 

(6) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act; 
 (7) to remove a Guarantor which, in accordance with the terms of this Indenture, ceases to be liable in
respect of its Subsidiary Guarantee or to evidence the release of any Guarantor permitted to be released under the terms of this Indenture or to allow any Guarantor to execute a supplemental Indenture and/or a Note Guarantee with respect to the
Notes; 
 (8) to evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee; 

(9) to secure all of the Notes; 

(10) to add to the covenants of the Company or any Guarantor for the benefit of the Holders or to surrender any right or power
conferred upon the Company or any Guarantor; 
 (11) to conform the text of this Indenture, the Notes, or the Subsidiary
Guarantees to any provision of the “Description of Notes” section of the Offering Memorandum, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of this
Indenture, the Notes, or the Subsidiary Guarantees; 
 (12) to provide for the issuance of Additional Notes in accordance
with the limitations set forth in this Indenture; or 
 (13) to comply with the provisions of the Depositary or the Trustee
with respect to Article II of this Indenture. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02 and 9.05, the Trustee will join with the Company and the 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 the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

  
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 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture
(including, without limitation, Sections 3.09, 4.10 and 4.14) and the Notes and the Subsidiary Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07, any
existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of this Indenture or the Notes or the Subsidiary Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 shall determine which Notes are
considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request of the Company 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 Sections 7.02 and 9.05, the Trustee will join with the Company and the Guarantors 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 will not be obligated to, enter into such amended or supplemental Indenture. 

It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any
supplemental indenture hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent
previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 
 After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or
any defect therein, will 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, the Holders of a majority in aggregate principal amount of the Notes then
outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes or the Subsidiary Guarantees. However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; including the waiver
of Defaults or Events of Default, or to a rescission and cancellation of a declaration of acceleration of the Notes; 

  
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 (2) reduce the rate of or change or have the effect of changing the time for
payment of interest, including default interest, on any Note; 
 (3) reduce the principal of or change or have the effect of
changing the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (except as provided above with respect to Sections 3.09, 4.10 and 4.14); 

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

(5) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of, premium on, if any, or interest on the Notes on or after the due date thereof or to bring suit to enforce such payment; 

(6) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes;
provided that this clause (6) shall not limit the right of the Holders of at least a majority in aggregate principal amount of the outstanding Notes to rescind and cancel a declaration of acceleration of the Notes following delivery of
an acceleration notice as described in Section 6.02; 
 (7) contractually subordinate the Notes or the Subsidiary
Guarantees to any other Indebtedness; or 
 (8) make any change in the preceding amendment and waiver provisions. 

Section 9.03 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note 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 of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 
 Section 9.04 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.05 Trustee to Sign Amendments, etc. 

The Trustee will 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. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company has authorized or approved it, or delegated authority to
authorize or approve it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to 

  
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Section 7.01) will be fully protected in relying upon, in addition to the documents required by Section 12.04, 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 it will be valid and binding upon the Company and the Guarantors in accordance with its terms. 

ARTICLE 10 
 SUBSIDIARY GUARANTEES

 Section 10.01 Guarantee. 
 (a)
Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

(1) the principal of, premium on, if any, and interest on the Notes will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the
Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Subsidiary Guarantee will not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to
the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to
any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed 

  
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hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) will forthwith become due and
payable by the Guarantors for the purpose of this Subsidiary Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Subsidiary Guarantee. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.03 Execution and Delivery of Supplemental Indenture for Subsidiary Guarantee. 

To evidence its Subsidiary Guarantee set forth in Section 10.01, each Guarantor shall execute and deliver a supplemental indenture to
this Indenture substantially in the form attached hereto as Exhibit F, executed on behalf of such Guarantor by one of its Officers. No endorsement or notation of any such Subsidiary Guarantee on any Note certificate shall be required in order for
such Subsidiary Guarantee to become or remain in full force and effect. 
 If an Officer whose signature is on such supplemental indenture
no longer holds that office, the Subsidiary Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the
authentication thereof hereunder, will constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Guarantors. 

In the event that the Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the Issue Date, if
required by Section 4.16, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.16 and this Article 10, to the extent applicable. 

Section 10.04 Releases. 
 (a) Upon
any sale or other disposition of all or substantially all of the assets of any Guarantor (including by way of merger or consolidation), in a transaction not prohibited by Section 3.09, to any Person who is not (either before or after giving
effect to the transaction) the Company or a Restricted Subsidiary of the Company, such Guarantor will be automatically released and relieved of any obligations under its Subsidiary Guarantee. 

(b) In connection with any sale or other disposition of all of the Capital Stock of that Guarantor, in a transaction not prohibited by
Section 3.09 to any Person who is not (either before or after giving effect to the transaction) the Company or a Restricted Subsidiary, such Guarantor will be automatically released and relieved of any obligations under its Subsidiary
Guarantee. 

  
 111 

 (c) If any Guarantor merges with and into the Company, with the Company surviving such
merger, such Guarantor will be automatically released and relieved of any obligations under its Subsidiary Guarantee. 
 (d) If any
Guarantor is designated as an Unrestricted Subsidiary in accordance with this Indenture or otherwise ceases to be a Restricted Subsidiary (including by way of liquidation or dissolution) in a transaction permitted by this Indenture, such Guarantor
will be automatically released and relieved of any obligations under its Subsidiary Guarantee. 
 (e) Upon Legal Defeasance or Covenant
Defeasance in accordance with Article 8 or satisfaction and discharge of this Indenture in accordance with Article 11, each Guarantor will be automatically released and relieved of any obligations under its Subsidiary Guarantee. 

(f) (i) If such Guarantor no longer guarantees the Credit Agreement or any other Indebtedness described in clauses (a), (b) or (c) of the
second paragraph of Section 4.16 (other than as a result of the repayment in full of the Credit Agreement or such other Indebtedness or payment in respect of such guarantee of the Credit Agreement or such other Indebtedness in connection with
any enforcement thereof) or (ii) if any Guarantor (A) no longer constitutes a Domestic Subsidiary or (B) is designated as an Excluded Subsidiary in accordance with this Indenture, then in the case of each of the foregoing clauses
(i) and (ii), such Guarantor will be automatically released and relieved of any obligations under its Subsidiary Guarantee. 
 (g) If
it is determined in good faith by the Company that a liquidation, dissolution or merger out of existence of any Guarantor is in the best interests of the Company and is not materially disadvantageous to the holders, such Guarantor will be
automatically released and relieved of any obligations under its Subsidiary Guarantee. 
 The Company will notify the Trustee if any
Guarantor is released from its Subsidiary Guarantee. Any Guarantor not released from its obligations under its Subsidiary Guarantee as provided in this Section 10.04 will remain liable for the full amount of principal of, premium on, if any,
and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10. Upon delivery by the Company to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect that
such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10, the Trustee will execute any documents reasonably required in order to evidence the release
of any Guarantor from its obligations under its Subsidiary Guarantee. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 
 Section 11.01
Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect (except as to
surviving rights of registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes issued hereunder, when: 

(1) either: 

(a) all Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or
paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from their trust as provided in this Indenture) have been delivered to the Trustee
for cancellation; or 

  
 112 

 (b) all Notes that have not been delivered to the Trustee for cancellation
have become due and payable by reason of the sending of a notice of redemption or otherwise or will become due and payable within one year or are to be called for redemption within one year; and the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof (in such
amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants delivered to the Trustee if U.S. Government Obligations are delivered), without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness (including all principal, accrued and unpaid interest, if any) on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued
and unpaid interest, if any, to the date of maturity or redemption, as the case may be; 
 (2) in respect of subclause
(b) of clause (1) of this Section 11.01, no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such
deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to
which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar and simultaneous deposit
relating to other Indebtedness, and, in each case the granting of Liens in connection therewith); 
 (3) the Company or any
Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 
 (4) the Company has delivered
irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 

In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel (subject to customary assumptions and exceptions) to the Trustee
stating that all conditions precedent to satisfaction and discharge have been satisfied. After the conditions to discharge contained in this Article Eleven have been satisfied, and the Company has paid or caused to be paid all other sums payable
hereunder by the Company, and delivered to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that all conditions precedent to satisfaction and discharge have been satisfied, the Trustee upon the Company’s request
shall acknowledge in writing the discharge of the obligations of the Company and the Guarantors under this Indenture, subject to those obligations that survive. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.06, that, by their terms,
survive the satisfaction and discharge of this Indenture. 

  
 113 

 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal, premium, if any, and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 11.01 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal of, premium on, if any, or interest on any Notes because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE 12 
 MISCELLANEOUS 

Section 12.01 [Reserved] 
 Section 12.02
Notices. 
 Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing
and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile or email transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company and/or any Guarantor: 

BellRing Distribution, LLC 
 2503
S. Hanley Road 
 St. Louis, MO 63144 

Facsimile No.: (314) 925-1444 

Attention: Craig Rosenthal and Paul Rode 

E-mail: craig.rosenthal@bellringbrands.com and paul.rode@bellringbrands.com 

With a copy to: 
 Lewis Rice LLC

 600 Washington Ave., Suite 2500 

St. Louis, MO 63101 
 Facsimile
No.: (314) 612-7671 
 Attention: Tom W. Zook 

If to the Trustee: 
 Computershare
Trust Company, N.A. 
 c/o Wells Fargo Bank, National Association 

CTSO Mail Operations 
 600 South
Fourth Street, 7th Floor 
 MAC N9300-070 

Minneapolis, MN 55415 
 Attention:
Corporate Trust Services – BellRing Administrator 

  
 114 

 The Company, any Guarantor or the Trustee, by notice to the others, may designate additional
or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will
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 transmitted by facsimile; and the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or
communication to a Holder will 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 register kept by the Registrar. Failure to mail a
notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 Where this
Indenture provides for notice of any event to a Holder of a Global Note, such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to the applicable procedures of such Depositary, if any, prescribed
for the giving of such notice. 
 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 Company mails a notice or communication to Holders, it will mail a copy to the
Trustee and each Agent at the same time. 
 The Trustee shall have the right, but shall not be required, to rely upon and comply with
instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the
Company, the Guarantors or any Person. The Trustee shall have no duty or obligation to verify or confirm that the Person who sent such instructions or directions is, in fact, a Person authorized to give instructions or directions on behalf of the
Company or the Guarantors; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by the Company or the Guarantors as a result of such reliance upon or compliance with such instructions or
directions. The Company or the Guarantors agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties. 
 Section 12.03 Communication by Holders of Notes with Other Holders
of Notes. 
 Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (1) an Officer’s Certificate (which must include the statements set forth in Section 12.05) 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 

  
 115 

 (2) an Opinion of Counsel (which must include the statements set forth in
Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided, however, that no such Opinion of Counsel shall be required to be delivered in connection
with the authentication of Initial Notes that are originally issued on the Issue Date. Such counsel may rely on representations, warranties and certificates of other Persons as to matters of fact, and may qualify the Opinion of Counsel with
customary assumptions and exceptions. 
 Section 12.05 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
pursuant to Section 4.04) must include: 
 (1) a statement that the Person making such certificate or opinion has read
such covenant or condition; 
 (2) 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; 
 (3) a statement that, in the opinion
of such Person, such Person has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Shareholders. 

No past, present or future director, officer, manager, member, employee, agent, partner, incorporator shareholder or unitholder of the Company
or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary 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 12.08 Governing Law; Waiver of Jury Trial. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. 

  
 116 

 Section 12.09 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 12.10 Successors. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.04. 

Section 12.11 Severability. 
 In
case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 12.12 Counterpart Originals, Electronic Signatures. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. This Indenture shall be valid, binding, and enforceable against a party when executed and
delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other electronic signature permitted by the federal
Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code
(collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and
admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but
such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other
Signature Law due to the character or intended character of the writings. 
 Section 12.13 Table of Contents, Headings, etc. 

The table of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

  
 117 

 Section 12.14 U.S.A Patriot Act. 

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

[Signatures on following page] 
  

  
 118 

 SIGNATURES 

Dated as of March 10, 2022 
  

			
	BELLRING DISTRIBUTION, LLC
		
	By	 	 /s/ Matthew J. Mainer

		 	Name: Matthew J. Mainer
		 	Title: Treasurer

 [INDENTURE] 

 
			
	Computershare Trust Company, N.A., as Trustee
		
	By:	 	 /s/ Susan B. Wright

		 	Name: Susan B. Wright
		 	Title: Assistant Vice President

 [INDENTURE] 
  

 EXHIBIT A 

[Face of Note] 
  

CUSIP ____________ 
 ISIN ____________

 7.00% Senior Notes due 2030 
  

					
	No. ___	  		  	$____________

 BELLRING DISTRIBUTION, LLC 

promises to pay              to or registered assigns, 

the principal sum of _______________________________________________________________________________________ DOLLARS[*] on March 15, 2030. 

Interest Payment Dates: March 15 and September 15 

Record Dates: March 1 and September 1 
 Dated:
___________________ 
 [*As such amount may be increased or decreased by the Schedule of Exchanges of Interests in the Global Note attached hereto]

  

			
	BELLRING DISTRIBUTION, LLC
		
	By:	 	
                 

		 	Name:
		 	Title:

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
 Dated:
_______________________ 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A.
	as Trustee
		
	By:	 	
                 

		 	Authorized Signatory

  
 A-1 

 [Back of Note] 

7.00% Senior Notes due 2030 
 [Insert the Global
Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the
provisions of the Indenture] 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 (1) INTEREST. BellRing Distribution, LLC, a Delaware
limited liability company (the “Company”), promises to pay or cause to be paid interest on the principal amount of this Note at 7.00% per annum from _______________ until maturity. The Company will pay interest semi-annually in
arrears on March 15 and September 15 of each year, commencing September 15, 2022 (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from the date of issuance; provided that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be _____________. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable
grace period), at the same rate to the extent lawful. 
 Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. If any Interest Payment Date, the maturity date, any redemption date, or any earlier required repurchase date of a Note falls
on a day that is not a Business Day, the required payment will be made on the next succeeding Business Day and no interest on such payment will accrue in respect of the delay. 

(2) METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 1 and September 1 next preceding the Interest Payment Date, even if such Notes are canceled 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. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Paying
Agent and Registrar or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available
funds will be required with respect to principal of, premium on, if any, and interest on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will 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) PAYING AGENT AND REGISTRAR. Initially,
Computershare Trust Company, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes. The Company or any of its Subsidiaries
may act as Paying Agent or Registrar. 

  
 A-2 

 (4) INDENTURE. The Company issued the
Notes under an Indenture dated as of March 10, 2022 (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and by acceptance
hereof, in accordance with the Indenture, Holders agree to be bound by all of such terms as they may be amended from time to time. Holders are referred to the Indenture and such 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. The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes
that may be issued thereunder. 
 (5) OPTIONAL REDEMPTION. 

(a) Except as provided in this paragraph (5), the Notes will not be redeemable at the Company’s option prior to
March 15, 2027. 
 (b) At any time prior to March 15, 2027, the Company may on any one or more occasions redeem all
or a part of the Notes upon not less than 10 days’ nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if
any, to the date of redemption, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. The Company shall notify the Trustee of the Applicable Premium promptly after the
calculation, and the Trustee shall not be responsible for such calculation. 
 (c) On or after March 15, 2027, the
Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 10 days’ nor more than 60 days’ notice, at the redemption prices (expressed as a percentage of principal amount of the Notes) set forth below,
plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on March 15 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2027
	  	 	101.750	% 
	 2028
	  	 	101.750	% 
	 2029 and thereafter
	  	 	100.000	% 

 If an optional redemption date is on or after an interest record date and on or before the related interest
payment date, the accrued and unpaid interest, if any, will be paid to the Persons in whose name the Notes are registered at the close of business on such record date, and no additional interest will be payable to Holders whose Notes will be subject
to redemption by the Company. 
 Notwithstanding the foregoing, in connection with a Change of Control Offer or Net Proceeds
Offer, if not less than 90% in aggregate principal amount of the outstanding Notes are validly tendered and not withdrawn in such offer and the Company, or any third party making such offer in lieu of the Company, purchases all of the Notes validly
tendered and not withdrawn, the Company or such third party will have the right upon not less than 10 days’ nor more than 60 days’ prior notice, given not more than 10 days following such purchase date, to redeem (and the Holders of the
remaining Notes shall be deemed to have agreed to surrender) all Notes that remain outstanding following such purchase at a redemption price equal to 101% (in the case of a Change of Control Offer) or 100% (in the case of a Net Proceeds Offer) of
the principal amount thereof in such offer, plus accrued and unpaid interest, if any, thereon, to, but excluding, the date of such redemption. 

  
 A-3 

 The Company or any of its Restricted Subsidiaries may at any time and from time to time
purchase Notes in the open market or otherwise. 
 Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (6)
MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

(7) REPURCHASE AT THE OPTION OF
THE HOLDER. 
 (a) If there is a Change of Control, the Company will be required to make an
offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price in cash equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date (the
“Change of Control Payment”). Within ten days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within 25 days following any Net
Proceeds Offer Trigger Date (subject to Section 4.10(e) of the Indenture), a Net Proceeds Offer shall be sent to the record Holder as shown on the register of Holders, with a copy to the Trustee. Any Net Proceeds Offer shall comply with the
procedures set forth in Sections 3.09 and 4.10 of the Indenture. Upon completion of any such Net Proceeds Offer, the Net Proceeds Offer Amount shall be reset at zero. Holders of Notes that are the subject of a Net Proceeds Offer may, prior to any
related Purchase Date, elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

(8) NOTICE OF REDEMPTION. At least 10 days but not more than
60 days before a redemption date, the Company will 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, except that redemption notices may be mailed more
than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 thereof. Notes and portions of Notes selected will be in
minimum 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 or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased 

(9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 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 Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date. 

  
 A-4 

 (10) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture. 

(11) AMENDMENT, SUPPLEMENT AND WAIVER. The
Indenture, the Notes or the Subsidiary Guarantees may be amended or supplemented in accordance with Article 9 of the Indenture. 

(12) DEFAULTS AND REMEDIES. The Notes are subject to the
Events of Default and remedies set forth in Article 6 of the Indenture. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default
or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (13)
TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or
its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 (14)
NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, agent, manager, partner, member, incorporator, shareholder or unitholder of the
Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Subsidiary 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. 

(15) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (16) ABBREVIATIONS. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 
 (17) CUSIP NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices 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. 

(18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS
NOTE AND THE SUBSIDIARY GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

BellRing Distribution, LLC 
 2503 S. Hanley Road 

St. Louis, MO 63144 
 Attention: Corporate Secretary 

  
 A-5 

 ASSIGNMENT FORM 

To assign this Note No. [__], fill in the form below: 

(I) or (we) assign and transfer this Note No. [__] to:
                                         
                                         
                                         
      
 (Insert assignee’s legal
name)                                        
                                         
                
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
to transfer this Note No. [__] on the books of the Company. The agent may substitute another to act for him. 
 Date: _______________ 

 

			
	[Assignor]
		
	By:	 	              

		 	Name:
		 	Title:

 Signature Guarantee*: _________________________ 

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

  
 A-6 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate
box below: 

¬Section 4.10                    
¬Section 4.14 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or
Section 4.14 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-7 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in

Principal Amount
 of

this Global Note
	  	 Amount of increase in

Principal Amount
 of

this Global Note
	  	 Principal Amount

of this Global Note
following such
decrease

(or increase)
	  	 Signature of authorized
signatory of Trustee
or
Custodian

  

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

  
 A-8 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 BellRing
Distribution, LLC 
 2503 S. Hanley Road 
 St. Louis, MO 63144

 Attention: Corporate Secretary 
 Computershare Trust Company,
N.A. 
 c/o Wells Fargo Bank, National Association 
 Corporate
Trust Operations 
 600 Fourth Street South 
 MAC N9300-070, 7th Floor 
 Minneapolis, MN 55415 

Phone: 1-800-344-5128 

Fax: 1-866-969-1290 

Email: dapsreorg@wellsfargo.com 
 Re: [fill
in full title of securities] 
 Reference is hereby made to the Indenture, dated as of March 10, 2022 (the
“Indenture”), between BellRing Distribution, LLC, as issuer (the “Company”), and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Indenture. 
 ___________________, (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such
Note[s] specified in Annex A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further specified in Annex A hereto.
In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. ☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note
pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer
is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2. ☐ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being
made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside of the United States or such Transferor and 

  
 B-1 

 
any Person acting on its behalf reasonably believed and believes that the Transferee was outside of the United States or (y) the transaction was executed in, on or through the facilities of
a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the
proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted
Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes
and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐
such Transfer is being effected to the Company 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; 
 or 

(d) ☐ such Transfer is being effected to an Institutional Accredited Investor, an Initial Purchaser or any corporate
parent of the Company, and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general
solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of
the exemption claimed, which certification is supported by (1) if such Transfer is being effected to an Institutional Accredited Investor, a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such
Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the
effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 

  
 B-2 

 4. ☐ Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i)
The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive
Notes and in the Indenture. 
 (b) ☐ 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 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture. 
 (c) ☐ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to
and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture. 
 5. ☐ Check if Transferee will take delivery of a Restricted Global Note as
registered Holder thereof. Such Transfer is being effected pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies
that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to Restricted Definitive Notes and the requirements of the exemption
claimed. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred Restricted Global Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for
your benefit and the benefit of the Company. 
  

			
	  

		 	[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 

(iii) ☐ IAI Global Note (CUSIP _________); or 

(b) ☐ a Restricted Definitive Note. 
  

	 	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
 (a) ☐ a
beneficial interest in the: 
 (i) ☐ 144A Global Note (CUSIP _________), or 

(ii) ☐ Regulation S Global Note (CUSIP _________), or 

(iii) ☐ IAI Global Note (CUSIP _________), or 

(iv) ☐ Unrestricted Global Note (CUSIP _________); or 

(b) ☐ a Restricted Definitive Note; or 

(c) ☐ an Unrestricted Definitive Note; or 

(c) ☐ a Restricted Global Note as registered Holder thereof; 

in accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 BellRing
Distribution, LLC 
 2503 S. Hanley Road 
 St. Louis, MO 63144

 Attention: Corporate Secretary 
 Computershare Trust Company,
N.A. 
 c/o Wells Fargo Bank, National Association 
 Corporate
Trust Operations 
 600 Fourth Street South 
 MAC N9300-070, 7th Floor 
 Minneapolis, MN 55415 

Phone: 1-800-344-5128 

Fax: 1-866-969-1290 

Email: dapsreorg@wellsfargo.com 
 Re:
[fill in full title of securities] 
 (CUSIP [             ]) 

Reference is hereby made to the Indenture, dated as of March 10, 2022 (the “Indenture”), between BellRing Distribution,
LLC, as issuer (the “Company”), and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

__________________________, (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or
Beneficial Interests in an Unrestricted Global Note 
 (a) ☐ Check if Exchange is from beneficial interest in a Restricted
Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the 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 Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States. 

  
 C-1 

 (c) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest
in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States. 
 (d) ☐ Check if Exchange is from Restricted Definitive
Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)
☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

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

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

  
 C-2 

 
			
	  

		 	[Insert Name of Transferor]
		
	By:	 	
                     

		 	Name:
		 	Title:

 Dated: ______________________ 

  
 C-3 

 EXHIBIT D 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

BellRing Distribution, LLC 
 2503 S. Hanley Road 

St. Louis, MO 63144 
 Attention: Corporate Secretary 

Computershare Trust Company, N.A. 
 c/o Wells Fargo Bank, National
Association 
 Corporate Trust Operations 
 600 Fourth Street
South 
 MAC N9300-070, 7th Floor 

Minneapolis, MN 55415 
 Phone: 1-800-344-5128 
 Fax: 1-866-969-1290 
 Email: dapsreorg@wellsfargo.com 

Re: [fill in full title of securities] 

Reference is hereby made to the Indenture, dated as of March 10, 2022 (the “Indenture”), between BellRing Distribution,
LLC, as issuer (the “Company”), and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $____________ aggregate principal amount of: 

(a) ☐ a beneficial interest in a Global Note, or 

(b) ☐ a Definitive Note, 

we confirm that: 
 1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the
Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we
will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited
investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if such transfer is in respect
of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside of the
United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that
resales thereof are restricted as stated herein. 

  
 D-1 

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein,
we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is
an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and the Company are
entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	  

		 	[Insert Name of Accredited Investor]
		
	By:	 	
                     
    

		 	Name:
		 	Title:

 Dated: _______________________ 

  
 D-2 

 EXHIBIT E 

[RESERVED] 

  
 E-1 

 EXHIBIT F 

FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of ________________, among
__________________ (the “Guaranteeing Subsidiary”), a subsidiary of BellRing Brands, Inc. (formerly BellRing Distribution, LLC) (or its permitted successor), a Delaware corporation (the “Company”), the Company, and
Computershare Trust Company, N.A., as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H

 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
March 10, 2022 providing for the issuance of 7.00% Senior Notes due 2030 (the “Notes”); 
 WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary Guarantee”); 

WHEREAS, the Guaranteeing Subsidiary has duly authorized the execution and delivery of this Supplemental Indenture to provide its Subsidiary
Guarantee in accordance with Article 10 of the Indenture and all things necessary to make this Supplemental Indenture and the Indenture a valid agreement of the Guaranteeing Subsidiary, in accordance with the terms thereof, have been done; 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 Company, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the benefit of each other and the equal and ratable benefit of the Holders of the Notes 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 Subsidiary hereby agrees to
provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Subsidiary Guarantee and in the Indenture including but not limited to Article 10 thereof. 

4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, agent, manager, partner, member, incorporator, shareholder or unitholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary
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. 
 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

 

  
 F-1 

 6. COUNTERPARTS, ELECTRONIC SIGNATURES. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. This Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf
of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce
Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the
extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto
shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same
instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the
writings. 
 7. EFFECT OF HEADINGS. The Section headings herein are for convenience only and
shall not affect the construction hereof. 
 8. THE TRUSTEE. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Subsidiary Guarantee or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Company. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force
and effect as though fully set forth in full herein. 

  
 F-2 

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

 

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	
                     
    

		 	Name:
		 	Title:
	
	BELLRING BRANDS, INC.
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	COMPUTERSHARE TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	
                     
    

		 	Authorized Signatory

  
 F-3

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