Document:

Motorola Mobility Holdings, Inc. 2011 Incentive Compensation Plan

 Exhibit 4.01 
 MOTOROLA MOBILITY HOLDINGS, INC. 
 2011 INCENTIVE COMPENSATION PLAN

 ARTICLE 1.     PURPOSES OF THE PLAN 
 The purposes of the Motorola Mobility Holdings, Inc. 2011 Incentive Compensation Plan (the “Plan”) are to attract and retain the best available personnel, to provide additional incentives
to Employees, Directors and Consultants and to promote the success of the Company’s business by linking the personal interests of the Directors, Employees, and Consultants to those of Company stockholders and by providing such individuals with
an incentive for outstanding performance to generate superior returns to Company stockholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of Directors, Employees,
and Consultants upon whose judgment, interest, and special effort the success of the Company is largely dependent. 
 ARTICLE 2.
    DEFINITIONS 
 Wherever the following terms are used in the Plan they shall have the meanings
specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Affiliate” means a Subsidiary, Parent, or any corporation or other entity (including, but not limited to, a partnership or joint venture) that is controlled by, under common control
with, or related to the Company. 
 2.2 “Affiliated Company” means any entity which controls, is controlled by
or is under common control with the Company. 
 2.3 “Award” means an Option, an award of Restricted Stock, a
Stock Appreciation Right, a Restricted Stock Unit, a Performance-Based Award or Other Share-Based Award granted to a Participant pursuant to the Plan. 
 2.4 “Award Agreement” means any written agreement, contract, or other instrument or document evidencing the terms and conditions of an Award, including through electronic medium.

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

2.6 “Change in Control” means: 
 (a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common  

 
Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 2.5(a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from
the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company or (iv) any acquisition pursuant to a transaction
that complies with Sections 2.5(c)(i), 2.5(c)(ii) or 2.5(c)(iii) hereof; 
 (b) Individuals who, as of the date hereof,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; or  
 (c) Consummation of a reorganization,
merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or
securities of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities
that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding
shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity,
equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination)
beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined
voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for a
non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such
Business Combination; 

  
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 (d) Approval by the stockholders of the Company of a complete liquidation or dissolution of
the Company. 
 2.7 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

2.8 “Committee” means the committee of the Board appointed or described in Article 13 to administer the Plan.

 2.9 “Common Stock” means the common stock of the Company, par value $0.01 per share, and such other
securities of the Company that may be substituted for the Common Stock pursuant to Article 12. 
 2.10
“Company” means Motorola Mobility Holdings Inc., a Delaware corporation. 
 2.11 “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to the Company or any Affiliate; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities
in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person. 

2.12 “Covered Employee” means an Employee who is, or could be, a “covered employee” within the meaning of
Section 162(m) of the Code. 
 2.13 “Director” means a member of the Board, or as applicable, a member of
the board of directors of an Affiliate. 
 2.14 “Disability” means that the Participant would qualify to
receive long-term disability payments under the long-term disability policy, as it may be amended from time to time, of the Company or the Affiliate to which the Participant provides services regardless of whether the Participant is covered by such
policy. If the Company or the Affiliate to which the Participant provides service does not have a long-term disability policy or plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions
of the position held by the Participant by reason of any medically determined physical or mental impairment, as determined by a physician acceptable to the Committee, for a period of not less than ninety (90) consecutive days. A Participant
shall not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. Anything to the contrary in the foregoing notwithstanding, for purposes of Incentive
Stock Options, “Disability” shall mean a total and permanent disability as defined in Section 22(e)(3) of the Code. 
 2.15 “Dividend Equivalent Right” means a right granted to a Participant pursuant to Section 9.1(a) hereof to receive the equivalent value (in cash or Shares) of dividends paid on the
Shares. 
 2.16 “Effective Date” shall have the meaning set forth in Section 14.1 hereof. 

2.17 “Eligible Individual” means any person who is an Employee, a Consultant or a Director, as determined by the
Committee. 

  
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 2.18 “Employee” means a full time or part time employee of the Company or
any Affiliate, including an officer or Director, who is treated as an employee in the personnel records of the Company or Affiliate for the relevant period, but shall exclude individuals who are classified by the Company or Affiliate as leased from
or otherwise employed by a third party or independent contractors, even if any such classification is changed retroactively as a result of an audit, litigation or otherwise. Subject to Section 409A of the Code, a Participant shall not cease to
be an Employee in the case of (a) any vacation or sick time or otherwise approved paid time off in accordance with the Company or Affiliate’s policy or in the case where the Participant is on a leave of absence but his or her employment or
service cannot be terminated pursuant to applicable law or (b) transfers between locations of the Company or between the Company and/or any Affiliate. Neither services as a Director nor payment of a director’s fee by the Company or an
Affiliate shall be sufficient to constitute “employment” by the Company or any Affiliate. For purposes of Incentive Stock Options, no leave of absence may exceed three (3) months, unless reemployment upon expiration of such leave is
guaranteed by statute or contract or has been agreed to by contract or in a written policy of the Company which provides for a right of reemployment following the leave of absence. 

2.19 “Equity Restructuring” means a nonreciprocal transaction between the Company and its stockholders, such as a stock
dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the Shares (or other securities of the Company) or the price of Shares (or other securities) and causes a change in the
per share value of the Shares underlying outstanding Awards. 
 2.20 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended. 
 2.21 “Exercise Price” means the price of a Share, as fixed by the
Committee, which may be purchased under an Option or Other Share-Based Award, if applicable, or with respect to which the amount of any payment pursuant to a Stock Appreciation Right or Other Share-Based Award, if applicable, is determined.

 2.22 “Fair Market Value” means, with respect to the Shares, as of any date, (a) the closing per-share
sales price of the Shares (i) as reported by NYSE on the stock exchange composite tape for securities traded on such exchange for such date or (ii) if the Shares are no longer listed on NYSE, but are listed on any other national stock
exchange or national market system, as reported on the stock exchange composite tape for securities traded on such exchange for such date, or, with respect to each of clauses (i) and (ii), if there were no sales on such date, on the closest
preceding date on which there were sales of Shares, or, (b) in the event there shall be no public market for the Shares on such date, the Fair Market Value of the Shares as determined in good faith by the Committee, and to the extent
appropriate, based upon the reasonable application of a reasonable valuation method. 
 2.23 “Incentive Stock
Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto. 

  
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 2.24 “Legacy Plan” means the Motorola Mobility Holdings, Inc. Legacy
Incentive Plan, as it may be amended from time to time. 
 2.25 “Non-Employee Director” means a Director of the
Company who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) under the Exchange Act, or any successor rule. 
 2.26 “Non-Qualified Stock Option” means an Option that is not intended to be an Incentive Stock Option. 
 2.27 “Option” means a right granted to a Participant pursuant to Article 5 to purchase a specified number of Shares at a specified Exercise Price during specified time periods. An Option
may be either an Incentive Stock Option or a Non-Qualified Stock Option. 
 2.28 “Other Share-Based Award”
shall mean an Award granted pursuant to Article 9. 
 2.29 “Parent” means any “parent corporation” of
the Company as defined in Section 424(e) of the Code and any applicable regulations promulgated thereunder. 
 2.30
“Participant” means any Eligible Individual who has been granted an Award pursuant to the Plan. 
 2.31
“Performance-Based Award” means an Award granted pursuant to Article 10. 
 2.32 “Performance Bonus
Award” has the meaning set forth in Section 10.5 hereof. 
 2.33 “Performance Criteria” means the
criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for a Participant for a Performance Period, determined as follows: 
 (a) The Performance Criteria that will be used to establish Performance Goals are limited to the following: earnings or net earnings (either before or after interest, taxes, depreciation and
amortization), economic value-added, sales or revenue, income, net income (either before or after taxes), operating earnings, cash flow (including, but not limited to, operating cash flow and free cash flow), cash flow return on capital, return on
assets or net assets, return on equity or stockholders’ equity, return on capital, stockholder returns, return on sales, productivity, expense, margins, operating efficiency, customer satisfaction, working capital, earnings per share, price per
Share, market share, cost; ratio of debt to debt plus equity; ratio of operating earnings to capital spending; profit before taxes; net profit; economic profit, or sales growth, any of which may be measured either in absolute terms or as compared to
any incremental increase or as compared to results of a peer group. The Committee shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period for such Participant. 

(b) The Committee may, in its discretion, provide that one or more objectively determinable adjustments shall be made to one or more of
the Performance Goals. Such adjustments may include one or more of the following: (i) items related to a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity
initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (vii) items related to the
disposal of a business or segment of a business; 

  
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(viii) items related to discontinued operations that do not qualify as a segment of a business under GAAP (or, if applicable, IFRS); (ix) items attributable to any stock dividend, stock
split, combination or exchange of shares occurring during the Performance Period; or (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary
corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going business activities; or (xiv) items
relating to any other unusual or nonrecurring events or changes in applicable laws, accounting principles or business conditions. For all Awards intended to qualify as Qualified Performance-Based Compensation, such determinations shall be made
within the time prescribed by, and otherwise in compliance with, Section 162(m) of the Code. 
 2.34 “Performance
Goals” means, for a Performance Period, the goals established in writing by the Committee for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the
Performance Goals may be expressed in terms of overall Company performance, the performance of an Affiliate, the performance of a division or a business unit of the Company or an Affiliate, or the performance of an individual. As further set forth
in Section 2.33(b) hereof, the Committee, in its discretion, may, to the extent consistent with, and within the time prescribed by, Section 162(m) of the Code, appropriately adjust or modify the calculation of Performance Goals for such
Performance Period in order to prevent the dilution or enlargement of the rights of Participants (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event, or development, or (b) in
recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable laws, regulations, accounting
principles, or business conditions. 
 2.35 “Performance Period” means the one or more periods of time, which
may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a
Performance-Based Award. 
 2.36 “Plan” means this Motorola Mobility Holdings, Inc. 2011 Incentive Compensation
Plan, as it may be amended from time to time. 
 2.37 “Qualified Performance-Based Compensation” means any
compensation that is intended to qualify as “qualified performance-based compensation” as described in Section 162(m)(4)(C) of the Code. 
 2.38 “Restricted Stock” means Shares awarded to a Participant pursuant to Article 6 that are subject to certain restrictions and may be subject to risk of forfeiture. 

2.39 “Restricted Stock Unit” means an Award granted pursuant to Article 8 that shall be evidenced by a bookkeeping entry
representing the equivalent of one Share. 
 2.40 “Securities Act” shall mean the U.S. Securities Act of 1933,
as amended. 
 2.41 “Share” means a share of Common Stock. 

  
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 2.42 “Share Payment” means (a) a payment in the form of Shares, or
(b) an option or other right to purchase or acquire Shares, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Section 9.1(b) hereof. 

2.43 “Stock Appreciation Right” or “SAR” means a right granted pursuant to Article 7 to receive a
payment equal to the excess of the fair market value of a specified number of Shares on the date the SAR is exercised over the Exercise Price as set forth in the applicable Award Agreement. 

2.44 “Subsidiary” means any “subsidiary corporation” of the Company as defined in Section 424(f) of the
Code and any applicable regulations promulgated thereunder. 
 ARTICLE 3.     SHARES SUBJECT TO THE PLAN 

3.1 Number of Shares. Subject to Article 12, the aggregate number of Shares which may be issued or transferred pursuant to Awards
under the Plan shall be 68,000,000 Shares (a) less any Shares required to be distributed pursuant to the terms of the Legacy Plan and (b) plus any Shares subject to an award under the Legacy Plan that are not issued and delivered to a
participant for any reason including, without limitation, (i) Shares subject to an award that terminates, expires, lapses for any reason, or is settled in cash, (ii) Shares tendered or withheld to satisfy the grant or exercise price or tax
withholding obligation pursuant to any award, and (iii) Shares that are not issued or delivered as a result of the net settlement of an outstanding stock option or stock appreciation right, provided, however, that the maximum
aggregate number of Shares that may be issued pursuant to the exercise of Incentive Stock Options shall in no event exceed 68,000,000 Shares. 
 Shares covered by a benefit granted under the Plan shall not be counted as used unless and until they are actually issued and delivered to a Participant. Thus, to the extent that an Award terminates,
expires, lapses for any reason, or is settled in cash, any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Any Shares tendered or withheld to satisfy the grant or exercise price or tax withholding
obligation (including any shifting of employer tax liability to the Participant) pursuant to any Award shall also again be available for the grant of an Award pursuant to the Plan. In addition, Shares that are not issued or delivered as a result of
the net settlement of an outstanding Option or SAR (including a SAR settled in Shares which the Committee, in its discretion, may substitute for an outstanding Option) shall not be counted against the maximum number of Shares available for issuance
pursuant to this Section 3.1 and shall instead be returned to the Plan. The payment of Dividend Equivalent Rights in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan.
Notwithstanding the provisions of this Section 3.1, no Shares may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code.

 To the extent permitted by applicable law or any exchange rule, Shares issued in assumption of, or in substitution for, any
outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary shall not be counted against Shares available 

  
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for grant pursuant to this Plan. Additionally, to the extent permitted by applicable law or any exchange rule, in the event that a company acquired by (or combined with) the Company or any
Subsidiary has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to
the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such
acquisition or combination) may, at the discretion of the Committee, be used for Awards under the Plan in lieu of awards under the applicable pre-existing plan of the other company and shall not reduce the Shares authorized for grant under the Plan;
provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were
not employees or directors of the Company or any Subsidiary prior to such acquisition or combination. 
 3.2 Shares
Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased on the open market. 

3.3 Limitation on Number of Shares Subject to Awards. Notwithstanding any provision in the Plan to the contrary, and subject to
Article 12, where it is intended to comply with Section 162(m) of the Code, the maximum number of Shares with respect to one or more Awards that may be granted to any one Participant during any calendar year shall be 6,000,000 Shares with
respect to Awards other than Full Value Awards (e.g., Options and SARs) or 1,500,000 Full Value Awards (e.g., Restricted Stock and Restricted Stock Units) and the maximum amount that may be paid in cash during any calendar year with respect to any
Award (including, without limitation, any Performance Bonus Award) shall be $10,000,000. As used herein, “Full Value Award” means any Award other than an Option, SAR or other Award for which the Participant pays a minimum of the Fair
Market Value of the Shares, as determined as of the date of grant. To the extent required by Section 162(m) of the Code or the Department of Treasury regulations thereunder, in applying the foregoing limitations with respect to a Participant,
if any Option or SAR is canceled, the canceled Option or SAR shall continue to count against the maximum number of Shares with respect to which Options and SARs may be granted to the Participant. For this purpose, the repricing of an Option (or in
the case of a SAR, the reduction of the base amount on which the stock appreciation is calculated in order to reflect a reduction in the Fair Market Value of the Common Stock) shall be treated as the cancellation of the existing Option or SAR and
the grant of a new Option or SAR. 
 ARTICLE 4.     ELIGIBILITY AND PARTICIPATION 

4.1 Eligibility. Subject to the provisions of the Plan, each Eligible Individual shall be eligible to be granted one or more Awards
pursuant to the Plan. 
 4.2 Participation. Subject to the provisions of the Plan, the Committee may, from time to time,
select from among all Eligible Individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No Eligible Individual shall have any right to be granted an Award pursuant to this Plan. 

  
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 4.3 Non-U.S. Participants. Notwithstanding any provision of the Plan to the contrary,
in order to comply with the laws in countries outside the United States in which the Company and its Affiliates operate or have Eligible Individuals, the Committee, in its sole discretion, shall have the power and authority to: (i) determine
which Affiliates shall be covered by the Plan; (ii) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Individuals
outside the United States to comply with applicable laws of jurisdictions outside of the United States; (iv) establish subplans and modify exercise procedures and other terms and procedures and rules, to the extent such actions may be necessary
or advisable, including adoption of rules, procedures or subplans applicable to particular Affiliates or Participants residing in particular locations; provided, however, that no such subplans and/or modifications shall increase the share
limitations contained in Sections 3.1 and 3.3 hereof or otherwise require stockholder approval; and (v) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local
governmental regulatory exemptions or approvals. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures and subplans with provisions that limit or modify rights on eligibility to receive
an Award under the Plan or on death, disability, retirement or termination of employment, available methods of exercise or settlement of an Award, payment of income, social insurance contributions and payroll taxes, the shifting of employer tax
liability to the Participant, the withholding procedures and handling of any Share certificates or other indicia of ownership which may vary with local requirements. Notwithstanding the foregoing, the Committee may not take any actions hereunder,
and no Awards shall be granted, that would violate the Securities Act, Exchange Act, the Code, any securities law or governing statute or any other applicable law. 
 ARTICLE 5.     STOCK OPTIONS 
 5.1 General. The
Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions and such additional terms and conditions as may be specified by the Committee: 

(a) Exercise Price. The Exercise Price per Share subject to an Option shall be determined by the Committee and set forth in the
Award Agreement; provided that, subject to Section 5.2(c) hereof, the per Share Exercise Price for any Option shall not be less than 100% of the Fair Market Value of a Share on the date of grant. 

(b) Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole
or in part; provided that the term of any Option granted under the Plan shall not exceed ten years. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be
exercised. 
 (c) Payment. The Committee shall determine the methods by which the Exercise Price of an Option and
applicable withholding taxes (as further set forth in Section 16.3 hereof) may be paid and the form of payment, as shall be set forth in the Participant’s Award Agreement, including, without limitation: (i) cash or check,
(ii) surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Committee may require 

  
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(including withholding of Shares otherwise deliverable upon exercise of the Award) which have a fair market value on the date of surrender or attestation equal to the aggregate Exercise Price of
the Shares as to which the Award shall be exercised, (iii) promissory note bearing interest at no less than such rate as shall then preclude the imputation of interest under the Code), (iv) other property acceptable to the Committee
(including through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the
net proceeds of the sale of Shares to the Company in satisfaction of the Exercise Price and applicable withholding taxes; provided that payment of such proceeds is then made to the Company upon settlement of such sale), (v) by a
“net exercise” arrangement pursuant to which the number of Shares issuable upon exercise of the Option shall be reduced by the largest whole number of Shares having an aggregate fair market value that does not exceed the aggregate Exercise
Price (plus tax withholdings, if applicable) and any remaining balance of the aggregate Exercise Price (and/or applicable tax withholdings) not satisfied by such reduction in the number of whole Shares to be issued shall be paid by Participant in
cash other form of payment approved by the Committee. The Committee shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no
Participant who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the Exercise Price of an Option, or continue any extension of credit with respect
to the Exercise Price of an Option with a loan from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act. 
 5.2 Incentive Stock Options. Incentive Stock Options shall be granted only to Employees of the Company or any Parent or Subsidiary, and the terms of any Incentive Stock Options granted pursuant to
the Plan, in addition to the requirements of Section 5.1 hereof, must comply with the provisions of this Section 5.2. 

(a) Expiration. Subject to Section 5.2(c) hereof, an Incentive Stock Option shall expire and may not be exercised to any
extent by anyone after the first to occur of the following events: 
 (i) Ten years from the date it is granted, unless an
earlier time is set in the Award Agreement; 
 (ii) Three months after the Participant’s termination of employment as an
Employee; and 
 (iii) One year after the date of the Participant’s termination of employment or service on account of
Disability or death. Upon the Participant’s Disability or death, any Incentive Stock Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s legal representative or representatives, by the
person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons entitled to
receive the Incentive Stock Option pursuant to the applicable laws of descent and distribution. 

  
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 (b) Dollar Limitation. The aggregate Fair Market Value (determined as of the time the
Option is granted) of all Shares with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any
successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 

(c) Ten-Percent Owners. An Incentive Stock Option shall be granted to any individual who, at the date of grant, owns stock
possessing more than ten percent of the total combined voting power of all classes of Shares of the Company only if such Option is granted at an exercise price that is not less than 110% of Fair Market Value of a Share on the date of grant and the
Option is exercisable for no more than five years from the date of grant. 
 (d) Notice of Disposition. The Participant
shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Stock Option within (i) two years from the date of grant of such Incentive Stock Option or (ii) one year after the transfer of such
Shares to the Participant. 
 (e) Right to Exercise. During a Participant’s lifetime, an Incentive Stock Option may
be exercised only by the Participant. 
 (f) Failure to Meet Requirements. Any Option (or portion thereof) purported to
be an Incentive Stock Option, which, for any reason, fails to meet the requirements of Section 422 of the Code shall be considered a Non-Qualified Stock Option. 
 5.3 Substitution of Stock Appreciation Rights. The Committee may provide in the Award Agreement evidencing the grant of an Option that the Committee, in its sole discretion, shall have to right to
substitute a Stock Appreciation Right for such Option at any time prior to or upon exercise of such Option; provided, that such Stock Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted
Option would have been exercisable. 
 ARTICLE 6.     RESTRICTED STOCK AWARDS 

6.1 Grant of Restricted Stock. The Committee is authorized to make awards of Restricted Stock to any Eligible Individual selected
by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. 
 6.2 Purchase
Price. At the time of the grant of an award of Restricted Stock, the Committee shall determine the price, if any, to be paid by the Participant for each Share subject to the award of Restricted Stock. To the extent required by applicable law,
the price to be paid by the Participant for each Share subject to the award of Restricted Stock shall not be less than the par value of a Share (or such higher amount required by applicable law). The purchase price of Shares acquired pursuant to the
award of Restricted Stock shall be paid either: (i) in cash or cash equivalent at the time of purchase; (ii) at the sole discretion of the Committee, by services rendered or to be rendered to the Company or an Affiliate; or (iii) in
any other form of legal consideration that may be acceptable to the Committee in its sole discretion and in compliance with applicable law. 

  
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 6.3 Issuance, Vesting and Restrictions. Restricted Stock may or may not be subject to
vesting, and shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the
Restricted Stock). The vesting, if any, and any restrictions may occur or lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of
the Award or thereafter. 
 6.4 Forfeiture. Except as otherwise determined by the Committee at the time of the grant of
the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited; provided, however, that the Committee may
(a) provide in any Restricted Stock Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other
cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock. 
 6.5 Certificates for
Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing shares of Restricted Stock are registered in the name of the Participant, certificates
must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable
restrictions lapse. 
 ARTICLE 7.     STOCK APPRECIATION RIGHTS 

7.1 Grant of Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation Rights to Eligible Individuals on
the following terms and conditions and such additional terms and conditions as may be specified by the Committee: 
 (a)
Exercise Price. The Exercise Price per Share subject to a SAR shall be determined by the Committee and set forth in the Award Agreement; provided that the per Share Exercise Price for any SAR shall not be less than 100% of the Fair Market
Value of a Share on the date of grant. 
 (b) Time and Conditions of Exercise. The Committee shall determine the time or
times at which a SAR may be exercised in whole or in part; provided that the term of any SAR granted under the Plan shall not exceed ten years. The Committee shall also determine the performance or other conditions, if any, that must be
satisfied before all or part of a SAR may be exercised. 
 7.2 Payment and Limitations on Exercise. 

(a) A Stock Appreciation Right shall entitle the Participant (or other person entitled to exercise the SAR pursuant to the Plan) to
exercise all or a specified portion of the SAR (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount equal to the product of (i) the excess of (A) the fair market value of the Shares on the date
the SAR is exercised over (B) the Exercise Price of the SAR and (ii) the number of Shares with respect to which the SAR is exercised, less applicable withholding taxes (as further set forth in Section 16.3 hereof), subject to any
limitations the Committee may impose. 

  
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 (b) Payment of the amounts determined under Section 7.2(a) hereof shall be in cash, in
Shares (based on the fair market value of the Shares as of the date the Stock Appreciation Right is exercised) or a combination of both, as determined by the Committee in the Award Agreement. 
 ARTICLE 8.     RESTRICTED STOCK UNITS 
 8.1
Restricted Stock Units. The Committee is authorized to award Restricted Stock Units to any Eligible Individual selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. 

8.2 Vesting Conditions. The Committee shall specify the date or dates on which the Restricted Stock Units shall become fully
vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. The vesting conditions may be based on the passage of time or the attainment of performance-based conditions. 

8.3 Form and Time of Settlement. The Committee shall specify the settlement date applicable to each grant of Restricted Stock
Units which shall be no earlier than the vesting date, or it may be deferred to any later date, subject to compliance with Section 409A of the Code, as applicable. On the settlement date, subject to satisfaction of applicable withholding taxes
(as further set forth in Section 16.3 hereof), the Company shall transfer to the Participant one unrestricted, fully transferable Share for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited.
Alternatively, settlement of a Restricted Stock Unit may be made in cash (in an amount reflecting the fair market value of Shares that would have been issued) or any combination of cash and Shares, as determined by the Committee, in its sole
discretion, in either case less applicable withholding taxes (as further set forth in Section 16.3 hereof). Until a Restricted Stock Unit is settled, the number of Restricted Stock Units shall be subject to adjustment pursuant to Article 12
hereof. 
 8.4 General Creditors. A Participant who has been granted Restricted Stock Units shall have no rights other
than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement evidencing the grant of the Restricted Stock
Units. 
 ARTICLE 9.     OTHER SHARE-BASED AWARDS 

9.1 Grants of Other Share-Based Awards. The Committee is authorized under the Plan to make Awards (other than Options, awards of
Restricted Stock, SARs and Restricted Stock Units) to an Eligible Individual subject to the terms and conditions set forth in this Article 9 and such other terms and conditions as may be specified by the Committee that are not inconsistent with the
provisions of the Plan and that by their terms involves or might involve the issuance of, consist of, or are denominated in, payable in, valued in whole or in part by reference to, or otherwise relate to, Shares. These Awards may include, among
other forms, Dividend Equivalent Rights and Share Payments. The Committee may establish one or more separate 

  
 13 

 
programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Participants on such terms and conditions as determined by the Committee from time to time.

 (a) Dividend Equivalent Rights. Any Participant selected by the Committee may be granted Dividend Equivalent Rights
based on the dividends declared on the Shares that are subject to any Award, to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised, vests or expires, as determined by
the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Committee; provided that to the extent Shares subject to an
Award are subject to performance-based vesting conditions, any Dividend Equivalent Rights relating to such shares shall be subject to the same performance-based vesting conditions. 

(b) Share Payments. Any Eligible Individual selected by the Committee may receive Share Payments in the manner determined from
time to time by the Committee. The number of Shares shall be determined by the Committee and may be based upon Performance Criteria or other specific performance criteria determined appropriate by the Committee, determined on the date such Share
Payment is made or on any date thereafter. Any Award of Share Payments shall be made in compliance with Section 409A of the Code, if applicable. 
 9.2 Term. Except as otherwise provided herein, the term of any Other Share-Based Award granted pursuant to this Article 9 shall be set by the Committee in its discretion. 

9.3 Exercise Price. The Committee may establish the Exercise Price, if any, of any Other Share-Based Award granted pursuant to
this Article 9; provided, however, that such Exercise Price shall not be less than the par value of a Share on the date of grant, unless otherwise permitted by applicable law. 

9.4 Form of Payment. Payments with respect to any Awards granted under this Article 9 shall be made in cash or cash equivalent, in
Shares or any combination of the foregoing, as determined by the Committee. 
 ARTICLE 10.     PERFORMANCE-BASED AWARDS
FOR COVERED EMPLOYEES 
 10.1 Purpose. The purpose of this Article 10 is to provide the Committee the ability to
qualify Awards other than Options and SARs and that are granted pursuant to Articles 6, 8, 9 or Section 10.5 hereof as Qualified Performance-Based Compensation. If the Committee, in its discretion, decides to grant a Performance-Based Award to
a Covered Employee, the provisions of this Article 10 shall control over any contrary provision contained in Articles 6, 8, 9 or Section 10.5 hereof; provided, however, that the Committee may in its discretion grant Awards to Covered
Employees that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article 10. 
 10.2 Applicability. This Article 10 shall apply only to those Covered Employees selected by the Committee to receive Performance-Based Awards that are intended to qualify as Qualified
Performance-Based Compensation. The designation of a Covered Employee as a 

  
 14 

 
Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award for the period. Moreover, designation of a Covered Employee as a Participant for a
particular Performance Period shall not require designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of any other Covered
Employees as a Participant in such period or in any other period. 
 10.3 Procedures with Respect to Performance-Based
Awards. To the extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Articles 6, 8 or 9 which may be granted to one or more
Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal period or period of service (or such other time as may be required or permitted by Section 162(m) of
the Code), the Committee shall, in writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria applicable to the Performance Period, (c) establish the Performance Goals, and amounts of such Awards, as
applicable, which may be earned for such Performance Period, and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered Employee for such
Performance Period. Following the completion of each Performance Period, the Committee shall certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the amount earned by a Covered
Employee, the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment of individual
or corporate performance for the Performance Period. A Participant shall be eligible to receive payment pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved. 

10.4 Additional Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee
shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for qualification as
qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to such requirements. 

10.5 Performance Bonus Awards. Any Eligible Individual selected by the Committee may be granted one or more Performance-Based
Awards in the form of a cash bonus (a “Performance Bonus Award”) payable upon the attainment of Performance Goals that are established by the Committee and relate to one or more of the Performance Criteria, in each case on a specified date
or dates or over any period or periods determined by the Committee. 
 ARTICLE 11.     PROVISIONS APPLICABLE TO AWARDS

 11.1 Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the discretion of the Committee, be
granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of
such other Awards. 

  
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 11.2 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements
that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to
unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
 11.3 Limits on Transfer. No right or
interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party
other than the Company or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution, and any Restricted
Stock Unit that becomes payable after the Participant’s death shall be distributed to the recipient’s estate. The Committee may permit an Award (other than an Incentive Stock Option) to be transferred to, exercised by and paid to certain
persons or entities related to the Participant, subject to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities Act. 

11.4 Stock Certificates; Book Entry Procedures. Notwithstanding anything herein to the contrary and as is further set forth in
Section 16.12 hereof, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to any Award, unless and until the Committee has determined, with advice of counsel, that the
issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. All certificates evidencing
Shares delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state local, securities or other laws, including laws of jurisdictions outside
of the United States, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any certificate evidencing Shares to
reference restrictions applicable to the Shares. In addition to the terms and conditions provided herein, the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Committee, in its
discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise
of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. Notwithstanding any other provision of the Plan, unless otherwise determined by the Committee or required by any applicable law, rule or
regulation, the Company shall not deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, its transfer agent or stock
plan administrator). 
 11.5 Paperless Administration. In the event that the Company establishes, for itself or using the
services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a
Participant may be permitted through the use of such an automated system. 

  
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 ARTICLE 12.     CHANGES IN CAPITAL STRUCTURE 

12.1 Adjustments. 
 (a) Non-Equity Restructuring Capitalization Adjustments. In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than
normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares or the price of the Shares other than an Equity Restructuring, the Committee shall make such adjustments, if any, as the Committee in its discretion
may deem appropriate to reflect such change with respect to (a) the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3 hereof);
(b) the number and kind of shares (or other securities or property) subject to outstanding Awards; (c) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with
respect thereto); and (d) the Exercise Price per Share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent with the requirements of
Section 162(m) of the Code. 
 (b) Corporate Transactions. In the event of any transaction or event described in
Section 12.1(a) hereof or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in applicable laws, regulations or
accounting principles, the Committee, in its sole and absolute discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event is hereby
authorized to take any one or more of the following actions whenever the Committee determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles: 
 (i) To provide for either (A) termination of any such Award in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization
of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in Section 12.1(a) the Committee determines in good faith that no amount would have been attained upon
the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property selected by the Committee in its
sole discretion; 
 (ii) To provide that such Award be assumed by the successor or survivor corporation, or a parent or
subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and
prices; 
 (iii) To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding
Awards, and in the number and kind of outstanding 

  
 17 

 
Restricted Stock and/or in the terms and conditions of (including the Exercise Price), and the criteria included in, outstanding options, rights and awards and options, rights and awards which
may be granted in the future; 
 (iv) To provide that such Award shall be exercisable or payable or fully vested with respect
to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement, and in any event in compliance with Section 409A of the Code; and 

(v) To provide that the Award cannot vest, be exercised or become payable after such event. 

(c) Equity Restructuring Capitalization Adjustments. In connection with the occurrence of any Equity Restructuring, and
notwithstanding anything to the contrary in Sections 12.1(a) and 12.1(b) hereof: 
 (i) The number and type of securities
subject to each outstanding Award and the Exercise Price thereof, if applicable, shall be equitably adjusted. The adjustments provided under this Section 12.1(c)(i) shall be nondiscretionary and shall be final and binding on the affected
Participant and the Company. 
 (ii) The Committee shall make such equitable adjustments, if any, as the Committee in its
discretion may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3
hereof). 
 (iii) To the extent that such equitable adjustments result in tax consequences to the Participant, the Participant
shall be responsible for payment of such taxes and shall not be compensated for such payments by the Company or its Affiliates. 

(d) Corporate Authority. The existence of the Plan, the Award Agreement and the Awards granted hereunder shall not affect or
restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or
consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which
are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character
or otherwise. 
 12.2 Acceleration in Connection with a Change in Control. Notwithstanding Section 12.1 hereof, and
except as may otherwise be provided in any applicable Award Agreement or other written agreement entered into between the Company and a Participant, if a Change in Control occurs and a Participant’s Awards are not converted, assumed, or
replaced by a successor entity or survivor corporation, or a parent or subsidiary thereof, then immediately prior to the Change in Control such Awards shall become fully exercisable, fully vested and all forfeiture restrictions on such Awards shall
lapse, as applicable and, in connection with such 

  
 18 

 
Change in Control, all such Awards shall terminate and cease to be outstanding; provided, however, that any amount that becomes payable in connection with the vesting acceleration
contemplated under this Section 12.2 of an Award that is subject to Section 409A of the Code shall be paid within 60 days (or within such other period specified in an Award Agreement) of a “change in control event” within the
meaning of Section 409A of the Code. In addition, where Awards are converted, assumed, or replaced after a Change of Control, the Committee may provide that the one or more Awards shall become fully exercisable, fully vested and all forfeiture
restrictions on such Awards shall lapse, as applicable, upon the termination of the Participant’s employment or service within a designated period following the effective date of such Change in Control. Upon, or in anticipation of, a Change in
Control, the Committee may cause any and all Awards outstanding hereunder to terminate at a specific time in the future, including, but not limited to, the date of such Change in Control, and shall give each Participant the right to exercise such
Awards during a period of time as the Committee, in its sole and absolute discretion, shall determine. Except as may otherwise be provided in any applicable Award Agreement or other written agreement entered into between the Company and a
Participant, to the extent that there are tax consequences to the Participant as a result of the acceleration or lapsing of forfeiture restrictions upon a Change in Control, the Participant shall be responsible for payment of such taxes and shall
not be compensated for such payment by the Company or its Affiliates. 
 12.3 No Other Rights. Except as expressly
provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of Shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of Shares of any class, or securities
convertible into Shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or Exercise Price of any Award. 

ARTICLE 13.     ADMINISTRATION 
 13.1 Committee. Unless otherwise determined by the Board, the Plan shall be administered by the Committee which shall consist solely of two or more members of the Board each of whom is an
“independent director” under the NYSE rules (or other principal securities market on which Shares are traded); provided that the term “Committee” means (i) the Board acting at any time in lieu of the Committee;
(ii) with respect to any decision involving an Award intended to satisfy the requirements of Section 162(m) of the Code, a committee consisting solely of two or more Directors of the Company who each are an “outside director”
within the meaning of Section 162(m) of the Code, and (iii) with respect to any decision relating to a Director or officer of the Company subject to Section 16 of the Exchange Act, a committee consisting solely of two or more
Non-Employee Directors as defined under Rule 16b-3 under the Exchange Act and provided further that, any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later
determined not to have satisfied the requirements for membership set forth in this Section 13.1 or otherwise provided in any charter of the Committee. Notwithstanding the foregoing: (a) the full Board, acting by a majority of its members
in office, or a committee of the Board designated by the Board, shall conduct the general administration of the Plan with respect to all Awards granted 

  
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to members of the Board who are not Employees and for purposes of such Awards the term “Committee” as used in this Plan shall be deemed to refer to the Board and (b) the Committee
may delegate its authority hereunder to the extent permitted by Section 13.4 hereof. 
 13.2 Authority of Committee.
Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to: 
 (a)
Designate Participants to receive Awards; 
 (b) Determine the type or types of Awards to be granted to each Participant;

 (c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the Exercise Price, or
purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and
recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; provided, however, that the Committee shall not have the authority to accelerate the vesting or waive the forfeiture
of any Performance-Based Awards intended to qualify as Qualified Performance Based-Compensation or if any such acceleration would result in a violation of Section 409A of the Code; 

(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the Exercise Price of an Award
may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f)
Prescribe the form of each Award Agreement, which need not be identical for each Participant; 
 (g) Decide all other matters
that must be determined in connection with an Award; 
 (h) Establish, adopt, or revise any rules and regulations including
adopting subplans to the Plan for the purposes of complying with non-U.S. laws and/or taking advantage of tax favorable treatment for Awards granted to Participants outside the United States (as further set forth in Section 4.3 hereof) as it
may deem necessary or advisable to administer the Plan; 
 (i) Interpret the terms of, and any matter arising pursuant to, the
Plan or any Award Agreement; and 
 (j) Make all other decisions and determinations that may be required pursuant to the Plan or
as the Committee deems necessary or advisable to administer the Plan. 
 13.3 Decisions Binding. The Committee’s
interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 

  
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 13.4 Delegation of Authority. To the extent permitted by applicable law, the
Committee may from time to time delegate to one or more officers of the Company the authority to grant or amend Awards to Participants; provided that the Committee shall have the sole authority with respect to Awards granted to or held by
(a) Participants who are subject to Section 16 of the Exchange Act, (b) Covered Employees, or (c) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. For the avoidance
of doubt, provided it meets the limitation in the preceding sentence, this delegation shall include the right to modify Awards as necessary to accommodate changes in the laws or regulations, including in jurisdictions outside the United States. Any
delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the
delegatee appointed under this Section 13.4 shall serve in such capacity at the pleasure of the Committee. 
 ARTICLE 14.
    EFFECTIVE AND EXPIRATION DATE 
 14.1 Effective Date. The Plan is effective as of the date
that all outstanding Shares are distributed to holders of shares of Motorola, Inc.’s common stock (the “Effective Date”). 
 14.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after the tenth anniversary of the Effective Date, except that no Incentive Stock Options may be
granted under the Plan after the earlier of the tenth anniversary of (a) the date the Plan is approved by the Board or (b) the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in
force according to the terms of the Plan and the applicable Award Agreement. 
 ARTICLE 15.     AMENDMENT, MODIFICATION,
AND TERMINATION 
 15.1 Amendment, Modification, and Termination. At any time and from time to time, the Committee may
terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain stockholder approval of any Plan
amendment in such a manner and to such a degree as required, and (b) stockholder approval shall be required for any amendment to the Plan that (i) increases the number of shares available under the Plan (other than any adjustment as
provided by Article 12), or (ii) permits the Committee to extend the exercise period for an Option or SAR beyond ten years from the date of grant. Notwithstanding any provision in this Plan to the contrary, absent approval of the stockholders
of the Company, no Option or SAR may be amended to reduce the per share Exercise Price of the shares subject to such Option or SAR below the per share Exercise Price as of the date the Option or SAR is granted or cancel the outstanding Options or
SARs in exchange for cash and, except as permitted by Article 12, no Option or SAR may be granted in exchange for, or in connection with, the cancellation or surrender of an Option or SAR having a higher per share Exercise Price. 

15.2 Awards Previously Granted. Except with respect to amendments made pursuant to Section 16.14 hereof and except as may be
provided in an Award Agreement, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant;

  
 21 

 
provided, however, that an amendment or modification that may cause an Incentive Stock Option to become a Non-Qualified Stock Option or that may have an equivalent impact on an
Award intended to qualify for tax-favorable treatment under applicable non-U.S. law shall not be treated as adversely affecting the rights of the Participant. 
 ARTICLE 16.     GENERAL PROVISIONS 
 16.1 No Rights
to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Eligible Individuals, Participants or any other persons
uniformly. 
 16.2 No Stockholders Rights. Except as otherwise provided herein, a Participant shall have none of the
rights of a stockholder with respect to Shares covered by any Award, including to the right to vote or receive dividends, until the Participant becomes the record owner of such Shares, notwithstanding the exercise of an Option or other Award.

 16.3 Withholding. The Company or any Affiliate, as appropriate, shall have the authority and the right to deduct or
withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy U.S. federal, state, and local taxes and taxes imposed by jurisdictions outside of the United States (including the Participant’s employment tax
obligations) required by law to be withheld and any employer tax liability shifted to a Participant with respect to any taxable event concerning a Participant arising as a result of this Plan or to take such other action as may be necessary in the
opinion of the Company or an Affiliate, as appropriate, to satisfy withholding obligations for the payment of taxes, including but not limited to selling Shares issued pursuant to an Award and withholding from proceeds of the sale of such Shares.
The Committee may in its discretion and in satisfaction of the foregoing requirement withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. To avoid
negative accounting treatment, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award or which may be repurchased from the Participant of such Award in order to satisfy the
Participant’s U.S. federal, state, local and non-U.S. income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award may be limited to the number of Shares which have a Fair Market Value on the date
of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates or other applicable minimum withholding rates for federal, state, local and foreign income tax and payroll tax purposes
that are applicable to such supplemental taxable income. No Shares shall be delivered hereunder to any Participant or other person until the Participant or such other person has made arrangements acceptable to the Committee for the satisfaction of
the tax obligations with respect to any taxable event concerning the Participant or such other person arising as a result of this Plan. 
 16.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any
Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of the Company or any Affiliate. 

  
 22 

 16.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general
creditor of the Company or any Affiliate. 
 16.6 Indemnification. To the extent allowable pursuant to applicable law,
each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any
claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any
power that the Company may have to indemnify them or hold them harmless. 
 16.7 Relationship to Other Benefits. No
payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any severance, resignation, termination, redundancy, end of service payment, long-term service award, pension, retirement, savings, profit sharing,
group insurance, welfare, employee stock purchase or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 

16.8 Expenses. The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

16.9 Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 16.10 Fractional
Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as
appropriate. 
 16.11 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan,
the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange
Act (including any amendment to Rule 16b-3 under the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended
to the extent necessary to conform to such applicable exemptive rule. 

  
 23 

 16.12 Government and Other Regulations. The obligation of the Company to make payment
of awards in Shares or otherwise shall be subject to all applicable laws, rules, and regulations of the United States and jurisdictions outside the United States including the regulations of any stock exchange on which the Company’s securities
may then be listed, and to such approvals by government agencies, including government agencies in jurisdictions outside of the United States, in each case as may be required or as the Company deems necessary or advisable. Without limiting the
foregoing, the Company shall have no obligation to issue or deliver evidence of title for Shares subject to Awards granted hereunder prior to: (i) obtaining any approvals from governmental agencies that the Company determines are necessary or
advisable, and (ii) completion of any registration or other qualification with respect to the Shares under any applicable law in the United States or in a jurisdiction outside of the United States or ruling of any governmental body that the
Company determines to be necessary or advisable or at a time when any such registration or qualification is not current, has been suspended or otherwise has ceased to be effective. The inability or impracticability of the Company to obtain or
maintain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect
of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. The Company shall be under no obligation to register pursuant to the Securities Act, as amended, any of the Shares paid pursuant to the
Plan. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act, as amended, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure
the availability of any such exemption. 
 16.13 Governing Law. The Plan and all Award Agreements shall be construed in
accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflict of laws of that State. 
 16.14 Section 409A. Except as provided in Section 16.15 hereof, to the extent that the Committee determines that any Award granted under the Plan is subject to Section 409A of the
Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. It is intended that the Plan and Awards will be exempt from or will comply with Section 409A of the Code and
the Treasury Regulations, and the Plan and Award Agreements shall be interpreted, operated and administered in a manner consistent with these intentions. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee
determines that any Award may be subject to Section 409A of the Code, the Committee may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures
with retroactive effect), or take any other actions, including amendments or actions that would result in a reduction to the benefits payable under an Award, in each case, without the consent of the Participant, that the Committee determines are
necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of
the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. 

  
 24 

 16.15 No Representations or Covenants with Respect to Tax Qualification. Although the
Company may endeavor to (1) qualify an Award for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States (e.g., incentive stock options under Section 422 of the Code or French-qualified
stock options) or (2) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment,
anything to the contrary in this Plan, including Section 16.14 hereof, notwithstanding, and the Company will have not liability to a Participant or any other party if a payment under an Award that is intended to benefit from favorable tax treatment
or avoid adverse tax treatment or for any action taken by the Committee with respect to the Award. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the
Plan. 

  
 25Indenture, dated May 23, 2012

 Exhibit 4.1 
 KAISER ALUMINUM CORPORATION, 
 as Issuer 

and the Guarantors named herein 
 8.250% Senior Notes due 2020 
  

 
 INDENTURE

 Dated as of May 23, 2012 
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 

 Reconciliation and tie between Trust Indenture Act 

of 1939 and Indenture, dated as of May 23, 2012* 

 

					
	Trust Indenture Act Section	  	Indenture Section
	 § 310
	  	 (a)(1)

(a)(2)
 (a)(3)
 (a)(4)

(b)
 (c)
	  	 608
 608
 N.A.

N.A.

608, 609

N.A.

	 § 311
	  	 (a)

(b)
 (c)
	  	 605
 605
 N.A.

	 § 312
	  	 (a)

(b)
 (c)
	  	 701
 701
 702.

	 § 313
	  	 (a)

(a)(4)
 (b)(1)
 (b)(2)

(c)(1)
 (c)(2)
 (d)
	  	 703
 703
 703

N.A.

N.A.

703

703

	 § 314
	  	 (a)

(b)
 (c)(1)
 (c)(2)

(c)(3)
 (d)
 (e)

(f)
	  	 1009
 N.A.
 103

103

N.A.

N.A.

103

N.A.

	 § 315
	  	 (a)

(b)
 (c)
 (d)

(e)
	  	 601
 602
 601

601

515

	 § 316
	  	 (a)(last sentence)

(a)(1)(A)
 (a)(1)(B)
 (a)(2)

(b)
 (c)
	  	 102 (“Outstanding”)
 502, 512
 513

N.A.

508

105

	 § 317
	  	 (a)(1)

(a)(2)
 (b)
	  	 503
 504
 1003

	 § 318
	  	 (a)
	  	 115

 N.A. means Not Applicable 
  

 

	*	This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Indenture. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE ONE
	   

	
	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	   

			
	 SECTION 101.
	  	 Rules of Construction and Incorporation by Reference of Trust Indenture Act
	  	 	1	  
	 SECTION 102.
	  	 Definitions
	  	 	2	  
	 SECTION 103.
	  	 Compliance Certificates and Opinions
	  	 	37	  
	 SECTION 104.
	  	 Form of Documents Delivered to Trustee
	  	 	38	  
	 SECTION 105.
	  	 Acts of Holders
	  	 	38	  
	 SECTION 106.
	  	 Notices, Etc., to Trustee, Company, Any Subsidiary Guarantor and Agent
	  	 	39	  
	 SECTION 107.
	  	 Notice to Holders; Waiver
	  	 	40	  
	 SECTION 108.
	  	 Effect of Headings and Table of Contents
	  	 	40	  
	 SECTION 109.
	  	 Successors and Assigns
	  	 	41	  
	 SECTION 110.
	  	 Separability Clause
	  	 	41	  
	 SECTION 111.
	  	 Benefits of Indenture
	  	 	41	  
	 SECTION 112.
	  	 Governing Law; Jury Trial Waiver
	  	 	41	  
	 SECTION 113.
	  	 Legal Holidays
	  	 	41	  
	 SECTION 114.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	41	  
	 SECTION 115.
	  	 Trust Indenture Act Controls
	  	 	42	  
	 SECTION 116.
	  	 Counterparts
	  	 	42	  
	 SECTION 117.
	  	 Force Majeure
	  	 	42	  
	 SECTION 118.
	  	 U.S.A. Patriot Act
	  	 	42	  
	
	 ARTICLE TWO
	   

	
	 NOTE FORMS
	   

			
	 SECTION 201.
	  	 Form and Dating
	  	 	42	  
	 SECTION 202.
	  	 Execution, Authentication, Delivery and Dating
	  	 	43	  

  
 -i-

							
	 ARTICLE THREE
	   

	
	 THE NOTES
	   

			
	 SECTION 301.
	  	 Title and Terms
	  	 	44	  
	 SECTION 302.
	  	 Denominations
	  	 	45	  
	 SECTION 303.
	  	 Temporary Notes
	  	 	45	  
	 SECTION 304.
	  	 Note Registrar; Paying Agent; Registration of Transfer and Exchange
	  	 	45	  
	 SECTION 305.
	  	 Mutilated, Destroyed, Lost and Stolen Notes
	  	 	47	  
	 SECTION 306.
	  	 Payment of Interest; Interest Rights Preserved
	  	 	47	  
	 SECTION 307.
	  	 Persons Deemed Owners
	  	 	48	  
	 SECTION 308.
	  	 Cancellation
	  	 	49	  
	 SECTION 309.
	  	 Computation of Interest
	  	 	49	  
	 SECTION 310.
	  	 Transfer and Exchange
	  	 	49	  
	 SECTION 311.
	  	 CUSIP Numbers
	  	 	49	  
	 SECTION 312.
	  	 Issuance of Additional Notes
	  	 	50	  
	
	 ARTICLE FOUR
	   

	
	 SATISFACTION AND DISCHARGE
	   

			
	 SECTION 401.
	  	 Satisfaction and Discharge of Indenture
	  	 	50	  
	 SECTION 402.
	  	 Application of Trust Money
	  	 	52	  
	
	 ARTICLE FIVE
	   

	
	 REMEDIES
	   

			
	 SECTION 501.
	  	 Events of Default
	  	 	52	  
	 SECTION 502.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	54	  
	 SECTION 503.
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	56	  
	 SECTION 504.
	  	 Trustee May File Proofs of Claim
	  	 	56	  
	 SECTION 505.
	  	 Trustee May Enforce Claims Without Possession of Notes
	  	 	57	  
	 SECTION 506.
	  	 Application of Money Collected
	  	 	57	  
	 SECTION 507.
	  	 Limitation on Suits
	  	 	57	  
	 SECTION 508.
	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest and the Special Mandatory Redemption
	  	 	58	  
	 SECTION 509.
	  	 Restoration of Rights and Remedies
	  	 	58	  
	 SECTION 510.
	  	 Rights and Remedies Cumulative
	  	 	58	  

  
 ii 

							
	 SECTION 511.
	  	 Delay or Omission Not Waiver
	  	 	59	  
	 SECTION 512.
	  	 Control by Holders
	  	 	59	  
	 SECTION 513.
	  	 Waiver of Default
	  	 	59	  
	 SECTION 514.
	  	 Waiver of Stay or Extension Laws
	  	 	59	  
	 SECTION 515.
	  	 Undertaking for Costs
	  	 	59	  
	
	 ARTICLE SIX
	   

	
	 ARTICLE SIX THE TRUSTEE
	   

			
	 SECTION 601.
	  	 Duties of the Trustee
	  	 	60	  
	 SECTION 602.
	  	 Notice of Defaults
	  	 	61	  
	 SECTION 603.
	  	 Certain Rights of Trustee
	  	 	61	  
	 SECTION 604.
	  	 Trustee Not Responsible for Recitals or Issuance of Notes
	  	 	62	  
	 SECTION 605.
	  	 May Hold Notes
	  	 	63	  
	 SECTION 606.
	  	 Money Held in Trust
	  	 	63	  
	 SECTION 607.
	  	 Compensation and Reimbursement
	  	 	63	  
	 SECTION 608.
	  	 Corporate Trustee Required; Eligibility
	  	 	64	  
	 SECTION 609.
	  	 Resignation and Removal; Appointment of Successor
	  	 	64	  
	 SECTION 610.
	  	 Acceptance of Appointment by Successor
	  	 	65	  
	 SECTION 611.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	 	65	  
	 SECTION 612.
	  	 Appointment of Authenticating Agent
	  	 	66	  
	
	 ARTICLE SEVEN
	   

	
	 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	   

			
	 SECTION 701.
	  	 Holder Lists
	  	 	67	  
	 SECTION 702.
	  	 Disclosure of Names and Addresses of Holders
	  	 	68	  
	 SECTION 703.
	  	 Reports by Trustee
	  	 	68	  
	
	 ARTICLE EIGHT
	   

	
	 MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS
	   

			
	 SECTION 801.
	  	 Company May Consolidate, Etc., Only on Certain Terms
	  	 	68	  
	 SECTION 802.
	  	 Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms
	  	 	69	  
	 SECTION 803.
	  	 Reserved
	  	 	70	  
	 SECTION 804.
	  	 Successor Substituted
	  	 	70	  
	 SECTION 805.
	  	 Reserved
	  	 	70	  

  
 iii

							
	 SECTION 806.
	  	 Assets of Subsidiary Apply to Company
	  	 	71	  
	
	 ARTICLE NINE
	   

	
	 AMENDMENT, SUPPLEMENT AND WAIVER
	   

			
	 SECTION 901.
	  	 Amendments or Supplements Without Consent of Holders
	  	 	71	  
	 SECTION 902.
	  	 Amendments or Supplements with Consent of Holders
	  	 	72	  
	 SECTION 903.
	  	 Execution of Amendments, Supplements or Waivers
	  	 	73	  
	 SECTION 904.
	  	 Effect of Amendments, Supplements or Waivers
	  	 	74	  
	 SECTION 905.
	  	 Compliance with Trust Indenture Act
	  	 	74	  
	 SECTION 906.
	  	 Reference in Notes to Supplemental Indentures
	  	 	74	  
	 SECTION 907.
	  	 Notice of Supplemental Indentures
	  	 	74	  
	
	 ARTICLE TEN
	   

	
	 COVENANTS
	   

			
	 SECTION 1001.
	  	 Payment of Principal, Premium, if Any, and Interest
	  	 	74	  
	 SECTION 1002.
	  	 Maintenance of Office or Agency
	  	 	75	  
	 SECTION 1003.
	  	 Paying Agent to Hold Money in Trust
	  	 	75	  
	 SECTION 1004.
	  	 Corporate Existence
	  	 	76	  
	 SECTION 1005.
	  	 Payment of Taxes and Other Claims
	  	 	76	  
	 SECTION 1006.
	  	 Reserved
	  	 	76	  
	 SECTION 1007.
	  	 Reserved
	  	 	76	  
	 SECTION 1008.
	  	 Statement by Officers as to Default
	  	 	77	  
	 SECTION 1009.
	  	 Reports and Other Information
	  	 	77	  
	 SECTION 1010.
	  	 Limitation on Restricted Payments
	  	 	78	  
	 SECTION 1011.
	  	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	 	85	  
	 SECTION 1012.
	  	 Liens
	  	 	91	  
	 SECTION 1013.
	  	 Limitations on Transactions with Affiliates
	  	 	91	  
	 SECTION 1014.
	  	 Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	93	  
	 SECTION 1015.
	  	 Limitation on Guarantees of Indebtedness or Borrowing under the Revolving Credit Facility by Restricted
Subsidiaries
	  	 	95	  
	 SECTION 1016.
	  	 Limitation on Sale and Lease-Back Transactions
	  	 	96	  
	 SECTION 1017.
	  	 Change of Control
	  	 	96	  
	 SECTION 1018.
	  	 Asset Sales
	  	 	98	  

  
 iv 

							
	 SECTION 1019.
	  	 Reserved
	  	 	102	  
	 SECTION 1020.
	  	 Covenant Suspension
	  	 	102	  
	
	 ARTICLE ELEVEN
	   

	
	 REDEMPTION OF NOTES
	   

			
	 SECTION 1101.
	  	 Right of Redemption
	  	 	103	  
	 SECTION 1102.
	  	 Mandatory Redemption; Open Market Purchases
	  	 	104	  
	 SECTION 1103.
	  	 Applicability of Article
	  	 	104	  
	 SECTION 1104.
	  	 Election to Redeem; Notice to Trustee
	  	 	104	  
	 SECTION 1105.
	  	 Selection by Trustee of Notes to Be Redeemed
	  	 	105	  
	 SECTION 1106.
	  	 Notice of Redemption
	  	 	105	  
	 SECTION 1107.
	  	 Effect of Notice of Redemption
	  	 	106	  
	 SECTION 1108.
	  	 Deposit of Redemption Price
	  	 	107	  
	 SECTION 1109.
	  	 Notes Payable on Redemption Date
	  	 	107	  
	 SECTION 1110.
	  	 Notes Redeemed in Part
	  	 	107	  
	
	 ARTICLE TWELVE
	   

	
	 GUARANTEES
	   

			
	 SECTION 1201.
	  	 Guarantees
	  	 	108	  
	 SECTION 1202.
	  	 Severability
	  	 	109	  
	 SECTION 1203.
	  	 Reserved
	  	 	109	  
	 SECTION 1204.
	  	 Limitation of Subsidiary Guarantors’ Liability
	  	 	109	  
	 SECTION 1205.
	  	 Contribution
	  	 	110	  
	 SECTION 1206.
	  	 Subrogation
	  	 	110	  
	 SECTION 1207.
	  	 Reinstatement
	  	 	110	  
	 SECTION 1208.
	  	 Release of a Subsidiary Guarantor
	  	 	110	  
	 SECTION 1209.
	  	 Benefits Acknowledged
	  	 	111	  
	
	 ARTICLE THIRTEEN
	   

	
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	   

			
	 SECTION 1301.
	  	 Company’s Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	111	  
	 SECTION 1302.
	  	 Legal Defeasance and Discharge
	  	 	111	  
	 SECTION 1303.
	  	 Covenant Defeasance
	  	 	112	  
	 SECTION 1304.
	  	 Conditions to Legal Defeasance or Covenant Defeasance
	  	 	112	  

  
 v 

							
	 SECTION 1305.
	  	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	114	  
	 SECTION 1306.
	  	 Reinstatement
	  	 	115	  
	 SECTION 1307.
	  	 Repayment to Company
	  	 	115	  

  
 vi 

 INDENTURE dated as of May 23, 2012 (this “Indenture”), among KAISER
ALUMINUM CORPORATION, a Delaware corporation, (the “Company”), and certain of the Company’s direct and indirect Domestic Subsidiaries (as defined below), each named in Schedule I hereto (each, a “Subsidiary
Guarantor” and collectively, the “Subsidiary Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”). 

RECITALS 

The Company has duly authorized the creation of an issue of (i) 8.250% Senior Notes Due 2020 issued on the date hereof (the
“Initial Notes”) and (ii) if and when issued as required by the Registration Rights Agreement dated the date hereof, among the Company, the Subsidiary Guarantors and the Initial Purchasers, 8.250% Senior Exchange Notes Due 2020
issued in an Exchange Offer in exchange for any Initial Notes, of substantially the tenor and amount hereinafter set forth, and to provide therefor the Company and the Subsidiary Guarantors have duly authorized the execution and delivery of this
Indenture. 
 The Subsidiary Guarantors have each duly authorized their Subsidiary Guarantee of the Initial Notes and, if and
when issued, the Exchange Notes, and to provide therefor the Subsidiary Guarantors have each duly authorized the execution and delivery of this Indenture. 
 All things necessary have been done to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid and legally binding obligations of
the Company and to make this Indenture a valid and legally binding agreement of the Company, in accordance with their and its terms. 
 All things necessary have been done to make the Subsidiary Guarantees, upon execution and delivery of this Indenture, the valid obligations of each Subsidiary Guarantor and to make this Indenture a valid
and legally binding agreement of each Subsidiary Guarantor, in accordance with their and its terms. 
 NOW, THEREFORE, THIS
INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it
is mutually covenanted and agreed, for the equal and ratable benefit of all Holders, as follows: 
 ARTICLE ONE

 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 101. Rules of Construction and Incorporation by Reference of Trust Indenture Act. For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in
this Article One have the meanings assigned to them in this Article One, and words in the singular include the plural and words in the plural include the singular; 

 (2) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP (as herein defined); provided that for clarity purposes, determination of whether an action is for speculative purposes is not an accounting term; 

(3) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (4) all references
to Articles, Sections, Exhibits and Appendices shall be construed to refer to Articles and Sections of, and Exhibits and Appendices to, this Indenture; 
 (5) “including” means including without limitation; 

(6) all references to the date the Notes were originally issued shall refer to the Issue Date; 

(7) all references, in any context, to any interest or other amount payable on or with respect to the Notes shall be
deemed to include any Additional Interest (as herein defined) pursuant to a Registration Rights Agreement; and 

(8) the phrase “in writing” as used herein shall be deemed to include facsimile, .pdf attachments and other
electronic means of transmission, unless otherwise indicated. 
 This Indenture is subject to the mandatory provisions of the
TIA (as herein defined) which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 
 (1) “Commission” means the SEC; 
 (2) “indenture
securities” means the Notes and the Subsidiary Guarantees; 
 (3) “indenture security holder”
means a Holder; 
 (4) “indenture to be qualified” means this Indenture; 

(5) “indenture trustee” or “institutional trustee” means the Trustee; and 

(6) “obligor” on the Notes means the Company, each Subsidiary Guarantor and any successor obligor on the
indenture securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 102.
Definitions. 

  
 -2-

 “Acquired Indebtedness” 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 Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person; provided that any
Indebtedness of such other Person that is extinguished, redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transaction pursuant to which such other Person becomes a Subsidiary of the specified
Person shall not be Acquired Indebtedness. 
 “Act”, when used with respect to any Holder, has the meaning
specified in Section 105 of this Indenture. 
 “Additional Interest” means all additional interest then
owing pursuant to a Registration Rights Agreement. 
 “Additional Notes” means any Notes issued by the Company
pursuant to Section 312 of this Indenture. 
 “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” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, “Affiliate” will not include (i) the VEBA Trusts or (ii) the United Steel, Paper and Foresting, Rubber,
Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO, CLC. 
 “Affiliate
Transaction” has the meaning specified in Section 1013(a) of this Indenture. 
 “Appendix” has
the meaning specified in Section 201 of this Indenture. 
 “Applicable Premium” means, with respect to a
Note at any Redemption Date, the greater of (i) 1.0% of the principal amount of such Note and (ii) the excess of (A) the present value at such Redemption Date of (1) the Redemption Price of such Note on June 1, 2016, (such
Redemption Price being that described in the table set forth in Section 1101(b)) plus (2) all required remaining scheduled interest payments (calculated based on the cash interest rate payable on the Notes) due on such Note through such
date (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the principal amount of such Note on such Redemption Date, as calculated by the
Company or on behalf of the Company by such Person as the Company shall designate; provided that such calculation shall not be a duty or obligation of the Trustee. 

  
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 “Asset Sale” means 

(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related
transactions, of property or assets (other than by way of a Sale and Lease-Back Transaction that complies with Section 1016 of this Indenture) of the Company or any Restricted Subsidiary (each referred to in this definition as a
“disposition”); and 
 (2) the issuance or sale of Equity Interests of any Restricted Subsidiary,
whether in a single transaction or a series of related transactions, in each case, other than: 
 (a) a
disposition of cash, Cash Equivalents or Investment Grade Securities or excess, damaged, obsolete or worn out property or assets in the ordinary course of business or any sale or disposition of property or assets in connection with scheduled
turnarounds, maintenance and equipment and facility updates or any disposition of inventory or goods held for sale in the ordinary course of business; 
 (b) the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to the provisions described in Section 801 of this Indenture or any disposition that
constitutes a Change of Control pursuant to this Indenture; 
 (c) the making of any Permitted Investment or the
making of any Restricted Payment that is not prohibited by Section 1010 of this Indenture; 
 (d) any
disposition of property or other assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions with an aggregate fair market value of less than $10.0 million; 

(e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Company or by the
Company or a Restricted Subsidiary to a Restricted Subsidiary; 
 (f) to the extent allowable under
Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 
 (g) the lease, assignment, license, sub-license or sub-lease of any real or personal property in the ordinary course of business; 

(h) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 (i) foreclosures or governmental condemnations on assets; 

  
 -4-

 (j) the unwinding of any Hedging Obligations or the settlement of the bond
hedge or warrants purchased in connection with the issuance of the Convertible Senior Notes and as in effect on the Issue Date; 
 (k) the sale, lease, assignment, license, sub-license or sublease of equipment, inventory, accounts receivable or other assets in the ordinary course of business; 

(l) the licensing or sub-licensing of intellectual property in the ordinary course of business or consistent with past
practice; 
 (m) any sale or other disposition deemed to occur with creating, granting or perfecting a Lien not
otherwise prohibited by this Indenture; 
 (n) the surrender or waiver of contract rights or settlement, release
or surrender of a contract, tort or other litigation claim in the ordinary course of business; and 
 (o) any
sale or other disposition of (i) the approximately 400 acres of vacant land in Spokane County, Washington located in an area bounded by US Highway 2 to the west, Farwell Road to the north, the North/South Freeway to the east, and the Bonneville
Power authority east/ west power line to the south, or (ii) all or a portion of the 49% interest in Anglesey Aluminium Limited. 
 “Asset Sale Offer” has the meaning specified in Section 1018(c) of this Indenture. 
 “Asset Sale Payment Date” has the meaning specified in Section 1018(g)(2) of this Indenture. 
 “Attributable Debt” in respect of a Sale and Lease-Back Transaction means, as at the time of determination, the present value (discounted at the cash interest rate borne by the Notes,
compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction (including any period for which such lease has been extended); provided,
however, that if such Sale and Lease-Back Transaction results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of “Capitalized Lease Obligation.”

 “Authenticating Agent” has the meaning specified in Section 612 of this Indenture. 

“Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal
or state or foreign law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession to or change in any such law. 

“Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation; 

  
 -5-

 (2) with respect to a partnership, the board of directors of the general
partner of the partnership; and 
 (3) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Board Resolution” means, with respect to the Company, a duly adopted resolution
of the Board of Directors of the Company or any committee thereof. 
 “Business Day” means each day that is not
a Legal Holiday. 
 “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. 
 “Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to
be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any
determination thereof is to be made as determined in accordance with GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated
without penalty. 
 “Cash Equivalents” means, as to any Person, 

(1) securities issued or directly and fully guaranteed or insured by the United States or any agency, instrumentality or
sponsored corporation thereof and backed by the full faith and credit of the United States, and in each case having maturities of not more than 12 months from the date of acquisition; 

(2) U.S. Dollar denominated time deposits, certificates of deposit, overnight bank deposits and bankers’
acceptances having maturities within one year from the date of acquisition thereof issued by any lender under the Revolving Credit Facility or any commercial bank of recognized standing, having capital and surplus in excess of $500,000,000;

  
 -6-

 (3) repurchase obligations for underlying securities of the types described
in clauses (1) and (2) above and entered into with any commercial bank meeting the qualifications specified in clause (2) above; 
 (4) other investment instruments having maturities within 180 days from the date of acquisition thereof offered or sponsored by financial institutions having capital and surplus in excess of $500,000,000;

 (5) readily marketable direct obligations issued by any state of the United States or any political
subdivision thereof having maturities within 180 days from the date of acquisition thereof and having, at the time of acquisition thereof, one of the two highest rating categories obtainable from either Moody’s or S&P (or if at such time
neither is issuing ratings, then a comparable rating of another nationally recognized rating agency); 
 (6)
commercial paper rated, at the time of acquisition thereof, at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s (or if at such time neither is issuing ratings, then a comparable rating of
another nationally recognized rating agency), in each case maturing within one year after the date of acquisition; 
 (7) investments in money market funds which invest substantially all their assets in securities of the types described in clauses (1) through (6) above; 

(8) in the case of any Foreign Subsidiary of the Company, (x) certificates of deposit or bankers’ acceptances
of any bank organized under the laws of Canada or any country that is a member of the European economic and monetary union pursuant to the Treaty whose short term commercial paper, at the time of acquisition thereof, is rated at least A-2 or the
equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s (or if at such time neither is issuing ratings, then a comparable rating of another nationally recognized rating agency), or, if no such commercial paper rating
is available, a long-term debt rating, at the time of acquisition thereof, of at least A or the equivalent thereof by S&P or at least A-2 or the equivalent thereof by Moody’s (or if at such time neither is issuing ratings, then a comparable
rating of another nationally recognized rating agency), in each case maturing not more than one year from the date of acquisition by such Foreign Subsidiary, (y) overnight deposits and demand deposit accounts maintained with any bank that such
Foreign Subsidiary regularly transacts business and (z) securities of the type and maturity described in clause (1) above but issued by the principal governmental authority in which such Foreign Subsidiary is organized so long as such
security has the highest rating available from either S&P or Moody’s; 
 (9) Indebtedness or Preferred
Stock issued by Persons with a rating of AA or higher from S&P or Aa2 or higher from Moody’s with maturities of one year or less from the date of acquisition; 

(10) U.S. Dollars; and 

  
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 (11) Canadian dollars, pounds sterling, Euros or, in the case of any Foreign
Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business. 
 “Change of Control” means the occurrence of any of the following: 
 (1) the sale, lease or transfer (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries,
taken as a whole, to any Person, or 
 (2) the Company becomes aware of (by way of a report or any other filing
pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision), in a single transaction or in a series of related
transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of 50% or more of the
total voting power of the Voting Stock of the Company or any of its direct or indirect parent companies; or 

(3) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into
the Company or the merger of any Person with or into a Subsidiary of the Company, unless the holders of a majority of the aggregate voting power of the Voting Stock of the Company, immediately prior to such transaction, hold securities of the
surviving or transferee Person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving or transferee Person; or 

(4) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing
Directors; or 
 (5) the adoption by the stockholders of the Company of a plan or proposal for the liquidation
or dissolution of the Company. 
 provided, however, that (1) any holding company whose only significant
asset is Capital Stock of the Company or any of its direct or indirect parent companies shall not itself be considered a “person” or “group” for purposes of this definition so long as, in each case, the ultimate beneficial owners
of such entity are the same after such transaction as the ultimate beneficial owners of the Company prior to the transaction; (2) the transfer of assets solely between or among the Restricted Subsidiaries and the Company in accordance with the
terms of this Indenture shall not constitute a Change of Control; and (3) a “person” or “group” shall not be deemed to have beneficial ownership of securities (or “beneficially own” (as such term is defined in Rule
13d-3 and Rule 13d-5 under the Exchange Act)) subject to a stock purchase agreement, merger agreement or similar 

  
 -8-

 
agreement (or voting or option agreement related thereto) until the consummation of the transactions contemplated by such agreement. 

“Change of Control Offer” has the meaning specified in Section 1017(a) of this Indenture. 

“Change of Control Payment” has the meaning specified in Section 1017(a) of this Indenture. 

“Change of Control Payment Date” has the meaning specified in Section 1017(a) of this Indenture. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and
rulings issued thereunder. 
 “Company” means the Person named as the “Company” in the first
paragraph of this Indenture, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter, “Company” shall mean such successor Person; provided that when used in the context
of determining the fair market value of an asset or liability under this Indenture, “Company” shall, unless otherwise expressly stated, be deemed to mean the Board of Directors of the Company when the fair market value of such asset or
liability is equal to or in excess of $25.0 million. 
 “Company Request” or “Company Order”
means a written request or order signed in the name of the Company by any Officer, and delivered to the Trustee. 

“consolidated” or “Consolidated” means, with respect to any Person, such Person consolidated with its
Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such unrestricted subsidiary were not an Affiliate of such Person. 
 “Consolidated Depreciation and Amortization Expense” means with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization
of deferred financing fees and other related noncash charges of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of: 

(a) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted
in computing Consolidated Net Income, including 
 (1) amortization of original issue discount resulting from
the issuance of Indebtedness at less than par, 
 (2) all commissions, discounts and other fees and charges owed
with respect to letters of credit or bankers’ acceptances, 

  
 -9-

 (3) non-cash interest payments (but excluding any non-cash interest expense
attributable to the Convertible Senior Notes or any Hedging Obligations or other derivative instruments pursuant to GAAP), 
 (4) the interest component of Capitalized Lease Obligations and 

(5) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness, 

and excluding (i) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and (ii) any
expensing of bridge commitment fees; plus 
 (b) interest actually paid by such Person or any such Restricted Subsidiary under
any guarantee of Indebtedness or other obligation of any other Person, 
 (c) consolidated capitalized interest of such Person
and its Restricted Subsidiaries for such period, whether paid or accrued; less 
 (d) interest income for such period.

 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 
 Notwithstanding the foregoing, any additional charges arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from
Equity—Overall—Recognition” to any series of preferred stock other than Disqualified Stock or (ii) the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion
Options—Recognition,” in each case, shall be disregarded in the calculation of Consolidated Interest Expense. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided that, without duplication and on an after-tax basis: 

(1) any net extraordinary gains or losses shall be excluded; 

(2) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during
such period, whether effected through a cumulative effect adjustment or a retroactive application in each case in accordance with GAAP; 
 (3) any net income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed or discontinued operations shall be excluded; 

  
 -10-

 (4) any net gains or losses (less all fees and expenses relating thereto)
attributable to asset dispositions or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business, as determined in good faith by the Company, shall be excluded; 

(5) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is
accounted for by the equity method of accounting, shall be excluded; provided that Consolidated Net Income of such 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) to the referent Person or a Restricted Subsidiary thereof in respect of such period (subject in the case of dividends, distributions or other payments made to a Restricted Subsidiary to the limitations contained in clause
(6) below); 
 (6) solely for the purpose of determining the amount available for Restricted Payments under
Section 1010(a)(4)(C)(1) of this Indenture, the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded if the declaration or payment of dividends or similar distributions by that
Restricted Subsidiary of its Net Income is not at the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the 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 stockholders, unless such restriction with respect to the payment of dividends or similar distributions has
been legally waived; provided that Consolidated Net Income of the Company shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Company or a
Restricted Subsidiary thereof in respect of such period, to the extent not already included therein; 
 (7) any
increase in amortization or depreciation or other noncash charges resulting from the application of purchase accounting in relation to any acquisition that is consummated after the Issue Date, net of taxes, shall be excluded; 

(8) any net income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative
instruments shall be excluded; 
 (9) any impairment charge or asset write-off, in each case pursuant to GAAP,
and the amortization of intangibles arising pursuant to GAAP shall be excluded; 
 (10) any net unrealized gain
or loss (but not any realized gain or loss) resulting in such period from Hedging Obligations and the application of Accounting Standards Codification 815 shall be excluded; 

(11) any net unrealized gain or loss (but not any realized gain or loss) resulting in such period from currency
translation gains or losses related to currency remeasurements of Indebtedness, including intercompany indebtedness, shall be excluded; 

  
 -11-

 (12) any charges resulting from the application of Accounting Standards
Codification Topic 805 “Business Combinations,” Accounting Standards Codification Topic 350 “Intangibles—Goodwill and Other,” Accounting Standards Codification Topic 360-10-35-15 “Impairment or Disposal of Long-Lived
Assets,” Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall —Recognition” or Accounting Standards Codification Topic 820 “Fair Value Measurements and Disclosures”
shall be excluded; 
 (13) non-cash interest expense resulting from the application of Accounting Standards
Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition” shall be excluded; 
 (14) any expenses or charges related to any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture
including a refinancing thereof (whether or not successful) and any amendment or modification to the terms of any such transactions shall be excluded; 
 (15) all net charges, expenses, gain or income with respect to curtailments, discontinuations or modifications to pension and post-retirement employee benefit plans shall be excluded; 

(16) any non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options,
restricted stock or other rights to officers, directors or employees shall be excluded; and 
 (17) any non-cash
expense, benefit or gain recorded in the income statement of the Company related to the VEBA Trusts shall be excluded. 

Notwithstanding the foregoing, for the purpose of Section 1010(a) of this Indenture only (other than clause (C)(4) thereof), there
shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Company and the Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the
Company and the Restricted Subsidiaries, any repayments to the Company or a Restricted Subsidiary of loans and advances that constitute Restricted Investments, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from
an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under Section 1010(a) of this Indenture pursuant to clause (C)(4). 

“Consolidated Total Assets” means, as of any date of determination, the total assets, net, reflected on the consolidated
balance sheet of the Company and its Restricted Subsidiaries, excluding the net asset in respect of the VEBA Trusts, as at the end of the most recent fiscal quarter for which financial statements are available, determined on a consolidated basis in
accordance with GAAP, and, when determined in connection with Investments, acquisitions, dispositions, mergers, consolidations and discontinued operations, with such pro forma adjustments as are consistent with the pro forma adjustment
provisions set forth in the definition of Fixed Charge Coverage Ratio. 

  
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 “Consolidated Total Debt Ratio” means, at the end of a fiscal quarter for
which internal financial statements are available, the ratio of (a) Consolidated Total Indebtedness of the Company and the Restricted Subsidiaries, as of the end of such quarter, to (b) the aggregate amount of EBITDA of the Company and the
Restricted Subsidiaries for the period of the four consecutive full fiscal quarters ended at the end of such quarter, with such pro forma adjustments to Consolidated Total Indebtedness and EBITDA as are appropriate and consistent with the
pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. For purposes of this calculation, the amount of Indebtedness outstanding as of any date of determination shall not include any Hedging Obligations
that are incurred for non-speculative purposes. 
 “Consolidated Total Indebtedness” means, as at any date of
determination, an amount equal to the sum of (1) the aggregate amount of all outstanding Indebtedness of the Company and the Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect
of Capitalized Lease Obligations, Attributable Debt in respect of Sale and Lease-Back Transactions and debt obligations evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (and excluding
(x) any undrawn letters of credit and (y) any intercompany Indebtedness) and (2) the aggregate amount of all outstanding Disqualified Stock of the Company and all Disqualified Stock and Preferred Stock of the Restricted Subsidiaries
(excluding items eliminated in consolidation). 
 For purposes hereof, the “Maximum Fixed Repurchase Price” of any
Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the
liquidation preference thereof. 
 “Contingent Obligations” means, with respect to any Person, any obligation
of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (the “primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of such Person, whether or not contingent, 
 (1) to purchase any such
primary obligation or any property constituting direct or indirect security therefor, 
 (2) to advance or
supply funds 
 (a) for the purchase or payment of any such primary obligation or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, or 
 (3) to purchase property, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who: (1) was a member of such Board of Directors on the Issue

  
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Date; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such
nomination or election. 
 “Convertible Senior Notes” means the 4.5% cash convertible senior notes due 2015 of
Kaiser Aluminum Corporation, issued pursuant to an Indenture between Kaiser Aluminum Corporation and Wells Fargo Bank, National Association, as trustee, dated March 29, 2010 with a maturity date of April 1, 2015. 

“Corporate Trust Office” means the principal corporate trust office of the Trustee, at which at any
particular time its corporate trust business shall be principally administered, which office at the date of execution of this Indenture is located at 707 Wilshire Blvd., 17th Floor, Los Angeles, CA 90017 MAC E2818-176; Attn: Corporate Trust Services, except that with respect to presentation
of the Notes for payment or for registration of transfer or exchange, such term shall mean 608 2nd Avenue South, Minneapolis, MN 55479, Attention: Bondholder Communications. 
 “Covenant Defeasance” has the meaning specified in Section 1303 of this Indenture. 
 “Credit Facilities” means one or more debt facilities (including, without limitation, the Revolving Credit Facility), credit facilities, credit agreements, loan agreements, indentures,
financings, commercial paper facilities, note purchase agreements or other agreements, in each case with banks, lenders, purchasers, investors, trustees, agents or other representatives of any of the foregoing, providing for revolving credit loans,
term loans, receivables financing (including through the sale of receivables or interests in receivables to such lenders or other persons or to special purpose entities formed to borrow from such lenders or other persons against such receivables or
sell such receivables or interests in receivables, and including any Receivables Facility), letters of credit, notes or other borrowings or other extensions of credit, including any notes, mortgages guarantees, collateral documents, instruments and
agreements executed in connection therewith, in each case, as amended, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time, including any replacement, refunding
or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender,
group of lenders, or otherwise and whether or not any such replacement, refunding, refinancing, amending, renewal, restatement, restructuring, increasing, supplemented or other modification occurs simultaneously with the termination or repayment of
a prior Credit Facility. 
 “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. 
 “Defaulted Interest” has the meaning specified in
Section 306(b) of this Indenture. 
 “Depository” means The Depository Trust Company, its nominees and
their respective successors. 
 “Designated Noncash Consideration” means the fair market value of noncash
consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officers’ 

  
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Certificate, setting forth the basis of such valuation, executed by a vice president and the principal financial officer of the Company (or a parent company thereof), less the amount of cash or
Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the
terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Capital Stock that is not Disqualified Stock), other than
as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each
case prior to the date that is 91 days after the earlier of the maturity date of the Notes and the date the Notes are no longer outstanding; provided that if such Capital Stock is issued to any plan for the benefit of employees of the Company
or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or
regulatory obligations. 
 “Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary
of such Person other than (i) a Foreign Subsidiary or (ii) a Domestic Subsidiary of a Foreign Subsidiary, but, in each case, including any Subsidiary that guarantees or otherwise provides direct credit support for any indebtedness of the
Company. 
 “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such
Person for such period, 
 (1) increased by (without duplication of any of the below items or any items included
in the calculation of Consolidated Net Income): 
 (a) provision for taxes based on income or profits, plus
franchise or similar taxes, of such Person for such period deducted in computing Consolidated Net Income; plus 

(b) consolidated Fixed Charges of such Person for such period to the extent the same was deducted in computing
Consolidated Net Income; plus 
 (c) Consolidated Depreciation and Amortization Expense of such Person for such
period to the extent deducted in computing Consolidated Net Income; plus 
 (d) the amount of any restructuring
charge or reserve deducted in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with (x) acquisitions after the Issue Date or (y) the closing of any production or manufacturing facilities
after the Issue Date; plus 
 (e) any write offs, write downs or other noncash charges reducing Consolidated Net
Income for such period, excluding any such charge that represents an accrual or reserve for a cash expenditure that will be made prior to the date that is one year after the final stated maturity of the notes; plus 

  
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 (f) the amount of any minority interest expense deducted in computing
Consolidated Net Income; plus 
 (g) any non-cash expense recorded in the income statement of the Company
related to the VEBA Trusts; plus 
 (h) any costs or expenses incurred by the Company or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or stockholders agreement, to the extent that such costs or expenses are funded with cash proceeds
contributed to the capital of the Company or net cash proceeds of issuance of Equity Interests of the Company (other than Disqualified Stock that is Preferred Stock) in each case, solely to the extent that such cash proceeds are excluded from the
calculation set forth in clause (4)(C) of Section 1010(a) of this Indenture; 
 (2) decreased by
(without duplication) non-cash gains increasing Consolidated Net Income of such Person for such period (including any non-cash benefit or gain recorded in the income statement of the Company related to the VEBA Trusts), and excluding any gains that
represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period (other than such cash charges that have been added back to Consolidated Net Income in computing EBITDA in accordance with this definition).

 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock,
but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity
Offering” means any public or private sale of common stock or Preferred Stock of the Company or any of its direct or indirect parent companies (excluding Disqualified Stock), other than 

(a) public offerings with respect to the Company’s or any direct or indirect parent company’s common stock
registered on Form S-4 or Form S-8; and 
 (b) an issuance to any Subsidiary of the Company. 

“Event of Default” has the meaning specified in Section 501 of this Indenture. 

“Excess Proceeds” has the meaning specified in Section 1018 of this Indenture. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Exchange Notes” has the meaning specified in the Appendix. 

“Exchange Offer” means the Exchange Offer as defined in the applicable Registration Rights Agreement. 

  
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 “Exchange Offer Registration Statement” means the Exchange Offer
Registration Statement as defined in the applicable Registration Rights Agreement. 
 “Existing Indebtedness”
means Indebtedness of the Company or the Restricted Subsidiaries in existence on the Issue Date, plus interest accruing thereon. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In
the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving credit facility that has been permanently repaid and has not
been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption,
retirement or extinguishing of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period (the “reference period”).

 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, consolidations
and disposed operations (as determined in accordance with GAAP) that have been made by the Company or any Restricted Subsidiary during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with
the Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any associated fixed charges and the change in
EBITDA resulting therefrom) had occurred on the first day of the reference period. If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary
since the beginning of such period) shall have made any Investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the reference period. 

For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations
shall be made in good faith by a responsible financial or accounting officer of the Company as set forth in an Officers’ Certificate. 
 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). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a
responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to

  
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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. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate
actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 
 “Fixed
Charges” means, with respect to any Person for any period, the sum of 
 (a) Consolidated Interest
Expense of such Person for such period, 
 (b) all cash dividend payments (excluding items eliminated in
consolidation) on any series of Preferred Stock made during such period, and 
 (c) all cash dividend payments
(excluding items eliminated in consolidation) on any series of Disqualified Stock made during such period; 
 provided, however,
that, notwithstanding the foregoing, any charges arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” to any series of preferred
stock other than Disqualified Stock or (ii) the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition,” in each case, shall be disregarded in the calculation of Fixed
Charges. 
 “Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person
that is not organized or existing under the laws of the United States of America, any state thereof, the District of Columbia, or any territory thereof. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant
segment of the accounting profession. All ratios and computations based on GAAP contained in the Indenture will be computed in conformity with GAAP, except that in the event the Company is acquired in a transaction that is accounted for using
purchase accounting, the effects of the application of purchase accounting shall be disregarded in the calculation of such ratios and other computations contained in the Indenture. 

“Government Securities” means securities that are 

(a) direct obligations of the United States of America for the timely payment of which its full faith and credit is
pledged; or 
 (b) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 

  
 -18-

 which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities, or a specific payment of principal of or interest on any such Government
Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“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 letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations, and, when used as a verb, shall have a corresponding meaning.

 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements and other agreements or arrangements, in each case designed to
protect such Person against fluctuations in currency exchange rates, interest rates or commodity prices, including, without limitation, the price of aluminum, natural gas and electricity. 

“Holder” means the Person in whose name a Note is registered on the books of the Note Registrar. 

“incur” has the meaning specified in Section 1011(a) of this Indenture. 

“incurrence” has the meaning specified in Section 1011(a) of this Indenture. 

“Indebtedness” means, with respect to any Person: 

(a) any indebtedness (including principal and premium) of such Person, whether or not contingent: 

(1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or,
without double counting, reimbursement agreements in respect thereof); 
 (3) representing the balance deferred
and unpaid of the purchase price of any property (including Capitalized Lease Obligations), except any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business;
or 
 (4) representing any Hedging Obligations; 

  
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if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP; 
 (b) to the extent not otherwise included, any
obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in clause (a) of another Person (whether or not such items would appear upon the balance sheet of such obligor
or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; 
 (c) to the extent not otherwise included, the obligations of the type referred to in clause (a) of another Person secured by a Lien on any asset owned by such Person, whether or not such obligations
are assumed by such Person and whether or not such obligations would appear upon the balance sheet of such Person; provided that the amount of such Indebtedness shall be the lesser of the fair market value of such asset at the date of
determination and the amount of Indebtedness so secured; and 
 (d) Attributable Debt in respect of Sale and
Lease-Back Transactions; 
 provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include
(A) Contingent Obligations incurred in the ordinary course of business, (B) Obligations under, or in respect of, Receivables Facilities, (C) any operating leases as such an instrument would be determined in accordance with GAAP on the
date of this Indenture, (D) in connection with the purchase by the Company or its Restricted Subsidiaries of any business, post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a
final closing balance sheet or such payment depends on the performance of such business after the closing unless such payments are required under GAAP to appear as a liability on the balance sheet (excluding the footnotes), (E) deferred or
prepaid revenues, (F) any Capital Stock other than Disqualified Stock, (G) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller or
(H) any Obligation not in respect of borrowed money of the Company or its Restricted Subsidiaries under the VEBA Trusts. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be
part of and govern this instrument and any such supplemental indenture, respectively. 
 “Independent Financial
Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for
which it has been engaged and that is independent of the Company and its Affiliates. 
 “Initial Notes” has the
meaning stated in the first recital of this Indenture. 
 “Initial Purchasers” has the meaning specified in the
Appendix. 

  
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 “Interest Payment Date” means the Stated Maturity of an installment of
interest on the Notes. 
 “Interest Period” means each period commencing on and including an Interest Payment
Date (or, if there has not yet been an Interest Payment Date, May 23, 2012) and ending on and including the day immediately preceding the next succeeding Interest Payment Date. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s Investors
Service, Inc. and BBB- (or the equivalent) by Standard & Poor’s Ratings Group, Inc., or any equivalent rating by any Rating Agency, in each case, with a stable or better outlook. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the government of the United States of America or
any agency or instrumentality thereof (other than Cash Equivalents); 
 (2) debt securities or debt instruments
with a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s or the equivalent of such rating by such rating organization, or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any other nationally
recognized securities rating agency, but excluding any debt securities or instruments constituting loans or advances among the Company and its Subsidiaries; 
 (3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2), which fund may also hold immaterial amounts of cash pending investment or
distribution; and 
 (4) corresponding instruments in countries other than the United States of America
customarily utilized for high quality investments. 
 “Investments” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (including by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others, but excluding accounts receivable, trade credit, advances to customers, commission, travel and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person in the
same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 1010 of this
Indenture: 
 (1) “Investments” shall include the portion (proportionate to the Company’s equity
interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a
Restricted 

  
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Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(x) the Company’s “Investment” in such Subsidiary at the time of such redesignation; less

 (y) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market
value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Company. 

“Issue Date” means May 23, 2012. 
 “Legal Defeasance” has the meaning specified in Section 1302 of this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions or the Corporate Trust Office are not required to be open in the State of New York. 

“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 shall an operating lease be deemed to
constitute a Lien. 
 “Maturity”, when used with respect to any Note, means the date on which the principal of
such Note or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or otherwise. 

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

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds” means the aggregate cash
proceeds received by the Company or any Restricted Subsidiary in respect of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Noncash Consideration received in any Asset Sale, net of the direct costs
relating to such Asset Sale and the sale or disposition of such Designated Noncash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result thereof,
other fees and expenses, including title and recordation expenses, taxes or repatriation costs paid or payable as a result 

  
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thereof (after taking into account any available tax or other credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if
any, and interest on Indebtedness required (other than by Section 1018(b)(1)) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Company or a Restricted Subsidiary as a reserve in
accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company or a Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment
benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Register” and “Note Registrar” have the respective meanings specified in Section 304.

 “Notes” means any 8.250% Senior Notes due 2020 of the Company authenticated and delivered under this
Indenture. The Initial Notes and any Additional Notes, and any Exchange Notes issued in exchange for the Initial Notes and any Additional Notes, shall be treated as a single class for all purposes of this Indenture, including waivers, amendments,
redemptions and offers to purchase, and shall vote and consent together as one class on all matters with respect to the Notes (except that any series of Notes that is not fungible with the Initial Notes for U.S. Federal income tax purposes may be
treated for purposes of provisions of this Indenture relating to transfer and exchange as a separate class that does not trade fungibly with Notes that have differing treatment under U.S. Federal income tax law and may be assigned a different CUSIP
or other identification number), and unless the context otherwise requires, all references to the Notes shall include the Initial Notes, any Additional Notes and the Exchange Notes issued in exchange for the Initial Notes and any Additional Notes.

 “Obligations” means any principal (including reimbursement obligations with respect to letters of credit
whether or not drawn), interest (including, to the extent legally permitted, all interest accrued thereon after the commencement of any insolvency or liquidation proceeding at the rate, including any applicable post-default rate, specified in the
applicable agreement), premium (if any), guarantees of payment, fees, indemnifications, reimbursements, expenses, damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect
to the Notes shall not include fees or indemnification in favor of the Trustee and any other third parties other than the Holders. 
 “Offering Memorandum” means the Offering Memorandum dated May 18, 2012 relating to the Notes. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice President,
the Treasurer or the Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed on
behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal 

  
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financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel. The counsel may be an employee of or counsel to the
Company. Opinions of Counsel required to be delivered under this Indenture may have qualifications customary for opinions of the type required and counsel delivering such Opinions of Counsel may rely on certificates of the Company or government or
other officials customary for opinions of the type required, including certificates certifying as to matters of fact, including that various covenants have been complied with. 
 “Outstanding”, when used with respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except: 

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

(2) Notes, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes, except to the extent provided in Sections 1302 and 1303, with respect to which the Company has effected Legal
Defeasance or Covenant Defeasance as provided in Article Thirteen; and 
 (4) Notes which have been paid
pursuant to this Indenture or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to Section 305 of this Indenture, other than any such Notes in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Notes are held by a Protected Purchaser in whose hands the Notes are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request, demand, authorization, direction, consent, notice or
waiver hereunder, and for the purpose of making the calculations required by TIA Section 316, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. 
 “Paying Agent” means any
Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal of (and premium, if any) or interest on any Notes on behalf of the Company. 

  
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 “Permitted Asset Swap” means the concurrent purchase and sale or exchange
of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person that is not the Company or any of its Restricted Subsidiaries;
provided that any cash or Cash Equivalents received must be applied in accordance with Section 1018 of this Indenture. 
 “Permitted Debt” has the meaning specified in Section 1011(b). 
 “Permitted Investments” means: 
 (a) any
Investment in the Company or any Restricted Subsidiary, including, without limitation, a repurchase or retirement of the Notes; 
 (b) any Investment in cash and Cash Equivalents or Investment Grade Securities; 
 (c) (i) any Investment by the Company or any Restricted Subsidiary of the Company in a Person that is engaged in a Similar Business if as a result of such Investment 

(1) such Person becomes a Restricted Subsidiary of the Company or 

(2) 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 and 
 (ii) any Investment held by such Person; 
 (d) any Investment in
securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to the provisions of Section 1018 of this Indenture or any other disposition of assets
not constituting an Asset Sale; 
 (e) any Investment existing on the Issue Date or made pursuant to legally
binding written commitments in existence on the Issue Date, and any extension, modification or renewal of such existing Investments, to the extent not involving any additional Investment other than as the result of the accrual or accretion of
interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investments as in effect on the Issue Date; 

(f) loans and advances to, and guarantees of Indebtedness of, employees of the Company (or any of its direct or indirect
parent companies) or a Restricted Subsidiary not in excess of $5.0 million outstanding at any one time, in the aggregate; 
 (g) any Investment acquired by the Company or any Restricted Subsidiary 

  
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 (1) (x) in exchange for any other Investment or accounts receivable held by
the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Person in which such other Investment is made or which is the obligor with respect to such accounts
receivable or (y) in good faith settlement of delinquent obligations of, and other disputes with, customers, trade debtors, licensors, licensees and suppliers arising in the ordinary course; or 

(2) as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured Investment or
other transfer of title with respect to any secured Investment in default; 
 (h) Hedging Obligations permitted
under Section 1011(b)(10) of this Indenture; 
 (i) loans and advances to officers, directors and employees
of the Company (or any of its direct or indirect parent companies) or a Restricted Subsidiary for business-related travel expenses (including entertainment expenses), moving expenses, tax advances, payroll advances and other similar expenses, in
each case incurred in the ordinary course of business or consistent with past practice; 
 (j) Investments the
payment for which consists of Equity Interests of the Company, or any of its direct or indirect parent companies (exclusive of Disqualified Stock); provided that such Equity Interests shall not increase the amount available for Restricted Payments
under clause (4)(C) of Section 1010(a) of this Indenture; 
 (k) guarantees of Indebtedness permitted
under Section 1011 of this Indenture and performance guarantees in the ordinary course of business; 
 (1)
any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section 1013(b) of this Indenture (except transactions described in clauses (2), (5) and (8) of
Section 1013(b)); 
 (m) Investments consisting of purchases and acquisitions of inventory, supplies,
material or equipment or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (n) additional Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (n) that are at that time outstanding (without giving effect
to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed the greater of (x) $75.0 million and (y) 6.5% of Consolidated Total Assets (with the fair
market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (o) Investments in joint ventures having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (o) that are at that time outstanding, not to exceed
the greater of (x) $60.0 million and (y) 5.0% of Consolidated 

  
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Total Assets (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

(p) advances, loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and
vendors, and performance guarantees, in each case in the ordinary course of business; and 
 (q) the acquisition
of assets or Capital Stock solely in exchange for the issuance of common equity securities of the Company. 
 “Permitted
Liens” means, with respect to any Person: 
 (1) Liens to secure Indebtedness incurred under
Section 1011(b)(1) of this Indenture (and, in each case, any related Obligations); 
 (2) pledges or
deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits, prepayments or cash pledges to secure bids, tenders, contracts (other than for the payment of Indebtedness)
or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security
for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business; 
 (3) Liens imposed by law, such as landlords’, carriers’, warehousemen’s and mechanics’ Liens and other similar Liens, in each case, for sums not yet overdue for a period of more than
30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review, if
adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 

(4) Liens for taxes, assessments or other governmental charges or claims not yet overdue for a period of more than 30
days or payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance
with GAAP; 
 (5) Liens to secure the performance of tenders, completion guarantees, statutory obligations,
surety, environmental or appeal bonds, bids, leases, government contracts, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 

(6) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership
of its properties, in each case, which were not incurred in connection with 

  
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Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(7) Liens existing on the Issue Date; 

(8) Liens on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided that such
Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary
(other than the proceeds or products of such property or shares of stock or improvements thereon); 
 (9) Liens
on property at the time the Company or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided that such Liens are not created or
incurred in connection with, or in contemplation of, such acquisition; provided, further, that the Liens may not extend to any other property owned by the Company or any Restricted Subsidiary (other than the proceeds or products of such property or
shares of stock or improvements thereon); 
 (10) Liens securing Indebtedness or other obligations of a
Restricted Subsidiary owing to the Company or another Restricted Subsidiary permitted to be incurred in accordance with Section 1011 of this Indenture; 
 (11) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (12) leases,
licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the
Company or any of the Restricted Subsidiaries and do not secure any Indebtedness; 
 (13) Liens arising from
financing statement filings under the Uniform Commercial Code or similar state laws regarding (i) operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business and (ii) goods consigned or
entrusted to or bailed with a Person in connection with the processing, reprocessing, recycling or tolling of such goods; 
 (14) Liens in favor of the Company or any Subsidiary Guarantor; 

(15) Liens on inventory or equipment of the Company or any Restricted Subsidiary granted in the ordinary course of
business to the Company’s customer at which such inventory or equipment is located; 

  
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 (16) Liens to secure any refinancing, refunding, extension, renewal or
replacement (or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (7), (8) and (9) and the following clause (17);
provided that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus proceeds or products of such property or improvements on such property), and (y) the Indebtedness secured by such
Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under the foregoing clauses (7), (8), (9) and the following clause
(17) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement;

 (17) Liens securing Indebtedness permitted to be incurred pursuant to clauses (4), (17) and (18) of
Section 1011(b) of this Indenture; provided that (A) Liens securing Indebtedness permitted to be incurred pursuant to clause (17) are solely on acquired property or assets of the acquired entity (and proceeds or products of such
property or assets or improvements of such property or assets), as the case may be and (B) Liens securing Indebtedness permitted to be incurred pursuant to clause (18) extend only to the assets of Foreign Subsidiaries; 

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

(19) Liens securing judgments for the payment of money not constituting an Event of Default under clause (5) under
Section 501 of this Indenture, so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired; 
 (20) Liens in favor of customs and revenue authorities arising
as a matter of law to secure payment of customs duties in connection with the importation or exportation of goods in the ordinary course of business; 
 (21) 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; 
 (22) Liens that are contractual rights of set-off (i) relating to the
establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Company and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with

  
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customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
 (23) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of
business and not for speculative purposes; 
 (24) Liens deemed to exist in connection with Investments in
repurchase agreements permitted under Section 1011 of this Indenture; provided that such Liens do not extend to any assets other than those assets that are the subject of such repurchase agreement; 

(25) other Liens securing obligations which obligations at the time outstanding do not exceed the greater of
(x) $35.0 million and (y) 3.0% of Consolidated Total Assets; 
 (26) Liens securing Indebtedness
permitted to be incurred pursuant to Section 1011 of this Indenture not to exceed the greater of (x) $150.0 million and (y) 13.0% of Consolidated Total Assets, provided that, (x) no Default or Event of Default shall have occurred
and be continuing at the time of the incurrence of such Indebtedness or after giving effect thereto and (y) on a pro forma basis giving effect to such incurrence, the Consolidated Total Debt Ratio of the Company would not exceed 2.50 to 1.00;

 (27) Liens securing Hedging Obligations; 

(28) restrictions on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase
agreements and similar agreements; 
 (29) customary options, put and call arrangements, rights of first refusal
and similar rights relating to Investments in joint ventures, partnerships; 
 (30) any amounts held by a
trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the Company or any Restricted Subsidiary; 
 (31) Liens incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of business; 

(32) Liens securing the Notes and the Subsidiary Guarantees; 

(33) any Liens granted to the VEBA Trusts pursuant to agreements or arrangements in respect of the VEBA Trusts as in
effect on the Issue Date; and 
 (34) Liens encumbering earnest money or similar deposits in connection with the
acquisition or proposed acquisition of assets. 
 “Person” means any individual, corporation, limited liability
company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

  
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 “Predecessor Note” of any particular Note means every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 305 in exchange for a mutilated Note or in lieu of a lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution or winding up. 
 “Protected Purchaser” has the meaning specified in Section 305 of this
Indenture. 
 “Qualifying Trustee” has the meaning specified in Section 1305 of this Indenture.

 “Rating Agency” means each of Standard & Poor’s Ratings Group, Inc. and Moody’s Investors
Service, Inc. or, if Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the
case may be, selected by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both, as the case may be.

 “Receivables Facility” means one or more receivables financing facilities, as amended, supplemented,
modified, extended, renewed, restated, refunded, replaced or refinanced from time to time, the Indebtedness of which is non-recourse (except for standard representations, warranties, covenants and indemnities made in connection with such facilities)
to the Company and its Restricted Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary
that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables
Subsidiary” means any Subsidiary formed solely for the purpose of engaging, and that engages only, in one or more Receivables Facilities. 
 “Redemption Date”, when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture. 

“Redemption Price”, when used with respect to any Note to be redeemed, means the price at which it is to be redeemed
pursuant to this Indenture. 
 “Refinancing Indebtedness” has the meaning specified in Section 1011(b)(13)
of this Indenture. 
 “Registration Rights Agreement” has the meaning specified in the Appendix. 

“Regular Record Date” has the meaning specified in Section 301 of this Indenture. 

“Reinstatement Date” has the meaning specified in Section 1020(b) of this Indenture. 

  
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 “Related Business Assets” means assets (other than cash or Cash
Equivalents) used or useful in a Similar Business; provided that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not be deemed to be Related
Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 
 “Responsible Officer”, when used with respect to the Trustee, means any vice president, any assistant treasurer, any trust officer or assistant trust officer, or any other officer of the
Trustee customarily performing functions similar to those performed by any of the above-designated officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject, and who in each case shall have direct responsibility for the administration of this Indenture. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Payments” has the meaning specified in Section 1010 of this Indenture. 
 “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company (including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary;
provided that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.” 

“Retired Capital Stock” has the meaning specified in Section 1010(b)(2) of this Indenture. 

“Revolving Credit Facility” means that certain credit agreement dated as of September 30, 2011 among the Company,
each other Subsidiary of the Company set forth on the signature pages thereto, the lenders party thereto from time to time and, JPMorgan Chase Bank, N.A., as Administrative Agent, including any notes, mortgages guarantees, collateral documents,
instruments and agreements executed in connection therewith, in each case, as amended, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time, including any
replacement, refunding or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any
other agent, lender, group of lenders, or otherwise and whether or not any such replacement, refunding, refinancing, amending, renewal, restatement, restructuring, increasing, supplemented or other modification occurs simultaneously with the
termination or repayment of the Revolving Credit Facility or such successor agreement. 
 “S&P” means
Standard and Poor’s, a division of the McGraw-Hill Companies, Inc., and any successor to its rating agency business. 

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

  
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 “SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Indebtedness” means with respect to any Person: 

(1) all Indebtedness of such Person, whether outstanding on the Issue Date or thereafter incurred; and 

(2) all other Obligations of such Person (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above 
 unless, in the case of clauses (1) and (2), the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness or other Obligations
are subordinate in right of payment to the Notes or the Subsidiary Guarantee of such Person, as the case may be; provided that Senior Indebtedness shall not include: 

(1) any obligation of such Person to the Company or any Subsidiary or to any joint venture in which the Company or any
Restricted Subsidiary has an interest; 
 (2) any liability for Federal, state, local or other taxes owed or
owing by such Person; 
 (3) any accounts payable or other liability to trade creditors in the ordinary course
of business (including guarantees thereof as instruments evidencing such liabilities); 
 (4) any Indebtedness
or other Obligation of such Person that is subordinate or junior in right of payment with respect to any other Indebtedness or other Obligation of such Person; or 

(5) that portion of any Indebtedness that at the time of incurrence is incurred in violation of this Indenture.

 “Shelf Registration Statement” means the shelf registration statement as defined in the applicable
Registration Rights Agreement. 
 “Significant Subsidiary” means any Restricted Subsidiary of the Company that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof. 

“Similar Business” means any business or other activities conducted, or proposed to be conducted (as described in the
Offering Memorandum), by the Company and its Subsidiaries on 

  
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the Issue Date or any business or other activities conducted by any entity that is similar, reasonably related, complementary, incidental or ancillary thereto or a reasonable extension,
development or expansion thereof. 
 “Special Record Date” for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 306. 
 “Stated Maturity” means, with respect to any
security, the date specified in the agreement governing or certificate relating to such Indebtedness as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption
provision, but not including any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated Indebtedness” means 
 (a) with
respect to the Company, any Indebtedness of the Company that is by its terms subordinated in right of payment to the Notes, and 
 (b) with respect to any Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor that is by its terms subordinated in right of payment to the Subsidiary Guarantee of such Subsidiary Guarantor.

 “Subsidiary” means, with respect to any Person, 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability
company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof and 

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

(x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership or otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling
general partner or otherwise controls such entity. “Subsidiary Guarantee” means the guarantee by any Subsidiary Guarantor of the Company’s Obligations under this Indenture and the Notes. 

  
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 “Subsidiary Guarantor” means each Restricted Subsidiary of the Company that
executes this Indenture as a guarantor on the Issue Date and each other Restricted Subsidiary of the Company that thereafter guarantees the Notes pursuant to the terms of this Indenture. 

“Successor Company” has the meaning specified in Section 801 of this Indenture. 

“Successor Person” has the meaning specified in Section 802 of this Indenture. 

“Suspended Covenants” has the meaning specified in Section 1020(a) of this Indenture. 

“Suspension Period” has the meaning specified in Section 1020(b) of this Indenture. 

“Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date 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 June 1, 2016; provided, however that if the period from the Redemption
Date to June 1, 2016, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date as of
which this Indenture was executed, except as provided in Section 905. 
 “Trustee” means Wells Fargo Bank,
National Association, until a successor replaces it and, thereafter, means the successor. 
 “Uniform Commercial
Code” means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted
Subsidiary” means 
 (a) DCO Management, LLC and any Subsidiary thereof; and 

(b) (1) any Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as designated by
the Company, as provided below) and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Company may designate any Subsidiary of the Company (including any existing Subsidiary and any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Company or any Subsidiary of the Company (other than any
Subsidiary of the Subsidiary to be so designated); provided that 
 (a) any Unrestricted Subsidiary must be an
entity of which shares of the Capital Stock or other Equity Interests (including partnership interests) entitled to cast at 

  
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least a majority of the votes that may be cast by all shares of Capital Stock or Equity Interests having ordinary voting power for the election of directors or other governing body are owned,
directly or indirectly, by the Company, 
 (b) such designation complies with the covenant described in
Section 1010 of this Indenture and 
 (c) each of 

(1) the Subsidiary to be so designated and 

(2) its Subsidiaries 
 has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which
the lender has recourse to any of the assets of the Company or any Restricted Subsidiary. 
 The Company may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation no Default shall have occurred and be continuing and either: 

(1) the Company could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
described in Section 1011(a) of this Indenture or 
 (2) the Fixed Charge Coverage Ratio for the Company
and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by the Company shall be notified by the Company to the Trustee by promptly filing with the Trustee a copy of any
applicable Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “VEBA Trusts” means, individually or collectively as the context may require, (i) the trust that provides benefits for certain eligible retirees of Kaiser Aluminum &
Chemical Corporation represented by certain unions and their surviving spouses and eligible dependents and (ii) the trust that provides benefits to certain other eligible retirees and their surviving spouses and eligible dependents of Kaiser
Aluminum & Chemical Corporation who were salaried employees. 
 “Vice President”, when used with
respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 

  
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 “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, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing 

(1) the sum of the products of the number of years from the date of determination to the date of each successive
scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by 

(2) the sum of all such payments. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% 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 or by one or more Wholly Owned Subsidiaries of such Person. 

SECTION 103. Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take or
refrain from taking any action under this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with which
constitutes a condition precedent) relating to the proposed action have been complied with and, other than in connection with the authentication and delivery of the Initial Notes, an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 1008(a) of this Indenture or Section 314(a)(4) of the TIA) shall include: 

(1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 
 (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 each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has
been complied with. 

  
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 SECTION 104. Form of Documents Delivered to Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon
a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate or opinion may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the information with
respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION
105. Acts of Holders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made
in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged
to him the execution thereof. Where such execution is by a signer acting in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 
 The principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Note Register. 

  
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 If the Company shall solicit from the Holders any request, demand, authorization, direction,
notice, consent, waiver or other Act, the Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than
the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close
of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall
bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the
Company or any Subsidiary Guarantor in reliance thereon, whether or not notation of such action is made upon such Note. 

Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a
Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

Without limiting the generality of the foregoing, a Holder, including the Depository that is the Holder of a Global Note, may make, give
or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depository that is the Holder
of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by the Depository entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders. 
 SECTION 106. Notices, Etc., to Trustee, Company, Any Subsidiary Guarantor
and Agent. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

  
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 (1) the Trustee by any Holder or by the Company or any Subsidiary Guarantor
shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at Wells Fargo Bank, National Association, its Corporate Trust Office, or 

(2) the Company or any Subsidiary Guarantor by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if made, given, furnished or delivered in writing and mailed, first-class postage prepaid, or delivered by recognized overnight courier, to the Company or such Subsidiary Guarantor addressed to
it at Kaiser Aluminum Corporation, 27422 Portola Parkway, Suite 200, Foothill Ranch, California 92610, fax: (949) 614-1930; Attention: Senior Vice President – Legal, Compliance and Human Resources, or at any other address previously
furnished in writing to the Trustee by the Company or such Subsidiary Guarantor. 
 SECTION 107. Notice to Holders;
Waiver. Where this Indenture provides for notice of any event to Holders by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
to each Holder affected by such event, at his address as it appears in the Note Register, within the time prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Notices given by publication shall be deemed given on the first date on which publication is made and notices
given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing. 
 In case by reason of the
suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

Notwithstanding any other provision of this Indenture or any Note, subject to the requirements of the TIA, where this Indenture or any
Note provides for notice of any event (including any notice of redemption) to any Holder of an interest in a global note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depository or any other applicable
depositary for such note (or its designee) according to the applicable procedures of the Depository or such depositary. 

SECTION 108. Effect of Headings and Table of Contents. The Article and Section headings herein, the Table of Contents and the
reconciliation and tie between the TIA and this 

  
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Indenture are for convenience of reference only, are not intended to be considered a part hereof and shall in no way affect the construction of, or modify or restrict, any of the terms or
provisions hereof. 
 SECTION 109. Successors and Assigns. All agreements of the Company in this Indenture and the Notes
shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 1208 hereof.

 SECTION 110. Separability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 111. Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Note Registrar and
their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 112. Governing Law; Jury Trial Waiver. This Indenture, the Notes and any Subsidiary Guarantee shall be governed by and
construed in accordance with the laws of the State of New York. This Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such
provisions. 
 EACH OF THE COMPANY, THE HOLDERS, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 113. Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity or Maturity of any
Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal (or premium, if any) or interest need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the Interest Payment Date, Redemption Date, or at the Stated Maturity or Maturity; provided that no interest shall accrue for purposes of such payment for the period from and after such Interest
Payment Date, Redemption Date, Stated Maturity or Maturity, as the case may be. 
 SECTION 114. No Personal Liability of
Directors, Officers, Employees and Stockholders. No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor (other than in the case of stockholders of any Subsidiary Guarantor, the Company or another
Subsidiary Guarantor) or any of their parent companies shall have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, the Subsidiary Guarantees and this Indenture or for any claim based on, in respect of,
or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such 

  
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liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees. 
 SECTION 115. Trust Indenture Act Controls. Upon qualification of this Indenture under the TIA, if any provision of this Indenture limits, qualifies or conflicts with another provision which is
required to be included in this Indenture by the TIA, the provision required by the TIA shall control. If any provision of this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
 SECTION 116. Counterparts. This
Indenture may be executed in any number of counterparts, each of which shall be original; but such counterparts shall together constitute but one and the same instrument. One signed copy is enough to prove this Indenture. The exchange of copies of
this Indenture and of signature pages by facsimile, .pdf transmission or other electronic means shall constitute effective execution and delivery of this Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf
transmission or other electronic means shall be deemed to be their original signatures for all purposes. 
 SECTION 117.
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services. 
 SECTION 118. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. Patriot Act, the Trustee 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. 
 ARTICLE TWO 
 NOTE FORMS 

SECTION 201. Form and Dating. Provisions relating to the Initial Notes and the Exchange Notes are set forth in Appendix A attached
hereto (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the
Appendix which is hereby incorporated in, and expressly made a part of, this Indenture. The Exchange Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A, which is hereby incorporated in and
expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or
endorsement is in a form reasonably acceptable to the Company). Each Note shall be dated the date of its 

  
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authentication. The terms of the Note set forth in the Appendix and Exhibit A are part of the terms of this Indenture. 
 SECTION 202. Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Company by any Officer. The signature of an Officer on the Notes may be manual or via
facsimile, .pdf transmission or other electronic means of the present or any future such authorized Officer and may be imprinted or otherwise reproduced on the Notes. 
 Notes bearing the signature of an individual who was at any time a proper officer of the Company shall bind the Company, notwithstanding that such individual ceased to hold such office prior to the
authentication and delivery of such Notes or did not hold such office at the date of such Notes. 
 At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in
accordance with such Company Order shall authenticate and deliver such Notes. 
 On the Issue Date, the Company shall deliver
the Initial Notes in the aggregate principal amount of $225,000,000 executed by the Company to the Trustee for authentication, together with a Company Order directing the Trustee to authenticate the Notes and certifying that all conditions precedent
to the issuance of Notes contained herein have been fully complied with, and the Trustee in accordance with such Company Order shall authenticate and deliver such Initial Notes. At any time and from time to time after the Issue Date, the Company may
deliver Additional Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Additional Notes, directing the Trustee to authenticate the Additional Notes and certifying
that the issuance of such Additional Notes is in compliance with Article Ten hereof and that all other conditions precedent to the issuance of Notes contained herein have been fully complied with, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Additional Notes. 
 Upon receipt of a Company Order, the Trustee shall authenticate
for original issue Exchange Notes in an aggregate principal amount not to exceed $225,000,000 plus any increase in the aggregate principal amount of the Notes as a result of any Additional Notes issued; provided that such Exchange Notes shall
be issuable only upon the valid surrender for cancellation of Initial Notes and any Additional Notes of a like aggregate principal amount in accordance with an Exchange Offer pursuant to a Registration Rights Agreement and a Company Order for the
authentication and delivery of such Exchange Notes and certifying that all conditions precedent to the issuance of such Exchange Notes are complied with. In each case, the Trustee shall receive a Company Order and an Opinion of Counsel of the
Company that it may reasonably require in connection with such authentication of the Notes. Such Company Order shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes is to be authenticated.

 Each Note shall be dated the date of its authentication. 

  
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 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for in Exhibit 1 to the Appendix, duly executed by the Trustee by manual signature of an authorized signatory, and such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

In case the Company or any Subsidiary Guarantor, pursuant to Article Eight of this Indenture, shall be consolidated or merged with or
into any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which
the Company or such Subsidiary Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed a supplemental indenture hereto with the Trustee pursuant
to Article Eight of this Indenture, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may, from time to time, at the request of the successor Person, be exchanged for
other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the
Trustee, upon Company Request of the successor Person, shall authenticate and deliver Notes as specified in such request for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor
Person pursuant to this Section in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time
outstanding for Notes authenticated and delivered in such new name. 
 ARTICLE THREE 

THE NOTES 

SECTION 301. Title and Terms. The aggregate principal amount of Notes which may be authenticated and issued under this Indenture
is not limited; provided, however that any Additional Notes issued under this Indenture rank pari passu with the Initial Notes, are issued in accordance with Sections 202, 312 and 1011 hereof, form a single class with the
Initial Notes and shall have the same terms as to status, redemption or otherwise as the Initial Notes. Any Additional Notes shall be issued pursuant to a supplemental indenture to this Indenture. 

The Notes shall be known and designated as the “8.250% Senior Notes Due 2020” of the Company. The Stated Maturity of the Notes
shall be June 1, 2020, and the Notes shall bear interest at the rate set forth below from May 23, 2012, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable on December 1, 2012
and semi-annually thereafter on June 1 and December 1 in each year and at said Stated Maturity, until the principal thereof is paid or duly provided for and to the Person in whose name the Note (or any predecessor Note) is registered at
the close of business on the May 15 and November 15 immediately preceding such Interest Payment Date (each, a “Regular Record Date”). 

  
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 The principal of (and premium, if any), Additional Interest, if any, and interest on the
Notes shall be payable at the office or agency of the Company maintained for such purpose within Minneapolis, MN or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their respective addresses set forth
in the Note Register; provided that all payments of principal, premium, if any, and interest and Additional Interest, if any, with respect to Notes represented by one or more permanent global notes registered in the name of or held by the
Depository or its nominee shall be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. 
 SECTION 302. Denominations. The Notes shall be issuable only in registered form without coupons and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 SECTION 303. Temporary Notes. Pending the preparation of definitive Notes, the Company may execute, and upon receipt
of a Company Order, the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Notes in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as conclusively evidenced by their execution of such Notes. 

If temporary Notes are issued, the Company shall cause definitive Notes to be prepared without unreasonable delay. After the preparation
of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for such purpose pursuant to Section 1002, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as definitive Notes. 
 SECTION 304. Note Registrar; Paying Agent; Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained
in such office and in any other office or agency designated pursuant to Section 1002 being herein sometimes referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Notes and of transfers of Notes. The Note Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At all reasonable times, the Note Register
shall be open to inspection by the Trustee. The Trustee is hereby initially appointed as note registrar (the “Note Registrar”) for the purpose of registering Notes and transfers of Notes as herein provided. The Trustee is hereby
initially appointed to act as the Paying Agent and to act as Custodian with respect to the Global Notes. 
 Upon surrender for
registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Notes of any authorized denomination or denominations of a like aggregate principal amount. 

  
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 At the option of the Holder, Notes may be exchanged for other Notes of any authorized
denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Company shall execute, and upon receipt of a Company Order the
Trustee shall authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive; provided that no exchange of Notes for Exchange Notes shall occur until an Exchange Offer Registration Statement shall have been
declared effective by the SEC, the Trustee shall have received an Officers’ Certificate confirming that the Exchange Offer Registration Statement has been declared effective by the SEC and the Initial Notes to be exchanged for the Exchange
Notes shall be cancelled by the Trustee. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Note
Registrar) be duly endorsed, or be accompanied by written instruments of transfer, in form satisfactory to the Company and the Note Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange or redemption of Notes, but the Company may require payment
of a sum sufficient to cover any taxes, fees or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Sections 202, 303, 906, 1017, 1018, or 1108 not
involving any transfer. 
 In case the Company, pursuant to Article Eight, shall, in one or more related transactions, be
consolidated or merged with or into any other Person or shall sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all the assets of the Company and its Restricted Subsidiaries taken as a whole to any Person, and the
surviving Person resulting from such consolidation or surviving such merger, or into which the Company shall have been merged, or the surviving Person which shall have participated in the sale, assignment, transfer, conveyance or other disposition
as aforesaid, shall have assumed all of the obligations of the Company under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee pursuant to Article Eight, any of the Notes authenticated or delivered prior to
such consolidation, merger, sale, assignment, transfer, conveyance or other disposition may, from time to time, at the request of the surviving Person, be exchanged for other Notes executed in the name of the surviving Person with such changes in
phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Company Request of the surviving person, shall authenticate and
deliver Notes as specified in such request for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a surviving Person pursuant to this Section 304 in exchange or substitution for or upon
registration of transfer of any Notes, such Successor Company, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name.

  
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 SECTION 305. Mutilated, Destroyed, Lost and Stolen Notes. If (1) any mutilated
Note is surrendered to the Trustee, or (2) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Company and the Trustee such security or indemnity as may
be required 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, then, in the absence of notice to the Company or the Trustee that such Note has been acquired by
a Protected Purchaser (as defined in Section 8-303 of the Uniform Commercial Code) (a “Protected Purchaser”), the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for any such
mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 

Upon the issuance of any new Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in replacing a Note. 
 Every new Note issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Company and each Subsidiary
Guarantor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 306. Payment of
Interest; Interest Rights Preserved. 
 (a) Interest on any Note which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company
maintained for such purpose pursuant to Section 1002; provided, however, that, subject to Section 301 hereof, each installment of interest may at the Company’s option be paid by (1) mailing a check for such
interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 307, to the address of such Person as it appears in the Note Register or (2) transfer to an account located in the United States maintained
by the payee. 
 (b) Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date shall forthwith cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes
(such 

  
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defaulted interest and interest thereon herein collectively called “Defaulted Interest”) may be paid by the Company, at its election in each case, as provided in clause
(1) or (2) below: 
 (1) Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date, and in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner provided for in Section 107, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2) The Company
may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 (c) Subject to the foregoing provisions of this Section, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other Note. 
 SECTION 307. Persons Deemed Owners.
Prior to the due presentment of a Note for registration of transfer, the Company, any Subsidiary Guarantor, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Note is registered as the owner of such Note
for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 304 and 306) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Company, the Trustee
or any agent of the Company or the Trustee shall be affected by notice to the contrary. 

  
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 SECTION 308. Cancellation. All Notes surrendered for payment, redemption,
registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes previously authenticated
hereunder which the Company has not issued and sold, and all Notes so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Notes, however, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures (subject to the record retention requirements of the Exchange Act). Certification of the
cancellation of such Notes shall be delivered to the Company by the Trustee upon the Company’s request. The Trustee shall maintain a record of all cancelled Notes. The Trustee shall provide the Company a list of all Notes that have been
cancelled from time to time as requested by the Company. 
 SECTION 309. Computation of Interest. Interest on the Notes
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 SECTION 310. Transfer and
Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer. When a Note is presented to the Note Registrar or a co-registrar with a request to register a
transfer, the Note Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of the Uniform Commercial Code are met. When Notes are presented to the Note Registrar or a co-registrar with a
request to exchange them for an equal principal amount of Notes of other denominations, the Note Registrar shall make the exchange as requested if the same requirements are met. 

The Company shall not be required, and without the prior written consent of the Company, the Note Registrar shall not be required, to
register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing,
(ii) selected for redemption in whole or in part, (iii) that has been tendered in a Change of Control Offer and (iv) beginning at the opening of business on any record date and ending on the close of business on the related Interest
Payment Date. 
 SECTION 311. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers, ISINs
and “Common Code” numbers (in each case, if then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such “CUSIP” numbers, ISINs and “Common Code” numbers in addition to serial numbers in
notices of redemption, repurchase or other notices to Holders as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such “CUSIP” numbers, ISINs and “Common
Code” numbers either as printed on the Notes or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the serial or other identification numbers 

  
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printed on the Notes, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any
change in the “CUSIP” numbers, ISINs and “Common Code” numbers applicable to the Notes. 
 SECTION 312.
Issuance of Additional Notes. The Company may, subject to Section 1011 of this Indenture, issue additional Notes having identical terms and conditions to the Initial Notes issued on the Issue Date, other than with respect to the date of
issuance, the issue price and the date from which interest first begins to accrue (the “Additional Notes”). The Initial Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single class
for all purposes under this Indenture. Exchange Notes issued in exchange for Initial Notes issued on the Issue Date and Exchange Notes issued for any Additional Notes subsequently issued shall be treated as a single class for all purposes under this
Indenture (except that any series of Notes that is not fungible with the Initial Notes for U.S. Federal income tax purposes may be treated for purposes of provisions of this Indenture relating to transfer and exchange as a separate class that does
not trade fungibly with Notes that have differing treatment under U.S. Federal income tax law and may be assigned a different CUSIP or other identification number). 
 Notwithstanding anything else herein, with respect to any Additional Notes issued subsequent to the date of this Indenture, when the context requires, (1) all references in the Appendix and elsewhere
in this Indenture to a Registration Rights Agreement shall be to the Registration Rights Agreement entered into with respect to such Additional Notes, (2) any references in this Indenture to the Exchange Offer, registration statement,
Additional Interest, Initial Purchasers, and any other term related thereto shall be to such terms as they are defined in such Registration Rights Agreement entered into with respect to such Additional Notes, (3) all time periods described in
the Notes with respect to the registration of such Additional Notes shall be as provided in such Registration Rights Agreement entered into with respect to such Additional Notes, (4) any Additional Interest, if set forth in such Registration
Rights Agreement, may be paid to the holders of the Additional Notes immediately prior to the making or the consummation of the Exchange Offer regardless of any other provisions regarding record dates herein and (5) all provisions of this
Indenture shall be construed and interpreted to permit the issuance of such Additional Notes and to allow such Additional Notes to become fungible and interchangeable with the Initial Notes originally issued under this Indenture (and Exchange Notes
issued in exchange therefor). 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of
Indenture. This Indenture shall upon Company Request and at the Company’s expense cease to be of further effect as to all Notes issued hereunder and then outstanding (except as set forth in the last paragraph of this Section and as to
surviving rights of registration of transfer or exchange of Notes expressly provided for herein or pursuant hereto) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture when: 

  
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 (1) either 

(A) all such Notes theretofore authenticated and delivered (except (i) lost, stolen, or destroyed Notes which have
been replaced or paid as provided in Section 305 and (ii) Notes for whose payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to
the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B) all such Notes not theretofore delivered to the Trustee for cancellation, 
 (i) have become due and payable by reason of the making of a notice of redemption pursuant to Section 1106 or otherwise, or 

(ii) shall become due and payable at their Stated Maturity within one year, or 

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company or any Subsidiary
Guarantor, in the case of (i), (ii) or (iii) of this clause (B), 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
Government Securities, or a combination thereof, in such amounts as shall be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for
cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may be; 
 (2) no Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued
hereunder shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit shall not result in a breach or violation of, or constitute a default under, any Credit Facility, the Convertible
Senior Notes or any other material agreement or instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound; 

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

(4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of such Notes at Maturity or the Redemption Date, as the case may be; and 

  
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 (5) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein to the satisfaction and discharge of this Indenture have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money or Government Securities shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this
Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. In addition, nothing in this Section 401 shall be deemed to discharge the obligations of
the Company to the Trustee under Section 607 and the obligations of the Company to any Authenticating Agent under Section 612 that, by their terms, survive the satisfaction and discharge of this Indenture. 

SECTION 402. Application of Trust Money. Subject to the provisions of the last paragraph of Section 1003, all money or
Government Securities deposited with the Trustee pursuant to Section 401 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 (and premium and Additional Interest, if any) and interest for whose payment such money or Government Securities
has been deposited with the Trustee, but such money or Government Securities 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 Government Securities in accordance with Section 401 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 Subsidiary Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to Section 401 until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 401; provided that if the Company has made any
payment of principal of, premium, 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 Government
Securities held by the Trustee or Paying Agent. 
 ARTICLE FIVE 

REMEDIES 

SECTION 501. Events of Default. “Event of Default,” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise,
of principal of, or premium, if any, on the Notes issued under this Indenture; 

  
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 (2) default for 30 days or more in the payment when due of interest
(including Additional Interest) on or with respect to the Notes issued under this Indenture; 
 (3) failure by
the Company or any Subsidiary Guarantor to comply with its obligations set forth in Article 8; 
 (4) failure by
the Company or any Subsidiary Guarantor for 90 days after receipt of written notice given by the Trustee or the Holders of at least 25% in principal amount of the then outstanding notes issued under the Indenture to comply with its obligations set
forth in Section 1009; 
 (5) failure by the Company or any Subsidiary Guarantor for 60 days after receipt
of written notice given by the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Notes issued under this Indenture to comply with any of its other agreements contained in this Indenture or the Notes; 

(6) default under any mortgage, indenture or instrument under which there is issued or by which there is secured or
evidenced any Indebtedness for money borrowed by the Company or any Restricted Subsidiary or the payment of which is guaranteed by the Company or any Restricted Subsidiary, other than Indebtedness owed to the Company or a Restricted Subsidiary,
whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both 
 (A)
such default either: 
 (i) results from the failure to pay any principal of such Indebtedness at its stated
final maturity (after giving effect to any applicable grace periods) or 
 (ii) relates to an obligation other
than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity; and 

(B) the principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in
default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $30.0 million or more at any one time outstanding; 

(7) failure by the Company or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a
Significant Subsidiary) to pay final judgments aggregating in excess of $30.0 million, which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment
is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 

  
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 (8) any of the following events with respect to the Company or any
Significant Subsidiary: 
 (A) the Company or any Significant Subsidiary pursuant to or within the meaning of
any Bankruptcy Law 
 (i) commences a voluntary case; 

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

(iii) consents to the appointment of a custodian of it or for any substantial part of its property; 

(iv) takes any comparable action under any foreign laws relating to insolvency; or 

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

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

(ii) appoints a custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or

 (iii) orders the liquidation of the Company or any Significant Subsidiary; 

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

provided, that for the purposes of this clause (8), a Significant Subsidiary shall include any group of Subsidiaries that together
would constitute a Significant Subsidiary; or 
 (9) the Subsidiary Guarantee of any Significant Subsidiary (or
any group of Subsidiaries that together would constitute a Significant Subsidiary) shall for any reason cease to be in full force and effect or be declared null and void or any responsible officer of any Subsidiary Guarantor that is a Significant
Subsidiary (or the responsible officers of any group of Subsidiaries that together would constitute a Significant Subsidiary), as the case may be, denies that it has any further liability under its Subsidiary Guarantee or gives notice to such
effect, other than by reason of the termination of this Indenture or the release of any such Subsidiary Guarantee in accordance with this Indenture. 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 (a) If
any Event of Default (other than an Event of Default specified in Section 501(8) with respect to the Company) occurs and is continuing under this Indenture or the Holders of at least 25% in principal amount of the Outstanding Notes issued under
this Indenture 

  
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may, and the Trustee at the request of such Holders shall, declare the principal, premium, if any, interest and any other monetary Obligations on all the Outstanding Notes issued under this
Indenture to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by the Holders). 

(b) Upon the effectiveness of such declaration, such principal of and premium, if any, and interest on the Notes shall be due and payable
immediately. Notwithstanding the foregoing, in the case of an Event of Default specified in Section 501(8) with respect to the Company, then the principal amount of all Outstanding Notes shall ipso facto become and be immediately due and
payable without any notice, declaration or other act on the part of the Trustee or any Holder. 
 (c) At any time after a
declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article Five, the Holders of a majority in aggregate principal amount of the
Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) all overdue interest on all Outstanding Notes, 
 (B) all
unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such declaration of acceleration, and interest on such unpaid principal at the rate borne by the Notes, 

(C) to the extent that payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes,
and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel; and 
 (2) Events of Default, other than the
non-payment of amounts of principal of (or premium, if any, on) or interest on Notes which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

(d) Notwithstanding the preceding clause (c), in the event of any Event of Default specified in Section 501(6) above, such Event of
Default and all consequences thereof (excluding any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose,

 (1) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged, or

  
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 (2) the Holders thereof have rescinded or waived the acceleration, notice or
action (as the case may be) giving rise to such Event of Default, or 
 (3) the default that is the basis for
such Event of Default has been cured. 
 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. If
an Event of Default specified in Section 501(1) or (2) occurs and is continuing, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for the collection of the sums due hereunder pursuant to this
Article Five and unpaid, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. The Trustee may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, any Subsidiary Guarantor or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company, any Subsidiary Guarantor or any other obligor upon the Notes, wherever situated. 
 If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders under this Indenture and the Subsidiary
Guarantees by the judicial proceedings discussed above as the Trustee shall deem necessary to protect and enforce any such rights, including seeking recourse against any Subsidiary Guarantor. 

SECTION 504. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor including any Subsidiary Guarantor, upon the Notes or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the
payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (1) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 (2) to collect, receive and distribute any moneys or other property payable or deliverable on any such claims
and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the Trustee any amount due it for the reasonable
compensation, expenses, 

  
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disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 505. Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or
the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money Collected. Any
money or property collected by the Trustee pursuant to this Article Five shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any)
or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal (and premium, if any) and interest, respectively; and 

THIRD: The balance, if any, to the Company or as a court of competent jurisdiction may direct in writing;
provided that all sums due and owing to the Holders and the Trustee have been paid in full as required by this Indenture. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 506. 
 SECTION 507. Limitation on Suits. Subject to Section 508, no Holder of any Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or
the Notes, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (1)
such Holder has previously given the Trustee written notice that an Event of Default is continuing; 
 (2)
Holders of at least 25% in principal amount of the Outstanding Notes have requested the Trustee to pursue the remedy; 

  
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 (3) such Holders have offered the Trustee security or indemnity satisfactory
to it against any loss, liability or expense; 
 (4) the Trustee has not complied with such request within 60
days after the receipt thereof and the offer of security or indemnity; and 
 (5) Holders of a majority in
principal amount of the Outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period, 
 it
being understood and intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Subsidiary Guarantees to affect, disturb or prejudice the rights of any
other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture or the Subsidiary Guarantees, except in the manner herein provided and for the equal and ratable benefit of
all the Holders (it being further understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest and the Special Mandatory Redemption.
Notwithstanding any other provision in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment, as provided herein (including, if applicable, Article Eleven) and in such Note of the
principal of (and premium, if any) and (subject to Section 306) interest on such Note on the respective Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement
of any such payment on or after such respective dates, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 509. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture or the Subsidiary Guarantees and
such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, any Subsidiary
Guarantor, any other obligor of the Notes, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted. 
 SECTION 510. Rights and Remedies Cumulative. Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 305, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
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 SECTION 511. Delay or Omission Not Waiver. No delay or omission of the Trustee
or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article Five or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

SECTION 512. Control by Holders. The Holders of not less than a majority in principal amount of the Outstanding Notes shall
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that: 

(1) such direction shall not be in conflict with any rule of law or with this Indenture, 

(2) subject to Section 315 of the Trust Indenture Act, the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and 
 (3) the Trustee need not take any action which
might involve it in personal liability or be unduly prejudicial to the Holders not consenting. 
 SECTION 513. Waiver of
Default. Subject to Sections 508 and 902, the Holders of not less than a majority in principal amount of the Outstanding Notes by written notice to the Trustee may on behalf of the Holders of all such Notes waive any Default hereunder and its
consequences, except a continuing Default or Event of Default (1) in respect of the payment of interest on, premium, if any, or the principal of any such Note held by a non-consenting Holder, or (2) in respect of a covenant or provision
hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 
 Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon. 
 SECTION 514. Waiver of Stay or Extension
Laws. Each of the Company, the Subsidiary Guarantors and any other obligor on the Notes covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force that would prohibit or forgive the Company or a Subsidiary Guarantor from paying any portion of the principal of, and premium, if any, and
interest on the Notes. 
 SECTION 515. Undertaking for Costs. In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 515 does not apply to a suit by the Trustee, a suit by a Holder of a Note 

  
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pursuant to Section 508 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

ARTICLE SIX 

ARTICLE SIX THE TRUSTEE 
 SECTION 601. Duties of the Trustee. 
 (a) Except during the
continuance of an Event of Default, 
 (1) the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith or willful misconduct 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; but in the case of any such certificates or opinions specifically required by any provision hereof to be provided to it, the Trustee shall be
under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture, but not to verify the contents thereof including, but not limited to, the accuracy of mathematical calculations. 

(b) If an Event of Default has occurred and is continuing or the Company has failed to make a payment in respect of the Special Mandatory
Redemption of which, in each case, a Responsible Officer of the Trustee has actual knowledge or of which written notice of such Event of Default or failure to make such payment shall have been given to the Trustee by the Company, any other obligor
of the Notes or by any Holder, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in
the conduct of such Person’s own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 
 (1) this paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 (3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Notes relating to the time, 

  
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method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 602. Notice of Defaults. If a Default or Event of Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall transmit, in the manner and to the
extent provided in TIA Section 313(c), notice of such Default or Event of Default within 90 days after it occurs unless such Default or Event of Default shall have been cured or waived. Except in the case of a Default or Event of Default in the
payment of the principal of (or premium, if any, on) or interest on any Note, the Trustee shall be protected in withholding such notice if it determines that the withholding of such notice is in the interest of the Holders. In addition, the Trustee
shall have no obligation to accelerate the Notes if in the best judgment of the Trustee acceleration is not in the best interest of the Holders of such Notes. 
 SECTION 603. Certain Rights of Trustee. Subject to the provisions of TIA Sections 315(a) through 315(d): 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in original, facsimile or .pdf form) believed by
it to be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or
direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate and an Opinion of
Counsel; 
 (4) the Trustee may consult with counsel of its own selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel; 

  
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 (5) the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses, losses
and liabilities which might be incurred by it in compliance with such request or direction; 
 (6) the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its 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 shall
be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 

(7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct, bad faith or negligence; 

(9) the rights, privileges, protections, immunities and benefits given to the Trustee pursuant to this Indenture,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(10) in no event shall the Trustee be responsible or liable for 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; 

(11) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder; and 
 (12) the Trustee may request that the Company deliver a certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 SECTION 604.
Trustee Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except for the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this 

  
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Indenture or of the Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company, if applicable, are true and accurate, subject to the qualifications set forth therein. The Trustee shall not be accountable for the use or application
by the Company of Notes or the proceeds thereof. 
 SECTION 605. May Hold Notes. The Trustee, any Paying Agent, any
Note Registrar or any other agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same
rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent; provided, however, that, if it acquires any conflicting interest, it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue or resign. 
 SECTION 606. Money Held in Trust. Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

SECTION 607. Compensation and Reimbursement. The Company and the Subsidiary Guarantors, jointly and severally, agree:

 (1) to pay to the Trustee from time to time such compensation as shall be agreed in writing between the
Company and the Trustee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as shall be determined to have been caused by its own negligence or willful misconduct; and 
 (3) to indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim, damage or reasonable out-of-pocket expenses, including taxes (other than
the taxes based on the income of the Trustee) incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself
against any claim regardless of whether the claim is asserted by the Company, a Subsidiary Guarantor, a Holder or any other Person or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

The obligations of the Company under this Section to compensate the Trustee, to pay or reimburse the Trustee for reasonable out-of-pocket
expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and resignation or removal of the

  
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Trustee. As security for the performance of such obligations of the Company, the Trustee shall have a claim prior to the Notes upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Notes. 
 When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(6), the expenses (including the reasonable charges and expenses of its counsel) of and the compensation for such services are
intended to constitute expenses of administration under any applicable Bankruptcy Law. 
 The provisions of this Section shall
survive the termination of this Indenture and resignation or removal of the Trustee. 
 SECTION 608. Corporate Trustee
Required; Eligibility. There shall be at all times a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of Federal, State, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article Six. 
 SECTION
609. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article Six shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610. 

(b) The Trustee may resign at any time by giving written notice thereof within 30 days of such resignation to the Company. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument executed by authority of the Board of Directors, a copy of which shall be delivered to the resigning Trustee and a copy to the successor
Trustee. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 
 (c) The Trustee may
be removed at any time by Act of the Holders of not less than a majority in principal amount of the Outstanding Notes, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 610
shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor
Trustee. 
 (d) The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be
excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under 

  
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which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA
Section 310(b)(1) are met. 
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter provided,
any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(f) The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the
Holders in the manner provided for in Section 107. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 
 SECTION 610. Acceptance of Appointment by Successor. 
 (a) Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective
and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers
and trusts. 
 (b) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible under this Article Six. 
 SECTION 611. Merger, Conversion, Consolidation or
Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided that such corporation shall be otherwise qualified and eligible under this
Article Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any 

  
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successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor
Trustee had itself authenticated such Notes. In case at that time any of the Notes shall not have been authenticated, any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
Trustee. In all such cases such certificates shall have the full force and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

SECTION 612. Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may
appoint an authenticating agent or agents with respect to the Notes which shall be authorized to act on behalf of the Trustee to authenticate Notes (an “Authenticating Agent”) and the Trustee shall give written notice of such
appointment to all Holders of Notes with respect to which such Authenticating Agent shall serve, in the manner provided for in Section 107. Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, and a copy of such instrument shall be promptly furnished
to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by Federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided that such
corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the 

  
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Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give written notice of such appointment to all Holders of Notes, in the manner provided for in Section 107. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to
each Authenticating Agent from time to time such compensation for its services under this Section as shall be agreed in writing between the Company and such Authenticating Agent. 

If an appointment is made pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternate certificate of authentication in the following form: 
 This is one of the Notes designated therein
referred to in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL
		 	 ASSOCIATION
 as
Trustee

		
	By:	 	 
		 	as Authenticating Agent
		
	By:	 	 
		 	as Authorized Signatory
	
	Dated:

 ARTICLE SEVEN 
 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION
701. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act
Section 312(a). If the Trustee is not the Note Registrar, the Company shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form
and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with Trust Indenture Act Section 312(a). 

  
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 SECTION 702. Disclosure of Names and Addresses of Holders. Every Holder, by
receiving and holding Notes, agrees with the Company and the Trustee that none of the Company or the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses
of the Holders in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA
Section 312(b). 
 SECTION 703. Reports by Trustee. Within 60 days after May 15 of each year commencing with
the first May 15 after the Issue Date, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders (with a copy to the Company at the address specified in Section 106), in the manner and to the extent provided in TIA
Section 313(c), a brief report dated as of such May 15 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports as required by the TIA
Section 313(c). 
 ARTICLE EIGHT 
 MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS 
 SECTION
801. Company May Consolidate, Etc., Only on Certain Terms. 
 (a) The Company may not consolidate or merge with or into
or wind up into (whether or not the Company is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:

 (1) the Company is the surviving corporation or the Person formed by or surviving any such consolidation or
merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is (i) a corporation or (ii) a limited partnership or limited liability company and is (or has
previously been) joined by a corporation as a co-issuer of the Notes, in each case organized or existing under the laws of the United States of America, any state thereof, the District of Columbia, or any territory thereof (the Company or such
Person, as the case may be, being herein called the “Successor Company”); 
 (2) the Successor
Company, if other than the Company, expressly assumes all the obligations of the Company under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

 (3) immediately after such transaction, no Default exists; 

(4) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the
beginning of the applicable four-quarter period, 

  
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 (A) the Successor Company would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 1011(a) of this Indenture or 
 (B) the Fixed Charge Coverage Ratio for the Successor Company and the Restricted Subsidiaries on a consolidated basis would be greater than such ratio for the Company and the Restricted Subsidiaries
immediately prior to such transaction; 
 (5) each Subsidiary Guarantor, unless it is the other party to the
transactions described above, in which case Section 802(a)(A)(2) shall apply, shall have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and

 (6) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture. 

(b) Notwithstanding clauses (a)(3) and (a)(4) above, 

(1) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to
the Company; and 
 (2) the Company may merge with an Affiliate of the Company incorporated solely for the
purpose of reincorporating the Company in another state of the United States of America so long as the amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby. 

(c) This Section 801 shall not apply to any sale, assignment, transfer, lease, conveyance or other disposition of assets between or
among the Company and the Subsidiary Guarantors; provided, however, that a Subsidiary Guarantor that is a transferee under this provision may not subsequently release its Subsidiary Guarantee unless such Subsidiary Guarantor has
consolidated with or merged into the Company. 
 SECTION 802. Subsidiary Guarantors May Consolidate, Etc., Only on Certain
Terms. 
 (a) Subject to Section 1208, each Subsidiary Guarantor shall not, and the Company shall not permit any
Subsidiary Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person unless: 
 (A) (1) such Subsidiary
Guarantor is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have
been made is a corporation organized or existing under the laws of the United States of America, any state thereof, the 

  
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District of Columbia, or any territory thereof (such Subsidiary Guarantor or such Person, as the case may be, being herein called the “Successor Person”); 

(2) the Successor Person, if other than such Subsidiary Guarantor, expressly assumes all the obligations of such
Subsidiary Guarantor under this Indenture and such Subsidiary Guarantor’s Subsidiary Guarantee, pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 

(3) immediately after such transaction, no Default exists; and 

(4) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; or 
 (B) the transaction is made in compliance with Section 1018 of this Indenture. 
 (b) Notwithstanding the other provisions of this Section 802, (x) any Subsidiary Guarantor may merge into or transfer all or part of its properties and assets to another Subsidiary Guarantor or
the Company and (y) any Subsidiary Guarantor may convert into a corporation, partnership, limited partnership, limited liability company or trust organized under the laws of the jurisdiction of organization of such Subsidiary Guarantor.

 SECTION 803. Reserved. 
 SECTION 804. Successor Substituted. Subject to the provisions set forth in this Indenture, upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or disposition of
all or substantially all of the assets of the Company or any Subsidiary Guarantor in accordance with Sections 801 and 802 hereof, the successor Person formed by such consolidation or into which the Company or such Subsidiary Guarantor, as the case
may be, is merged or the successor Person to which such sale, assignment, conveyance, transfer, lease or disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Company or such Subsidiary
Guarantor, as the case may be, under this Indenture or the Subsidiary Guarantees, as the case may be, with the same effect as if such successor Person had been named as the Company or such Subsidiary Guarantor, as the case may be, under this
Indenture or the Subsidiary Guarantees, as the case may be; provided that the predecessor Company or any Subsidiary Guarantor shall not be relieved from the obligation to pay the principal of and interest and Additional Interest, if any, on
the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the assets of the Company or such Subsidiary Guarantor, as the case may be, that meets the requirements of Sections 801 and 802 hereof, as
applicable; provided further that in the case of a lease of all or substantially all of the assets of the Company or such Subsidiary Guarantor, as the case may be, the predecessor Company or any Subsidiary Guarantor shall not be released from
the obligation to pay the principal of and interest and Additional Interest, if any, on the Notes. 
 SECTION
805. Reserved. 
 . 

  
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 SECTION 806. Assets of Subsidiary Apply to Company. For purposes of this Article
Eight, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company (other than to the Company or a Subsidiary Guarantor in compliance with
the terms of this Indenture), which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company and its Subsidiaries on a consolidated basis shall
be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 ARTICLE NINE

 AMENDMENT, SUPPLEMENT AND WAIVER 
 SECTION 901. Amendments or Supplements Without Consent of Holders. Notwithstanding Section 902 hereof, without the consent of any Holder, the Company, any Subsidiary Guarantor (with respect to
a Subsidiary Guarantee or this Indenture to which it is a party) and the Trustee, at any time and from time to time, may amend or supplement this Indenture, any Subsidiary Guarantee or the Notes, in form satisfactory to the Trustee, for any of the
following purposes: 
 (1) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to comply with Article Eight hereof and to provide for the assumption of the Company’s or any Subsidiary
Guarantor’s obligations to Holders in connection therewith; 
 (4) to make any change that would provide
any additional rights or benefits to the Holders or that does not adversely affect the legal rights of any such Holder under this Indenture; 
 (5) to add covenants for the benefit of the Holders or to surrender any right or power conferred in this Indenture upon the Company or a Subsidiary Guarantor; 

(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 evidence and provide for the acceptance and appointment under this Indenture of a
successor Trustee pursuant to the requirements of Sections 609 and 610 hereof; 
 (8) to provide for the
issuance of Exchange Notes or private exchange notes, which are identical to Exchange Notes except that they are not freely transferable; 
 (9) to add a Subsidiary Guarantor or any other guarantor under this Indenture; 

  
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 (10) to conform the text of this Indenture, the Subsidiary Guarantees or the
Notes to any provision of the “Description of notes” section of the Offering Memorandum to the extent that such provision in this Indenture, the Subsidiary Guarantees or the Notes was intended to be a substantially verbatim recitation of a
provision of the “Description of notes” section of the Offering Memorandum as set forth in an Officers’ Certificate; 
 (11) to mortgage, pledge, hypothecate or grant any other Lien in favor of the Trustee for the benefit of the Holders, as security for the payment and performance of all or any portion of the Notes, in any
property or assets; 
 (12) to comply with the rules of any applicable securities depositary; or 

(13) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes;
provided, however, that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (B) such amendment does not
materially and adversely affect the rights of Holders to transfer Notes. 
 Upon the request of the Company accompanied by a
Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 603 hereof, the Trustee shall join with the Company and the Subsidiary Guarantors in
the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to
enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a
Subsidiary Guarantor under this Indenture upon execution and delivery by such Subsidiary Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit B hereto, and delivery of an
Officers’ Certificate. 
 SECTION 902. Amendments or Supplements with Consent of Holders. With the written consent
of the Holders of not less than a majority in principal amount of the Outstanding Notes, delivered to the Company and the Trustee, the Company, any Subsidiary Guarantor (with respect to any Subsidiary Guarantee or this Indenture to which it is a
party) and the Trustee may (a) amend or supplement this Indenture, any Subsidiary Guarantee or the Notes (including consents obtained in connection with a purchase of, or tender offer or Exchange Offer for, the Notes) and (b) waive any
existing Default or Event of Default or compliance with any provision of this Indenture or the Notes (including consents obtained in connection with a purchase of, or tender offer or Exchange Offer, for Notes). Notwithstanding the foregoing
sentence, no such amendment, supplement or waiver shall, without the consent of each Holder of the Outstanding Notes affected thereby: 
 (1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

  
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 (2) reduce the principal of or change the Maturity of any such Note or alter
or waive the provisions with respect to the redemption of the Notes (other than Sections 1017 and 1018); 
 (3)
reduce the rate of or change the time for payment of interest on any Note; 
 (4) waive a Default or Event of
Default in the payment of principal of or premium, if any, or interest on the Notes issued under this Indenture (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Outstanding
Notes and a waiver of the payment default that resulted from such acceleration), or in respect of a covenant or provision contained in this Indenture or any Subsidiary Guarantee that cannot be amended or modified without the consent of all Holders;

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

(6) make any change in the provisions of Section 508 or Section 513 of this Indenture; 

(7) make any change in the ranking of this Indenture and the Notes that would adversely affect the Holders; 

(8) except as otherwise expressly permitted by this Indenture, modify the Subsidiary Guarantee of any Significant
Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) in any manner adverse to the Holders; 
 (9) make any change in these amendment and waiver provisions; or 

(10) impair the right of any Holder to receive payment of principal of, or interest on such Holder’s Notes on or
after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes. 
 The consent of the Holders is not necessary under this Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed
amendment. 
 SECTION 903. Execution of Amendments, Supplements or Waivers. The Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment, supplement or waiver that
requires consent of Holders until the Board of Directors approves it. In executing any amendment, supplement or waiver, the Trustee shall receive and (subject to Section 601 hereof) shall be fully protected in conclusively relying upon, in
addition to the documents required by Section 103 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such
amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Subsidiary Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the
provisions hereof (including Section 

  
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905). Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement adding a new Subsidiary Guarantor under this Indenture.

 SECTION 904. Effect of Amendments, Supplements or Waivers. Upon the execution of any supplemental indenture under this
Article Nine, this Indenture shall be modified in accordance therewith, and such amendment, supplement or waiver shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. 
 SECTION 905. Compliance with Trust Indenture Act. Every amendment or supplement to
this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect. 
 SECTION 906. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article Nine shall bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

SECTION 907. Notice of Supplemental Indentures. Promptly after the execution by the Company, any Subsidiary Guarantor and the
Trustee of any supplemental indenture, the Company shall give notice thereof to the Holders, in the manner provided for in Section 107, setting forth in general terms the substance of such supplemental indenture. Any failure of the Company to
give such notice to the Holders, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 ARTICLE TEN 
 COVENANTS 

SECTION 1001. Payment of Principal, Premium, if Any, and Interest. The Company shall pay or cause to be paid the principal of,
premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary, 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 shall pay Additional Interest,
if any, on the dates of its choosing in the amounts and in the manner set forth in the applicable Registration Rights Agreement and in the Notes. 
 The Company shall pay interest on overdue principal at the rate equal to the then applicable interest rate on the Notes, and it shall pay interest on overdue installments of interest at the same rate, in
any case to the extent lawful. 

  
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 SECTION 1002. Maintenance of Office or Agency. The Company shall maintain an office
or agency in the United States where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Corporate Trust Office of the Trustee shall be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or more of such purposes. The Company shall give
prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 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 any such designation. The Company shall give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such other
office or agency. 
 SECTION 1003. Paying Agent to Hold Money in Trust. If the Company shall at any time act as its own
Paying Agent, it shall, on or before each due date of the principal of (or premium, if any) or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal of (or
premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for the Notes, it shall, on or before each due date of the principal of (or
premium, if any) or interest on any Notes, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee in writing of such action or any failure so to act. 
 The Company shall cause each Paying Agent (other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent shall: 
 (1) hold all sums held by it for the payment of the principal of
(and premium, if any) or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee written notice of any Default by the Company (or any other obligor upon the Notes) in the making of
any payment of principal (and premium, if any) or interest; and 

  
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 (3) at any time during the continuance of any such Default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further
liability with respect to such sums. 
 Subject to applicable laws relating to abandoned property, 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 (or premium, if any) or interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as Trustee thereof, shall thereupon cease. 
 SECTION 1004. Corporate Existence. Subject to Article Eight, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and
the corporate, limited liability company, partnership or other existence of each Guarantor that is a Significant Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or
any such Guarantor; provided, however, that the Company shall not be required to preserve any such corporate, limited liability company, partnership or other existence if the Board of Directors of the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries as a whole. 
 SECTION 1005. Payment of Taxes and Other Claims. The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and
governmental charges levied or imposed upon the Company or any Restricted Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary; provided, however, that the Company shall not be required to pay
or discharge or cause to be paid or discharged any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by appropriate proceedings or negotiations or where the failure to effect such payment is not
adverse in any material respect to the Holders of the Notes. Notwithstanding anything to the contrary contained in this Indenture, the Company and its Restricted Subsidiaries may, to the extent required to do so by law, deduct or withhold income or
other similar taxes imposed by the United States of America from principal or interest payments under this Indenture. 
 SECTION
1006. Reserved. 
 SECTION 1007. Reserved. 

  
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 SECTION 1008. Statement by Officers as to Default. 

(a) The Company shall deliver to the Trustee within 120 days after the end of each fiscal year, an Officers’ Certificate from the
principal executive officer, principal financial officer or principle accounting officer stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of
the signing Officers with a view to determining whether it has kept, observed, performed and fulfilled, and has caused each of its Restricted Subsidiaries to keep, observe, perform and fulfill its obligations under this Indenture and further
stating, as to each such Officer signing such certificate, that, to the best of his or her knowledge, the Company during such preceding fiscal year has kept, observed, performed and fulfilled, and has caused each of its Restricted Subsidiaries to
keep, observe, perform and fulfill each and every such covenant contained in this Indenture and no Default occurred during such year and at the date of such certificate there is no Default which has occurred and is continuing or, if such signers do
know of such Default that is continuing, the certificate shall specify such Default and that, to the best of his or her knowledge, no event has occurred and remains by reason of which payments on the account of the principal of or interest, if any,
on the Notes is prohibited or if such event has occurred, a description of the event. The Officers’ Certificate shall also notify the Trustee should the Company elect to change the manner in which it fixes its fiscal year-end. 

(b) When any Default has occurred and is continuing under this Indenture, the Company shall deliver to the Trustee an Officers’
Certificate specifying such event, notice or other action within five Business Days of becoming aware of its occurrence. 

SECTION 1009. Reports and Other Information. 
 (a) Whether or not required by the SEC, so long as any Notes are outstanding, the Company shall furnish to the Holders and the Trustee, within the time periods specified in the SEC’s rules and
regulations (as in effect on the Issue Date) for non-accelerated filers: 
 (1) all quarterly and annual
financial information that would be required to be contained in a filing by a non-accelerated filer with the SEC on Forms 10-Q and 10-K (or any successor or comparable forms) if the Company were required to file such forms, including a
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent
accountants; and 
 (2) all current reports that would be required to be filed with the SEC on Form 8-K if the
Company were required to file such reports. 
 In addition, whether or not required by the SEC, the Company shall file a copy of
all of the information and reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC shall not accept such a filing) and
make such information available to securities analysts and prospective investors upon request. The Company will be deemed to have furnished the Holders and the Trustee the reports referred to in Section 1009(a)(1) and (2) if the Company
has either (i) filed such reports with the SEC (and such reports are publicly available) or (ii) posted such 

  
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reports on the Company Website and issued a press release in respect thereof (it being understood that the Trustee shall have no obligation to determine whether such information has been posted).
For purposes of this Section 1009, the term “Company Website” means the collection of web pages that may be accessed on the World Wide Web using the URL address http://www.kaiseraluminum.com or such other address as the Company may
from time to time designate in writing to the Trustee. In addition, the Company has agreed that, for so long as any Notes remain outstanding, it shall furnish to Holders and to securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (b) In addition, if at any time
any direct or indirect parent company of the Company becomes a guarantor of the Notes (there being no obligation of such parent to do so), the reports, information and other documents required to be filed and furnished to the Holders pursuant to
this Section 1009 may, at the option of the Company, be filed by and be those of such parent rather than the Company; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences
between the information relating to such parent, on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. 

(c) Notwithstanding the foregoing, the requirements of this Section 1009 shall be deemed satisfied prior to the commencement of the
Exchange Offer or the effectiveness of the Shelf Registration Statement by the filing with the SEC of the Exchange Offer Registration Statement or Shelf Registration Statement, and any amendments thereto, with such financial information that
satisfies Regulation S-X of the Securities Act. 
 (d) Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 (e) As set
forth under Section 501, the Company will not be deemed to have failed to 
 comply with Sections 1009(a), (b) or
(c) until 90 days after the date any report is due under Section 1009. 
 SECTION 1010. Limitation on Restricted
Payments. (a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly: 
 (1) declare or pay any dividend or make any distribution on account of the Company’s or any Restricted Subsidiary’s Equity Interests, including any dividend or distribution payable in connection
with any merger or consolidation other than: 
 (A) dividends or distributions by the Company payable in Equity
Interests (other than Disqualified Stock) of the Company or in options, warrants or other rights to purchase such Equity Interests (other than Disqualified Stock); or 

  
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 (B) dividends or distributions by a Restricted Subsidiary so long as, in the
case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata
share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities; 
 (2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Company or any direct or indirect parent of the Company, including in connection with any merger or
consolidation; 
 (3) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or
retire for value in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than: 
 (x) Indebtedness permitted under Sections 1011(b)(7) and (8) of this Indenture; or 
 (y) the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due
within one year of the date of purchase, repurchase or acquisition; 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 such Restricted Payment: 

(A) no Default shall have occurred and be continuing or would occur as a consequence thereof; 

(B) immediately after giving effect to such transaction on a pro forma basis, the Company could incur $1.00 of
additional Indebtedness under Section 1011(a) of this Indenture; and 
 (C) such Restricted Payment,
together with the aggregate amount of all other Restricted Payments made by the Company and the Restricted Subsidiaries after the Issue Date pursuant to this Section 1010(a) or Sections 1010(b) (4), (11), (12) and (13) (and excluding,
for the avoidance of doubt, all other Restricted Payments made pursuant to Section 1010(b)), is less than the sum, without duplication, of: 
 (1) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the first day of the fiscal quarter in which the Issue Date occurs to the end of the
Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit,
plus 

  
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 (2) 100% of the aggregate net cash proceeds and the fair market value, as
determined in good faith by the Company, of marketable securities or other property received by the Company after the Issue Date from the issue or sale of: 
 (x)(i) Equity Interests of the Company, including Retired Capital Stock (as defined below), but excluding cash proceeds and the fair market value, as determined in good faith by the Company, of marketable
securities or other property received from the sale of Equity Interests to any future, present or former employees, directors, managers or consultants of the Company, any direct or indirect parent company of the Company or any of the Company’s
Subsidiaries after the Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with Section 1010(b)(4); and 
 (ii) to the extent actually contributed to the Company, Equity Interests of the Company’s direct or indirect parent companies; or 

(y) debt securities of the Company that have been converted into or exchanged for such Equity Interests of the Company;

 provided that this clause (2) shall not include the proceeds from (a) Equity Interests of the Company or
debt securities of the Company that have been converted into or exchanged for Equity Interests of the Company sold to a Restricted Subsidiary or the Company, as the case may be, or (b) Disqualified Stock or debt securities that have been
converted into or exchanged for Disqualified Stock, plus 
 (3) 100% of the aggregate amount of cash and
the fair market value, as determined in good faith by the Company, of marketable securities or other property contributed to the capital of the Company after the Issue Date, plus 

(4) to the extent not already included in Consolidated Net Income, 100% of the aggregate amount received in cash and the
fair market value, as determined in good faith by the Company, of marketable securities or other property received after the Issue Date by means of 
 (A) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made by the Company or any Restricted Subsidiary and repurchases and redemptions of such
Restricted Investments from the Company or any Restricted Subsidiary and repayments to the Company or a Restricted Subsidiary of loans or advances that constitute Restricted Investments; or 

  
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 (B) the sale (other than to the Company or a Restricted Subsidiary) of the
Capital Stock of an Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Company or a Restricted Subsidiary pursuant to
Sections 1010(b)(10), (11), (12) or (13) or to the extent such Investment constituted a Permitted Investment) or a dividend from an Unrestricted Subsidiary, plus 

(5) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Issue Date, the
fair market value of the Investment in such Unrestricted Subsidiary, as determined by the Company in good faith or if, in the case of an Unrestricted Subsidiary, such fair market value may exceed $50.0 million, in writing by an Independent Financial
Advisor, at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, other than an Unrestricted Subsidiary to the extent the Investment in such Unrestricted Subsidiary was made by the Company or a Restricted
Subsidiary pursuant to Sections 1010(b) (10), (11), (12) or (13) or to the extent such Investment constituted a Permitted Investment. 
 (b) The foregoing provisions shall not prohibit: 
 (1) the payment
of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 

(2) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) or Subordinated Indebtedness of the Company or any Equity Interests of any direct or indirect parent company of the Company, in exchange for, or out of the proceeds of the substantially concurrent sale (other than to a Restricted
Subsidiary) of, Equity Interests of the Company (in each case, other than any Disqualified Stock); 
 (3) the
defeasance, redemption, repurchase or other acquisition or retirement of (a) Subordinated Indebtedness of the Company or a Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, new
Indebtedness of such Person or (b) Disqualified Stock of the Company or a Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of such Person that, in each case, is
incurred in compliance with Section 1011 of this Indenture so long as: 
 (A) the principal amount of such
new Indebtedness or liquidation preference of such new Disqualified Stock does not exceed the principal amount (or accreted value, if applicable) of the Subordinated Indebtedness or the liquidation preference of the Disqualified Stock being so
defeased, redeemed, repurchased, acquired or retired for value, plus the amount of any reasonable 

  
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premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, acquired or retired and any
reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness or Disqualified Stock; 
 (B) such Indebtedness is subordinated to the Notes at least to the same extent as such Subordinated Indebtedness so defeased, redeemed, repurchased, acquired or retired; 

(C) such Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than (x) the final
scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, acquired or retired or (y) one year after the final stated maturity of the Notes; and 

(D) such Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than (x) the
remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, acquired or retired or (y) one year after the final stated maturity of the Notes; 

(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity
Interests (other than Disqualified Stock) of the Company or any of its direct or indirect parent companies held by any future, present or former employee, director, manager or consultant of the Company, any of its Subsidiaries or any of its direct
or indirect parent companies, or their estates or the beneficiaries of such estates, pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement; provided that the aggregate
Restricted Payments made under this clause (4) do not exceed in any calendar year $7.5 million (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $15.0 million in any calendar
year); provided, further, that such amount in any calendar year may be increased by an amount not to exceed: 
 (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Company and, to the extent contributed to the Company, Equity Interests of any of the Company’s direct
or indirect parent companies, in each case to members of management, directors, managers or consultants of the Company, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the Issue Date, to the extent the
cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of Section 1010(a)(4)(C), plus 

(B) the cash proceeds of key man life insurance policies received by the Company and the Restricted Subsidiaries after
the Issue Date, less 

  
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 (C) the amount of any Restricted Payments previously made pursuant to
subclauses (A) and (B) of this clause (4); 
 (5) the declaration and payment of dividends to holders
of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary issued in accordance with Section 1011 to the extent such dividends are included in the definition of “Fixed Charges”; 

(6) the purchase, repurchase, redemption, acquisition or retirement for value of any Equity Interest of the Company
deemed to occur upon (a) the exercise of warrants, stock options or similar rights if such Equity Interests represent a portion of the exercise price thereof, (b) the withholding of Equity Interests in connection with an arrangement to
satisfy withholding taxes required by the exercise of warrants, stock options or vesting or settlement of other awards or (c) the cancellation of stock options, warrants or other equity awards; 

(7) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness in
connection with events similar to those described under Section 1017 and Section 1018 of this Indenture; provided that, prior to such repurchase, redemption or other acquisition, the Company (or a third party to the extent permitted
by this Indenture) shall have made a Change of Control Offer or Asset Sale Offer, as the case may be, with respect to the Notes and shall have repurchased all Notes validly tendered and not withdrawn in connection with such Change of Control Offer
or Asset Sale Offer; 
 (8) the declaration and payment of regular cash dividends on the Company’s common
stock (and payment of dividend equivalents on awards under the Company’s or a Restricted Subsidiary’s equity plans or stock option plans); provided that the aggregate Restricted Payments made under this clause (8) do not exceed $30.0
million in any calendar year; 
 (9) required cash payments to the VEBA Trusts; provided that the aggregate
Restricted Payments made under this clause (9) do not exceed $21.0 million in any calendar year; 
 (10)
beginning on or after March 31, 2013, Restricted Payments in an aggregate amount not to exceed $50.0 million per fiscal year (with any unused amounts in respect of any given fiscal year being permitted to be carried forward for use in only the
following two fiscal years); provided, that, at the time of, and after giving effect to, any such Restricted Payment the Consolidated Total Debt Ratio equals or is less than 2.50 to 1.00; 

(11) beginning on or after March 31, 2015, Restricted Payments in such amounts and at such times as the Company may
determine; provided, that, at the time of, and after giving effect to, any such Restricted Payment the Consolidated Total Debt Ratio equals or is less than 2.00 to 1.00; 

  
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 (12) Restricted Payments paid pursuant to the terms of the net-share-settled
warrants as in effect on the Issue Date entered into by the Company in connection with the issuance of the Convertible Senior Notes; and 
 (13) other Restricted Payments in an amount which, when taken together with all other Restricted Payments made pursuant to this clause (13) and then outstanding, does not exceed $35.0 million;

 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under Sections 1010(b)(4),
(5), (8), (10), (11), (12) and (13) no Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) In determining whether any Restricted Payment is permitted by this Section 1010, the Company and its Restricted Subsidiaries may allocate all or any portion of such Restricted Payment among the
categories described in clauses (1) through (13) of Section 1010(b) or among such categories and the types of Restricted Payments described in Section 1010(a) (including categorization in whole or in part as a Permitted
Investment); provided that, at the time of such allocation, all such Restricted Payments, or allocated portions thereof, would be permitted under the various provisions of this Section 1010. 

(d) The amount of all Restricted Payments (other than cash) will be the fair market value on the date of such Restricted Payment of the
assets or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment; provided that such determination of fair market value shall be based upon an opinion or
appraisal issued by an Independent Financial Advisor if such fair market value is estimated in good faith by the Board of Directors of the Company or an authorized committee thereof to exceed $50.0 million. The amount of all Restricted Payments paid
in cash shall be its face amount. Not later than the date of making any non-cash Restricted Payment the fair market value of which is $20.0 million or greater, the Company shall deliver to the Trustee an Officers’ Certificate stating that such
Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 1010 were computed, together with a copy of any fairness opinion or appraisal required by the Indenture. 

(e) As of the time of issuance of the Notes, all of the Company’s Subsidiaries (other than DCO Management, LLC and its Subsidiaries)
shall be Restricted Subsidiaries. The Company shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate paragraph of the definition of “Unrestricted Subsidiary.” For purposes of
designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments
in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to
Section 1010(a) or Section 1010(b)(13) or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject
to any of the restrictive covenants set forth in this Indenture. 

  
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 SECTION 1011. Limitation on Incurrence of Indebtedness and Issuance of Disqualified
Stock and Preferred Stock. (a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or
otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness), and the Company shall not issue any shares of Disqualified Stock and shall not permit any
Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided that the Company may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may
incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for the Company’s and its Restricted Subsidiaries’ 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 or Preferred Stock is issued would have been
at least 2.00 to 1.00, 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 or Preferred Stock had been
issued, as the case may be, and the application of the proceeds therefrom had occurred at the beginning of such four-quarter period; provided that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred
Stock that may be incurred or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries that are not Subsidiary Guarantors shall not exceed $25.0 million at any one time outstanding. 

(b) The foregoing limitations shall not apply to any of the following items (collectively, “Permitted Debt”):

 (1) Indebtedness incurred pursuant to Credit Facilities by the Company or any Subsidiary Guarantor;
provided that immediately after giving pro forma effect to any such incurrence (including a pro forma application of the net proceeds therefrom), the aggregate principal amount of all Indebtedness incurred under this clause
(a) and then outstanding does not exceed the greatest of (i) $350.0 million, (ii) an amount equal to the sum, without duplication, of (A) 90.0% of the net book value of accounts receivable of the Company and its Restricted
Subsidiaries at such date and (B) 75.0% of the net book value of inventory of the Company and its Restricted Subsidiaries at such date and (iii) 30.0% of Consolidated Total Assets at any one time outstanding; 

(2) the incurrence by the Company and any Subsidiary Guarantor of Indebtedness represented by the Notes issued on the
Issue Date and the Subsidiary Guarantees thereof and the Exchange Notes and related exchange guarantees to be issued in exchange for the Notes and the Subsidiary Guarantees pursuant to a Registration Rights Agreement (other than any Additional
Notes, but including Exchange Notes and related exchange guarantees to be issued in exchange for Additional Notes otherwise permitted to be incurred hereunder pursuant to a Registration Rights Agreement); 

(3) Existing Indebtedness (other than Indebtedness described in Sections 1011(b)(1) and (2)); 

  
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 (4) Indebtedness (including Capitalized Lease Obligations), Disqualified
Stock and Preferred Stock incurred by the Company or any of the Restricted Subsidiaries, to finance the development, construction, purchase, lease (other than the lease, pursuant to Sale and Lease-Back Transactions) of property (real or personal),
equipment or other fixed or capital assets owned by the Company or any Restricted Subsidiary as of the Issue Date or acquired by the Company or any Restricted Subsidiary after the Issue Date in exchange for, or with the proceeds of the sale of, such
assets owned by the Company or any Restricted Subsidiary as of the Issue Date), repairs, additions or improvement of property (real or personal), equipment or other fixed or capital assets that are used or useful in a Similar Business, whether
through the direct purchase of assets or the Capital Stock of any Person owning such assets and any Refinancing Indebtedness incurred to refund, replace or refinance any Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this
clause (4); provided that the aggregate amount of Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (4) (including any such Refinancing Indebtedness) does not exceed the greater of (x) $50.0
million and (y) 4.0% of Consolidated Total Assets at any one time outstanding; 
 (5) Indebtedness incurred
by the Company or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, or other
Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within
30 days following such drawing or incurrence; 
 (6) Indebtedness arising from agreements of the Company or a
Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; provided that 

(A) such Indebtedness is not reflected on the balance sheet of the Company or any Restricted Subsidiary (contingent
obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be deemed to be reflected on such balance sheet for purposes of this clause (6)(A); and 

(B) the maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds
including noncash proceeds (the fair market value of such noncash 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; 
 (7) Indebtedness of the Company to a Restricted Subsidiary; provided
that any such Indebtedness owing to a Restricted Subsidiary that is not a Subsidiary Guarantor is 

  
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subordinated in right of payment to the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such
Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an incurrence of such Indebtedness;

 (8) Indebtedness of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided
that if a Subsidiary Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Subsidiary Guarantor such Indebtedness is subordinated in right of payment to the Subsidiary Guarantee of such Subsidiary Guarantor; provided,
further, that any subsequent issuance or transfer of Capital Stock or any other event that results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to the
Company or another Restricted Subsidiary) shall be deemed, in each case, to be an incurrence of such Indebtedness; 
 (9) Preferred Stock of a Restricted Subsidiary issued to the Company or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event
which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to
be an issuance of such shares of Preferred Stock; 
 (10) Hedging Obligations (excluding Hedging Obligations
entered into for speculative purposes) for the purpose of managing: (A) interest rate risk with respect to any Indebtedness that is permitted by the terms of the Indenture to be outstanding, (B) exchange rate risk with respect to any
currency exchange or (C) commodity pricing risk with respect to any commodity, including, without limitation, aluminum, natural gas and electricity; 
 (11) Indebtedness and obligations in respect of (x) self-insurance and obligations in respect of performance, bid, appeal and surety bonds and completion guarantees and similar obligations provided
by the Company or any Restricted Subsidiary in the ordinary course of business, (y) deferred compensation or other similar arrangements incurred by the Company or any of its Restricted Subsidiaries and (z) the financing of insurance
premiums or take-or-pay obligations contained in supply arrangements incurred in the ordinary course of business; 
 (12) (x) any guarantee by the Company or a Restricted Subsidiary of Indebtedness or other Obligations of any Restricted Subsidiary, so long as the incurrence of such Indebtedness by such Restricted
Subsidiary is permitted under the terms of the Indenture or (y) any guarantee by a Restricted Subsidiary of Indebtedness of the Company permitted to be incurred under the terms of the Indenture; provided that such guarantee is incurred
in accordance with Section 1015; 
 (13) the incurrence by the Company or any Restricted Subsidiary of
Indebtedness, Disqualified Stock or Preferred Stock that serves to extend, replace, refund, 

  
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refinance, renew, defease or retire any Indebtedness, Disqualified Stock or Preferred Stock incurred as permitted under Section 1011(a) and Sections 1011(b)(2), (3) and (14) and
this Section 1011(b)(13) or any Indebtedness, Disqualified Stock or Preferred Stock issued to so extend, replace, refund, refinance, renew, defease or retire such Indebtedness, Disqualified Stock or Preferred Stock including additional
Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums and fees in connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing
Indebtedness: 
 (A) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is
incurred which is not less than (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded, refinanced, renewed, defeased or retired or (y) one year
after the final stated maturity of the Notes; 
 (B) to the extent such Refinancing Indebtedness extends,
replaces, refunds, refinances, renews or defeases (i) Indebtedness subordinated in right of payment to the Notes or any Subsidiary Guarantee, such Refinancing Indebtedness is subordinated in right of payment to the Notes or such Subsidiary
Guarantee at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred
Stock, respectively; and 
 (C) shall not include: 

(x) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary that is not a Subsidiary Guarantor that
refinances Indebtedness, Disqualified Stock or Preferred Stock of the Company; 
 (y) Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary that is not a Subsidiary Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary Guarantor; or 

(z) Indebtedness, Disqualified Stock or Preferred Stock of the Company or a Restricted Subsidiary that refinances
Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 
 (14) Indebtedness,
Disqualified Stock or Preferred Stock (x) of the Company or any of its Restricted Subsidiaries incurred to finance the acquisition of any Person or assets or (y) of Persons that are acquired by the Company or any Restricted Subsidiary or
merged into the Company or a Restricted Subsidiary in accordance with the terms of the Indenture; provided that, after giving effect to such acquisition or merger, either: 

(A) the Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 1011(a); or 

  
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 (B) the Fixed Charge Coverage Ratio of the Company and the Restricted
Subsidiaries on a consolidated basis (i) is greater than immediately prior to such acquisition or merger and (ii) is at least 1.50 to 1; 
 (15) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;
provided that such Indebtedness is extinguished within five Business Days of its incurrence; 
 (16)
Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit issued pursuant to a Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit; 

(17) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred to finance or assumed in
connection with an acquisition or merger and any Refinancing Indebtedness incurred to refund, replace or refinance any Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (17) which, when aggregated with the
principal amount of all other Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (17) and then outstanding (including any such Refinancing Indebtedness) does not exceed $35.0 million; 

(18) Indebtedness incurred by a Foreign Subsidiary which, when aggregated with the principal amount of all other
Indebtedness incurred pursuant to this clause (18) and then outstanding, does not exceed the greater of (x) $35.0 million and (y) 3.0% of Consolidated Total Assets; 

(19) Indebtedness issued by the Company or any Restricted Subsidiary to current or former employees, directors, managers
and consultants thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Company or any direct or indirect parent company of the Company to the extent described in
Section 1010(b)(4); and 
 (20) Indebtedness, Disqualified Stock and Preferred Stock of the Company or any
Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which, when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and
Preferred Stock incurred pursuant to this clause (20) and then outstanding, does not at any one time outstanding exceed $75.0 million. 
 (c) For purposes of determining compliance with this Section 1011: 
 (1) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through
(20) above or is entitled to be incurred pursuant to Section 1011(a), the Company, in its sole discretion, shall classify or reclassify, or later divide, classify or reclassify (based on circumstances existing at the time of such
reclassification), such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and shall 

  
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only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one or more of the above clauses; provided that all Indebtedness outstanding
under the Revolving Credit Facility on the Issue Date shall be deemed to have been incurred on such date in reliance on the exception in Section 1011(b)(1); 

(2) at the time of incurrence, the Company shall be entitled to divide and classify an item of Indebtedness in more than
one of the types of Indebtedness described in Sections 1011(a) and (b) without giving pro forma effect to the Indebtedness incurred pursuant to Section 1011(b) when calculating the amount of Indebtedness that may be incurred
pursuant to Section 1011(a); 
 (3) with respect to Indebtedness incurred under a Credit Facility,
reborrowings of amounts previously repaid pursuant to “cash sweep” provisions or any similar provisions under such Credit Facility that provide that Indebtedness is deemed to be repaid daily (or otherwise periodically) shall only be deemed
for purposes of Section 1011 to have been incurred on the date such Indebtedness was first incurred and not on the date of any subsequent reborrowing thereof; 

(4) guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that is otherwise included in
the determination of a particular amount of Indebtedness shall not be included; 
 (5) if obligations in respect
of letters of credit are Incurred pursuant to a Credit Facility and are being treated as Incurred pursuant to clause (a) of the second paragraph above and the letters of credit relate to other Indebtedness, then such other Indebtedness shall
not be included; and 
 (6) the principal amount of any Disqualified Stock of the Company or a Restricted
Subsidiary, or Preferred Stock of a non-guarantor Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference
thereof. 
 (d) The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional
Indebtedness, Disqualified Stock or Preferred Stock shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 1011. 

(e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed
or incurred (as determined by the Company), in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and
such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension,
replacement, refunding, refinancing, renewal or 

  
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defeasance, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased. 
 (f) The principal amount of
any Indebtedness incurred to extend, replace, refund, refinance, renew or defease other Indebtedness, if incurred in a different currency from the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, shall be calculated
based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance. 

SECTION 1012. Liens. The Company shall not, and shall not permit any of the Subsidiary Guarantors to, directly or indirectly,
create, incur, assume or suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness on any asset or property of the Company or any Subsidiary Guarantor now owned or hereafter acquired, or any income or profits
therefrom, or assign or convey any right to receive income therefrom, unless: 
 (1) in the case of Liens
securing Subordinated Indebtedness, the Notes or the applicable Subsidiary Guarantee of a Subsidiary Guarantor, as the case may be, are secured by a Lien on such property or assets that is senior in priority to such Liens; and 

(2) in all other cases, the Notes or the applicable Subsidiary Guarantee of a Subsidiary Guarantor, as the case may be,
are equally and ratably secured; 
 provided that any Lien which is granted to secure the Notes under this Section 1012 shall be
discharged at the same time as the discharge of the Lien (other than through the exercise of remedies with respect thereto) that gave rise to the obligation to so secure the Notes. 

SECTION 1013. Limitations on Transactions with Affiliates. (a) The Company shall not, and shall not permit any
Restricted Subsidiary to, 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,
understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $2.5 million, 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 by the Company or such Restricted Subsidiary with an unrelated Person; 

(2) the Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate payments or consideration in excess of $25.0 million, a Board Resolution adopted by the majority of the members of the Board of Directors of the Company approving such Affiliate Transaction and set forth in an
Officers’ Certificate certifying that such Affiliate Transaction complies with clause (1) above; and 

  
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 (3) if such Affiliate Transaction involves aggregate payments or value in
excess of $50.0 million, the Company obtains a written opinion from an Independent Financial Advisor to the effect that the consideration to be paid or received in connection with such Affiliate Transaction is fair, from a financial point of view,
to the Company or such Restricted Subsidiary or meets the requirements, from a financial point of view, of clause (1) above. 
 (b) The foregoing provisions shall not apply to the following: 

(1) transactions between or among the Company or any of the Restricted Subsidiaries; 

(2) Restricted Payments permitted by Section 1010 of this Indenture and the definition of Permitted Investments
(other than Permitted Investments under clauses (c) and (n) of the definition of Permitted Investments); 
 (3) transactions pursuant to compensatory, benefit and incentive plans and agreements with officers, directors, managers or employees of the Company or any of its Restricted Subsidiaries approved by a
majority of the Board of Directors of the Company in good faith; 
 (4) the payment of reasonable and customary
fees and reimbursements paid to, and indemnities provided on behalf of, officers, directors, managers, employees or consultants of the Company, any of its direct or indirect parent companies or any Restricted Subsidiary; 

(5) transactions in which the Company or any Restricted Subsidiary, 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 clause (1) of Section 1013(a); 

(6) payments or loans (or cancellations of loans) to employees or consultants of the Company, any of its direct or
indirect parent companies or any Restricted Subsidiary and employment agreements, employee benefit plans, stock option plans and other compensatory or severance arrangements with such employees or consultants that are, in each case, approved by the
Company in good faith; 
 (7) any agreement, instrument or arrangement as in effect as of the Issue Date, or any
amendment thereto (so long as any such amendment is not disadvantageous to the Holders in any material respect as compared to the applicable agreement as in effect on the Issue Date as reasonably determined by the Company in good faith, as evidenced
by an Officers’ Certificate); 
 (8) transactions with customers, clients, suppliers, joint venture
partners or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of the Indenture that are fair to the Company and the Restricted Subsidiaries, in the reasonable
determination of the Board of Directors 

  
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or the senior management of the Company, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(9) the issuance of Equity Interests (other than Disqualified Stock) of the Company to any director, manager, officer,
employee or consultant of the Company or any direct or indirect parent company thereof; 
 (10) any transaction
in which the only consideration paid by the Company or any Restricted Subsidiary consists of Equity Interests (other than Disqualified Stock) of the Company; 
 (11) any merger, consolidation or reorganization of the Company with an Affiliate of the Company solely for the purpose of reincorporating the Company in a new jurisdiction; and 

(12) transactions between the Company or any Restricted Subsidiary and any person that is an Affiliate of the Company or
any Restricted Subsidiary solely because a director of such Person is also a director of the Company or any direct or indirect parent of the Company; provided that such director abstains from voting as a director of the Company or any direct
or indirect parent, as the case may be, on any matter involving such other Person. 
 SECTION 1014. Limitations on
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Company shall not, and shall not permit any Restricted Subsidiary that is not a Subsidiary Guarantor to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to: 
 (a) (1) pay dividends or make any other distributions to the Company or any Restricted Subsidiary on its Capital Stock or with respect to any other interest or participation in, or measured by, its
profits or 
 (2) pay any Indebtedness owed to the Company or any Restricted Subsidiary; 

(3) make loans or advances to the Company or any Restricted Subsidiary; or 

(b) sell, lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary; except (in each case) for such
encumbrances or restrictions existing under or by reason of: 
 (1) contractual encumbrances or restrictions in
effect on the Issue Date, including pursuant to the Revolving Credit Facility and the related documentation (including security documents and intercreditor agreements), Hedging Obligations and the Convertible Senior Notes; 

(2) this Indenture, the Notes, the Exchange Notes, any Additional Notes permitted to be incurred under the Indenture and
the guarantees thereof; 

  
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 (3) purchase money obligations for property acquired in the ordinary course
of business and Capital Lease Obligations that impose restrictions of the nature discussed in clause (b) above on the property so acquired; 
 (4) applicable law or any applicable rule, regulation or order; 

(5) any agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary in existence at
the time of such acquisition (but not created in connection therewith or in contemplation thereof), 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; 
 (6) contracts for the sale of assets, including customary restrictions
with respect to a Subsidiary pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 

(7) Secured Indebtedness otherwise permitted to be incurred pursuant to Sections 1011 and 1012 of this Indenture that
limit the right of the debtor to dispose of the assets securing such Indebtedness; 
 (8) restrictions on cash
or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (9) other Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries permitted to be incurred after the Issue Date pursuant to the provisions of Section 1011 of this Indenture
provided, that the applicable encumbrances and restrictions contained in the agreement or agreements governing such Indebtedness, Disqualified Stock or Preferred Stock are not more restrictive, taken as a whole, than those contained in the
Indenture or the Revolving Credit Facility, in each case as in effect on the Issue Date; 
 (10) customary
provisions in joint venture agreements, asset sale agreements, sale and leaseback agreements and other similar agreements; 
 (11) customary provisions contained in leases and other agreements entered into in the ordinary course of business; 

(12) restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase,
sale or other agreement to which the Company or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance of solely the property or assets of the
Company or such Restricted Subsidiary that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Company or such Restricted Subsidiary or the assets
or property of any other Restricted Subsidiary; and 
 (13) any encumbrances or restrictions of the type
referred to in clauses (a) and (b) above imposed by any amendments, modifications, restatements, renewals, increases, 

  
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supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (12) 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 with respect to such encumbrance and other restrictions than
those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; provided, further, that with respect to contracts, instruments or obligations existing on the Issue Date,
any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive with respect to such encumbrances and other restrictions than those contained in such
contracts, instruments or obligations as in effect on the Issue Date. 
 SECTION 1015. Limitation on Guarantees of
Indebtedness or Borrowing under the Revolving Credit Facility by Restricted Subsidiaries. The Company shall not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and any non-Wholly Owned Subsidiaries if such
non-Wholly Owned Subsidiaries become borrowers under the Revolving Credit Facility or guarantee other capital markets debt securities) of the Company or any Subsidiary Guarantor, other than a Subsidiary Guarantor or a Foreign Subsidiary, to become a
borrower under the Senior Credit Facility or guarantee the payment of any Indebtedness of the Company or any Subsidiary Guarantor unless: 
 (1) such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture providing for a Subsidiary Guarantee by such Restricted Subsidiary, except that with respect
to a guarantee of Indebtedness of the Company or any Subsidiary Guarantor, that is by its express terms subordinated in right of payment to the Notes or such Subsidiary Guarantor’s Subsidiary Guarantee, any such guarantee by such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Subsidiary Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes; 

(2) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of,
any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Subsidiary Guarantee; and 

(3) such Restricted Subsidiary shall deliver to the Trustee an Opinion of Counsel to the effect that: 

(a) such Subsidiary Guarantee has been duly executed and authorized; and 

(b) such Subsidiary Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary,
except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws 

  
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(including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity, 

provided that this Section 1015 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person
became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. 
 SECTION 1016. Limitation on Sale and Lease-Back Transactions. The Company shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction with
respect to any property unless: 
 (1) the Company or such Restricted Subsidiary would be entitled to
(A) incur Indebtedness in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction pursuant to Section 1011 of this Indenture and (B) create a Lien on such property securing such Attributable Debt
without equally and ratably securing the Notes pursuant to Section 1012; and 
 (2) the Company applies the
proceeds of such transaction in compliance with Section 1018 of this Indenture. 
 SECTION 1017. Change of
Control. 
 (a) If a Change of Control occurs, the Company shall make an offer to purchase all of the Notes pursuant to the
offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, and Additional
Interest, if any, to the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date, except to the extent the Company has elected to redeem the Notes under
Section 1101 of this Indenture. Within 30 days following any Change of Control, or, at the Company’s option, prior to the consummation of such change of control but after it is publicly announced, and except to the extent the Company has
elected to redeem the Notes under Section 1101 of this Indenture, the Company shall send notice of such Change of Control Offer electronically or by first class mail, with a copy to the Trustee, to each Holder to the address of such Holder
appearing in the register of Holders with a copy to the Trustee, with the following information: 
 (1) a Change
of Control Offer is being made pursuant to this Section 1017 and all Notes properly tendered pursuant to such Change of Control Offer shall be accepted for payment; 

(2) the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date
such notice is mailed (the “Change of Control Payment Date”); 
 (3) any Note not properly
tendered shall remain outstanding and continue to accrue interest; 

  
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 (4) 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 shall cease to accrue interest on the Change of Control Payment Date; 
 (5) Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on
the reverse of the Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such
Notes; provided that the paying agent receives, not later than the close of business on the last day of the offer period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 
 (7) Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to
$2,000 or an integral multiple of $1,000 in excess thereof; and 
 (8) if the notice is mailed before a Change
of Control, that the Change of Control offer is conditioned on the Change of Control occurring. 
 (b) While the Notes are in
global form and the Company makes a Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes through the facilities of the Depository, subject to its rules and regulations. 

(c) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

(d) On the Change of Control Payment Date, the Company shall, to the extent permitted by law, 

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 (2) unless deposited before the Change of Control Payment Date, deposit with the Paying Agent no later than
10:00 a.m. New York City time an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so tendered and accepted for payment; and 

  
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 (3) deliver, or cause to be delivered, to the Trustee for cancellation the
Notes so accepted together with an Officers’ Certificate stating that such Notes or portions thereof have been tendered to and purchased by the Company. 
 (e) The Paying Agent shall promptly mail to each Holder the Change of Control Payment for such Notes tendered and accepted for payment, and the Trustee shall promptly authenticate and mail 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 shall be in a principal amount of $2,000 or an integral multiple 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. 
 (f) The Company shall not be required to make a Change of Control Offer following a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the time and otherwise
in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (2) a notice of
redemption has been given for all of the Notes pursuant to Section 1106 of this Indenture. 
 SECTION 1018. Asset
Sales. 
 (a) The Company shall not, and shall not permit any Restricted Subsidiary to, cause, make or suffer to exist an
Asset Sale, unless: 
 (1) the Company or such Restricted Subsidiary, as the case may be, receives consideration
at the time of such Asset Sale at least equal to the fair market value (as determined in good faith by the Company) of the assets sold or otherwise disposed of; and 

(2) except in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Company or
such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of 
 (A) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto) of the Company or such Restricted Subsidiary, other than
liabilities that are by their terms subordinated to the Notes, that are assumed by the transferee of any such assets (or a third party on behalf of the transferee) and for which the Company or such Restricted Subsidiary has been validly released by
all applicable creditors in writing; 
 (B) any securities, notes or other obligations or assets received by the
Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received) within 90 days following the closing of such Asset Sale; and 

(C) any Designated Noncash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having
an aggregate fair market 

  
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value, taken together with all other Designated Noncash Consideration received pursuant to this clause (C) that has not previously been converted to cash, not to exceed the greater of
(x) $35.0 million and (y) 3.0% of Consolidated Total Assets 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; 
 shall be deemed to be cash for purposes of this provision and for
no other purpose. 
 (b) Within 365 days after any of the Company’s or any Restricted Subsidiary’s receipt of the Net
Proceeds of any Asset Sale, the Company or such Restricted Subsidiary may, at its option, apply the Net Proceeds from such Asset Sale: 
 (1) to permanently reduce 
 (x) Obligations under the Revolving
Credit Facility or any other Senior Indebtedness, in each case, of the Company or any Subsidiary Guarantor and, in the case of Obligations under revolving credit facilities or other similar Indebtedness, to correspondingly permanently reduce
commitments with respect thereto (other than Obligations owed to the Company or a Restricted Subsidiary); provided that if the Company or any Restricted Subsidiary shall so reduce Obligations under any Senior Indebtedness that is not Secured
Indebtedness, the Company or such Subsidiary Guarantor shall, equally and ratably, reduce Obligations under the Notes by, at its option, (A) redeeming Notes if the Notes are then redeemable as provided by the terms of the Notes, (B) making
an offer (in accordance with the procedures set forth in this Section 1018) to all Holders to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued and unpaid interest and Additional Interest, if any, on the
principal amount of Notes to be repurchased or (C) purchasing Notes through open market purchases (to the extent such purchases are at a price equal to or higher than 100% of the principal amount thereof) in a manner that complies with this
Indenture and applicable securities law; or 
 (y) Indebtedness of a Restricted Subsidiary that is not a
Subsidiary Guarantor, other than Indebtedness owed to the Company or another Restricted Subsidiary; or 
 (2) to
make an investment in (A) any one or more businesses; provided that such investment in any business is in the form of the acquisition of Capital Stock and results in the Company or any Restricted Subsidiary owning an amount of the
Capital Stock of such business such that it constitutes a Restricted Subsidiary, (B) properties, (C) capital expenditures and (D) acquisitions of other assets, that in each of (A), (B), (C) and (D), are used or useful in a
Similar Business or replace the businesses, properties and assets that are the subject of such Asset Sale; or 

(3) any combination of the foregoing. 

  
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 (c) Any Net Proceeds from any Asset Sale that are not invested or applied in accordance with
the preceding paragraph within 365 days from the date of the receipt of such Net Proceeds shall be deemed to constitute “ Excess Proceeds”; provided that if during such 365-day period the Company or a Restricted Subsidiary enters
into a definitive binding agreement committing it to apply such Net Proceeds in accordance with the requirements of clause (2) of Section 1018(b) after such 365th day, such 365-day period shall be extended with respect to the amount of Net
Proceeds so committed until such Net Proceeds are required to be applied in accordance with such agreement (but such extension shall in no event be for a period longer than 180 days) (or, if earlier, the date of termination of such agreement). When
the aggregate amount of Excess Proceeds exceeds $20.0 million, the Company shall make an offer to all Holders and, if required by the terms of any Senior Indebtedness, to the holders of such Senior Indebtedness (other than with respect to Hedging
Obligations) (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount of Notes and such Senior Indebtedness that is an amount equal to at least $2,000 that may be purchased out of the Excess Proceeds at an offer
price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this
Indenture. The Company shall commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $20.0 million by mailing or electronically sending the notice required pursuant to the
terms of this Indenture, with a copy to the Trustee. The Company may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Proceeds prior to the expiration of the
relevant 365 days (or such longer period provided above) or with respect to Excess Proceeds of $20.0 million or less. To the extent that the aggregate amount of Notes and such Senior Indebtedness tendered pursuant to an Asset Sale Offer is less than
the Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes, subject to the other covenants contained in this Indenture. If the aggregate principal amount of Notes or the Senior Indebtedness surrendered by
such holders thereof exceeds the amount of Excess Proceeds, the Company shall select or cause to be selected the Notes and such Senior Indebtedness to be purchased on a pro rata basis based on the accreted value or principal amount of the Notes or
such Senior Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds related to such Asset Sale Offer shall be reset at zero. 
 (d) Pending the final application of any Net Proceeds pursuant to this Section 1018, the Company or the applicable Restricted Subsidiary may apply such Net Proceeds temporarily to reduce Indebtedness
outstanding under a revolving credit facility or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 
 (e) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in
connection with the repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities
laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

  
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 (f) If the Company is repurchasing less than all of the Notes at any time, the Company shall
select the Notes to be repurchased (a) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which such Notes are listed or (b) if such Notes are
not so listed, by lot or in accordance with the applicable procedures of the Depository; provided that no Notes of $2,000 or less shall be repurchased in part. 
 (g) Within 30 days after the Company becomes obligated to make an Asset Sale Offer, the Company shall send notice of that Asset Sale Offer electronically or by first class mail, with a copy to the
Trustee, to each Holder to the address of that Holder appearing in the security register with the following information: 
 (1) that an Asset Sale Offer is being made pursuant to this Section 1018, the total amount of the Asset Sale Offer, and that all Notes properly tendered pursuant to the Asset Sale Offer shall be
accepted for payment, subject to prorating if the aggregate principal amount of Notes tendered is greater than the amount of the Asset Sale Offer, as contemplated by Section 1018(b); 

(2) the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date
such notice is mailed (the “Asset Sale Payment Date”); 
 (3) any Note not properly tendered
shall remain outstanding and continue to accrue interest; 
 (4) unless the Company defaults in the payment of
the Asset Sale Offer, all Notes accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest on the Asset Sale Payment Date; 
 (5) Holders electing to have any Notes purchased pursuant to an Asset Sale Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Payment Date; 

(6) Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such
Notes; provided that the paying agent receives, not later than the close of business on the last day of the offer period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; and 
 (7) Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to
$2,000 or an integral multiple of $1,000 in excess thereof. 

  
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 (h) While the Notes are in global form and the Company makes an Asset Sale Offer, a Holder
may exercise its option to elect for the purchase of the Notes through the facilities of the Depository, subject to its rules and regulations. 
 (i) On the Asset Sale Payment Date, the Company shall, to the extent permitted by law, 
 (1) accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer; 
 (2) deposit with the Paying Agent an amount equal to the aggregate payment of the Asset Sale Offer; and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating that such Notes or portions thereof have been tendered to
and purchased by the Company. 
 (j) The Paying Agent shall promptly mail to each Holder the payment for such Notes in respect
of the Asset Sale Offer, and the Trustee shall upon receipt of a Company Order promptly authenticate and mail 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 shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Asset Sale Payment Date. The
Paying Agent, if not the Company, shall return to the Company any cash that remains unclaimed, together with interest, if any, thereon, held by the Paying Agent for the payment of the amount required pursuant to the Asset Sale Offer. 

SECTION 1019. Reserved. 
 SECTION 1020. Covenant Suspension. 
 (a) Following the first day
(1) the Notes have an Investment Grade Rating from both of the Rating Agencies; and (2) no Default or Event of Default shall have occurred and be continuing, the Company and its Restricted Subsidiaries will not be subject to the following
provisions of the Indenture: 
 (1) Section 801(a)(4); 

(2) Section 1010; 
 (3) Section 1011; 
 (4) Section 1016; 

(5) Section 1018; 
 (6) Section 1013; and 

  
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 (7) Section 1014; 
 (collectively, the “Suspended Covenants”). 
 (b) If at any time
the Notes’ credit rating is downgraded from an Investment Grade Rating by any Rating Agency or if a Default or Event of Default occurs and is continuing, then the Suspended Covenants will thereafter be reinstated as if such covenants had never
been suspended (the “Reinstatement Date”) and be applicable pursuant to the terms of the Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of the Indenture),
unless and until the Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment
Grade Rating and no Default or Event of Default is in existence); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under the Indenture, the Notes or the Subsidiary Guarantees with respect to
the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined below), regardless of whether such actions or events
would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the date of suspension of the covenants and the Reinstatement Date is referred to as the “Suspension
Period.” 
 (c) On the Reinstatement Date, all Indebtedness Incurred during the Suspension Period will be classified to
have been Incurred pursuant to Section 1011(a) or or 1011(b) (in each case to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reinstatement Date and after giving effect to Indebtedness Incurred prior to the
Suspension Period and outstanding on the Reinstatement Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 1011(a) or or 1011(b), such Indebtedness will be deemed to have been outstanding on the
Issue Date, so that it is classified under 1011(b)(3). Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 1010 will be made as though the covenants described under
Section 1010 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
Section 1010(a). 
 (d) During any period when the Suspended Covenants are suspended, the Board of Directors of the Company
may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to the Indenture. 
 ARTICLE
ELEVEN 
 REDEMPTION OF NOTES 
 SECTION 1101. Right of Redemption. 
 (a) At any time prior to
June 1, 2016, the Company may redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable
Premium as 

  
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of, and accrued and unpaid interest and Additional Interest, if any, to the Redemption Date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant
Interest Payment Date. 
 (b) From and after June 1, 2016, the Company may redeem the Notes, in whole or in part, upon not
less than 30 nor more than 60 days’ prior notice to the Holders at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, and Additional Interest, if any, thereon to the
applicable Redemption Date, subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on June 1 of each of the years indicated
below: 
  

			
	Year	  	Percentage
	 2016
	  	104.125%
	 2017
	  	102.063%
	 2018 and thereafter
	  	100.000%

 (c) Prior to June 1, 2015, the Company may, at its option, redeem up to 35% of the sum of the
original aggregate principal amount of Notes (and the original principal amount of any Additional Notes) issued under this Indenture at a redemption price equal to 108.250% of the aggregate principal amount thereof, plus accrued and unpaid interest
and Additional Interest, if any, thereon to the applicable Redemption Date, subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity
Offerings of the Company or any direct or indirect parent of the Company to the extent such net cash proceeds are contributed to the Company; provided that at least 65% of the sum of the aggregate principal amount of Notes originally issued
under this Indenture and the aggregate principal amount of any Additional Notes issued under this Indenture after the Issue Date remains Outstanding immediately after the occurrence of each such redemption; provided, further, that each
such redemption occurs within 90 days of the date of closing of each such Equity Offering. 
 SECTION 1102. Mandatory
Redemption; Open Market Purchases. The Company shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. The Company or its Affiliates may from time to time acquire Notes by means other than a
redemption, whether by tender offer, exchange offer, in open market purchases, through negotiated transactions or otherwise, in accordance with applicable securities laws, upon such terms and at such prices as the Company or its Affiliates may
determine, which may be more or less than the consideration for which the Notes offered hereby are being sold and may be less than the redemption price then in effect and could be for cash or other consideration. 

SECTION 1103. Applicability of Article. Redemption of Notes at the election of the Company or otherwise, as permitted or
required by any provision of this Indenture or the Notes, shall be made in accordance with such provision and this Article Eleven. 
 SECTION 1104. Election to Redeem; Notice to Trustee. If the Company elects to redeem Notes pursuant to Section 1101 hereof, it shall furnish to the Trustee, at least five Business Days
before notice of redemption is required to be sent or mailed or caused to be sent 

  
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or mailed to Holders pursuant to Section 1106 hereof (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate setting forth (i) the paragraph or
subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed and (iv) the Redemption Price. Any notice to the
Trustee delivered pursuant to this Section 1104 may be revoked by the Company prior to the delivery of any notice of redemption sent to Holders. 
 SECTION 1105. Selection by Trustee of Notes to Be Redeemed. 
 (a) If
the Company is redeeming less than all of the Notes at any time, the Trustee shall select the Notes to be redeemed (a) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national
securities exchange on which such Notes are listed or (b) if such Notes are not so listed, by lot or in accordance with the applicable procedures of the Depository; provided that no Notes of $2,000 or less shall be redeemed in part.

 (b) If any Note is to be redeemed in part only, any notice of redemption that relates to such Note shall state the portion of
the principal amount thereof to be redeemed. 
 (c) A new Note in principal amount equal to the unredeemed portion of any Note
redeemed in part shall be issued in the name of the Holder thereof upon cancellation of the original Note. Notes called for redemption become due and payable on the date fixed for redemption. On and after the Redemption Date, unless the Company
defaults in the redemption payment, interest shall cease to accrue on the Note or portions thereof called for redemption. 

SECTION 1106. Notice of Redemption. Notices of redemption shall be sent electronically or mailed by first class mail, postage
prepaid (or in the case of notes held in book-entry form, by electronic transmission), or otherwise provided in accordance with the procedures of the Depositary, at least 30 days but not more than 60 days before the Redemption Date to each Holder at
such Holder’s registered address, except that notices of redemption may be sent or 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. In connection with any redemption of Notes (including with the net cash proceeds of an Equity Offering), any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including any related
Equity Offering. 
 All notices of redemption shall state: 

(1) the Redemption Date, 
 (2) the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 1108, if any, 

(3) if less than all Outstanding Notes are to be redeemed, the identification (and, in the case of a partial redemption,
the principal amounts) of the particular Notes to be redeemed, 

  
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 (4) in case any Note is to be redeemed in part only, the notice which
relates to such Note shall state that on and after the Redemption Date, upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed,

 (5) that on the Redemption Date the Redemption Price (and accrued interest, if any, to the Redemption Date
payable as provided in Section 1108) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and that interest thereon shall cease to accrue on and after said date, subject to any condition precedent in that
notice, 
 (6) the place or places where such Notes are to be surrendered for payment of the Redemption Price
and accrued interest, if any, 
 (7) the name and address of the Paying Agent, 

(8) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price, 

(9) 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, 
 (10) the “CUSIP” number, ISIN or “Common
Code” number and that no representation is made as to the accuracy or correctness of the “CUSIP” number, ISIN or “Common Code” number, if any, listed in such notice or printed on the Notes, 

(11) the paragraph of the Notes or Section of the Indenture pursuant to which the Notes are to be redeemed, and

 (12) any conditions precedent to which the redemption or notice is subject to and that, in the Company’s
discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied by the Redemption Date, or by the Redemption Date so delayed. 
 At the Company’s request, the Trustee shall give
the notice of redemption in the Company’s name and at its expense; provided that the Company shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be sent or mailed or caused to be
sent or mailed to Holders pursuant to this Section 1106 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in
such notice as provided in Section 1104. 
 SECTION 1107. Effect of Notice of Redemption. Once notice of
redemption is mailed in accordance with Section 1106 hereof, Notes called for redemption become irrevocably due and payable on the Redemption Date at the Redemption Price, subject to any condition precedent set forth in that notice. The notice,
if sent or mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In 

  
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any case, failure to give such notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the
redemption of any other Note. Subject to Section 1108 hereof, on and after the Redemption Date, interest and Additional Interest, if any, shall cease to accrue on Notes or portions of Notes called for redemption. 

SECTION 1108. Deposit of Redemption Price. Prior to 10:00 a.m. (Eastern Time) on any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and accrued interest
and Additional Interest, if any, on, all the Notes that are to be redeemed on that date. The Trustee or the Paying Agent shall 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 price of, and accrued and unpaid interest and Additional Interest, if any, on, all Notes to be redeemed or purchased. In addition, all money, if any, earned on funds held by the Trustee or the Paying Agent
shall be remitted to the Company. 
 SECTION 1109. Notes Payable on Redemption Date. 

(a) Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date and assuming the
satisfaction of any conditions precedent, become due and payable at the Redemption Price therein specified (together with accrued interest and Additional Interest, if any, to the Redemption Date), and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the
Redemption Price, together with accrued interest and Additional Interest, if any, to the Redemption Date and such Notes shall be canceled by the Trustee; provided, however, that installments of interest whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 306.

 (b) If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium,
if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 
 SECTION 1110. Notes
Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article Eleven) shall be surrendered at the office or agency of the Company maintained for such purpose pursuant to Section 1002 (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and
the Company shall execute, and upon receipt of a Company Order the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in
aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered; provided that no Note of $2,000 or less will be redeemed in part. 

  
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 ARTICLE TWELVE 
 GUARANTEES 
 SECTION 1201. Guarantees. Each Subsidiary
Guarantor hereby jointly and severally, irrevocably and unconditionally irrevocably guarantees, as primary obligor and not merely as surety, the Notes and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note
authenticated and delivered by the Trustee, and to the Trustee for itself and on behalf of such Holder, that: (1) the principal of (and premium, if any) and interest on, or Additional Interest in respect of, the Notes shall be paid in full when
due, whether at Stated Maturity, by acceleration or otherwise (including the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Law), subject to any applicable grace period, together
with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be 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 of any such other obligations, the same shall be 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, subject to any applicable grace period, and subject, however, in the case of clauses (1) and (2) above, to the limitation set forth in Section 1204
hereof. 
 (a) Each Subsidiary Guarantor hereby agrees that (to the extent permitted by law) its obligations hereunder shall be
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 with respect to any provisions hereof or thereof, any
release of any other Subsidiary Guarantor, 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 Subsidiary
Guarantor. 
 (b) Each Subsidiary Guarantor hereby waives (to the extent permitted by law) the benefits of diligence,
presentment, demand for 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 or any other Person, protest, notice and all demands whatsoever and
covenants that the Subsidiary Guarantee of such Subsidiary Guarantor shall not be discharged as to any Note except by complete performance of the obligations contained in such Note, this Indenture and such Subsidiary Guarantee. Each Subsidiary
Guarantor acknowledges that the Subsidiary Guarantee is a guarantee of payment, performance and compliance when due and not of collection. Each of the Subsidiary Guarantors hereby agrees that, in the event of a default in payment of principal (or
premium, if any) or interest on such Note, whether at its Stated Maturity, by acceleration, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions
set forth in this Indenture, directly against each of the Subsidiary Guarantors to enforce such Subsidiary Guarantor’s Subsidiary Guarantee without first proceeding against the Company or any other Subsidiary Guarantor. Each Subsidiary
Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the Maturity of the Notes, to
collect interest on the 

  
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Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Subsidiary Guarantor shall pay to the Trustee for the account of the Holder, upon demand therefor, the
amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company or any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in
relation to either the Company or any Subsidiary Guarantor, any amount paid by any of them to the Trustee or such Holder, the Subsidiary Guarantee of each of the Subsidiary Guarantors, to the extent theretofore discharged, shall be reinstated in
full force and effect. Each Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, on the one hand, and the Holders and the Trustee on the other hand, (1) subject to this Article Twelve, the Maturity of the obligations
guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes of the Subsidiary Guarantee of such Subsidiary Guarantor notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of
the obligations guaranteed hereby, and (2) in the event of any acceleration of such obligation as provided in Article Five hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Subsidiary
Guarantor for the purpose of the Subsidiary Guarantee of such Subsidiary Guarantor. The Subsidiary Guarantors shall have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right does not impair
the rights of the Holders under the Subsidiary Guarantees. 
 (d) Each Subsidiary Guarantee shall remain in full force and
effect and continue to be effective should any petition be filed by or against the Company for liquidation, reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment
or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned. 
 SECTION 1202. Severability. In case any provision of any
Subsidiary Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby to the extent permitted by applicable law. 

SECTION 1203. Reserved. 
 SECTION 1204. Limitation of Subsidiary Guarantors’ Liability. Each Subsidiary 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 Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the 

  
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extent applicable to any Subsidiary Guarantee or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and
each such Subsidiary Guarantor hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other
contingent and fixed liabilities of such Subsidiary 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 Subsidiary Guarantor
in respect of the obligations of such other Subsidiary Guarantor under this Article Twelve, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under
applicable law. 
 SECTION 1205. Contribution. Each Subsidiary Guarantor that makes a payment under its Subsidiary
Guarantee shall be entitled upon payment in full of all guaranteed Obligations under this Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment
based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 
 SECTION 1206. Subrogation. Each Subsidiary Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Subsidiary Guarantor pursuant to the
provisions of Section 1201; provided, however, that, if a Default or Event of Default has occurred and is continuing, no Subsidiary Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such
right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full. 
 SECTION 1207. Reinstatement. Each Subsidiary Guarantor hereby agrees (and each Person who becomes a Subsidiary Guarantor shall agree) that the Subsidiary Guarantee provided for in
Section 1201 shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is properly rescinded or must otherwise be restored by a Holder to the
Company upon the bankruptcy or insolvency of the Company or any Subsidiary Guarantor. 
 SECTION 1208. Release of a
Subsidiary Guarantor. The Subsidiary Guarantee of a Subsidiary Guarantor shall automatically and unconditionally be released and discharged, and no further action by such Subsidiary Guarantor, the Company or the Trustee is required for the
release of such Subsidiary Guarantor’s Subsidiary Guarantee, upon: 
 (1) (A) the sale, disposition or
other transfer (including through merger or consolidation) of all of the Capital Stock (or any sale, disposition or other transfer of Capital Stock following which such Subsidiary Guarantor is no longer a Restricted Subsidiary), or all or
substantially all the assets, of such Subsidiary Guarantor (other than a sale, disposition or other transfer to a Restricted Subsidiary) if such sale, disposition or other transfer is permitted by the applicable provisions of this Indenture;
provided that (x) all the obligations of such Subsidiary Guarantor under all other Indebtedness of the Company and its Restricted Subsidiaries terminate upon consummation of such 

  
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transaction and (y) any Investment of the Company or any other Subsidiary of the Company (other than any Subsidiary of such Subsidiary Guarantor) in such Subsidiary Guarantor or any
Subsidiary of such Subsidiary Guarantor in the form of an Obligation or Preferred Stock is repaid, satisfied, released and discharged in full upon such release; 

(B) the designation by the Company of such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with
Section 1010 of this Indenture and the definition of “Unrestricted Subsidiary”; 
 (C) the
release or discharge of such Subsidiary Guarantor from its obligations in respect of Indebtedness under the Revolving Credit Facility or the guarantee that resulted in the obligation of such Subsidiary Guarantor to guarantee the Notes, in each case,
if such Subsidiary Guarantor would not then otherwise be required to guarantee the Notes pursuant to Section 1015 of this Indenture (treating any guarantees of such Subsidiary Guarantor that remain outstanding as incurred at least 30 days prior
to such release or discharge); or 
 (D) the exercise by the Company of its Legal Defeasance of the Notes under
Section 1302 of this Indenture or its Covenant Defeasance of the Notes under Section 1303 of this Indenture or if the Company’s obligations under this Indenture are discharged in accordance with Section 401 of this Indenture; and

 (2) such Subsidiary Guarantor delivering to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for in the Indenture relating to such transaction and/or release have been complied with. 
 SECTION 1209.Benefits Acknowledged. Each Subsidiary Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and from
its guarantee and waivers pursuant to its Subsidiary Guarantees under this Article Twelve. 
 ARTICLE THIRTEEN 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 1301.Company’s Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at its option, and at any time, elect to have either Section 1302 or Section 1303 be
applied to all Outstanding Notes upon compliance with the conditions set forth below in this Article Thirteen. 
 SECTION
1302.Legal Defeasance and Discharge. Upon the Company’s exercise under Section 1301 of the option applicable to this Section 1302, each of the Company and the Subsidiary Guarantors shall be deemed to have been discharged from
its respective obligations with respect to all Outstanding Notes on the date the conditions set forth in Section 1304 are satisfied (hereinafter, “ Legal Defeasance”). For this purpose, such Legal Defeasance means that each of
the Company and the Subsidiary Guarantors shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Notes, which shall thereafter 

  
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be deemed to be “Outstanding” only for the purposes of Section 1305 and the other Sections of this Indenture referred to in (1) and (2) below, and to have satisfied all
its other obligations under such Notes and this Indenture insofar as such Notes and their related Subsidiary Guarantees are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged hereunder: 
 (1) the rights of
Holders of Outstanding Notes to receive payments in respect of the principal of (and premium, if any, on) and interest on such Notes when such payments are due, solely out of the trust created pursuant to this Indenture (as described in Sections
1304 and 1305), 
 (2) the Company’s obligations with respect to such Notes under Sections 303, 304, 305,
1002 and 1003, 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder, and the
obligations of each of the Company and the Subsidiary Guarantors in connection therewith and 
 (4) this Article
Thirteen. 
 Subject to compliance with this Article Thirteen, the Company may exercise its option under this Section 1302
notwithstanding the prior exercise of its option under Section 1303 with respect to the Notes. 
 SECTION 1303. Covenant
Defeasance. Upon the Company’s exercise under Section 1301 of the option applicable to this Section 1303, each of the Company and the Subsidiary Guarantors shall be released from its respective obligations under any covenant
contained in Sections 801 and 802 and in Sections 1005 and 1009 through and including 1018 with respect to the Outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Notes, the Company or any Subsidiary Guarantor, as
applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Sections 501(3), 501(4), 501(5) and 501(7) and, with respect
to only any Significant Subsidiary and not the Company, Section 501(6), but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. 

SECTION 1304. Conditions to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to application of
either Section 1302 or Section 1303 to the Outstanding Notes: 

  
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 (1) the Company shall irrevocably have deposited with the Trustee (or
another trustee satisfying the requirements of Section 608 who shall agree to comply with the provisions of this Article Thirteen applicable to it) in trust for the benefit of Holders of such Notes; (A) cash in U.S. dollars, or
(B) non-callable Government Securities, or (C) a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay, and which shall be applied by the
Trustee (or other qualifying trustee) to pay, the principal of, premium, if any, and interest due on the Outstanding Notes on the Stated Maturity or Redemption Date, as the case may be; provided that the Trustee shall have been irrevocably
instructed to apply such cash or the proceeds of such Government Securities to said payments with respect to the Notes; before such a deposit, the Company may give to the Trustee, in accordance with Section 1104 hereof, a notice of its election
to redeem all of the Outstanding Notes at a future date in accordance with Article Eleven hereof, which notice shall be irrevocable; such irrevocable redemption notice, if given, shall be given effect in applying the foregoing; 

(2) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States of America confirming that, subject to customary assumptions and exclusions, 
 (A) the Company has
received from, or there has been published by, the United States Internal Revenue Service a ruling, or 
 (B)
since the original issuance of the Notes, 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 in the United States of America shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Outstanding Notes shall not recognize income, gain
or loss for U.S. Federal income tax purposes as a result of such Legal Defeasance and shall 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 Covenant Defeasance, the Company shall have delivered to the Trustee an
Opinion of Counsel in the United States confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Outstanding Notes shall not recognize income, gain or loss for U.S. Federal income tax purposes as a result of
such Covenant Defeasance and shall be subject to such 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 (other than that resulting from borrowing funds to be applied to make such deposit and the granting of
Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 
 (5) such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any Credit Facility, the Convertible 

  
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Senior Notes or any other material agreement or instrument (other than this Indenture) to which, the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary
Guarantor is bound; 
 (6) the Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any Subsidiary Guarantor or others; and 

(7) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel in the United
States of America (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been
complied with. 
 Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with respect to Legal
Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable by reason of the making of a notice of redemption or otherwise, (B) will become due and payable within
one year or (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

SECTION 1305.Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. All cash and
Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1305, the “Qualifying Trustee”) pursuant to Section 1304 in respect
of the Outstanding Notes shall be held in trust and applied by the Qualifying 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 or a
Subsidiary acting as its own Paying Agent) as the Qualifying Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, but such money or Government
Securities need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify
the Qualifying Trustee against any tax, fee or other charge imposed on or assessed against the Government Securities deposited pursuant to Section 1304 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 beneficial owners of the Outstanding Notes. 
 Anything in this Article
Thirteen to the contrary notwithstanding, the Qualifying Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Securities held by it as provided in Section 1304 which, in the opinion of a
nationally recognized firm of independent public accountants, expressed in a written certification thereof delivered to the Qualifying Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article Thirteen. 

  
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 SECTION 1306. Reinstatement. If the Trustee or any Paying Agent is unable to apply
any money or Government Securities in accordance with Section 1305 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 each
Subsidiary Guarantor’s obligations under this Indenture and the Outstanding Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 1302 or 1303, as the case may be, until such time as the Trustee or
Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 1305; provided, however, that (a) if the Company makes any payment of principal of (or premium, if any) or interest on any
Note following 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 Government Securities held by the Trustee or Paying Agent; and (b) unless
otherwise required by any legal proceeding or any other order or judgment of any court or governmental authority, the Trustee or Paying Agent (if other than the Company) shall return all such money and Government Securities to the Company promptly
after receiving a written request therefor at any time, if such reinstatement of the Company’s obligations has occurred and continues to be in effect. 
 SECTION 1307. Repayment to Company. Subject to any laws relating to abandoned property, 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 and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium and Additional Interest, if any, or interest has become due and payable shall be
paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 

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

					
	KAISER ALUMINUM CORPORATION
		
	By:	 	/s/ Daniel J. Rinkenberger
		 	Name:	 	Daniel J. Rinkenberger
		 	Title:	 	Senior Vice President and Chief
		 		 	Financial Officer

  

					
	 KAISER ALUMINUM INVESTMENTS COMPANY
 KAISER ALUMINUM FABRICATED PRODUCTS, LLC
 KAISER ALUMINUM WASHINGTON, LLC

KAISER ALUMINUM ALEXCO, LLC
 KAISER ALUMINUM MILL
PRODUCTS, INC.

		
	By:	 	/s/ Daniel J. Rinkenberger
		 	Name:	 	Daniel J. Rinkenberger
		 	Title:	 	Senior Vice President and Chief
		 		 	Financial Officer

 
					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	/s/ Maddy Hall
		 	Name:	 	Maddy Hall
		 	Title:	 	Vice President

 SCHEDULE I 
 Subsidiary Guarantors 
  

					
	No.	  	Subsidiaries	  	Jurisdiction
	1	  	Kaiser Aluminum Investments Company	  	Delaware
	2	  	Kaiser Aluminum Fabricated Products, LLC	  	Delaware
	3	  	Kaiser Aluminum Washington, LLC	  	Delaware
	4	  	Kaiser Aluminum Alexco, LLC	  	Delaware
	5	  	Kaiser Aluminum Mill Products, Inc.	  	Delaware

 Appendix A 
 PROVISIONS RELATING TO INITIAL NOTES, 
 AND EXCHANGE NOTES 

1. Definitions 
 1.1
Definitions. 
 For the purposes of this Appendix the following terms shall have the meanings indicated below:

 “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Note or
beneficial interest therein, the rules and procedures of the Depository for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Certificated Note” means a certificated Initial Note or Exchange Note (other than a Global Note) bearing, if required, the
appropriate restricted notes legend set forth in Section 2.3(d) of this Appendix. 
 “Clearstream” means
Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 
 “Depository” means
The Depository Trust Company, its nominees and their respective successors. 
 “Distribution Compliance Period,” with
respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in
reliance on Regulation S and (ii) the issue date with respect to such Notes. 
 “Exchange Notes” means
(1) 8.250% Senior Notes Due 2020 issued pursuant to the Indenture in connection with a Registered Exchange Offer pursuant to a Registration Rights Agreement and (2) Additional Notes, if any, issued pursuant to a registration statement
filed with the SEC under the Securities Act. 
 “Euroclear” means Euroclear Bank S.A./N.Y., as operator of Euroclear
systems Clearance System or any successor securities clearing agency. 
 “IAI” means an institution that is an
“accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and is not a QIB. 
 “Initial Notes” means (1) $225,000,000 aggregate principal amount of 8.250% Senior Notes Due 2020 issued on the Issue Date and (2) Additional Notes, if any, issued in a transaction
exempt from the registration requirements of the Securities Act. 

 “Initial Purchasers” means (1) with respect to the Initial Notes issued on
the Issue Date each of J.P. Morgan Securities LLC; Wells Fargo Securities, LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and UBS Securities LLC and (2) with respect to each issuance of Additional Notes, the Persons
purchasing such Additional Notes under the related Purchase Agreement. 
 “Notes” means the Initial Notes, any
Additional Notes and the Exchange Notes, treated as a single class. 
 “Notes Custodian” means the custodian with
respect to a Global Note (as appointed by the Depository), or any successor Person thereto and shall initially be the Trustee. 

“Purchase Agreement” means (1) with respect to the Initial Notes issued on the Issue Date, the Purchase Agreement, dated
May 18, 2012, among the Company the Subsidiary Guarantors signatory thereto and the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement or underwriting agreement among the Company, the
Subsidiary Guarantors and the Persons purchasing such Additional Notes. 
 “QIB” means a “qualified institutional
buyer” as defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by the Company, pursuant to a
Registration Rights Agreement, to Holders of Initial Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 

“Registration Rights Agreement” means (1) with respect to the Initial Notes issued on the Issue Date, the Registration
Rights Agreement, dated May 23, 2012, among the Company, the Subsidiary Guarantors signatory thereto and the Initial Purchasers and (2) with respect to each issuance of Additional Notes issued in a transaction exempt from the registration
requirements of the Securities Act, the registration rights agreement, if any, among the Company, the Subsidiary Guarantors and the Persons purchasing such Additional Notes under the related Purchase Agreement. 

“Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A. 

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

“Shelf Registration Statement” means the registration statement issued by the Company in connection with the offer and sale of
Initial Notes pursuant to a Registration Rights Agreement. 
 “Transfer Restricted Notes” means Notes that bear or are
required to bear the Restricted Notes Legend. 
 “Unrestricted Global Note” means any Note in global form that does
not bear or is not required to bear the Restricted Notes Legend. 
 1.2 Other Definitions. 

  
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	Term	  	Defined in
Section:
	 “Agent Members”
	  	2.1(b)
	 “Global Notes”
	  	2.1(a)
	 “IAI Global Note”
	  	2.1(a)
	 “Regulation S”
	  	2.1(a)
	 “Regulation S Global Note”
	  	2.1(a)
	 “Restricted Notes Legend”
	  	2.3(d)
	 “Rule 144A”
	  	2.1(a)
	 “Rule 144A Global Note”
	  	2.1(a)

 1.3 Capitalized terms used in this Appendix, but not defined, have the meanings ascribed to such terms in
the Indenture to which this Appendix is attached. 
 2. The Notes. 

2.1 (a) Form and Dating. The Initial Notes shall be offered and sold by the Company pursuant to the Purchase Agreement. The
Initial Notes shall be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the
Securities Act (“Regulation S”). Initial Notes may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein. Initial Notes initially resold
pursuant to Rule 144A shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form (collectively, the “Rule 144A Global Note”); and Initial Notes initially resold pursuant to Regulation S
shall be issued initially in the form of one or more permanent global notes in fully registered form (collectively, the “Regulation S Global Note”), in each case without interest coupons and with the global notes legend and the applicable
restricted notes legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Initial Notes represented thereby with the Notes Custodian and registered in the name of the Depository or a nominee of the
Depository, duly executed by the Company and upon receipt of a Company Order authenticated by the Trustee as provided in this Indenture. At the request of the Trustee, one or more permanent global notes in fully registered form (collectively, the
“IAI Global Note”), in each case without interest coupons and with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1 hereto shall also be issued, deposited with the Notes Custodian and registered in
the name of the Depository or a nominee of the Depository, duly executed by the Company and upon receipt of a Company Order authenticated by the Trustee as provided in this Indenture to accommodate transfers of beneficial interests in the Notes to
IAIs subsequent to the initial distribution. 
 The Rule 144A Global Note, the Regulation S Global Note and the IAI Global Note
are collectively referred to herein as “Global Notes.” The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee
as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note
deposited with or on behalf of the Depository. 

  
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 The Company shall execute and upon receipt of a Company Order the Trustee shall, in
accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the Depository or the nominee of the Depository and (b) shall be delivered by the Trustee to
the Depository or pursuant to the Depository’s instructions or held by the Trustee as custodian for the Depository. 

Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any
Global Note held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as
the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a Holder of a beneficial interest in
any Global Note. 
 (c) Certificated Notes. Except as provided in this Section 2.1 or Section 2.3 or 2.4,
owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Certificated Notes. 
 2.2
Authentication. The Trustee shall upon receipt of a Company Order specified in Section 202 of the Indenture authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of $225,000,000 8.250% Senior Notes Due 2020,
(2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the Company pursuant to Section 202 of the Indenture and (3) Exchange Notes for issue only in a Registered Exchange
Offer pursuant to a Registration Rights Agreement, for a like principal amount of Initial Notes, in each case upon a Company Order signed by any Officer. Such Company Order shall specify the amount of the Notes to be authenticated and the date on
which the original issue of Notes is to be authenticated and, in the case of any issuance of Additional Notes pursuant to Section 312 of the Indenture, shall certify that such issuance is in compliance with Section 1011 of the Indenture.

 2.3 Transfer and Exchange. 
 (a) Transfer and Exchange of Certificated Notes. When Certificated Notes are presented to the Note Registrar with a request: 

(x) to register the transfer of such Certificated Notes; or 

(y) to exchange such Certificated Notes for an equal principal amount of Certificated Notes of other authorized
denominations, 
 the Note Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such
transaction are met; provided, however, that the Certificated Notes surrendered for transfer or exchange: 

  
 -4-

 (i) shall be duly endorsed or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Company and the Note Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(ii) in the case of Transfer Restricted Notes, are being transferred or exchanged pursuant to an effective registration
statement under the Securities Act or pursuant to Section 2.3(b) of this Appendix or otherwise in accordance with the Restricted Notes Legend, and are accompanied by a certification from the transferor in the form in Exhibit 2 for exchange or
registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto. 
 (b) Restrictions on Transfer of a Certificated Note for a Beneficial Interest in a Global Note. A Certificated Note may not be exchanged for a beneficial interest in a Global Note except upon
satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Certificated Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 

(i) a certification from the transferor in the form in Exhibit 2 for exchange or registration of transfers and, as
applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto; and 
 (ii) written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the
aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the Depository account to be credited with such increase, then the Trustee shall cancel such Certificated Note and cause, or
direct the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Notes Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the
aggregate principal amount of the Certificated Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the
Certificated Note so canceled. If the Global Note is not then outstanding, the Company shall issue and the Trustee shall authenticate, upon receipt of a Company Order, a new Global Note in the appropriate principal amount. 

(c) Transfer and Exchange of Global Notes. 

(i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository,
in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Note Registrar a
written order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Note. The Note Registrar shall, in accordance
with such instructions instruct the Depository to credit to the account of the Person specified in 

  
 -5-

 
such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred. 

(ii) If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in
another Global Note, the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest
to be so transferred, and the Note Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a
Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor
Depository or a nominee of such successor Depository. 
 (iv) Transfers by an owner of a beneficial interest in
a Rule 144A Global Note or an IAI Global Note to a transferee who takes delivery of such interest through another Transfer Restricted Note shall be made in accordance with the Applicable Procedures and the Restricted Notes Legend and only upon
receipt by the Trustee of a certification from the transferor in the form provided in Exhibit 2 for exchange or registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be
requested pursuant thereto. In addition, in the case of a transfer of a beneficial interest in either a Regulation S Global Note or a Rule 144A Global Note to an interest in an IAI Global Note, the transferee must furnish a signed letter
substantially in the form of Exhibit 3 to the Trustee. 
 (v) During the Distribution Compliance Period,
beneficial ownership interests in the Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures, the Restricted Notes Legend on such Regulation S Global Note and
any applicable securities laws of any state of the United States of America. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee who takes
delivery of such interest through a Rule 144A Global Note or an IAI Global Note shall be made only in accordance with the Applicable Procedures and the Restricted Notes Legend and upon receipt by the Trustee of a written certification from the
transferor of the beneficial interest in the form provided in Exhibit 2 for exchange or registration of transfers. Such written certification shall no longer be required after the expiration of the Distribution Compliance Period. Upon the
expiration of the Distribution Compliance Period, beneficial interests in the Regulation S Global Note shall be transferable in accordance with applicable law and the other terms of the Indenture. 

(vi) Upon the expiration of the Distribution Compliance Period, beneficial interests in the Regulation S Global Note
may be exchanged for beneficial interests in an 

  
 -6-

 
Unrestricted Global Note upon certification in the form provided in Exhibit 2 for an exchange from a Regulation S Global Note to an Unrestricted Global Note. 

(vii) Beneficial interests in a Transfer Restricted Note that is a Rule 144A Global Note or an IAI Global Note may be
exchanged for beneficial interests in an Unrestricted Global Note if the Holder certifies in writing to the Note Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule 144 (such certification to be in the
form set forth in Exhibit 2) and/or upon delivery of such legal opinions, certifications and other information as the Company or the Trustee may reasonably request. 

(viii) If no Unrestricted Global Note is outstanding at the time of a transfer contemplated by the preceding clauses
(vi) and (vii), the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officers’ Certificate, a new Unrestricted Global Note in the appropriate principal amount. 

(ix) In the event that a Global Note is exchanged for Certificated Notes pursuant to Section 2.4 of this Appendix,
prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the
provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes (as set forth in Exhibit 2, hereto) intended to ensure that such transfers comply with Rule 144A, Regulation S or another
applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Company. 
 (d) Legends. 
 (i) Except as permitted by the following
paragraphs (ii), (iii) and (iv), each Note certificate evidencing the Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (the “Restricted Notes
Legend”): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE

  
 -7-

 
ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR
ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (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 (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF SECURITIES OF $250,000 OR (F) 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), (E) OR (F) 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. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 BY ITS ACQUISITION OF THIS
SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY 

  
 -8-

 
SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR
ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR
LAWS. 
 Each Certificated Note shall also bear the following additional legend: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 Each Global Note shall bear the following additional legend: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS 

  
 -9-

 
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE
SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 

(ii) Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a
Global Note) pursuant to Rule 144 under the Securities Act, the Note Registrar shall permit the transferee thereof to exchange such Transfer Restricted Note for a certificated Note that does not bear the legend set forth above and rescind any
restriction on the transfer of such Transfer Restricted Note, if the transferor thereof certifies in writing to the Note Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth on the
reverse of the Note). 
 (iii) After a transfer of any Initial Notes pursuant to and during the period of the
effectiveness of a Shelf Registration Statement with respect to such Initial Notes, as the case may be, all requirements pertaining to legends on such Initial Note shall cease to apply, the requirements requiring any such Initial Note issued to
certain Holders be issued in global form shall cease to apply, and a certificated Initial Note or an Initial Note in global form, in each case without restrictive transfer legends, shall be available to the transferee of the Holder of such Initial
Notes upon exchange of such transferring Holder’s certificated Initial Note or directions to transfer such Holder’s interest in the Global Note, as applicable. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Notes, all requirements pertaining
to such Initial Notes that Initial Notes issued to certain Holders be issued in global form shall still apply with respect to Holders of such Initial Notes that do not exchange their Initial Notes, and Exchange Notes in certificated or global form,
in each case without the restricted notes legend set forth in Exhibit 1 hereto shall be available to Holders that exchange such Initial Notes in such Registered Exchange Offer. 

(e) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have been exchanged for
Certificated Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note
is exchanged for certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes
Custodian for such Global 

  
 -10-

 
Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 
 (f) No Obligation of the Trustee. 
 (i) The Trustee shall
have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the
payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders
(which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the Applicable Procedures. The Trustee may rely and shall be
fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

2.4 Certificated Notes. 
 (a) A Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of
Certificated Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof and if (i) the Depository notifies the Company
that it is unwilling or unable to continue as depository for such Global Note and the Depository fails to appoint a successor depository within 90 days; (ii) Depository ceases to be registered as a “clearing agency” under the Exchange
Act, in either case, and a successor depository is not appointed by the Company within 90 days of such notice, (iii) the Company, at its option, notifies the Trustee that it elects to cause the issuance of Certificated Notes and any Agent
Member requests a certificated note in accordance with the Depository’s procedures, or (iv) a Default has occurred and is continuing. 
 (b) Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depository to the Trustee located at its principal Corporate Trust
Office to be so transferred, in whole or from time to time in part, without charge, 

  
 -11-

 
and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Certificated Notes of authorized denominations. Any
portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof and registered in such names
as the depository shall direct. Any Certificated Note delivered in exchange for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.3(e) hereof, bear the applicable restricted notes legend and
certificated notes legend set forth in Exhibit 1 hereto. 
 (c) Subject to the provisions of Section 2.4(b) hereof, the
registered Holder of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under
this Indenture or the Notes. 
 (d) In the event of the occurrence of one of the events specified in Section 2.4(a) hereof,
the Company shall promptly make available to the Trustee a reasonable supply of Certificated Notes in definitive, fully registered form without interest coupons. In the event that such Certificated Notes are not issued, the Company expressly
acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to this Indenture, including pursuant to Section 507, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global
Note that represents such beneficial owner’s Notes as if such Certificated Notes had been issued. 

  
 -12-

 EXHIBIT 1 
 to Appendix A 
 [FORM OF FACE OF INITIAL NOTE] 

[Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR
TO SUCH OTHER ENTITY AS IS 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. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF
SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 

[Restricted Notes Legend] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF
THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE 

 
HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)
WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (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 (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OF $250,000 OR
(F) 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), (E) OR
(F) 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. [IN THE CASE OF
REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S
UNDER THE SECURITIES ACT.] 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND
WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE,
LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE 

  
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(“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING
AND DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

[Certificated Notes Legend] 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
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	No.	  	$

 8.250% Senior Notes Due 2020 
 CUSIP No. [            ] 

ISIN No. [            ] 

Kaiser Aluminum Corporation, a Delaware corporation, promises to pay to
            , or registered assigns, the principal sum of              U.S. Dollars on June 1, 2020.

 Interest Payment Dates: June 1 and December 1. 
 Record Dates: May 15 and November 15. 
 Additional provisions of this Note are set forth
on the other side of this Note. 
  

			
	KAISER ALUMINUM CORPORATION
		
	By:	 	 
		 	 Name:

Title:

  
 -4-

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
 certifies that this is one of the Notes

 referred to in the Indenture. 
  

			
		
	By	 	 
		 	Authorized Signatory

 Dated: 

  
 -5-

 [FORM OF REVERSE SIDE OF INITIAL NOTE] 

8.250% Senior Notes Due 2020 
 Capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Indenture. 
  

	1.	Principal and Interest. 

Kaiser Aluminum Corporation (the “Company”) shall pay the principal of this Note on June 1, 2020. 

The Company promises to pay interest and Additional Interest, if any, on the principal amount of this Note on each Interest Payment Date,
as set forth below, at the rate set forth below (subject to adjustment as provided below). 
 Interest on the Notes shall accrue
at the rate of 8.250% per annum and be payable in cash. 
 Interest, and Additional Interest, if any, shall be payable
semi-annually (to the Holders of the Notes at the close of business on May 15 or November 15 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing December 1, 2012. 

The Holder of this Note is entitled to the benefits of the Registration Rights Agreement, dated May 23, 2012, among the Company, the
Subsidiary Guarantors and the Initial Purchasers named therein (the “Registration Rights Agreement”), including with respect to Additional Interest. 
 Interest on this Note shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 23, 2012. Interest shall be computed on the basis of a 360-day
year comprised of twelve 30-day months. 
 The Company shall pay interest and Additional Interest if any on overdue principal at
the rate equal to the then applicable interest rate on the Notes, and it shall pay interest on overdue installments of interest at the same rate, in any case to the extent lawful. 

 

	2.	Method of Payment. 

 The
Company shall pay interest (except Defaulted Interest) on the principal amount of the Notes on each June 1 and December 1 to the Persons who are Holders (as reflected in the Note Register at the close of business on May 15 and
November 15 immediately preceding the Interest Payment Date), in each case, even if the Note is transferred or exchanged after such Regular Record Date, except as provided in Section 306(b) with respect to Defaulted Interest;
provided that, with respect to the payment of principal, the Company shall make payment to the Holder that surrenders this Note to any Paying Agent on or after June 1, 2020. 

The Company shall pay principal (premium, if any) and interest in money of the United States that at the time of payment is legal tender
for payment of public and private debts. However, the Company may pay principal (premium, if any) and interest by its check payable in 

  
 -6-

 
such money. The Company may pay interest on the Notes by check mailed to the Holders at their respective addresses set forth in the Note Register; provided that all payments of principal,
(premium, if any) and interest and with respect to Notes represented by one or more permanent global notes registered in the name of or held by the Depository or its nominee shall be made by wire transfer of immediately available funds to the
accounts specified by the Holder or Holders thereof. If a payment date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall accrue for
the intervening period. 
  

	3.	Paying Agent and Note Registrar. 

 Initially, Wells Fargo Bank, National Association (the “Trustee”) shall act as Paying Agent and Note Registrar. The Company may change any Paying Agent or Note Registrar upon written notice
thereto and without notice to the Holders. The Company may act as Paying Agent, Note Registrar or co-registrar. 
  

	4.	Indenture. 

 The Company
issued the Notes under an Indenture dated as of May 23, 2012 (the “Indenture”) among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the
event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 
 The Notes are unsecured senior obligations of the Company. The Indenture does not limit the aggregate principal amount of the Notes. Subject to the conditions set forth in the Indenture, the Company may
issue Additional Notes. 
  

	5.	Mandatory Redemption. 

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

 

	6.	Optional Redemption. 

 At
any time prior to June 1, 2016, the Company may redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the Redemption Date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date.

 From and after June 1, 2016, the Company may redeem the Notes, in whole or in part, upon not less than 30 nor more than
60 days’ prior notice at the Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, and Additional Interest, if any, thereon to the applicable Redemption Date, subject to the right of

  
 -7-

 
Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on June 1 of each of the
years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	104.125	% 
	 2017
	  	 	102.063	% 
	 2018 and thereafter
	  	 	100.000	% 

 Prior to June 1, 2015, the Company may, at its option, redeem up to 35% of the sum of the original
aggregate principal amount of Notes (and the original principal amount of any Additional Notes) issued under the Indenture at a redemption price equal to 108.250% of the aggregate principal amount thereof, plus accrued and unpaid interest, and
Additional Interest, if any, thereon to the Redemption Date, subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity Offerings of the
Company or any direct or indirect parent of the Company to the extent such net proceeds are contributed to the Company; provided that at least 65% of the sum of the aggregate principal amount of Notes originally issued under the Indenture and
the aggregate principal amount of any Additional Notes issued under the Indenture after the Issue Date remain Outstanding immediately after the occurrence of each such redemption; provided, further, each such redemption occurs within
90 days of the date of closing of each such Equity Offering. 
  

	7.	Repurchase upon a Change of Control and Asset Sales. 

 Upon the occurrence of (a) a Change of Control, the Company shall make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued
and unpaid interest, and Additional Interest, if any, to the date of purchase and (b) Asset Sales, the Company may be obligated to make offers to purchase Notes and Senior Indebtedness of the Company with a portion of the Net Proceeds of such
Asset Sales at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase. 
  

	8.	Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with
the Indenture. The Note 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 shall not be required, and without the prior written consent of the Company, the Note Registrar shall not be required, to register the transfer of or exchange of any Note (i) during a period beginning at the opening of
business 15 days before mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing, (ii) selected for redemption in whole or in part, (iii) that has been tendered in a Change of Control Offer
and (iv) beginning at the opening of business on any record date and ending on the close of business on the related Interest Payment Date. 

  
 -8-

	9.	Persons Deemed Owners. 

 A
registered Holder may be treated as the owner of a Note for all purposes. 
  

	10.	Unclaimed Money. 

 Subject
to applicable laws relating to abandoned property, 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 (or premium, if any) or interest on any Note and remaining
unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as Trustee thereof, shall thereupon
cease. 
  

	11.	Defeasance Prior to Redemption or Maturity. 

 Subject to satisfaction of conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company 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 Government Securities, or a combination thereof, in such amounts as shall be sufficient without
consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or
redemption, as the case may be. 
  

	12.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, with the written consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, delivered to the Company and the Trustee, the Company, any
Subsidiary Guarantor (with respect to any Subsidiary Guarantee or the Indenture to which it is a party) and the Trustee may (a) amend or supplement the Indenture, any Subsidiary Guarantee or the Notes (including consents obtained in connection
with a purchase of, or tender offer or Exchange Offer for, the Notes) and (b) waive any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes (including consents obtained in connection with a
purchase of, or tender offer or Exchange Offer, for Notes). 
  

	13.	Restrictive Covenants. 

The Indenture contains certain covenants, including covenants with respect to the following matters: (i) Restricted Payments;
(ii) incurrence of Indebtedness and issuance of Disqualified Stock and Preferred Stock; (iii) Liens; (iv) transactions with Affiliates; (v) dividend and other payment restrictions affecting Restricted Subsidiaries;
(vi) guarantees of Indebtedness or borrowing under the Revolving Credit Facility by Restricted Subsidiaries; (vii) merger, consolidation or sale of all or substantially all assets; (viii) purchase of Notes upon a Change in Control;
(ix) sale and lease-back transactions; and (x) Asset Sales. Within 120 days (or the 

  
 -9-

 
successor time period then in effect under the rules and regulations of the Exchange Act) after the end of each fiscal year, the Company must report to the Trustee on compliance with such
limitations. 
  

	14.	Successor Persons. 

 When
a successor Person or other entity assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor Person shall be released from those obligations, subject to certain exceptions and conditions. 

 

	15.	Remedies for Events of Default. 

 If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company) occurs and is continuing under the Indenture or the Holders of
at least 25% in principal amount of the Outstanding Notes issued under the Indenture may, and the Trustee at the request of such Holders shall, declare the principal, premium, if any, interest and any other monetary Obligations on all the
Outstanding Notes issued under the Indenture to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by the Holders). If an Event of Default arising from certain events of bankruptcy or insolvency with
respect to the Company occurs and is continuing, then the principal amount of all Outstanding Notes shall ipso facto become and be immediately due and payable without any notice, declaration or other act on the part of the Trustee or any Holder.
Subject to the provisions of the Indenture relating to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture at
the request or direction of any of the Holders pursuant to the Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses, losses and liabilities which might be incurred by
it in compliance with such request or direction. Subject to certain restrictions, the Holders of not less than a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly
prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 
  

	16.	Subsidiary Guarantees. 

The Company’s obligations under the Notes are irrevocably and unconditionally guaranteed on an unsecured senior basis, to the extent
set forth in the Indenture, by each of the Subsidiary Guarantors. 
  

	17.	Trustee Dealings with Company. 

 The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it
would have if it were not the Trustee; provided, however, that, if it acquires any conflicting interest, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue or resign. 

  
 -10-

	18.	Authentication. 

 This
Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note. 
  

	19.	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). 
  

	20.	CUSIP and ISIN Numbers. 

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

	21.	Holders’ Compliance with the Registration Rights Agreement. 

 Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, dated as of May 23, 2012, including the obligations of the Holders with
respect to a registration and the indemnification of the Company to the extent provided therein. 
  

	22.	Governing Law. 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 The Company shall
furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Kaiser Aluminum Corporation, 27422 Portola Parkway, Suite 200, Foothill Ranch, California 92610, fax: (949) 614-1930; Attention:
Senior Vice President – Legal, Compliance and Human Resources. 

  
 -11-

 EXHIBIT 2 
 to Appendix A 
 ASSIGNMENT/TRANSFER FORM 

To assign and transfer this Note, fill in the form below: 
 I or we assign and transfer this Note to 
 (Print or type assignee’s name,
address and zip code) 
 (Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this
Note on the books of the Company. The agent may substitute another to act for him. 
 Date:
                                         
                                        Your
Signature:
                                         
                    
 Sign exactly as your
name appears on the other side of this Note. 
 In connection with any transfer of any of the Notes evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule 144(d) under the Securities Act after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company
or any Affiliate of the Company, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX
BELOW 
 to the Company; or 
  

	(1)	 ̈ subsidiary thereof; or 

  

	(2)	 ̈ to the Note Registrar for registration in the name of the Holder, without transfer; or 

 

	(3)	 ̈ pursuant to an effective registration statement under the Securities Act of 1933, as amended; or

  

	(4)	 ̈ inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities
Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under
the Securities Act of 1933, as amended; or 

  

	(5)	 ̈ outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in
compliance with Rule 904 under the Securities Act of 1933, as amended; or 

	(6)	 ̈ to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements; or 

  

	(7)	 ̈ pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933, as amended.

 Unless one of the boxes is checked, the Trustee shall refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered holder thereof; provided, however, that if box (7) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the Notes, such
legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act. 

Signature                       
                                         
                                         
                                         
                                         
              
 Signature
Guarantee:                                       
                                         
                                         
                                         
                   
  

					
	  	 		 	  
	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 TO BE COMPLETED BY PURCHASER IF
(4) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it
is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that
the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

					
	  	 		 	  
	Date:	 		 	Notice: To be executed by an executive officer

  
 -2-

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases 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 Notes
Custodian

  
 -3-

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 1017 or 1018 of the Indenture, check the appropriate box below: 

[            ] Section 1017
            [            ] Section 1018 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 1017 or 1018 of the Indenture, state the amount in principal amount: $ 

 

									
		 		 		 	
					
	Dated: 	 	 	 		 	Your Signature:	 	 
		 		 		 		 	(Sign exactly as your name appears on the other side of this Note.)
		 		 		 		 	

 Signature Guarantee:
                                         
                                         
                                         
                  
 Signatures must be guaranteed by an
“eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 -1-

 EXHIBIT 3 
 to Appendix A 
 FORM OF 

TRANSFEREE LETTER OF REPRESENTATION 
 Kaiser Aluminum Corporation 
 [Address] 
 Fax No.: (        )         -            

 Email:
                        @            .com 

Attention:
[                            ] 

Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of $[            ] principal amount of the 8.250% Senior Notes due 2020 (the
“Notes”) of Kaiser Aluminum Corporation (the “Company”). 
 Upon transfer, the Notes would be
registered in the name of the new beneficial owner as follows: 
 Name:
                                         
                        
 Address:
                                         
                     

Taxpayer ID Number:
                                        

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the
Notes, for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We 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 invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk
of our or its investment. 

 2. We understand that the Notes have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date
that is one year after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination
Date”) only in accordance with the Restricted Notes Legend (as such term is defined in the indenture under which the Notes were issued) on the Notes and any applicable securities laws of any state of the United States of America. The
foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination
Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that
the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes with respect to applicable transfers described in the Restricted Notes Legend to require the
delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 
  

			
	TRANSFEREE:
                                         
               ,
		
	by: 	 	 

  
 -2-

 EXHIBIT A 

[FORM OF FACE OF EXCHANGE NOTE]1 
  

					
	 No.

		  	$             8.250% Senior Notes Due 2020	  	
		  		  	 CUSIP No. [    ]

ISIN No. [    ]

 Kaiser Aluminum Corporation, a Delaware corporation, promises to pay to
            , or registered assigns, the principal sum of U.S. Dollars on June 1, 2020. 
 Interest Payment Dates: June 1 and December 1. 
 Record Dates: May 15 and
November 15. 
 Additional provisions of this Note are set forth on the other side of this Note. 

 

	1	[If the Note is to be issued in global form add the Global Notes Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned “[TO BE
ATTACHED TO GLOBAL NOTES] SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE.”] 

  

			
	KAISER ALUMINUM CORPORATION
		
	By	 	 
		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee certifies that this is one of the Notes referred to in the Indenture.
		
	By	 	 
		 	Authorized Signatory

 Dated: 

 [FORM OF REVERSE SIDE OF EXCHANGE NOTE] 

8.250% Senior Notes Due 2020 
 Capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Indenture. 
 1. Principal and Interest. 
 Kaiser Aluminum Corporation (the
“Company”) shall pay the principal of this Note on June 1, 2020. 
 The Company promises to pay interest on the
principal amount of this Note on each Interest Payment Date, as set forth below, at the rate set forth below (subject to adjustment as provided below). 
 Interest on the Notes shall accrue at the rate of 8.250% per annum and be payable in cash. 
 Interest shall be payable semi-annually (to the Holders of the Notes at the close of business on May 15 or November 15 immediately preceding the Interest Payment Date) on each Interest Payment
Date, commencing December 1, 2012. 
 Interest on this Note shall accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from May 23, 2012. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 The Company shall pay interest on overdue principal at the rate equal to the then applicable interest rate on the Notes, and it shall pay interest on overdue installments of interest at the same rate, in
any case to the extent lawful. 
 2. Method of Payment. 
 The Company shall pay interest (except Defaulted Interest) on the principal amount of the Notes on each June 1 and December 1 to the Persons who are Holders (as reflected in the Note Register at
the close of business on May 15 and November 15 immediately preceding the Interest Payment Date), in each case, even if the Note is transferred or exchanged after such Regular Record Date, except as provided in Section 306(b) with
respect to Defaulted Interest; provided that, with respect to the payment of principal, the Company shall make payment to the Holder that surrenders this Note to any Paying Agent on or after June 1, 2020. 

The Company shall pay principal (premium, if any) and interest in money of the United States that at the time of payment is legal tender
for payment of public and private debts. However, the Company may pay principal (premium, if any) and interest by its check payable in such money. The Company may pay interest on the Notes by check mailed to the Holders at their respective addresses
set forth in the Note Register; provided that all payments of principal, (premium, if any) and interest and with respect to Notes represented by one or more permanent global notes registered in the name of or held by the Depository or its
nominee shall be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders 

  
 -2-

 
thereof. If a payment date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall
accrue for the intervening period. 
 3. Paying Agent and Note Registrar. 

Initially, Wells Fargo Bank, National Association (the “Trustee”) shall act as Paying Agent and Note Registrar. The Company may
change any Paying Agent or Note Registrar upon written notice thereto and without notice to the Holders. The Company may act as Paying Agent, Note Registrar or co-registrar. 
 4. Indenture. 
 The Company issued the Notes under an Indenture dated as of
May 23, 2012 (the “Indenture”) among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act.
The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this
Note and the terms of the Indenture, the terms of the Indenture shall control. 
 The Notes are unsecured senior obligations of
the Company. The Indenture does not limit the aggregate principal amount of the Notes. Subject to the conditions set forth in the Indenture, the Company may issue Additional Notes. 
 5. Mandatory Redemption. 
 The Company is not required to make any mandatory
redemption or sinking fund payments with respect to the Notes. 
 6. Optional Redemption. 

At any time prior to June 1, 2016, the Company may redeem all or a part of the Notes, upon not less than 30 nor more than 60
days’ prior notice to the Holders, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the Redemption Date, subject to the rights of
Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. 
 From and after
June 1, 2016, the Company may redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice at the Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, thereon to the applicable Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on
June 1 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	104.125	% 
	 2017
	  	 	102.063	% 

  
 -3-

					
	 2018 and thereafter
	  	 	100.000	% 

 Prior to June 1, 2015, the Company may, at its option, redeem up to 35% of the sum of the original
aggregate principal amount of Notes (and the original principal amount of any Additional Notes) issued under the Indenture at a redemption price equal to 108.250% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any,
thereon to the Redemption Date, subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity Offerings of the Company or any direct or
indirect parent of the Company to the extent such net proceeds are contributed to the Company; provided that at least 65% of the sum of the aggregate principal amount of Notes originally issued under the Indenture and the aggregate principal
amount of any Additional Notes issued under the Indenture after the Issue Date remain Outstanding immediately after the occurrence of each such redemption; provided, further, each such redemption occurs within 90 days of the date of
closing of each such Equity Offering. 
 7. Repurchase upon a Change of Control and Asset Sales. 

Upon the occurrence of (a) a Change of Control, the Company shall make an offer to purchase all of the Notes at a price in cash equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase and (b) Asset Sales, the Company may be obligated to make offers to purchase Notes and Senior Indebtedness of the Company with a
portion of the Net Proceeds of such Asset Sales at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase. 
 8. Denominations; Transfer; Exchange. 
 The Notes are in registered form
without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Note 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 shall not be required, and without the prior written
consent of the Company, the Note Registrar shall not be required, to register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before mailing of a notice of redemption of Notes and ending
at the close of business on the day of such mailing, (ii) selected for redemption in whole or in part, (iii) that has been tendered in a Change of Control Offer and (iv) beginning at the opening of business on any record date and
ending on the close of business on the related Interest Payment Date. 
 9. Persons Deemed Owners. 

A registered Holder may be treated as the owner of a Note for all purposes. 
 10. Unclaimed Money. 
 Subject to applicable laws relating to abandoned
property, 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 (or premium, if any) or interest on any Note and remaining unclaimed for two years

  
 -4-

 
after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as Trustee
thereof, shall thereupon cease. 
 11. Defeasance Prior to Redemption or Maturity. 

Subject to satisfaction of conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations
under the Notes and the Indenture if the Company 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 Government Securities, or a
combination thereof, in such amounts as shall be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption, as the case may be. 
 12. Amendment; Supplement; Waiver.

 Subject to certain exceptions, with the written consent of the Holders of not less than a majority in principal amount of the
Outstanding Notes, delivered to the Company and the Trustee, the Company, any Subsidiary Guarantor (with respect to any Subsidiary Guarantee or the Indenture to which it is a party) and the Trustee may (a) amend or supplement the Indenture, any
Subsidiary Guarantee or the Notes (including consents obtained in connection with a purchase of, or tender offer or Exchange Offer for, the Notes) and (b) waive any existing Default or Event of Default or compliance with any provision of the
Indenture or the Notes (including consents obtained in connection with a purchase of, or tender offer or Exchange Offer, for Notes). 
 13.
Restrictive Covenants. 
 The Indenture contains certain covenants, including covenants with respect to the following
matters: (i) Restricted Payments; (ii) incurrence of Indebtedness and issuance of Disqualified Stock and Preferred Stock; (iii) Liens; (iv) transactions with Affiliates; (v) dividend and other payment restrictions affecting
Restricted Subsidiaries; (vi) guarantees of Indebtedness or borrowing under the Revolving Credit Facility by Restricted Subsidiaries; (vii) merger, consolidation or sale of all or substantially all assets; (viii) purchase of Notes
upon a Change in Control; (ix) sale and lease-back transactions; and (x) Asset Sales. Within 120 days (or the successor time period then in effect under the rules and regulations of the Exchange Act) after the end of each fiscal year, the
Company must report to the Trustee on compliance with such limitations. 
 14. Successor Persons. 

When a successor Person or other entity assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor
Person shall be released from those obligations, subject to certain exceptions and conditions. 

  
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 15. Remedies for Events of Default. 

If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency with respect to the
Company) occurs and is continuing under the Indenture or the Holders of at least 25% in principal amount of the Outstanding Notes issued under the Indenture may, and the Trustee at the request of such Holders shall, declare the principal, premium,
if any, interest and any other monetary Obligations on all the Outstanding Notes issued under the Indenture to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by the Holders). If an Event of Default
arising from certain events of bankruptcy or insolvency with respect to the Company occurs and is continuing, then the principal amount of all Outstanding Notes shall ipso facto become and be immediately due and payable without any notice,
declaration or other act on the part of the Trustee or any Holder. Subject to the provisions of the Indenture relating to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by the Indenture at the request or direction of any of the Holders pursuant to the Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses, losses and liabilities which might be incurred by it in compliance with such request or direction. Subject to certain restrictions, the Holders of not less than a majority in principal amount of the Outstanding Notes shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 
 16. Subsidiary Guarantees. 
 The Company’s obligations under the Notes
are irrevocably and unconditionally guaranteed on an unsecured senior basis, to the extent set forth in the Indenture, by each of the Subsidiary Guarantors. 
 17. Trustee Dealings with Company. 
 The Trustee, in its individual or any
other capacity, may become the owner or pledgee of Notes and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not the Trustee; provided, however, that, if it
acquires any conflicting interest, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue or resign. 
 18.
Authentication. 
 This Note shall not be valid until the Trustee signs the certificate of authentication on the other
side of this Note. 
 19. 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

  
 -6-

 
tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
 20.     CUSIP and ISIN Numbers. 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes and has directed the Trustee to use CUSIP and ISIN numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 21.     Governing Law. 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Kaiser Aluminum Corporation, 27422 Portola Parkway, Suite 200, Foothill
Ranch, California 92610, fax: (949) 614-1930; Attention: Senior Vice President – Legal, Compliance and Human Resources. 

  
 -7-

 ASSIGNMENT/TRANSFER FORM 
 To assign and transfer this Note, fill in the form below: 
 I or we assign and transfer this Note
to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint              agent to transfer this Note on the books of the Company. The agent may substitute another to act for
him. 
  

									
	Dated:	 	 	 		 	Your Signature:	 	 
		 		 		 		 	Sign exactly as your name appears on the other side of this Note.

  
 -1-

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 1017 or 1018 of the Indenture, check the appropriate box below: 

[    ] Section 1017         [    ] Section 1018

 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 1017 or 1018 of the Indenture, state
the amount in principal amount: $ 
  

									
					
	Dated:	 	 	 		 	Your Signature:	 	 
		 		 		 	        (Sign exactly as your name appears on the other side of this 
Note.)

  

							
	Signature Guarantee:	 	 

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 -1-

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

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            , 20__, among (the “Guaranteeing Subsidiary”), a subsidiary of Kaiser Aluminum Corporation (or its permitted successor), a Delaware corporation (the
“Company”), the Company, the other Subsidiary Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, a national banking association, 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 a senior unsecured indenture (the “Indenture”), dated as of May 23, 2012 providing for the issuance of 8.250%
Senior Notes Due 2020 (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”); and 
 WHEREAS, pursuant to
Section 901 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 Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. 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 Subsidiary 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 12 thereof. 

3. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor
(other than in the case of stockholders of any Subsidiary Guarantor, the Company or another Subsidiary Guarantor) or any of their parent companies shall have any liability for any obligations of the Company or the Subsidiary Guarantors under the
Notes, the Subsidiary Guarantees and this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes and the Subsidiary Guarantees. 

 4. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 5. COUNTERPARTS. This Supplemental Indenture may be executed in any number
of counterparts, each of which shall be original; but such counterparts shall together constitute but one and the same instrument. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental Indenture
and of signature pages by facsimile, .pdf transmission or other electronic means shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf
transmission or other electronic means shall be deemed to be their original signatures for all purposes. 
 6. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 7. THE TRUSTEE.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary and the Company. 

  
 -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:        , 20 

 

			
	[GUARANTEEING SUBSIDIARY]
		
	By	 	 
		 	Name:
		 	Title:

  

			
	KAISER ALUMINUM CORPORATION
		
	By	 	 
		 	Name:
		 	Title:

  

			
	[Existing Guarantors]
		
	By	 	 
		 	Name:
		 	Title:

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By	 	 
		 	Name:
		 	Title:

  
 -3-

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