Document:

Shareholder Agreement

 Exhibit 10.3 
 SHAREHOLDER AGREEMENT 
 by and between 
 WATSCO, INC. 
 and 
 THE SHAREHOLDER IDENTIFIED ON THE SIGNATURE PAGE HERETO dated as of July 1, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	CERTAIN DEFINITIONS
			
	 Section 1.1
	  	Certain Definitions	  	1
	
	ARTICLE II
	
	VOTING AGREEMENT
			
	 Section 2.1
	  	Agreement to Vote the Subject Shares	  	8
	 Section 2.2
	  	Fall-Away of Voting Rights and Standstill	  	9
	
	ARTICLE III
	
	REGISTRATION RIGHTS
			
	 Section 3.1
	  	Required Registrations	  	9
	 Section 3.2
	  	Piggyback Registrations	  	13
	 Section 3.3
	  	Registration Procedures	  	14
	 Section 3.4
	  	Registration Expenses	  	17
	 Section 3.5
	  	Participation in Underwritten Registrations	  	18
	 Section 3.6
	  	Rule 144; Legended Securities; etc.	  	18
	 Section 3.7
	  	Holdback	  	19
	 Section 3.8
	  	Indemnification	  	19
	 Section 3.9
	  	No Inconsistent Agreements	  	21
	
	ARTICLE IV
	
	STANDSTILL AND RESTRICTIONS
			
	 Section 4.1
	  	Standstill	  	22
	 Section 4.2
	  	Anti-Takeover Provisions	  	23
	 Section 4.3
	  	Restrictive Legend	  	23
	 Section 4.4
	  	Rights of First Refusal on Transfer	  	24
	 Section 4.5
	  	Conversion of Class B Common Stock	  	24
	 Section 4.6
	  	Sections 607.0901 and 607.0902 of the Florida Business Corporation Act	  	24

					
	
	ARTICLE V
	
	REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER
			
	 Section 5.1
	  	Due Organization, etc.	  	25
	 Section 5.2
	  	No Conflicts	  	25
	 Section 5.3
	  	No Control Intent	  	25
	
	ARTICLE VI
	
	REPRESENTATIONS AND WARRANTIES OF COMPANY
			
	 Section 6.1
	  	Due Organization, etc.	  	26
	 Section 6.2
	  	No Conflicts	  	26
	
	ARTICLE VII
	
	TERMINATION
			
	 Section 7.1
	  	Termination	  	26
	
	ARTICLE VIII
	
	MISCELLANEOUS
			
	 Section 8.1
	  	Further Actions	  	27
	 Section 8.2
	  	Notices	  	27
	 Section 8.3
	  	Assignment; Binding Effect	  	28
	 Section 8.4
	  	Third Party Beneficiaries	  	28
	 Section 8.5
	  	Amendments	  	28
	 Section 8.6
	  	Entire Agreement	  	28
	 Section 8.7
	  	Mediation; Governing Law; Jurisdiction; Waiver of Jury Trial	  	28
	 Section 8.8
	  	Fee and Expenses	  	29
	 Section 8.9
	  	Headings	  	29
	 Section 8.10
	  	Interpretation	  	29
	 Section 8.11
	  	Waivers	  	29
	 Section 8.12
	  	Severability	  	30
	 Section 8.13
	  	Enforcement of this Agreement	  	30
	 Section 8.14
	  	Counterparts	  	30

  

 ii 

 SHAREHOLDER AGREEMENT 
 This Shareholder Agreement (this “Agreement”) is entered into as of this 1st day of July, 2009, by and between Watsco, Inc., a Florida
corporation (the “Company”), and the Shareholder identified on the signature page hereto. 
 WITNESSETH: 

WHEREAS, the Company has entered into that certain Purchase and Contribution Agreement, dated as of May 3, 2009 (as amended, the
“Purchase and Contribution Agreement”); 
 WHEREAS, the Company and Shareholder are entering into this Agreement in
consideration, in part, for the Company and Shareholder entering into, and consummating the transactions contemplated by, the Purchase and Contribution Agreement; 
 WHEREAS, as of the date of this Agreement and as a result of the consummation of the transactions contemplated by the Purchase and Contribution Agreement, Shareholder owns of record as of the date hereof, that
number of shares of Capital Stock set forth opposite the name of Shareholder on Annex I attached hereto and incorporated herein by reference; and 
 WHEREAS, each of the Company and Shareholder are desirous of entering into this Agreement, upon the terms and conditions contained hereinafter. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual premises, representations, warranties, covenants and agreements contained herein,
and for good and valuable consideration, the receipt and sufficiency of which is hereby agreed to and acknowledged by the parties hereto, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 

 Section 1.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 (a) “Affiliate” shall mean, with respect to a specified Person, any Person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control with, the specified Person. As used in this definition, and elsewhere herein in relation to control of Affiliates, the term “control” means the possession,
directly or indirectly, of the power to substantially direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, as director or manager, as trustee or executor, by contract or credit
arrangement or otherwise. For the avoidance of doubt, neither the Company nor any of its Subsidiaries shall be deemed an Affiliate of a Shareholder Group Member for any purpose hereunder, and no Shareholder Group Member shall be deemed an Affiliate
of the Company or any of its Subsidiaries for any purpose hereunder. 
  

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 (b) “Agreement” shall have the meaning ascribed to such term in the caption to this
Agreement. 
 (c) “AMEX” shall mean the American Stock Exchange. 
 (d) “Ancillary Agreements” shall have the meaning ascribed to such term in the Purchase and Contribution Agreement. 
 (e) “beneficially own” shall have the meaning ascribed to such term in Rule 13d-3 (as in effect as of the date hereof) promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (including, but not limited to the entitlement to dispose of (or to direct the disposition of) and to vote (or to direct the voting of), and the right to acquire
beneficial ownership of within sixty (60) days). For purposes of this Agreement, the terms “beneficially owns” and “beneficially owned” shall have correlative meanings. 
 (f) “Board” shall mean the Board of Directors of the Company. 
 (g) “Capital Stock” shall mean shares of the Company’s common stock, par value $.50 per share (the “Common
Stock”), and shares of the Company’s Class B common stock, par value $.50 per share (the “Class B Common Stock”). 
 (h) “Carrier” shall mean Carrier Corporation. 
 (i) “Carrier Enterprises” shall mean Carrier
Enterprises, LLC, a Delaware limited liability company. 
 (j) “Chosen Courts” shall have the meaning ascribed to such term
in Section 8.7(b) of this Agreement. 
 (k) “Class B Common Stock” shall have the meaning ascribed to such term
in the definition of “Capital Stock” set forth above. 
 (l) “Closing Date” shall have the meaning ascribed to
such term in the Purchase and Contribution Agreement. 
 (m) “Commission” shall mean the Securities and Exchange Commission
or any other federal agency administering the Securities Act. 
 (n) “Common Stock” shall have the meaning ascribed to such
term in the definition of “Capital Stock” set forth above. 
 (o) “Company” shall have the meaning ascribed to
such term in the caption to this Agreement. 
 (p) “Company Change of Control” shall mean a transaction or series of
transactions (or the entry by the Company, its stockholders, or any of its Subsidiaries into an agreement to effect such a transaction or series of transactions) with the Company, its stockholders, or any of its Subsidiaries, on one hand, and any
Person or group (within the meaning of Section 13(d)(3) or 

  

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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) on the other hand, with respect to (i) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, dissolution, liquidation or
similar transaction involving the Company or its Subsidiaries in which the shareholders of the Company immediately prior to such transaction shall own less than fifty percent (50%) of the total voting power of all shares of voting securities of
the surviving entity (or its ultimate parent) outstanding immediately after such transaction, (ii) any purchase of an equity interest (including by means of a tender or exchange offer) resulting in 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) beneficially owning (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) greater than a fifty percent (50%) of the total voting power in the Company, other than, in each case, Mr. Albert Nahmad and any
Related Affiliate or (iii) any purchase of assets, securities or ownership interests resulting in 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) owning greater than fifty percent (50%) of the consolidated assets of the Company and
its Subsidiaries taken as a whole (including stock of the Company’s Subsidiaries). A Company Change of Control shall also be deemed to have occurred if the Continuing Directors cease for any reason to constitute at least a majority of the
Board. 
 (q) “Company Equity Securities” shall mean the equity securities of the Company, including shares of Capital Stock
or other equity securities of the Company issuable upon exercise, conversion, exchange or redemption of any warrants, options, rights or other securities issued by the Company. 
 (r) “Continuing Director” shall mean (i) any member of the Board as of the date of this Agreement, or (ii) any member of the
Board who becomes such a member subsequent to the date of this Agreement whose nomination for election or election to the Board was recommended or approved by a majority of the individuals described in clause (i) or this clause (ii) then
on the Board. 
 (s) “Control Solicitation” shall have the meaning ascribed to such term in Section 2.2(b) of
this Agreement. 
 (t) “Covered Person” shall have the meaning ascribed to such term in Section 3.8(a) of this
Agreement. 
 (u) “Demand Registration” shall have the meaning ascribed to such term in Section 3.1(b)(i) of
this Agreement. 
 (v) “Dispute” shall have the meaning ascribed to such term in Section 8.7(a) of this
Agreement. 
  

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 (w) “Exchange Act” shall have the meaning ascribed to such term in the definition of
“beneficially own.” 
 (x) “Family Member” shall mean, with respect to Albert Nahmad, any spouse, child (including
any child by adoption and any child as to whom Albert Nahmad or his spouse has legal custody), and grandchild (including by adoption) and/or their respective spouses. 
 (y) “Governmental Authority” shall mean any nation or country (including but not limited to the United States) and any commonwealth, territory or possession thereof and any political subdivision of
any of the foregoing, including but not limited to courts, departments, commissions, boards, bureaus, agencies, ministries or other instrumentalities. 
 (z) “Holdback Period” shall mean with respect to any registered offering covered by this Agreement, (i) one hundred twenty (120) days after and during the ten (10) days before, the
effective date of the related Registration Statement or, in the case of a takedown from a Shelf Registration Statement, ninety (90) days after the date of the prospectus supplement filed with the Commission in connection with such takedown and
during such prior period (not to exceed ten (10) days) as the Company has given reasonable written notice to Shareholder or (ii) such shorter period as Shareholder, the Company and the underwriter of such offering, if any, shall agree.

 (aa) “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act, relating to an offer of the Registrable Securities. 
 (bb) “Law” when described as being applicable to any
Person, shall mean any and all laws (statutory, judicial or otherwise), ordinances, regulations, judgments, orders, directives, injunctions, writs, decrees or awards of any Governmental Authority, in each case as and to the extent applicable to such
Person or such Person’s business, operations or properties. 
 (cc) “Market Value” of a share of Common Stock or a
share of Class B Common Stock, as the case may be, on any trading day means the last reported sale price, regular way, of a share of Common Stock or Class B Common Stock, as applicable, on such trading day or, in case there is no last reported sale
price on such trading day, the average of the reported closing bid and ask prices, regular way, of a share of Common Stock or Class B Common Stock, as applicable, on such trading day, in either case on the principal stock exchange on which shares of
Common Stock are traded, in the case of a share of Common Stock, and the principal stock exchange on which shares of Class B Common Stock are traded, in the Case of a share of Class B Common Stock. The Market Value of a share of Common Stock or
Class B Common Stock on any day which is not a trading day on the applicable stock exchange shall be deemed to be the Market Value of a share of Common Stock or Class B Common Stock, as applicable, on the immediately preceding trading day. The
“Market Value” of any other security shall have a correlative meaning. 
 (dd) “Mediation Termination”
shall have the meaning ascribed to such term in Section 8.7(a) of this Agreement. 
  

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 (ee) “Notices” shall have the meaning ascribed to such term in Section 8.2
of this Agreement. 
 (ff) “NYSE” shall mean the New York Stock Exchange. 
 (gg) “Ownership Limit” shall have the meaning ascribed to such term in Section 4.1(a) of this Agreement. 
 (hh) “Percentage Interest” as to a Person means the number of shares of Capital Stock that are owned by such Person, expressed as a
percentage of the total number of shares of Capital Stock actually outstanding. 
 (ii) “Person” shall mean any natural
person, corporation, general partnership, limited partnership, limited liability company, joint venture, union, trust, association, court, agency, government, tribunal, instrumentality, commission, arbitrator, board, bureau or other entity or
authority. 
 (jj) “Piggyback Registration” shall have the meaning ascribed to such term in Section 3.2(a) of
this Agreement. 
 (kk) “Prospectus” shall mean the prospectus included in any Registration Statement (including a
prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, any Issuer Free Writing Prospectus related thereto, and all other amendments and supplements to such
prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 (ll) “Purchase and Contribution Agreement” shall have the meaning ascribed to such term in the recitals to this Agreement. 
 (mm) “Registration Expenses” shall have the meaning ascribed to such term in Section 3.4(a) of this Agreement. 

(nn) “Registration Request” shall have the meaning ascribed to such term in Section 3.1(b)(i) of this Agreement.

 (oo) “Registrable Securities” shall mean all shares of Capital Stock issued to Shareholder pursuant to the Purchase and
Contribution Agreement and all shares of Common Stock issued to any Shareholder Group Member pursuant to the conversion of any shares of Class B Common Stock issued to Shareholder pursuant to the Purchase and Contribution Agreement; provided, that
such shares will cease to be Registrable Securities when (i) they have been effectively registered or qualified for sale by a Prospectus filed under the Securities Act and disposed of in accordance with the applicable Registration Statement,
(ii) they have been sold to the public pursuant to Rule 144 or Rule 145 or other exemption from registration under the Securities Act, (iii) they have been sold (other than to another Shareholder Group Member) in a private transaction or
other exemption from registration under the Securities Act or 

  

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(iv) they have been acquired by the Company. In the event of a stock dividend or distribution, or any change in the Capital Stock by reason of any stock
dividend or distribution, split-up, recapitalization, combination, exchange of shares or the like, the term “Registrable Securities” shall be deemed to refer to and include the Registrable Securities as well as all such stock dividends and
distributions and any securities into which or for which any or all of the Registrable Securities may be changed or exchanged or which are received in such transaction. 
 (pp) “Registration Statement” shall mean the Prospectus and other documents filed with the Commission to effect a registration under the Securities Act. 
 (qq) “Related Affiliate” shall mean, with respect to Albert Nahmad, (a) a foundation or similar entity established by Albert Nahmad
or any Family Member for the principal purpose of serving charitable goals, controlled by Albert Nahmad or any Family Member; (b) any trust and/or estate (so long as such trust and/or estate, and the voting and/or disposition of assets,
including securities, held by such trust and/or estate, is controlled by Albert Nahmad or any Family Member), the beneficiaries of which principally include Albert Nahmad, Family Members or the Persons named in clause (a); and (c) any
corporation, limited liability company or partnership, the stockholders, members or general or limited partners of which include only Albert Nahmad, Family Members or the Persons named in clauses (a) or (b). 
 (rr) “Restricted Transfer” shall have the meaning ascribed to such term in Section 4.4(a) of this Agreement. 
 (ss) “Rule 144” shall mean Rule 144 under the Securities Act, as in effect from time to time. 
 (tt) “Rule 144A” shall mean Rule 144A under the Securities Act, as in effect from time to time. 
 (uu) “Rule 145” shall mean Rule 145 under the Securities Act, as in effect from time to time. 
 (vv) “Rule 415” shall mean Rule 415 under the Securities Act, as in effect from time to time. 
 (ww) “Rule 424” shall mean Rule 424 under the Securities Act, as in effect from time to time. 
 (xx) “Securities Act” shall mean the Securities Act of 1933, as amended. 
 (yy) “Selling Expenses” shall mean all underwriting discounts, selling commissions and transfer taxes applicable to the sale of
Registrable Securities hereunder and any other Registration Expenses applicable to the sale of Registrable Securities hereunder required by Law to be paid by a selling shareholder. 
 (zz) “Shareholder” means Carrier. 
  

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 (aaa) “Shareholder Group Member” means United Technologies Corporation, a Delaware
corporation, and each of its Subsidiaries, including Shareholder. 
 (bbb) “Shareholder’s Counsel” shall have the
meaning ascribed to such term in Section 3.4(b) of this Agreement. 
 (ccc) “Shelf Demand Notice” shall have the
meaning ascribed to such term in Section 3.1(a)(ii) of this Agreement. 
 (ddd) “Shelf Demand Offering” shall
have the meaning ascribed to such term in Section 3.1(a)(ii) of this Agreement. 
 (eee) “Shelf Period” shall
have the meaning ascribed to such term in Section 3.1(a)(i) of this Agreement. 
 (fff) “Shelf Registration”
shall have the meaning ascribed to such term in Section 3.1(a)(i) of this Agreement. 
 (ggg) “Shelf Registration
Statement” shall have the meaning ascribed to such term in Section 3.1(a)(i) of this Agreement. 
 (hhh)
“Subject Shares” shall mean, with respect to any particular Person, the shares of Capital Stock beneficially owned by such Person (including, without limitation, any shares of Capital Stock set forth opposite the name of such Person
in Annex I hereto), together with any other shares of Capital Stock (including the voting power with respect thereto) which are directly or indirectly acquired by such Person at any one or more times prior to the termination of this Agreement
pursuant to the terms hereof. In the event of a stock dividend or distribution, or any change in the Capital Stock by reason of any stock dividend or distribution, split-up, recapitalization, combination, exchange of shares or the like, the term
“Subject Shares” shall be deemed to refer to and include the Subject Shares as well as all such stock dividends and distributions and any securities into which or for which any or all of the Subject Shares may be changed or
exchanged or which are received in such transaction. 
 (iii) “Subsidiary” shall mean, with respect to any Person,
(i) any corporation fifty percent (50%) or more of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation is at the time owned by such Person, directly
or indirectly through one or more Subsidiaries, and (ii) any other Person, including but not limited to a joint venture, a general or limited partnership or a limited liability company, in which such Person, directly or indirectly through one
or more Subsidiaries, at the time owns at least fifty percent (50%) or more of the ownership interests entitled to vote in the election of managing partners, managers or trustees thereof (or other Persons performing such functions) or acts as
the general partner, managing member, trustee (or Persons performing similar functions) of such other Person. 
 (jjj) “Suspension
Period” shall have the meaning ascribed to such term in Section 3.1(c) of this Agreement. 
  

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 ARTICLE II 
 VOTING AGREEMENT 
 Section 2.1 Agreement to Vote the Subject Shares. 
 (a) The parties hereto hereby agree that from and after the date hereof, for as long as the Percentage Interest of Shareholder exceeds five percent (5%),
at any meeting of the Company’s shareholders (or any adjournment or postponement thereof), however called, or in connection with any action by written consent or other action of the Company’s shareholders, Shareholder shall vote (or cause
to be voted) all of the Subject Shares beneficially owned by it and by Shareholder Group Members in the same proportion of votes cast for, against or abstain by all other holders of Capital Stock, except that at any meeting of the Company’s
shareholders (or any adjournment or postponement thereof), however called, or in connection with any action by written consent or other action of the Company’s shareholders, pursuant to which holders of any class of Capital Stock are entitled
to vote as a separate class, Shareholder shall vote (or cause to be voted) all of the shares of such class of Capital Stock beneficially owned by it and by Shareholder Group Members in the same proportion of votes cast for, against or abstain by all
other holders of such class of Capital Stock. Any such vote shall be cast or consent shall be given in accordance with such procedures relating thereto so as to ensure that it is duly counted for purposes of determining that a quorum is present and
for purposes of recording the results of such vote or consent. Shareholder agrees not to enter into any agreement or commitment with any Person the effect of which would violate or be inconsistent with the provisions and agreements set forth in this
Article II. In order to enable Shareholder to comply with its obligations under this Section 2.1(a), the Company shall (prior to the first vote of the Company’s shareholders subject to this Section 2.1(a))
develop, together with its proxy solicitor and/or transfer agent, a form of proxy, in form and substance reasonably satisfactory to Shareholder, to be used by Shareholder (and/or any other Shareholder Group Member, as applicable) to enable it to
vote the Subject Shares in the manner required by this Section 2.1(a) at any meeting of the Company’s shareholders (or any adjournment or postponement thereof), however called, or in connection with any action by written consent or
other action of the Company’s shareholders. For the avoidance of doubt, any vote of Shareholder (or any other Shareholder Group Member) pursuant to the proper use of such form of proxy shall be deemed to have been made in compliance with this
Section 2.1(a). 
 (b) Notwithstanding anything contained in Section 2.1(a), Shareholder Group Members shall not be
required to vote (or cause to be voted) any or all of the Subject Shares beneficially owned by the relevant Shareholder Group Members as provided in Section 2.1(a) with respect to: 
 (i) any merger, consolidation, combination, acquisition or sale of assets, reorganization or recapitalization, which, if consummated,
would result in a Company Change of Control (except when the Company’s proposal is to merge with its wholly-owned Subsidiary); 
 (ii) dissolution, liquidation or winding up involving the Company; and 
  

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 (iii) any matter which involves an alteration of any right of any class of Company Equity
Securities. 
 However, for the avoidance of doubt nothing in this Section 2.1(b) requires the Company to obtain the approval of the
Company’s shareholders in circumstances where it is not otherwise being proposed to shareholders for approval. 
 Section 2.2
Fall-Away of Voting Rights and Standstill. The provisions of Section 2.1(a), Section 2.1(b), Section 4.1 and Section 4.2 shall terminate and be of no further effect in the event: 
 (a) of a Company Change of Control, 
 (b)
that any Person or group (as defined, as of the date hereof, under Section 13(d) of the Exchange Act) announces publicly an offer with respect to any transaction, or commences a proxy solicitation, involving the Company, any of its
Subsidiaries, or any of their securities or assets, the consummation, or success, of which would result in a Company Change of Control (any such offer or proxy solicitation, a “Control Solicitation”), but only if and after the Board
either (i) accepts or recommends in favor of such Control Solicitation or (ii) fails to recommend that its stockholders reject such Control Solicitation within ten (10) business days from the date of commencement of such Control
Solicitation; provided, that, if the relevant Person or group announces publicly the withdrawal or discontinuation of such Control Solicitation prior to a Company Change of Control, the provisions of Section 2.1(a),
Section 2.1(b), Section 4.1 and Section 4.2 shall be reinstated and shall again bind Shareholder and the Company from the date of such announcement; provided, however, that if, before the relevant Person or
group announces publicly the withdrawal or discontinuation of such Control Solicitation, a Shareholder Group Member has publicly announced a Control Solicitation, Section 2.1(a), Section 2.1(b) and Section 4.1
shall not bind Shareholder in relation to any action in connection with the conduct of such Control Solicitation unless and until the Shareholder Group Member has publicly withdrawn or discontinued such Control Solicitation, or 
 (c) that the Board resolves to engage in a formal process that is intended to result in a transaction that if consummated would constitute a Company
Change of Control, provided, that if the Board subsequently resolves to terminate the process prior to a Company Change of Control, the provisions of Section 2.1(a), Section 2.1(b), Section 4.1 and
Section 4.2 shall be reinstated and shall again bind Shareholder and the Company from such date as the Board notifies Shareholder that the process has terminated. 
 ARTICLE III 
 REGISTRATION RIGHTS 
 Section 3.1 Required Registrations. 
 (a) Shelf Registration. 
 (i) Shelf Registration Statement. As soon as practicable after the Closing
Date, but in no event more than one hundred eighty (180) days following the Closing Date, the Company shall use reasonable best efforts to prepare and file with the 

  

 9 

 
Commission a Registration Statement covering the resale of all of the Registrable Securities (the “Shelf Registration”) that are not then
registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 (such Registration Statement, together with any post-effective amendment thereto and any new Registration Statement filed
pursuant to this Section 3.1(a), are collectively referred to herein as the “Shelf Registration Statement”). The Shelf Registration Statement filed hereunder shall be on Form S-3 or any successor form (except if the
Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance herewith). Subject to the terms of this Agreement, the Company shall use
its reasonable best efforts to cause the Shelf Registration Statement filed hereunder to be declared effective under the Securities Act as promptly as possible after the filing thereof, and shall use its reasonable best efforts to keep such Shelf
Registration Statement continuously effective (including by filing any necessary post-effective amendments to such Shelf Registration Statement or a new Shelf Registration Statement) under the Securities Act until all Registrable Securities covered
by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement or another Registration Statement filed under the Securities Act or otherwise cease to be Registrable Securities (such period of effectiveness, the
“Shelf Period”). The Company will pay all Registration Expenses in connection with the Shelf Registration, whether or not any registration or Prospectus becomes effective or final. 
 (ii) Shelf Demand Notice. At any time that a Shelf Registration Statement covering Registrable Securities pursuant to
Section 3.1(a)(i) is effective, if a Shareholder Group Member desires to sell all or any portion of the Registrable Securities under such Shelf Registration Statement in an underwritten offering (“Shelf Demand
Offering”), Shareholder shall notify (such notice being the “Shelf Demand Notice”) the Company of such intent at least fifteen (15) days prior to such proposed sale (or, in the case of a Shelf Demand Offering that does
not involve a “road show”, at least three (3) days prior to such proposed sale), which notice shall specify the number of the Registrable Securities to be included in such Shelf Demand Offering. 
 (iii) Shelf Demand Offering. The Company shall prepare and file a prospectus supplement, post-effective amendment to the Shelf
Registration Statement and/or Exchange Act reports incorporated by reference into the Shelf Registration Statement and take such other actions as reasonably necessary or appropriate to permit the consummation of such Shelf Demand Offering. In the
case of a Shelf Demand Offering that does not involve a “road show”, the Company shall take all actions to enable the Shareholder Group Member to price such offering within three (3) days of receipt of the Shelf Demand Notice;
provided, that if a “comfort” letter is required in connection with the pricing of such offering, and the Company was unable to obtain such “comfort” letter within three (3) days of receipt of such Shelf Demand Notice, then
the Company shall use its reasonable best efforts to obtain such “comfort” letter and price such offering as soon as reasonably practicable. 
  

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 (b) Demand Registrations. 
 (i) If at any time (x) the Shelf Registration Statement contemplated by Section 3.1(a) is not effective to register all
the Registrable Shares and (y) a Shareholder Group Member continues to hold any Registrable Securities, Shareholder may request in writing that the Company effect the registration of all or any part of the Registrable Securities (a
“Registration Request”), provided, that the aggregate offering price applicable to any such Registration Request shall not be less than $25 million (determined in accordance with the aggregate Market Value of the Registrable
Securities included in such Registration Request on the day on which such Registration Request is received by the Company). Promptly after its receipt of any Registration Request, the Company will use its reasonable best efforts to register, in
accordance with the provisions of this Agreement, all Registrable Securities that have been requested to be registered in the Registration Request. The Company will pay all Registration Expenses incurred in connection with any registration pursuant
to this Section 3.1(b), whether or not any registration or Prospectus becomes effective or final. Any registration requested by Shareholder pursuant to this Section 3.1(b) is referred to in this Agreement as a “Demand
Registration.” 
 (ii) Limitation on Demand Registrations. Shareholder will be entitled to initiate no more
than three (3) Demand Registrations. No request for registration will count for the purposes of the limitations in this Section 3.1(b)(ii) if (i) the relevant Shareholder Group Member determines in good faith to withdraw the
proposed registration prior to the effectiveness of the Registration Statement relating to such request due to adverse business developments at the Company that were not known to Shareholder at the time of the request to initiate such registration
proceedings, (ii) the Registration Statement relating to such request is not declared effective within one hundred eighty (180) days of the date such Registration Statement is first filed with the Commission (other than solely by reason of
the relevant Shareholder Group Member having refused to proceed) and Shareholder withdraws its Registration Request prior to such Registration Statement being declared effective, (iii) prior to the sale of at least ninety percent (90%) of
the Registrable Securities included in the applicable registration relating to such request, such registration is adversely affected by any stop order, injunction or other order or requirement of the Commission or other Governmental Authority for
any reason and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn or resolved to Shareholder’s reasonable satisfaction within thirty (30) days of the date of such order, (iv) more
than fifteen percent (15%) of the Registrable Securities requested by Shareholder to be included in the registration are not so included pursuant to Section 3.1(e), or (v) the conditions to closing specified in the underwriting
agreement or purchase agreement entered into in connection with the registration relating to such request are not satisfied (other than as a result of a default or breach thereunder by the relevant Shareholder Group Member). Notwithstanding the
foregoing, the Company will pay all Registration Expenses in connection with any request for a registration pursuant to Section 3.1(b)(i) regardless of whether or not such request counts toward the limitation set forth above. 

(c) Restrictions on Required Registrations. If the filing, initial effectiveness or continued use of a Registration Statement with respect to
the Shelf Registration or a Demand Registration would (i) require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (A) would be required to be made in any

  

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such Registration Statement so that such Registration Statement would not be materially misleading, (B) would not be required to be made at such time
but for the filing, effectiveness or continued use of any such Registration Statement and (C) would in the good faith judgment of the Board reasonably be expected to have a material adverse effect on the Company or its business if made at such
time, or (ii) in the good faith judgment of the Board reasonably be expected to have a material adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed acquisition, disposition, financing,
reorganization, recapitalization or similar transaction, then the Company may upon giving prompt written notice of such action to Shareholder (which hereby agrees to maintain the confidentiality of all information disclosed to such participants)
delay the filing or initial effectiveness of, or suspend use of, any such Registration Statement, provided, that the Company shall not be permitted to do so (x) more than two (2) times during any twelve-month period or (y) for
periods exceeding, in the aggregate, one hundred twenty (120) days during any twelve-month period (a “Suspension Period”). In the event the Company exercises its rights under the preceding sentence, Shareholder agrees to
suspend, and to cause any relevant Shareholder Group Member to suspend, promptly upon receipt of the notice referred to above, its use of any Prospectus relating to such registration in connection with any sale or offer to sell Registrable
Securities. Any Suspension Period shall terminate at such time as the public disclosure of such information is made or the requisite financial information becomes publicly available, as applicable. In the case of the Shelf Registration, or a Demand
Registration not withdrawn pursuant to the immediately following sentence, after the expiration of any Suspension Period and without any further request from Shareholder (or any Shareholder Group Member), the Company shall as promptly as reasonably
practicable prepare a post-effective amendment or supplement to the applicable Registration Statement or Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to
purchasers of the Registrable Securities included therein, the applicable Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. In the case of a Demand Registration, if the Company postpones the filing of a Prospectus or the effectiveness of a Registration Statement pursuant to this Section 3.1(c),
Shareholder will be entitled to withdraw its request and, if such request is withdrawn, such registration request will not count for the purposes of the limitation set forth in Section 3.1(b)(ii). The Company will pay all Registration
Expenses incurred in connection with any registration or Prospectus aborted pursuant to this Section 3.1(c). 
 (d) Selection
of Underwriters. 
 (i) If pursuant to Section 3.1(a) or 3.1(b), a Shareholder Group Member intends
that Registrable Securities be distributed by means of an underwritten offering, Shareholder will so advise the Company. In such event, the lead underwriter to administer the offering will be chosen by Shareholder subject to the prior written
consent, not to be unreasonably withheld or delayed, of the Company. 
 (ii) If the offering is underwritten, the relevant
Shareholder Group Member will (together with the Company) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. If the relevant Shareholder Group Member disapproves of the terms
of the underwriting, Shareholder may elect to withdraw any Registrable Securities therefrom by written notice to the Company and the managing underwriter. 
  

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 (e) Priority on Required Registrations. The Company will not include in any registration pursuant
to this Section 3.1 any securities that are not Registrable Securities, without the prior written consent of Shareholder. If the managing underwriter (or, if the applicable offering is not an underwritten offering, a nationally
recognized independent investment bank selected by the Company) advises the Company that in its reasonable opinion the number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds
the number of securities that can be sold in such offering without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), the Company will include in such offering only such number of
securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the
following order of priority: (i) first, the Registrable Securities requested by Shareholder to be included in such offering; (ii) second, securities the Company proposes to sell; and (iii) third, any other securities of the Company
that have been requested to be so included. 
 (f) Effective Registration Statement. A registration pursuant to this
Section 3.1 shall not be deemed to have been effected unless it is declared effective by the Commission and remains effective for the period specified in Section 3.3(b). 
 Section 3.2 Piggyback Registrations. 
 (a) Right to Piggyback. For so long as any Shareholder Group Member continues to hold any Registrable Securities, whenever the Company proposes to register any of its securities, other than a registration pursuant to
Section 3.1, and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice no later than fifteen (15) business days
prior to the anticipated filing of a Registration Statement (other than in connection with a registration statement on Forms S-4, F-4 or S-8 or any similar or successor form) with respect to such registration to Shareholder of its intention to
effect such a registration (a “Piggyback Registration”). Subject to Section 3.2(d), the Company will include in such registration all Registrable Securities with respect to which the Company has received written requests
from Shareholder for inclusion therein within ten (10) business days after the date of the Company’s notice. Shareholder may withdraw the Registrable Securities from any Piggyback Registration by giving written notice to the Company and
the managing underwriter, if any, on or before the tenth business day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 3.2 prior to the
effectiveness of such registration, whether or not Shareholder has elected to include Registrable Securities in such registration, and except for the obligation to pay Registration Expenses pursuant to Section 3.2(c) the Company will
have no liability to any relevant Shareholder Group Member in connection with such termination or withdrawal. 
 (b) Underwritten
Registration. If the registration referred to in Section 3.2(a) is proposed to be underwritten by the Company or the Persons who have sought to have securities of the Company registered in such Piggyback Registration pursuant to a

  

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demand right, the Company will so advise Shareholder as a part of the written notice given pursuant to Section 3.2(a). In such event, the right
of Shareholder to request the registration of Registrable Securities pursuant to this Section 3.2 will be conditioned upon the relevant Shareholder Group Member’s participation in such underwriting and the inclusion of Registrable
Securities in the underwriting, and the relevant Shareholder Group Member will (together with the Company) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. If
Shareholder disapproves of the terms of the underwriting, Shareholder may elect to withdraw any Registrable Securities therefrom by written notice to the Company and the managing underwriter. 
 (c) Piggyback Registration Expenses. The Company will pay all Registration Expenses in connection with any Piggyback Registration, whether or not
any registration or Prospectus becomes effective or final. 
 (d) Priority on Piggyback Registrations. If, in connection with a
Piggyback Registration, the managing underwriter (or, if such Piggyback Registration is not an underwritten registration, a nationally recognized independent investment bank selected by the Company) advises the Company that in its reasonable opinion
the number of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company
will include in such registration or Prospectus only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per
share offering price), which securities will be so included in the following order of priority: 
 (i) If the Piggyback
Registration relates to an offering for the Company’s own account, then (A) first, the securities the Company proposes to sell (B) second, Registrable Securities that Shareholder has requested to be registered pursuant to
Section 3.2(a), and (C) third, any other securities of the Company that have been requested to be so included; 
 (ii) If the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first, the securities of the Person or Persons who initiated the Piggyback Registration by seeking to have securities of
the Company registered in such Piggyback Registration, (B) second, the securities the Company proposes to sell, (C) third, the Registrable Securities requested by Shareholder to be registered pursuant to Section 3.2(a), and
(D) fourth, any other securities of the Company that have been requested to be so included. 
 Section 3.3 Registration
Procedures. Subject to the provisions of Sections 3.1 and 3.2, pursuant to the Shelf Registration and, if applicable, each Demand Registration and each Piggyback Registration, the Company will use its reasonable best efforts to
effect the registration and sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof and pursuant thereto. The Company shall use its reasonable best efforts to as
expeditiously as possible: 
 (a) prepare and file with the Commission a Registration Statement with respect to such Registrable Securities
in accordance with the intended method or methods of distribution thereof, make all required filings with the Financial Industry Regulatory Authority and thereafter use its reasonable best efforts to cause such Registration Statement to become
effective as soon as reasonably practicable, provided that before filing a Registration Statement or a Prospectus or any amendments or supplements thereto, the Company will furnish to Shareholder’s Counsel copies of all such documents proposed
to be filed, which documents will be subject to review of such counsel at the Company’s expense; 
  

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 (b) prepare and file with the Commission such amendments and supplements to such Registration Statement
as may be necessary to keep such Registration Statement effective either (i) for a period of not less than (A) three months or (B) if such Registration Statement relates to an underwritten offering, such longer period as a Prospectus
is required by Law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or (C) in the case of the Shelf Registration Statement, the Shelf Period or (ii) such shorter period as ends when all of the
securities covered by such Registration Statement have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement (but in any event not before the expiration of
any longer period required under the Securities Act), and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement, and cause the related Prospectus to be supplemented
by any Prospectus supplement or Issuer Free Writing Prospectus as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented
to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act, until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers
thereof set forth in such Registration Statement; 
 (c) furnish to Shareholder such number of copies, without charge, of such Registration
Statement, each amendment and supplement thereto, including each Prospectus (including each preliminary Prospectus), all exhibits and other documents filed therewith and such other documents as Shareholder may reasonably request including in order
to facilitate the disposition of the Registrable Securities; 
 (d) register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things that may be reasonably necessary or reasonably advisable to enable the relevant Shareholder Group Member to consummate the
disposition in such jurisdictions of the Registrable Securities (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 
 (e) notify Shareholder and Shareholder’s Counsel, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening
of any event as a result of which, the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any fact necessary to 

  

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make the statements therein not misleading in the light of the circumstances under which they were made, and, as soon as reasonably practicable, prepare and
furnish to Shareholder a reasonable number of copies of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus will not contain an untrue statement of a
material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
 (f) notify Shareholder and Shareholder’s Counsel (i) when such Registration Statement or the Prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to such
Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission for amendments or supplements to such Registration Statement or to amend or to supplement such Prospectus for
additional information and (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for any of such purposes; 
 (g) cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed or,
if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the NYSE, the AMEX or the NASDAQ stock market, as determined by the
Company; 
 (h) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such
Registration Statement; 
 (i) enter into such customary agreements (including underwriting agreements and, subject to
Section 3.7, lock-up agreements in customary form, and including provisions with respect to indemnification and contribution in customary form) and take all such other customary actions as Shareholder or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, causing members of senior management of the Company to use their reasonable best efforts to support the marketing,
offering or selling of the Registrable Securities covered by such Registration Statement, including by participation in “road show” (including before analysts and ratings agencies) and other customary marketing activities); 
 (j) make available for inspection by Shareholder, the relevant Shareholder Group Member and Shareholder’s Counsel, any underwriter participating in
any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by Shareholder, the relevant Shareholder Group Member or any such underwriter, all relevant financial and other records, pertinent corporate
documents and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by Shareholder, the relevant Shareholder Group
Member or any such underwriter, attorney, accountant or agent in connection with such Registration Statement, provided that it shall be a condition to such inspection and receipt of such information that the inspecting Person (i) enter into a
confidentiality agreement in form and substance reasonably satisfactory to the Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing; 
  

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 (k) timely provide to its security holders earning statements satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (l) in the event of the issuance of any stop order suspending the
effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related Prospectus, or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use every reasonable
effort to promptly obtain the withdrawal of such order; 
 (m) obtain one or more comfort letters and updates thereof, addressed to the
underwriters, if any, signed by the Company’s independent public accountants in customary form (including, in each case, with respect to the date thereof) and covering such matters of the type customarily covered by comfort letters in
connection with underwritten offerings as such underwriters reasonably request; and 
 (n) provide legal opinions of the Company’s
counsel, addressed to the underwriters, if any, dated the date of the closing under the underwriting agreement, with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary Prospectus) and such other
documents relating thereto as such underwriters shall reasonably request in customary form and covering such matters of the type customarily covered by legal opinions of such nature. 
 As a condition to registering Registrable Securities, the Company may require Shareholder to furnish the Company with such information regarding the
relevant Shareholder Group Member and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 
 Section 3.4 Registration Expenses. 
 (a) Except as otherwise provided in this Agreement, all expenses incidental to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration and filing fees, fees and expenses of
compliance with securities or blue sky laws, word processing, duplicating and printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters
and other Persons retained by the Company (all such expenses, “Registration Expenses”), will be borne by the Company. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit or quarterly review, the expenses of any liability insurance and the expenses and fees for listing the securities to be registered on
each securities exchange on which similar securities issued by the Company are then listed or on the NYSE, the AMEX or NASDAQ. All Selling Expenses will be borne by Shareholder (or the relevant Shareholder Group Member, as the case may be).

 (b) In connection with the Shelf Registration, each Demand Registration and each Piggyback Registration in which a Shareholder Group
Member participates, as applicable, the Company will reimburse Shareholder for the reasonable fees and disbursements of one counsel (“Shareholder’s Counsel”). 
  

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 Section 3.5 Participation in Underwritten Registrations. 
 (a) A Shareholder Group Member may not participate in any registration hereunder that is underwritten unless the Shareholder Group Member
(i) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements approved by Shareholder and (ii) cooperates
with the Company’s reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by the Shareholder Group
Member’s failure to cooperate with such reasonable requests, will not constitute a breach by the Company of this Agreement). 
 (b)
Shareholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.3(e), Shareholder will forthwith discontinue, or ensure that the relevant Shareholder Group Member
discontinues, the disposition of its Registrable Securities pursuant to the Registration Statement until Shareholder receives copies of a supplemented or amended Prospectus as contemplated by such Section 3.3(e). In the event the Company
gives any such notice, the applicable time period mentioned in Section 3.3(b) during which a Registration Statement is to remain effective will be extended by the number of days during the period from and including the date of the giving
of such notice pursuant to this Section 3.5(b) to and including the date when Shareholder will have received the copies of the supplemented or amended Prospectus contemplated by Section 3.3(e). 
 Section 3.6 Rule 144; Legended Securities; etc. 
 (a) With a view to making available to Shareholder Group Members the benefits of Rule 144 promulgated under the Securities Act and any other similar rule or regulation of the Commission that may at any time permit a
Shareholder Group Member to sell securities of the Company to the public without registration, the Company agrees to: 
 (i)
make and keep public information available, as those terms are understood and defined in Rule 144; 
 (ii) file with the
Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements (it being understood that nothing herein shall limit the
Company’s obligations with respect to such requirements under the Purchase and Contribution Agreement) and the filing of such reports and other documents as is required for the applicable provisions of Rule 144; and 
 (iii) furnish to Shareholder so long as a Shareholder Group Member owns Registrable Securities, promptly upon written request, (A) a
written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (B) a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (C) such other information as may be reasonably requested to permit Shareholder Group Members to sell such securities pursuant to Rule 144 without registration. 
  

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 (b) The Company will not issue new certificates for shares of Registrable Securities without a legend
restricting further transfer unless (i) such shares have been sold to the public pursuant to an effective Registration Statement under the Securities Act or Rule 144, or (ii) (A) otherwise permitted under the Securities Act and
applicable Laws, and (B) Shareholder shall have delivered to the Company an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the Company, to such effect. 
 Section 3.7 Holdback. In consideration for the Company agreeing to its obligations under this Agreement, Shareholder agrees in connection
with any registration of the Company’s securities (whether or not a Shareholder Group Member is participating in such registration) upon the request of the Company and the underwriters managing any underwritten offering of the Company’s
securities, not to effect and not to permit any Shareholder Group Member to effect (other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144 or
Rule 144A, or make any short sale of, loan, grant any option for the purchase of, enter into any hedging or similar transaction with the same economic effect of a sale, or otherwise dispose of any Registrable Securities, any other equity securities
of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the Company or such underwriters, as the case may be, during the Holdback Period,
provided that nothing herein will prevent a Shareholder Group Member, if it is a partnership or corporation, from making a distribution of Registrable Securities to the partners or shareholders thereof or a transfer to an Affiliate of the
Shareholder Group Member that is otherwise in compliance with applicable securities Laws, so long as such distributees or Affiliates agree to be so bound. With respect to an underwritten offering of Registrable Securities covered by a registration
pursuant to Section 3.1 or 3.2, the Company further agrees not to effect (other than pursuant to such registration) any public sale or distribution, or to file any Registration Statement (other than pursuant to such registration)
covering any, of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the Holdback Period with respect to such underwritten offering, if required by the managing underwriter;
provided, that notwithstanding anything to the contrary herein, the Company’s obligations under this Section 3.7 shall not apply during any twelve-month period for more than an aggregate of ninety (90) days. 

Section 3.8 Indemnification. 
 (a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by Law, Shareholder, each other Shareholder Group Member that has Registrable Securities, their respective officers, directors and managers and each
Person who is a controlling Person of Shareholder, or of the relevant Shareholder Group Members, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such person being referred to herein as a
“Covered Person”) against, and pay and reimburse such Covered Persons for, any losses, claims, damages, liabilities, joint or several, to which such Covered Person may become subject under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities and expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained or
incorporated by reference in any Registration Statement, Prospectus, preliminary Prospectus or any amendment thereof or supplement thereto, or any document incorporated by reference therein, or (ii) any omission or alleged 

  

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omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will pay and reimburse
such Covered Persons for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding, provided that the Company shall
not be liable to a Covered Person in any such case to the extent that any such loss, claim, damage, liability or expense (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue
statement, or omission or alleged omission, made or incorporated by reference in such Registration Statement, any such Prospectus, preliminary Prospectus or any amendment thereof or supplement thereto, or any document incorporated by reference
therein, in reliance upon, and in conformity with, written information prepared and furnished to the Company by any Covered Persons expressly for use therein or arises out of or is based on the relevant Shareholder Group Member’s failure to
deliver a copy of the Registration Statement or Prospectus, preliminary Prospectus or any amendments or supplements thereto after the Company has furnished Shareholder with a sufficient number of copies thereof. In connection with an underwritten
offering, the Company, if requested, will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the
indemnification of the Covered Persons. 
 (b) In connection with any Registration Statement in which a Shareholder Group Member is
participating, Shareholder will furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, will indemnify and hold harmless the Company, its
directors and officers, each underwriter and any Person who is or might be deemed to be a controlling person of the Company, any of its subsidiaries or any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act against any losses, claims, damages, liabilities, joint or several, to which the Company or any such director or officer, any such underwriter or controlling person may become subject under the Securities Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the
Registration Statement, Prospectus, preliminary Prospectus or any amendment thereof or supplement thereto or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is made in such Registration Statement, any such Prospectus, preliminary Prospectus or any amendment or supplement thereto in reliance upon and in conformity with written
information prepared and furnished to the Company by a Shareholder Group Member expressly for use therein, and Shareholder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal or any other
expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding, provided that the obligation to indemnify and hold harmless will be individual
and several to Shareholder and will be limited to the net amount of proceeds actually received by Shareholder Group Members from the sale of Registrable Securities pursuant to such Registration Statement. 
  

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 (c) Any Person entitled to indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect
to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not, without the indemnified party’s prior
consent, settle or compromise any action or claim or consent to the entry of any judgment unless such settlement or compromise includes as an unconditional term thereof the release of the indemnified party from all liability, which release shall be
reasonably satisfactory to the indemnified party. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.

 (d) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of any securities by any Person entitled to any indemnification hereunder and the expiration or
termination of this Agreement. 
 (e) If the indemnification provided for in Section 3.8(a) or Section 3.8(b) is held
by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party thereunder,
will contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of
the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relevant fault of the indemnifying
party and the indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount Shareholder will be obligated to
contribute pursuant to this Section 3.8(e) will not exceed an amount equal to the net proceeds to the Shareholder Group Members of the Registrable Securities sold pursuant to the Registration Statement which gives rise to such obligation
to contribute (less the aggregate amount of any damages which Shareholder Group Members have otherwise been required to pay in respect of such loss, claim, damage, liability or action or any substantially similar loss, claim, damage, liability or
action arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. 
 Section 3.9 No Inconsistent Agreements. The Company will not hereafter enter into any
agreement with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement or grant any 

  

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registration rights to any other Person that rank equally with, or in priority to, the rights granted to holders of Registrable Securities in this Agreement
without obtaining the prior approval of Shareholder. 
 ARTICLE IV 
 STANDSTILL AND RESTRICTIONS 
 Section 4.1 Standstill. Shareholder
hereby agrees that, from and after the date hereof, Shareholder shall not, and shall not permit any Shareholder Group Member to, directly or indirectly, unless (1) specifically requested by the Company in writing, (2) as the result of the
transactions contemplated by Section 7.03 of the Purchase and Contribution Agreement, or (3) otherwise expressly contemplated by the terms of this Agreement, the Purchase and Contribution Agreement or the Ancillary Agreements (as
defined in the Purchase and Contribution Agreement): 
 (a) acquire, offer to acquire, or agree to acquire, by purchase or otherwise,
(i) any shares of Capital Stock that results in the aggregate Percentage Interest of all Shareholder Group Members exceeding nineteen and nine-tenths percent (19.9%) of the total number of shares of Capital Stock then outstanding, or
(ii) the power to vote and/or direct the vote of shares of Capital Stock (after taking into account that shares of Class B Common Stock have ten (10) votes per share) in excess of nineteen and nine-tenths percent (19.9%) of the total
voting power of all shares of Capital Stock then outstanding (each of (A) and (B), the “Ownership Limit”). Notwithstanding the foregoing, (x) Shareholder shall not be deemed to be in violation of the Ownership Limit as the
result of the acquisition (whether by merger, consolidation, exchange of equity interests, purchase of all or part of the equity interests or assets or otherwise) by any Shareholder Group Member of any Person that beneficially owns Capital Stock, or
as the result of any repurchase of Capital Stock by the Company, or any other action taken by the Company or any of its Affiliates and (y) if at any time Shareholder (together with other Shareholder Group Members) acquires Capital Stock such
that the Shareholder Group Members own Capital Stock in the aggregate representing more than the Ownership Limit (other than pursuant to the clause (x) of this sentence), then Shareholder shall, and shall cause other Shareholder Group Members
to, as soon as is reasonably practicable (but in no event longer than one hundred twenty (120) days after such ownership of Capital Stock first exceeds the Ownership Limit or such longer period as may be necessary due to the possession of
material non-public information or so that neither Shareholder nor any other Shareholder Group Member incurs any liability under Section 16(b) of the Exchange Act if, for purposes of Section 16(b), Shareholder has not acquired beneficial
ownership of any other shares of Capital Stock after the date of the transaction that resulted in Shareholder exceeding the Ownership Limit) transfer to a third party a number of shares of Capital Stock sufficient to reduce the amount of Capital
Stock owned in the aggregate by the Shareholder Group Members to an amount not in excess of the Ownership Limit; provided, however, that, notwithstanding anything in this Agreement to the contrary, if at any time the Shareholder Group Members
own Capital Stock in the aggregate representing more than the Ownership Limit, the Shareholder Group Members will not be entitled to vote (or cause to be voted) the shares of Capital Stock representing voting power (after taking into account that
shares of Class B Common Stock have ten (10) votes per share) in excess of nineteen and nine-tenths percent (19.9%) of the total voting power of all shares of Capital Stock then outstanding. 

  

 22 

 
For purposes of calculating the Ownership Limits, the Capital Stock outstanding at a particular time shall be the amount of Capital Stock outstanding as set
out in the Company’s then most recent filings with the Commission; 
 (b) acquire, offer to acquire, or agree to acquire, by purchase or
otherwise, any material assets of the Company or any Subsidiary thereof, other than (A) in the ordinary course of business or (B) assets of Carrier Enterprises or any of its Subsidiaries; 
 (c) make, or in any way participate in, any “solicitation” of “proxies” (as such terms are used in the rules of the Commission) to
vote (including by consent), or seek to advise or influence any Person with respect to the voting of, any voting securities of the Company; 
 (d) submit to the Company any shareholder proposal for inclusion in any proxy statement; 
 (e) seek or propose to obtain
representation on the Board; 
 (f) make any public announcement with respect to, or submit a proposal (whether or not public) for, or offer
of (with or without conditions) any extraordinary transaction involving the Company or its securities or assets; 
 (g) form, join or in any
way participate in a group (as defined, as of the date hereof, under Section 13(d) of the Exchange Act) (other than such a group consisting solely of Shareholder’s Affiliates) in connection with any of the foregoing; 
 (h) seek in any way which would require public disclosure under applicable Law to have any provision of this Section 4.1 amended, modified or
waived; or 
 (i) otherwise take any actions with the purpose or effect of avoiding or circumventing any provision of this
Section 4.1. 
 Section 4.2 Anti-Takeover Provisions. From the date hereof, the Company shall take all reasonable
actions to ensure that (i) none of Section 607.0901 and Section 607.0902 of the Florida Business Corporation Act or any “fair price,” “moratorium,” “control share acquisition” or other form of
anti-takeover statute or regulation under Florida law, (ii) no anti-takeover provision in the articles of incorporation or by-laws of the Company or other similar organizational documents of its Subsidiaries, and (iii) no shareholder
rights plan, “poison pill” or similar measure, in each case that contains restrictions that are different from or in addition to those contained in Section 4.1, is applicable to any Shareholder Group Member’s ownership of
Company Equity Securities. 
 Section 4.3 Restrictive Legend. Each certificate representing any of the Subject Shares
beneficially owned by Shareholder shall be marked conspicuously with at least the following legend: 
 THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS, INCLUDING WITH RESPECT TO THE DIRECT OR INDIRECT TRANSFER THEREOF AND RESTRICTIONS ON THE VOTING OF THE SHARES, UNDER A SHAREHOLDER AGREEMENT, DATED AS OF JULY 1, 2009. 
  

 23 

 Section 4.4 Rights of First Refusal on Transfer. Any Restricted Transfer shall be subject to
the rights of refusal set forth in this Section 4.4. For the purposes of this Agreement, “Restricted Transfer” shall mean the sale in a private transaction by Shareholder Group Members of Subject Shares representing more
than 50,000 shares to any Person. Prior to any Restricted Transfer, Shareholder shall consider in good faith, and discuss with the Company the possibility of, (i) the relevant Shareholder Group Members offering to sell such Subject Shares to
the Company, (ii) negotiating with the Company with respect to the sale of such Subject Shares to the Company and (iii) selling such Subject Shares to the Company; provided, that nothing herein shall be deemed to restrict
Shareholder’s or any Shareholder Group Member’s ability to determine, in its sole discretion, (i) to terminate any discussions with the Company at any time or (ii) not to (A) offer to sell such Subject Shares to the Company,
(B) negotiate with the Company with respect to the sale of such Subject Shares to the Company and (C) sell such Subject Shares to the Company, or prevent any relevant Shareholder Group Member from engaging in any Restricted
Transfer.
 Section 4.5 Conversion of Class B Common Stock. For so long as a Shareholder Group Member beneficially owns any
shares of Class B Common Stock, the Company shall not amend or repeal, or adopt any provision in its governing documents that is inconsistent with, Section III(A)(4) of the Company’s Amended and Restated Articles of Incorporation, and
shall at all times reserve and keep available, out of the aggregate of its authorized but unissued Common Stock, and issued Common Stock held in its treasury, for the purpose of effecting the conversion of the Class B Common Stock contemplated by
Section III(A)(4) of the Company’s Amended and Restated Articles of Incorporation, the full number of shares of Common Stock then deliverable upon the conversion of all outstanding shares of Class B Common Stock beneficially owned by
Shareholder. The Company shall use its reasonable best efforts to cause such shares of Common Stock to be at all times approved for listing on the NYSE, subject to official notice of issuance, as applicable. 
 Section 4.6 Sections 607.0901 and 607.0902 of the Florida Business Corporation Act. The Company shall not, and shall cause its controlled
Affiliates, including its Subsidiaries, not to, take (or cause to be taken) any action that would, or would be reasonably likely to, cause any Shareholder Group Member to be an “interested shareholder” (as such term is defined in
Section 607.0901 of the Florida Business Corporation Act) with respect to the Company, and shall, and shall cause its controlled Affiliates, including its Subsidiaries, to take (or cause to be taken) all actions necessary so that the
restrictions contained in Section 607.0901 and Section 607.0902 of the Florida Business Corporation Act or any “fair price,” “business combination,” “takeover” or “control share acquisition” statute
or other similar statute or regulation of any jurisdiction shall not apply to the execution, delivery or performance of the Purchase and Contribution Agreement or any of the Ancillary Agreements or the transactions contemplated by the Purchase and
Contribution Agreement or any of the Ancillary Agreements; provided, that nothing herein shall be deemed to relieve the Company or any of its Subsidiaries (including Carrier Enterprises) of any of their respective obligations under the
Purchase and Contribution Agreement or any of the Ancillary Agreements. 
  

 24 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 OF SHAREHOLDER 
 Shareholder hereby represents and warrants to the Company as of the date hereof: 
 Section 5.1 Due Organization, etc. Shareholder is duly organized and validly existing under the laws of the jurisdiction of its formation.
Shareholder has all necessary power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby
by Shareholder have been duly authorized by all necessary action on the part of Shareholder. This Agreement constitutes a valid and binding obligation of Shareholder, enforceable against Shareholder in accordance with its terms, except as limited by
the application of bankruptcy, moratorium and other Laws affecting creditors’ rights generally and as limited by the availability of specific performance and the application of equitable principles. 
 Section 5.2 No Conflicts. None of the execution and delivery of this Agreement by Shareholder, the consummation by Shareholder of the
transactions contemplated hereby or compliance by Shareholder with any of the provisions hereof shall (a) conflict with or result in any breach of the organizational documents of Shareholder, (b) result in, or give rise to, a violation or
breach of or a default under any of the material terms of any material contract, agreement or other instrument or obligation to which Shareholder is a party or by which Shareholder or any of its assets may be bound or by which any of the Subject
Shares of Shareholder or any of its Affiliates may be bound, or (c) result in the creation of, or impose any obligation on Shareholder or any of its Affiliates to create, any lien upon the Subject Shares of Shareholder or any of its Affiliates,
other than liens created pursuant to this Agreement, the Purchase and Contribution Agreement, or any of the Ancillary Agreements, except for any of the foregoing as does not and could not reasonably be expected to materially impair
Shareholder’s ability to perform its obligations under this Agreement. 
 Section 5.3 No Control Intent. Shareholder, on
behalf of itself and the Shareholder Group Members, does not intend to acquire, and, except to the extent not prohibited by this Agreement, including Section 4.1, shall not acquire, directly or indirectly, alone or together with another
Person or group (as defined, as of the date hereof, under Section 13(d) of the Exchange Act) (a) an interest in the Company exceeding nineteen and nine-tenths percent (19.9%) of the total number of shares of Capital Stock then
outstanding, or (b) the power to vote and/or direct the vote of shares of Capital Stock (after taking into account that shares of Class B Common Stock have ten (10) votes per share) in excess of nineteen and nine-tenths percent
(19.9%) of the total voting power of all shares of Capital Stock then outstanding. 
  

 25 

 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY 
 The Company hereby represents and warrants to Shareholder as of the date hereof: 
 Section 6.1 Due Organization, etc. The Company is a corporation duly organized and validly existing under the laws of the State of Florida.
The Company has all necessary power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby
by the Company have been duly authorized by all necessary action on the part of the Company. This Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by
the application of bankruptcy, moratorium and other Laws affecting creditors’ rights generally and as limited by the availability of specific performance and the application of equitable principles. 
 Section 6.2 No Conflicts. Neither the execution and delivery of this Agreement by the Company nor the consummation by the Company of the
transactions contemplated hereby shall (a) conflict with or result in any breach of the organizational documents of the Company, or (b) result in, or give rise to, a violation or breach of or a default under any of the material terms of
any material contract, agreement or other instrument or obligation to which the Company or any of its Subsidiaries is a party or by which the Company, any of its Subsidiaries or any of their respective assets may be bound, except for any of the
foregoing as does not and could not reasonably be expected to materially impair the Company’s ability to perform its obligations under this Agreement. 
 ARTICLE VII 
 TERMINATION 
 Section 7.1 Termination. 
 (a)
Subject to Section 7.1(b), this Agreement shall terminate and neither the Company nor Shareholder shall have any rights or obligations hereunder upon the termination of this Agreement by mutual written consent of the Company and
Shareholder; provided, that (i) Article II and Article IV shall terminate and be of no further force and effect at such time as Albert Nahmad and/or any of his Family Members and/or Related Affiliates ceases to hold
collectively more than twenty percent (20%) of the total voting power of all shares of Capital Stock then outstanding; and (ii) Article II (other than Section 2.2, to the extent such Section relates to
Section 4.1 or Section 4.2) shall terminate and be of no further force and effect at such time as the Percentage Interest of the Shareholder Group Members, in the aggregate, no longer exceeds five percent (5%); and
(iii) Article III shall terminate and be of no further force and effect at such time as the Shareholder Group Members, in the aggregate, no longer hold Registrable Securities constituting more than two percent (2%) (subject to
customary anti dilution adjustments) of the total number of shares of Capital Stock outstanding as of the date hereof. 
  

 26 

 (b) Notwithstanding the foregoing, Section 3.4, Section 3.6(a),
Section 3.8, this Section 7.1, and Article VIII of this Agreement shall survive the termination of this Agreement or any Article hereof. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 Further Actions. Each of the parties hereto agrees that it will use commercially reasonable efforts to do all things necessary to
effectuate the intent and provisions of this Agreement. 
 Section 8.2 Notices. Except as otherwise provided herein, all notices,
demands and other communications to be given or delivered under or by reason of the provisions of this Agreement (“Notices”) shall be in writing and shall be deemed to have been given (i) if personally delivered, on the date of
delivery, (ii) if delivered by express courier service of national standing (with charges prepaid) or by registered mail, upon actual receipt, or (iii) if delivered by telecopy, (x) upon actual receipt if received at or prior to 5:00
p.m., local time of the recipient party, or (y) at the beginning of the recipient’s next business day following actual receipt if received after 5:00 p.m., local time of the recipient party. All Notices by telecopier shall be confirmed by
the sender thereof promptly after transmission in writing by registered mail or personal delivery. Notices, demands and communications to any party hereto shall, unless another address or facsimile number is specified in writing pursuant to the
provisions hereof, be sent to the address or facsimile number indicated below: 
 If to the Company to: 
 Watsco, Inc. 
 2665 South Bayshore Drive 
 Suite 901 
 Coconut Grove, FL 33133 
 Attention: Barry S. Logan 
 Senior Vice President 
 Facsimile No.: 305-858-4492 
 with a copy (which shall not constitute notice) to 
 Akerman Senterfitt 
 One SE 3rd Ave 
 28th Floor 
 Miami, FL 33131 
 Attention: Stephen K. Roddenberry, Esq. 
 Facsimile No.: 305-374-5095 
  

 27 

 If to Shareholder, to: 
 Carrier Corporation 
 One Carrier Place 
 Farmington, CT 06034-4015 
 Attention: Donald K. Cawley, Esq. 
 General Counsel 
 Facsimile No.: 860-660-0777 
 Section 8.3 Assignment; Binding Effect. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned,
in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written consent of the other parties; provided, that no such assignment shall relieve the assigning party of its obligations hereunder if
such assignee does not perform such obligations; provided, further, that (a) this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns,
and (b) Shareholder may assign its rights under this Agreement in connection with a transfer of Capital Stock to any Affiliate of Shareholder which agrees to be bound by this Agreement. Any purported assignment not permitted under this Section
shall be null and void. 
 Section 8.4 Third Party Beneficiaries. Notwithstanding anything contained in this Agreement to the
contrary, nothing in this Agreement, expressed or implied, is intended to or shall confer on any Person, other than Shareholder Group Members who from time to time own Subject Shares, the parties hereto or their respective permitted successors and
assigns, any rights, benefits, remedies, obligations or liabilities whatsoever under or by reason of this Agreement; provided, that Shareholder Group Members who hold any Registrable Securities are intended third party beneficiaries of
Article III and the Persons indemnified under Section 3.8 are intended third party beneficiaries of Section 3.8. 
 Section 8.5 Amendments. This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by the Company and Shareholder. 
 Section 8.6 Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, both written and oral, among the parties, or any of them, with respect thereto. 
 Section 8.7 Mediation; Governing Law; Jurisdiction; Waiver of Jury Trial. 
 (a) Mediation. The parties agree to
submit any dispute, claim or controversy (a “Dispute”) related to or arising out of this Agreement to mediation before a neutral mediator in Wilmington, Delaware, who will be requested to conduct informal, nonbinding mediation of
the dispute. Each party will work with the other to select an acceptable mediator and to work with the mediator to resolve the dispute. The mediation process shall continue until the case is resolved or, if not resolved, until either the mediator
makes a finding that there is no possibility of settlement through the mediation or one of the parties elects not to continue the mediation (“Mediation Termination”). 
  

 28 

 (b) Litigation. In the event of a Mediation Termination, then such Dispute shall be resolved
through legal action or proceeding in State of Delaware. Each party hereto irrevocably submits to the jurisdiction of the state and federal courts located in the State of Delaware, in any action or proceeding arising out of or relating to this
Agreement, and each party hereby irrevocably agrees that all claims in respect of any such action or proceeding must be brought and/or defended in such court; provided, however, that matters which are under the exclusive jurisdiction of the
Federal courts shall be brought in the Federal District Court for the District of Delaware and any court of appeal therefrom (the “Chosen Courts”); and each party hereby waives any obligation or requirement to post any bond on
appeal. Each of the parties hereto agrees that service of process on such party as provided in Section 8.2 shall be deemed effective service of process on such party. Service made pursuant to the foregoing sentence shall have the same
legal force and effect as if served upon such party personally within the State of Delaware, and each party irrevocably waives, to the fullest extent each may effectively do so, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING HEREUNDER. 
 (c) Governing Law. All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance
of this Agreement, or the transactions contemplated hereby shall be governed by and construed in accordance with the Laws of the State of Delaware without regard to the principles of conflicts of law. 
 Section 8.8 Fees and Expenses. Except as otherwise provided herein, all costs and expenses incurred by a party hereto in connection with this
Agreement and the transactions contemplated hereby shall be paid and borne by such party. 
 Section 8.9 Headings. Headings of
the articles and sections of this Agreement are for the convenience of the parties only, and shall be given no substantive or interpretive effect whatsoever. 
 Section 8.10 Interpretation. In this Agreement, unless the context otherwise requires, words describing the singular number shall include the plural and vice versa, words denoting any gender shall include
all genders and words denoting natural Persons shall include corporations, partnerships, and other entities and vice versa. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall
be understood to be followed by the words “without limitation.” 
 Section 8.11 Waivers. No action taken pursuant to
this Agreement, including, without limitation, any investigation by or on behalf of any party, nor any failure or delay on the part of any party hereto in the exercise of any right hereunder, shall be deemed to constitute a waiver by the party
taking such action of compliance of any representations, warranties, covenants or agreements contained in this Agreement. The waiver by any party hereto of a breach of any provision hereunder shall not operate or be construed as a waiver of any
prior or subsequent breach of the same or any other provision hereunder. 
  

 29 

 Section 8.12 Severability. Any term or provision of this Agreement that is invalid, illegal
or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the
validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is
enforceable. 
 Section 8.13 Enforcement of this Agreement. The parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions (without requirement
to post bond) to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the Chosen Courts, this being in addition to any other remedy to which they are entitled at law or in equity. 
 Section 8.14 Counterparts. This Agreement may be executed by the parties hereto in two or more separate counterparts, each of which, when so
executed and delivered, shall be deemed to be an original. All such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto. 
  

 30 

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

			
	WATSCO, INC.
		
	By:	 	 /s/ Barry S. Logan

	Name:	 	Barry S. Logan
	Title:	 	Senior Vice President

  

 31 

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

			
	CARRIER CORPORATION
		
	By:	 	 /s/ Brian E. Kelleher

	Name:	 	Brian E. Kelleher
	Title:	 	Vice President, Legal Affairs, Business Development

  

 32Indenture, dated July 2, 2009, among the Company

 Exhibit 4.1 
  
  
  
 SMITHFIELD FOODS, INC., 
 THE SUBSIDIARY
GUARANTORS PARTIES 
 HERETO 
 10%
Senior Secured Notes due 2014  
  
  

INDENTURE 
 Dated as of July 2, 2009
 
  
  
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee

  
  
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE I Definitions and Incorporation by Reference
	  	1
	 SECTION 1.1. Definitions
	  	1
	 SECTION 1.2. Other Definitions
	  	28
	 SECTION 1.3. Rules of Construction
	  	29
	 ARTICLE II The Securities
	  	30
	 SECTION 2.1. Form, Dating and Terms
	  	30
	 SECTION 2.2. Execution and Authentication
	  	39
	 SECTION 2.3. Registrar and Paying Agent
	  	40
	 SECTION 2.4. Paying Agent To Hold Money in Trust
	  	40
	 SECTION 2.5. Holder Lists
	  	41
	 SECTION 2.6. Transfer and Exchange
	  	41
	 SECTION 2.7. Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited Investors
	  	45
	 SECTION 2.8. Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
	  	46
	 SECTION 2.9. Mutilated, Destroyed, Lost or Stolen Securities
	  	48
	 SECTION 2.10. Outstanding Securities
	  	49
	 SECTION 2.11. Temporary Securities
	  	49
	 SECTION 2.12. Cancellation
	  	49
	 SECTION 2.13. Payment of Interest; Defaulted Interest
	  	50
	 SECTION 2.14. Computation of Interest
	  	51
	 SECTION 2.15. CUSIP Numbers
	  	51
	 ARTICLE III Covenants
	  	51
	 SECTION 3.1. Payment of Securities
	  	51
	 SECTION 3.2. SEC Reports
	  	52
	 SECTION 3.3. Limitation on Indebtedness
	  	52
	 SECTION 3.4. Limitation on Restricted Payments
	  	55
	 SECTION 3.5. Limitation on Sale/Leaseback Transactions
	  	59
	 SECTION 3.6. Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	59
	 SECTION 3.7. Limitation on Sales of Assets
	  	60
	 SECTION 3.8. Limitation on Transactions with Affiliates
	  	67
	 SECTION 3.9. Change of Control
	  	68
	 SECTION 3.10. Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries
	  	70
	 SECTION 3.11. Limitation on Liens
	  	71
	 SECTION 3.12. Future Guarantors
	  	71
	 SECTION 3.13. Limitation on Lines of Business
	  	72
	 SECTION 3.14. Effectiveness of Covenants
	  	72
	 SECTION 3.15. Maintenance of Office or Agency
	  	72
	 SECTION 3.16. Money for Security Payments to Be Held in Trust
	  	73
	 SECTION 3.17. Corporate Existence
	  	74
	 SECTION 3.18. Payment of Taxes and Other Claims
	  	74
	 SECTION 3.19. Maintenance of Properties
	  	75
	 SECTION 3.20. Insurance
	  	75

  

 -i- 

			
	 SECTION 3.21. Compliance with Laws
	  	75
	 SECTION 3.22. Compliance Certificate
	  	75
	 SECTION 3.23. Further Instruments and Acts
	  	75
	 SECTION 3.24. Statement by Officers as to Default
	  	76
	 ARTICLE IV Successor Company and Successor Guarantor
	  	76
	 SECTION 4.1. When Company May Merge or Otherwise Dispose of Assets
	  	76
	 SECTION 4.2. When a Subsidiary Guarantor May Merge or Otherwise Dispose of Assets
	  	78
	 ARTICLE V Redemption of Securities
	  	79
	 SECTION 5.1. Optional Redemption
	  	79
	 SECTION 5.2. Applicability of Article
	  	79
	 SECTION 5.3. Election to Redeem; Notice to Trustee
	  	80
	 SECTION 5.4. Selection by Trustee of Securities to Be Redeemed
	  	80
	 SECTION 5.5. Notice of Redemption
	  	80
	 SECTION 5.6. Deposit of Redemption Price
	  	81
	 SECTION 5.7. Securities Payable on Redemption Date
	  	81
	 SECTION 5.8. Securities Redeemed in Part
	  	82
	 ARTICLE VI Defaults and Remedies
	  	82
	 SECTION 6.1. Events of Default
	  	82
	 SECTION 6.2. Acceleration
	  	84
	 SECTION 6.3. Other Remedies
	  	85
	 SECTION 6.4. Waiver of Past Defaults
	  	85
	 SECTION 6.5. Control by Majority
	  	85
	 SECTION 6.6. Limitation on Suits
	  	86
	 SECTION 6.7. Rights of Holders to Receive Payment
	  	86
	 SECTION 6.8. Collection Suit by Trustee
	  	86
	 SECTION 6.9. Trustee May File Proofs of Claim
	  	86
	 SECTION 6.10. Priorities
	  	87
	 SECTION 6.11. Undertaking for Costs
	  	88
	 ARTICLE VII Trustee
	  	88
	 SECTION 7.1. Duties of Trustee
	  	88
	 SECTION 7.2. Rights of Trustee
	  	89
	 SECTION 7.3. Individual Rights of Trustee
	  	90
	 SECTION 7.4. Trustee’s Disclaimer
	  	91
	 SECTION 7.5. Notice of Defaults
	  	91
	 SECTION 7.6. Compensation and Indemnity
	  	91
	 SECTION 7.7. Replacement of Trustee
	  	92
	 SECTION 7.8. Successor Trustee by Merger
	  	93
	 SECTION 7.9. Eligibility; Disqualification
	  	93
	 ARTICLE VIII Discharge of Indenture; Defeasance
	  	93
	 SECTION 8.1. Discharge of Liability on Securities; Defeasance
	  	93
	 SECTION 8.2. Conditions to Defeasance
	  	95
	 SECTION 8.3. Application of Trust Money
	  	96
	 SECTION 8.4. Repayment to Company
	  	96
	 SECTION 8.5. Indemnity for U.S. Government Obligations
	  	96
	 SECTION 8.6. Reinstatement
	  	97

  

 -ii- 

			
	 ARTICLE IX Amendments
	  	97
	 SECTION 9.1. Without Consent of Holders
	  	97
	 SECTION 9.2. With Consent of Holders
	  	98
	 SECTION 9.3. Revocation and Effect of Consents and Waivers
	  	99
	 SECTION 9.4. Notation on or Exchange of Securities
	  	100
	 SECTION 9.5. Trustee To Sign Amendments
	  	100
	 ARTICLE X Subsidiary Guarantee
	  	100
	 SECTION 10.1. Subsidiary Guarantee
	  	100
	 SECTION 10.2. Limitation on Liability; Termination, Release and Discharge
	  	102
	 SECTION 10.3. Right of Contribution
	  	103
	 SECTION 10.4. No Subrogation
	  	104
	 ARTICLE XI Collateral and Security
	  	104
	 SECTION 11.1. The Collateral
	  	104
	 SECTION 11.2. Further Assurances
	  	105
	 SECTION 11.3. Impairment of Security Interest
	  	105
	 SECTION 11.4. After-Acquired Property
	  	106
	 SECTION 11.5. Real Estate Mortgages and Filings
	  	106
	 SECTION 11.6. Release of Liens on the Collateral
	  	109
	 SECTION 11.7. Authorization of Actions to be Taken by the Trustee or the Collateral Agent Under the Collateral Documents
	  	111
	 SECTION 11.8. Collateral Accounts
	  	112
	 SECTION 11.9. Insurance
	  	113
	 ARTICLE XII Miscellaneous
	  	114
	 SECTION 12.1. Notices
	  	114
	 SECTION 12.2. Certificate and Opinion as to Conditions Precedent
	  	115
	 SECTION 12.3. Statements Required in Certificate or Opinion
	  	115
	 SECTION 12.4. When Securities Disregarded
	  	115
	 SECTION 12.5. Rules by Trustee, Paying Agent and Registrar
	  	116
	 SECTION 12.6. Legal Holidays
	  	116
	 SECTION 12.7. Governing Law
	  	116
	 SECTION 12.8. No Recourse Against Others
	  	116
	 SECTION 12.9. Successors
	  	116
	 SECTION 12.10. Multiple Originals
	  	116
	 SECTION 12.11. Variable Provisions
	  	116
	 SECTION 12.12. Table of Contents; Headings
	  	116
	 SECTION 12.13. Intercreditor Agreements Control
	  	117

			
	
	EXHIBITS
		
	EXHIBIT A	    	Form of Note
	EXHIBIT B	    	Form of Indenture Supplement to Add Subsidiary Guarantors
	EXHIBIT C	    	Form of Pledge and Security Agreement
	EXHIBIT D	    	Form of Mortgage

  

 -iii- 

			
	EXHIBIT E	    	Form of Intercreditor Agreement
	EXHIBIT F	    	Form of Intercreditor and Collateral Agency Agreement

  

 -iv- 

 INDENTURE dated as of July 2, 2009 among SMITHFIELD FOODS, INC., a corporation duly organized and
existing under the laws of the Commonwealth of Virginia (the “Company”), the Subsidiary Guarantors (as defined herein) and U.S. Bank National Association, a national banking association organized under the laws of the United States
of America and having a corporate trust office in Atlanta, Georgia 30309 (the “Trustee”), as Trustee. 
 Recitals Of The
Company 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of
(i) $625,000,000 aggregate principal amount of the Company’s 10% Senior Secured Notes, due 2014, issued on the date hereof (the “Initial Notes”), (ii) if and when issued, an unlimited principal amount of additional
notes having identical terms and conditions as the Initial Notes other than issue date, issue price and the first interest payment date (the “Additional Notes” and, together with the Initial Notes, the
“Securities”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of
the Holders of the Securities: 
 ARTICLE I 
 Definitions and Incorporation by Reference 
 SECTION 1.1. Definitions.

 “ABL Agent” means the administrative agent under the ABL Credit Facility. 
 “ABL Collateral” or “Second Priority Collateral” means the portion of the Collateral as to which the Securities have a
second-priority Lien, including, cash and Cash Equivalents, deposit accounts, intellectual property, capital stock, inventory, accounts receivable, other personal property relating to such inventory and all proceeds of the foregoing, with the
exception of Excluded Property, as more fully described in the Collateral Documents. 
 “ABL Collateral Account” has the meaning
ascribed to it in the Pledge and Security Agreement. 
 “ABL Credit Facility” means the Credit Agreement dated as of July 2,
2009 among the Company, the subsidiaries that guarantee obligations under such agreement, the lenders parties thereto and JPMorgan Chase Bank, N.A., as agent (or its successor in such capacity), and as it may be amended, supplemented or modified
from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof in whole or in part (whether with the original administrative agent and lenders or another administrative agent or agents or one or
more other lenders and whether provided under the original ABL Credit Facility or one or more other credit or other agreements or indentures). 
 “Acquired Indebtedness” means Indebtedness (i) of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or (ii) assumed in connection with the acquisition of assets from
such Person, in each case whether or not Incurred 

 
by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition.
Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (i) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (ii) of the preceding sentence, on the
date of consummation of such acquisition of assets. 
 “Additional Assets” means: (i) any property or assets (other than
Indebtedness and Capital Stock) to be used by the Company or a Restricted Subsidiary in a Related Business; (ii) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the
Company or another Restricted Subsidiary; or (iii) Capital Stock constituting a minority interest in any Person that at such time is or will thereupon become a Restricted Subsidiary; provided, however, that, in the case of clauses
(ii) and (iii) of this definition, such Restricted Subsidiary is primarily engaged in a Related Business. 
 “Administrative
Agent” has the meaning ascribed to it in the Pledge and Security Agreement. 
 “Affiliate” of any specified Person means
(i) any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person, (ii) any Person who is a director or officer (a) of such Person, (b) of any
Subsidiary of such Person or (c) of any Person described in clause (i) above and (iii) any beneficial owner of shares representing 5% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or
of rights or warrants to purchase such Voting Stock (whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to clauses (i) and (ii). For the purposes of this definition,
“control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding the foregoing, no Person (other than the Company or any Subsidiary of the Company) in whom a Receivables Entity makes an Investment in
connection with a Qualified Receivables Transaction shall be deemed to be an Affiliate of the Company or any of its Subsidiaries solely by reason of such Investment. 
 “Applicable Premium” means with respect to any Redemption Date, the greater of (i) 1.0% of the principal amount of such Security and (ii) the excess of (A) the present value at such Redemption
Date of (1) 100.0% of the principal amount of such Security plus (2) all required remaining scheduled interest payments due on such Security through such date, computed using a discount rate equal to the Treasury Rate plus 50 basis points,
over (B) the principal amount of such Security on such Redemption Date, in each case 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 applicable Trustee. 
 “Asset Disposition” means any sale, lease, transfer or other issuance or disposition (or
series of related sales, leases, transfers, issuance or dispositions that are part of a common plan) of shares of Capital Stock of a Subsidiary (other than directors’ qualifying 

  

 2 

 
shares), property or other assets (each referred to for the purposes of this definition as a “disposition”) by the Company or any of its Restricted
Subsidiaries (including any disposition by means of a sale and leaseback, merger, consolidation or similar transaction, but excluding any disposition by means of any pledge of assets or stock by the Company or any of its Subsidiaries otherwise
permitted under this Indenture, and any transaction or series of related transactions from which the Company or any of its Subsidiaries receives an aggregate consideration of less than $500,000) other than (i) a disposition by a Restricted
Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Wholly-Owned Subsidiary, (ii) a disposition of assets held for resale in the ordinary course of business, (iii) the sale of Temporary Cash Investments in the
ordinary course of business, (iv) the sale or other disposition of damaged, worn, unneeded or obsolete equipment in the ordinary course of business, (v) for purposes of Section 3.7 only, a disposition subject to
Section 3.4, (vi) the sale of other assets so long as the fair market value of the assets disposed of pursuant to this clause (vi) does not exceed $2.0 million in the aggregate in any fiscal year and $10.0 million in the
aggregate prior to July 15, 2014, (vii) any disposition of assets pursuant to and in accordance with the provisions of Section 3.9 and/or Article IV (viii) sales or other dispositions of assets for consideration at
least equal to the fair market value of the assets sold or disposed of, to the extent that the consideration received would constitute Additional Assets or an Investment in a Permitted Joint Venture that in each case complies with
Section 3.4 and (ix) sales of accounts receivable and related assets of the type specified in the definition of “Qualified Receivables Transaction” to a Receivables Entity for the fair market value thereof, including cash
in an amount at least equal to 75% of the book value thereof as determined in accordance with GAAP. 
 “Attributable Debt” in
respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate assumed in making calculations in accordance with FAS 13) of the total obligations of the lessee for rental payments
during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended). 
 “Average Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (i) the sum of the products of the numbers of years from the date of determination
to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (ii) the sum of all such payments. 
 “Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of
Directors with respect to the relevant matter. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of a company to have been duly adopted by the Board of Directors of such company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  

 3 

 “Borrowing Base” means, as of the date of determination, an amount equal to the sum, without
duplication of (i) 80% of the net book value of the Company’s and its Restricted Subsidiaries’ accounts receivable at such date and (ii) 80% of the net book value of the Company’s and its Restricted Subsidiaries’
inventories at such date. Net book value shall be determined in accordance with GAAP and shall be that reflected on the most recent available balance sheet (it being understood that the accounts receivable and inventories of an acquired business may
be included if such acquisition has been completed on or prior to the date of determination). 
 “Business Day” means a day other
than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required by law to close in New York City or Atlanta, Georgia. 
 “Capital Stock” of any Person means (i) with respect to any Person that is a corporation, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including any Common Stock or Preferred Stock, and (ii) with respect to any Person that is not a corporation, any and all partnership or other equity interests of such Person but in each
case excluding any debt securities convertible into such equity. 
 “Capitalized Lease Obligations” means an obligation that is
required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined
in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease. 
 “Cash Equivalents” means (i) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof, (ii) certificates of deposit, time deposits and
eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus
in excess of $500.0 million and the commercial paper of the holding company of which is rated at least “A-1” or the equivalent thereof by S&P or “P-1” or the equivalent thereof by Moody’s, (iii) repurchase
obligations for underlying securities of the types described in clauses (i) and (ii) entered into with any financial institution meeting the qualifications specified in clause (ii) above, (iv) commercial paper rated
“A-1” or the equivalent thereof by S&P or “P-1” or the equivalent thereof by Moody’s and in each case maturing within one year after the date of acquisition thereof, (v) investment funds investing 95% of their
assets in securities of the type described in clauses (i)-(iv) above. 
 “Change of Control” means the occurrence of any of
the following events: 
 (i) any sale, transfer or other conveyance, whether direct or indirect, of all or substantially
all of the fair market value of the Company’s assets on a consolidated basis, in one transaction or a series of related transactions, to any Person or Persons other than the Company or one or more of its Restricted Subsidiaries; 
  

 4 

 (ii) any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
Company’s Voting Stock (or its successor by merger, consolidation or purchase of all or substantially all of its assets); 
 (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors (together with any new directors whose election by such Board of Directors or whose nomination for
election by the Company’s shareholders was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved)
cease for any reason to constitute a majority of the Board of Directors then in office; or 
 (iv) the adoption of a plan
relating to the Company’s liquidation or dissolution. 
 “Clearstream” means Clearstream Banking, société
anonyme, or any successor securities clearing agency. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” means all property and assets, whether now owned or hereafter acquired, in which Liens are, from time to time, purported to be
granted to secure the Securities pursuant to the Collateral Documents. 
 “Collateral Accounts” means any segregated account under
the sole control of the Collateral Agent that is free from all other Liens, and includes all cash and Cash Equivalents received by the Trustee or the Collateral Agent from Asset Dispositions of Collateral, Recovery Events, foreclosures on or sales
of Collateral, any issuance of Additional Notes or any other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents, issues, profits and income from the Collateral received pursuant to the Collateral Documents,
and interest earned thereon. 
 “Collateral Agent” means U.S. Bank National Association, acting in its capacity as collateral agent
under the Collateral Documents, or any successor thereto. 
 “Collateral Documents” means the mortgages, deeds of trust, deeds to
secure debt, security agreements, pledge agreements, agency agreements and other instruments and documents executed and delivered pursuant to this Indenture or any of the foregoing, as the same may be amended, supplemented or otherwise modified from
time to time and pursuant to which Collateral is pledged, assigned or granted to or on behalf of the Collateral Agent for the ratable benefit of the Holders and the lenders under the Rabobank Term Loan and the Trustee or notice of such pledge,
assignment or grant is given. 
  

 5 

 “Common Stock” means with respect to any Person, any and all shares, interest or other
participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common
stock. 
 “Company” means Smithfield Foods, Inc. until a successor replaces it and, thereafter, means such successor. 

“Consolidated Coverage Ratio” as of any date of determination means the ratio of (i) the aggregate amount of EBITDA of the Company and
its Restricted Subsidiaries for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which consolidated financial statements of the Company are available to (ii) Consolidated Interest
Expense of the Company and its Restricted Subsidiaries for such four consecutive fiscal quarters; provided, however, that: 
 (1) if the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio is an Incurrence of Indebtedness, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the
first day of such period and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period, 
 (2) if since the beginning of such period the Company or any Restricted Subsidiary shall have made any Asset Disposition, the EBITDA
for such period shall be reduced by an amount equal to the EBITDA (if positive) directly attributable to the assets that are the subject of such Asset Disposition for such period or increased by an amount equal to the EBITDA (if negative) directly
attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any Restricted Subsidiary
repaid, repurchased, defeased or otherwise discharged (to the extent the related commitment is permanently reduced) with respect to the Company and its continuing Restricted Subsidiaries in connection with such Asset Disposition for such period (or,
if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries
are no longer liable for such Indebtedness after such sale), 
 (3) if since the beginning of such period the Company or
any Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted 

  

 6 

 
Subsidiary (or any Person that becomes a Restricted Subsidiary) or an acquisition of assets, including any Investment in a Restricted Subsidiary or any
acquisition of assets occurring in connection with a transaction causing a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense for such period
shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness and including the pro forma expenses and cost reductions calculated on a basis consistent with Regulation S-X of the Securities Act) as if such
Investment or acquisition occurred on the first day of such period and without regard to clause (ii) of the definition of Consolidated Net Income, and 
 (4) 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 Asset Disposition or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (2) or (3) above if made by the Company or a Restricted Subsidiary during such period, EBITDA and
Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition of assets occurred on the first day of such period. For purposes of this definition,
whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of the Company. If any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest expense on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement
applicable to such Indebtedness if such Interest Rate Agreement has a remaining term as at the date of determination in excess of 12 months). 
 “Consolidated Interest Expense” means, for any period, the total consolidated cash and non-cash interest expense (excluding capitalized interest and any non-cash interest expense arising from the adoption of FASB Staff Position
No. APB 14-1) of the Company and its Restricted Subsidiaries, determined in accordance with GAAP, plus, to the extent incurred by the Company and its Restricted Subsidiaries in such period but not included in such interest expense, (i) interest
expense attributable to Capitalized Lease Obligations and imputed interest with respect to Attributable Debt, (ii) amortization of debt discount and debt issuance cost (other than those debt discounts and debt issuance costs incurred with
respect to the Convertible Notes, the Senior Notes due 2009, the Senior Notes due 2011, the Senior Notes due 2013 and the Senior Notes due 2017 and on the Issue Date), (iii) capitalized interest, (iv) non-cash interest expense (other than
any non-cash interest expense arising from the adoption of FASB Staff Position No. APB 14-1), (v) commissions, discounts and other fees and charges attributable to letters of credit and bankers’ acceptance financing, (vi) interest
actually paid by the Company or any Restricted Subsidiary under any Guarantee of Indebtedness or other obligation of any other Person, (vii) net gains associated with Hedging Obligations (or minus net losses associated with Hedging
Obligations), (viii) the product of (A) Preferred Stock dividends in respect of all Preferred Stock of Restricted Subsidiaries and Disqualified Stock of the Company held by 

  

 7 

 
Persons other than the Company or a Wholly-Owned Subsidiary multiplied by (B) a fraction, the numerator of which is one and the denominator of which is
one minus the then current combined federal, state and local statutory tax rate of the Company, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP; and (ix) the cash contributions to any employee
stock ownership plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company) in connection with Indebtedness Incurred by such plan or trust and
(x) Receivables Fees. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received by the Company and its Restricted Subsidiaries with respect to Interest Rate Agreements.

 “Consolidated Net Income” means, for any period, without duplication, the consolidated net income (loss) of the Company and its
Restricted Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income: 
 (i)
any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that (A) subject to the limitations contained in clauses (iii) through (v) below, the Company’s equity in the net income of any such Person
for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in
the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (ii) below) and (B) the Company’s equity in a net loss of any such Person for such period shall be included in determining
such Consolidated Net Income, 
 (ii) any net income (loss) of any Restricted Subsidiary if such Restricted Subsidiary is
subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that (A) subject to the limitations contained in clauses
(iii) through (v) below, the Company’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed by such Restricted
Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend (subject, in the case of a dividend that could have been made to another Restricted Subsidiary, to the limitation contained in this clause) and (B) the
Company’s equity in a net loss of any such Person for such period shall be included in determining such Consolidated Net Income, 
 (iii) any gain or loss realized upon the sale or other disposition of any asset of the Company or its Restricted Subsidiaries (including pursuant to any Sale/Leaseback Transaction) that is not sold or otherwise
disposed of in the ordinary course of business and any gain or loss realized upon the sale or other disposition of any Capital Stock of any Person, provided that this clause (iii) shall not be applicable with respect to calculating the amount
of Consolidated Net Income in clause (3)(B) of Section 3.4(a). 
 (iv) any extraordinary gain or loss, and

  

 8 

 (v) the cumulative effect of a change in accounting principles. 
 “Convertible Notes” means the Company’s 4% Senior Convertible Notes due 2013. 
 “Corporate Trust Office” means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at 1349 West Peachtree St. NW, Suite 1050, Atlanta, Georgia 30309, or such other address as the Trustee may designate from time to time by notice to the Company or the principal corporate
office of any successor trustee (or such other address as a successor trustee may designate from time to time by notice to the Company). 
 “Currency Agreement” means in respect of a Person any foreign exchange contract, currency swap agreement or other similar agreement as to which such Person is a party or a beneficiary. 
 “Debt Facility” or “Debt Facilities” means one or more debt facilities (including, without limitation, the Initial Notes, the
Additional Notes and this Indenture, the ABL Credit Facility, the European Credit Facility and the Rabobank Term Loan) or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or issuances of debt securities, in each case, as
amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time (and whether or not with the original trustee, administrative agent, holders and lenders or another trustee, administrative
agent or agents or other holders or lenders and whether provided under this Indenture, the ABL Credit Facility, the European Credit Facility or the Rabobank Term Loan, or any other credit agreement or other agreement or indenture). 
 “Default” means any event or condition that is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulted Interest” shall have the meaning set forth in Section 2.13. 
 “Definitive Securities” means certificated securities. 
 “Depositary” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter appointed by the Company. 
 “Designated Non-Cash Consideration” means the fair market value of non-cash consideration received by the Company or one of its Restricted
Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, executed by the principal financial officer of the
Company, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration. 
  

 9 

 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person that
by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or
otherwise, (ii) is convertible or exchangeable for Indebtedness or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part, in each case on or prior to 123 days after the Stated Maturity of the
Securities; provided, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an
“asset sale” or “change of control” occurring prior to the Stated Maturity of the Securities shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such
Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in Sections 3.7 and 3.9 of this Indenture and such Capital Stock specifically provides that such Person will not repurchase or
redeem any such stock pursuant to such provision prior to the Company’s repurchase of Securities as are required to be repurchased pursuant to Sections 3.7 and 3.9 of this Indenture. 
 “EBITDA” means, for any period, the Consolidated Net Income for such period, plus, without duplication and to the extent included in
calculating such Consolidated Net Income, (i) income tax expense, (ii) Consolidated Interest Expense, (iii) depreciation expense, (iv) amortization of intangibles and impairment charges recorded in connection with the application
of Financial Accounting Standard No. 142 “Goodwill and Other Intangibles,” and (v) other non-cash charges or non-cash losses (other than non-cash charges to the extent they represent an accrual of or reserve for cash charges in
any future period or amortization of a prepaid expense that was paid in a prior period), less, without duplication, non-cash items increasing Consolidated Net Income of such Person for such period (excluding any items which represent the reversal of
any accrual of, or cash reserve for, anticipated cash charges recorded in any prior period); provided, that if any Restricted Subsidiary is not directly or indirectly owned 100% by the Company, EBITDA shall be reduced (to the extent not
otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of the EBITDA attributable to such Restricted Subsidiary multiplied by (B) the quotient of (1) the number of shares of outstanding common Equity Interests
of such Restricted Subsidiary not owned directly or indirectly by the Company on the last day of such period by the Company divided by (2) the total number of shares of outstanding common Equity Interests of such Restricted Subsidiary on the
last day of such period. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a
limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
  

 10 

 “Euroclear” means Euroclear Bank S.A./N.V. or any successor securities clearing agency.

 “European Credit Facility” means the Multicurrency Revolving Facility Agreement dated August 22, 2006 among the Company,
Smithfield Capital Europe BV, the subsidiary guarantors party thereto, BNP Paribas and Sociéte Générale Corporate & Investment Banking, as Arrangers, the lenders party thereto, and Societe Generale as Agent and Security
Agent, and as it may be amended, supplemented or modified from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof in whole or in part (whether with the arrangers and lenders or another
arranger or arrangers or one or more other lenders and whether provided under the original European Credit Facility or one or more other credit or other agreements or indentures). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Excluded Property” has the meaning set forth in the Collateral Documents. 
 “Fiscal Year” means the fiscal year of the Company ending on the Sunday closest to April 30 of each year or such other fiscal year as may
be determined by the Company and the Board of Directors and of which the Trustee shall receive written notice pursuant to Section 3.22 hereof. 
 “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 or territory
thereof or the District of Columbia and any Restricted Subsidiary of such Foreign Subsidiary. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect on 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 this
Indenture shall be computed in conformity with GAAP. 
 “Grantor” has the meaning ascribed to it in the Pledge and Security
Agreement. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person, directly or indirectly, guaranteeing any
Indebtedness or other nonfinancial obligation of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or such other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other obligation of 

  

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the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor Subordinated Indebtedness” means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether
outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement. 
 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement or Currency Agreement.

 “Holder” means the Person in whose name a Security is registered in the Note Register. 
 “Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock
of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary. Any Indebtedness issued at a
discount (including Indebtedness on which interest is payable through the issuance of additional Indebtedness) shall be deemed incurred at the time of original issuance of the Indebtedness at the initial accreted amount thereof. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication): 
 (i) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money, 
 (ii) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments, 
 (iii) all obligations of such Person in respect of letters of credit or other similar instruments (including
reimbursement obligations with respect thereto) (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (i), (ii) and (v)) entered into in the ordinary course of business of
such Person to the extent that such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following
payment on the letter of credit), 
 (iv) all obligations of such Person to pay the deferred and unpaid purchase price of
property or services (except Trade Payables), which purchase price is due more than six months after the date of placing such property in final service or taking final delivery and title thereto or the completion of such services, 
  

 12 

 (v) all Capitalized Lease Obligations and Attributable Debt of such Person, 

(vi) the redemption, repayment or other repurchase amount of such Person with respect to any Disqualified Stock or, with respect to any
Subsidiary of the Company, any Preferred Stock (but excluding, in each case, any accrued dividends), 
 (vii) all Indebtedness
of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of Indebtedness of such Person shall be the lesser of (A) the fair market
value of such asset at such date of determination and (B) the amount of such Indebtedness of such other Persons, 
 (viii) all Indebtedness of other Persons to the extent Guaranteed by such Person, and 
 (ix) to the extent not
otherwise included in this definition, net Hedging Obligations of such Person (such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Hedging Obligation that would be payable by such
Person at such time). 
 “Indenture” means this Indenture as amended or supplemented from time to time. 
 “Intercreditor Agreement” means the Intercreditor Agreement to be entered into among the Company, the Subsidiary Guarantors, the Collateral
Agent, on behalf of itself, the Holders, and the lenders under the Rabobank Term Loan, and the administrative agent under the ABL Credit Facility, on behalf of itself and the lenders thereunder, substantially in the form attached hereto as
Exhibit E, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Intercreditor Agreements”
means the Intercreditor Agreement and the Intercreditor and Collateral Agency Agreements. 
 “Intercreditor and Collateral Agency
Agreement” means the Intercreditor and Collateral Agency Agreement to be entered into among the Company, the Subsidiary Guarantors, the Trustee, the Collateral Agent and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank
Nederland,” New York Branch, as Administrative Agent, substantially in the form attached hereto as Exhibit F, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Interest Rate Agreement” means with respect to any Person any interest rate protection agreement, interest rate future agreement, interest
rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a beneficiary. 

 

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 “Investment” in any Person means any direct or indirect advance, loan (other than advances to
customers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable on the balance sheet of the Company or its Restricted Subsidiaries) or other extension of credit (including by way of Guarantee or
similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or
other similar instruments issued by such Person. For purposes of the definition of “Unrestricted Subsidiary” and Section 3.4, “Investment” shall include (i) the portion (proportionate to the Company’s equity
interest in such Subsidiary) of the fair market value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such
Subsidiary as a Restricted 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
(ii) 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 either by the Board of Directors or Senior Management.

 “Investment Grade Status,” with respect to the Company, shall occur when the Securities receive a rating of “BBB-”or
higher from S&P and a rating of “Baa3” or higher from Moody’s. 
 “Issue Date” means July 2, 2009.

 “Junior Lien Collateral Indebtedness” means any Indebtedness of the Company or any Subsidiary Guarantor which (x) is or
will be secured by a Lien on the Collateral on a basis that is junior to the Securities and the Subsidiary Guarantees (with the exception of the ABL Credit Facility) and (y) has a Stated Maturity date after the Stated Maturity of the
Securities. 
 “Legal Holiday” has the meaning ascribed to it in Section 10.8. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title
retention agreement or lease in the nature thereof, any option or other agreement to sell, or any filing of, or any agreement to give any security interest). 
 “Mortgages” means the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents securing Liens on the Premises, as well as the other Collateral secured by and described in the
mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents, in each case substantially in the form attached hereto as Exhibit D. 
  

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 “Moody’s” means Moody’s Investors Service, Inc., and its successors. 
 “Net Available Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the
properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of (i) all legal, title and recording tax expenses, commissions and other fees and expenses incurred
(including fees and expenses of counsel, accountants and investment bankers), and all Federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP, as a consequence of such Asset Disposition,
(ii) all payments made on any Indebtedness that is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or that must by its terms, or in order to obtain a necessary consent to such
Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition, (iii) all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of
such Asset Disposition, (iv) appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the assets disposed of in such Asset Disposition and retained by the Company or any
Restricted Subsidiary after such Asset Disposition and (v) any portion of the purchase price from an Asset Disposition placed in escrow (whether as a reserve for adjustment of the purchase price, or for satisfaction of indemnities in respect of
such Asset Disposition); provided, however, that, in the cases of clauses (iv) and (v), upon reversal of any such reserve or the termination of any such escrow, Net Available Cash shall be increased by the amount of such reversal or any
portion of funds released from escrow to the Company or any Restricted Subsidiary. 
 “Net Award” means any awards or proceeds in
respect of any condemnation or other eminent domain proceeding relating to any Collateral deposited in the Collateral Accounts pursuant to the Collateral Documents. 
 “Net Cash Proceeds,” means, with respect to any issuance or sale of Capital Stock or Indebtedness, the cash proceeds of such issuance or sale, net of attorneys’ fees, accountants’ fees,
underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 
 “Net Insurance Proceeds” means any awards or proceeds in respect of any casualty insurance or title insurance claim relating to any Collateral
deposited in the Collateral Accounts pursuant to the Collateral Documents. 
 “Non-ABL Collateral” or “First Priority
Collateral” means the portion of the Collateral as to which the Securities have a first-priority Lien; and for purposes of clauses (1) and (17) of the definition of Permitted Liens, Non-ABL Collateral shall exclude property and assets
that become Non-ABL Collateral due to the retirement or cancellation of the ABL Credit Facility without a replacement facility. 
  

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 “Non-ABL Collateral Account” has the meaning ascribed to it in the Pledge and Security
Agreement. 
 “Non-Guarantor Restricted Subsidiary” means any Restricted Subsidiary that is not a Subsidiary Guarantor. 

“Non-Recourse Indebtedness” means Indebtedness (i) as to which neither the Company nor any of its Restricted Subsidiaries (a) is
liable or provides credit support pursuant to any undertaking, agreement or instrument that would constitute Indebtedness or (b) is directly or indirectly liable and (ii) no default with respect to which would permit (upon notice, lapse of
time or both) any holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity. 
 “Note Register” means the register of Securities, maintained by the Trustee, pursuant to Section 2.3. 
 “Officer” means any one of the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, any Vice
President, the Treasurer, the Secretary or the Controller of the Company. 
 “Officers’ Certificate” means a certificate
signed by two or more Officers; provided, however, that an Officers’ Certificate given pursuant to Section 3.22 shall be signed by any one of the principal executive officer, principal financial officer or principal
accounting officer of the Company. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable
to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
 “Pari Passu Indebtedness” means
Indebtedness that ranks equally in right of payment to the Securities. 
 “Permitted Employee Payments” means Restricted Payments
by the Company or any Restricted Subsidiary in respect of (i) the repurchase of Capital Stock by the Company or any Restricted Subsidiary from an employee of the Company or any Restricted Subsidiary or their assigns, estates or heirs upon the
death, retirement or termination of such employee or (ii) loans or advances to employees of the Company or any of its Subsidiaries made in the ordinary course of business. 
 “Permitted Holders” means Joseph W. Luter, III or any Person the majority of the equity interests of which is beneficially owned by Joseph W.
Luter, III. 
  

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 “Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in
(i) a Restricted Subsidiary, the Company or a Person that will, upon the making of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is a Related Business;
(ii) another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided, however,
that the primary business of such Person is a Related Business; (iii) Temporary Cash Investments; (iv) receivables owing to the Company or any Restricted Subsidiary, if created or acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;
(v) securities received as consideration in Asset Dispositions made in compliance with Section 3.7 with the exception of securities received as consideration for Asset Dispositions of any property, plant, equipment or other facility
closed and designated in accordance with clause (a)(ii) of Section 3.7; (vi) Investments in existence on the Issue Date (but not in excess of the amount of such Investments in existence on the Issue Date without giving effect to
increases or decreases attributable to accounting for the net income of such Investments or subsequent changes in value); (vii) any Investment by the Company or a Wholly-Owned Subsidiary in a Receivables Entity or any Investment by a
Receivables Entity in any other Person in connection with a Qualified Receivables Transaction; provided that any Investment in a Receivables Entity is in the form of a Purchase Money Note or an Equity Interest and (viii) additional
Investments in a Related Business since the Issue Date having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (viii) since the Issue Date that are at that time outstanding, not to exceed
20% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value). 
 “Permitted Joint Venture” means any Person in which the Company or a Restricted Subsidiary owns, directly or indirectly, an ownership interest
(other than a Subsidiary) and whose primary business is related, ancillary or complementary to any of the businesses of the Company and its Restricted Subsidiaries at the time of determination. 
 “Permitted Liens” means, with respect to any Person: 
 (1) Liens securing Indebtedness Incurred pursuant to clause (b)(i) of Section 3.3; provided that Non-ABL Collateral
shall only secure Indebtedness on a first lien priority basis in an aggregate principal amount not to exceed $1,300.0 million; 
 (2) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of
Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits or cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or
deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
  

 17 

 (3) Liens imposed by law, including carriers’, warehousemen’s and
mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in respect thereof;

 (4) Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are
being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 
 (5) Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the request of and for the account of such Person in the ordinary course of its
business; provided, however, that such instruments do not secure the payment of Indebtedness; 
 (6) 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 which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

 (7) Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under this Indenture,
secured by a Lien on the same property securing such Hedging Obligation; 
 (8) leases and subleases of real property which do
not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; provided, that such leases and subleases are subordinated to the Liens on the Collateral that secure the Securities. 

(9) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal
proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 
 (10) Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations with
respect to, assets or property acquired or constructed in the ordinary course of business, provided that: 
 (a) the
aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Indenture and does not exceed the cost of the assets or property so acquired or constructed; and 
  

 18 

 (b) such Liens are created within 180 days of construction or acquisition of such assets
or property and do not encumber any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 
 (11) Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 
 (a) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board; and 
 (b) such deposit account is not intended by the Company or any Restricted Subsidiary to provide collateral to the depository institution;

 (12) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business; 
 (13) Liens existing on the Issue Date
(excluding Liens permitted under clause (1)); 
 (14) Liens on property or shares of stock of a Person at the time such Person
becomes a Restricted Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided further, however, that any such Lien
may not extend to any other property owned by the Company or any Restricted Subsidiary; 
 (15) 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, however, that such Liens are not created, incurred or
assumed in connection with, or in contemplation of, such acquisition; provided further, however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; 
 (16) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or a Wholly-Owned Subsidiary (other
than a Receivables Entity); 
 (17) Liens securing Indebtedness incurred after the Issue Date and any Refinancing Indebtedness
relating thereto (excluding any Liens securing any other 

  

 19 

 
Indebtedness Incurred after the Issue Date permitted under other clauses hereof) in an aggregate principal amount at any one time outstanding not to exceed
$475.0 million; provided that (x) the Company and its Restricted Subsidiaries shall not be permitted to apply more than $200.0 million of such Indebtedness for purposes other than the refinancing, redemption or retirement of Indebtedness with a
Stated Maturity on or before the Stated Maturity of the Notes and (y) the aggregate principal amount of Indebtedness secured by first-priority Liens on Non-ABL Collateral permitted under clause (1) of the definition of Permitted Liens and
this clause (17) shall not exceed $1,300.0 million; 
 (18) Liens securing Refinancing Indebtedness (other than Liens
Incurred under clauses (1) and (17) above) incurred to refinance Indebtedness that was previously so secured, provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions,
proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect of property that is the security for a
Permitted Lien hereunder; 
 (19) Liens on assets transferred to a Receivables Entity or on assets of a Receivables Entity, in
either case incurred in connection with a Qualified Receivables Transaction; and 
 (20) Liens on assets of Foreign
Subsidiaries securing Indebtedness Incurred under clause (b)(ix) of Section 3.3. 
 “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. 
 “Pledge and Security Agreement” means that certain Pledge and Security Agreement, dated as of July 2, 2009, by and among the Company, the
Grantors (as defined therein) and the Collateral Agent, substantially in the form attached hereto as Exhibit C, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Preferred Stock,” as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is
preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation. 
 “Premises” means any fee interest in any real property that is Collateral, owned by the Company or a Subsidiary Guarantor on the Issue Date, as
listed on Schedule I attached hereto, or acquired by the Company or a Subsidiary Guarantor after the Issue Date. 
 “Public Equity
Offering” means a public offering for cash by the Company of its Common Stock, or options, warrants or rights with respect to its Common Stock made pursuant 

  

 20 

 
to a registration statement that has been declared effective by the SEC, other than public offerings with respect to the Company’s Common Stock, or
options, warrants or rights, registered on Form S-4 or S-8. 
 “Purchase Money Note” means a promissory note of a Receivables
Entity evidencing a line of credit, which may be irrevocable, from the Company or any Subsidiary of the Company in connection with a Qualified Receivables Transaction to a Receivables Entity, which note shall be repaid from cash available to the
Receivables Entity, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts owing to such investors and
amounts paid in connection with the purchase of newly generated receivables. 
 “QIB” means any “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act). 
 “Qualified Receivables Transaction” means any transaction or
series of transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Entity (in the case of a transfer by
the Company or any of its Subsidiaries) and (b) any other Person (in the case of a transfer by a Receivables Entity), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or
any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such
accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable. 
 “Qualified Stock” means any Capital Stock that is not Disqualified Stock. 
 “Rabobank Term Loan” means the credit agreement dated as of July 2, 2009 among the Company, the lenders party thereto, the subsidiary
guarantors from time to time party thereto, and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland,” New York Branch, as Administrative Agent, as the same may be amended, restated, supplemented, modified,
renewed, refunded, replaced or refinanced in whole or in part from time to time. 
 “Receivables Entity” means a Wholly-Owned
Subsidiary of the Company (or another Person in which the Company or any Subsidiary of the Company makes an Investment and to which the Company or any Subsidiary of the Company transfers accounts receivable and related assets) which engages in no
activities other than in connection with the financing of accounts receivable and which is designated by the Board of Directors of the Company (as provided below) as a Receivables Entity, (a) no portion of the Indebtedness or any other
obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Subsidiary of the Company (excluding guarantees of obligations (other than the principal of, and 

  

 21 

 
interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any Subsidiary of the
Company in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings, (b) with which neither the Company nor any Subsidiary of the Company has any material contract, agreement, arrangement or understanding (except in connection with a Purchase
Money Note or Qualified Receivables Transaction) other than on terms no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, other than fees payable in
the ordinary course of business in connection with servicing accounts receivable, and (c) to which neither the Company nor any Subsidiary of the Company has any obligation to maintain or preserve such entity’s financial condition or cause
such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of
the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 
 “Receivables Fees” means any fees or interest paid to purchasers or lenders providing the financing in connection with a Qualified Receivables Transaction or a factoring or similar agreement, including any
such amounts paid by discounting the face amount of Receivables or participations therein transferred in connection with a Qualified Receivables Transaction, factoring agreement or other similar agreement, regardless of whether any such transaction
is structured as on-balance sheet or off-balance sheet or through a Restricted Subsidiary or an Unrestricted Subsidiary. 
 “Recourse
Indebtedness” means Indebtedness that is not Non-Recourse Indebtedness. 
 “Recovery Event” means any event, occurrence, claim
or proceeding that results in any Net Award or Net Insurance Proceeds being deposited into the Collateral Accounts pursuant to the Collateral Documents. 
 “Refinancing Indebtedness” means Indebtedness that is Incurred to refund, refinance, replace, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) (collectively,
“refinances,” and “refinanced” shall have a correlative meaning) any Indebtedness existing on the Issue Date or Incurred in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness of any
Restricted Subsidiary (to the extent permitted by this Indenture) and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another Restricted Subsidiary (except that a Subsidiary Guarantor shall not refinance Indebtedness of a
Restricted Subsidiary that is not a Subsidiary Guarantor)) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that (i) the Refinancing Indebtedness has a Stated Maturity no earlier than the Stated
Maturity of the Indebtedness being refinanced, (ii) the Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the 

  

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Indebtedness being refinanced, (iii) such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced, plus fees, underwriting
discounts, premiums, unpaid accrued interest and other costs and expenses incurred in connection with such Refinancing Indebtedness and (iv) if the Indebtedness being refinanced is subordinated in right of payment to the Securities or a
Subsidiary Guarantee, such Refinancing Indebtedness is subordinated in right of payment to the Securities or the Subsidiary Guarantee on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness
being extended, refinanced, renewed, replaced, defeased or refunded; provided further, however, that Refinancing Indebtedness shall not include (x) Indebtedness of a Restricted Subsidiary that refinances Indebtedness of the Company or
(y) Indebtedness of the Company or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary. 
 “Related
Business” means any business which is the same as or related, complementary or ancillary to any of the businesses of the Company and its Restricted Subsidiaries on the Issue Date. 
 “Restricted Investment” means any Investment other than a Permitted Investment. 
 “Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and including the later of (A) the day
on which the Initial Notes are offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (B) the Issue Date and, in relation to any Additional Notes that are Restricted Securities, it means the
comparable period of 40 consecutive days. 
 “Restricted Security” means a Security that constitutes a “restricted
security” within the meaning of Rule 144(a)(3) under the Securities Act; provided, however, that the Trustee shall be entitled to request and conclusively rely on an opinion of counsel with respect to whether any Security constitutes a
Restricted Security. 
 “Restricted Securities Legend” means the Private Placement Legend set forth in clause (A) of
Section 2.1(d) or the Regulation S Legend set forth in clause (B) of Section 2.1(d), as applicable. 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 
 “Sale/Leaseback
Transaction” means any direct or indirect arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or such Restricted Subsidiary transfers such property to a Person and the
Company or such Restricted Subsidiary leases it from such Person, other than leases between the Company and a Wholly-Owned Subsidiary or between Wholly-Owned Subsidiaries. 
 “SEC” means the Securities and Exchange Commission. 
  

 23 

 “Secured Indebtedness” means any Indebtedness of the Company secured by a Lien. 
 “Secured Parties” has the meaning ascribed to it in the Pledge and Security Agreement. 
 “Securities” means the Securities issued under this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Custodian”
means the custodian with respect to the Global Security (as appointed by the Depositary), or any successor Person thereto and shall initially be the Trustee. 
 “Senior Notes due 2009” means the Company’s 8% Senior Notes due 2009. 
 “Senior Notes
due 2011” means the Company’s 7% Senior Notes due 2011. 
 “Senior Notes due 2013” means the
Company’s 7 3/4% Senior Notes due 2013. 
 “Senior Notes due 2017” means the Company’s 7 3/4% Senior Notes due 2017. 
 “Senior Management” means with respect to
the Company or any of its Subsidiaries, as the case may be, any one of the Chairman of the Board, the Chief Executive Officer, the President and the Chief Operating Officer or any combination of the foregoing. 
 “Senior Unsecured Pari Passu Indebtedness” means: 
 (1) with respect to the Company, any Indebtedness that ranks pari passu in right of payment to the Securities but is unsecured with a Stated Maturity date subsequent to the Stated Maturity of the Securities;
and 
 (2) with respect to any Subsidiary Guarantor, any Indebtedness that ranks pari passu in right of payment to such Subsidiary
Guarantor’s Subsidiary Guarantee but is unsecured with a Stated Maturity date subsequent to the Stated Maturity of the Securities. 
 “Significant Subsidiary” means any Restricted Subsidiary that is a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “S&P” means Standard & Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc., and its successors. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any
Subsidiary of the Company which are reasonably customary in an accounts receivable transaction. 
  

 24 

 “Stated Maturity” means, with respect to any security, the date specified in such security as
the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder
thereof upon the happening of any contingency beyond the control of the issuer, unless such contingency has occurred). 
 “Subordinated
Indebtedness” means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to the Securities pursuant to a written agreement. 
 “Subsidiary” of any Person means any corporation, association, limited liability company, partnership or other business entity of which more
than 50% of the total voting power of shares of Capital Stock or other interests (including partnership or joint venture interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person. 
 “Subsidiary Guarantee” means, individually, any Guarantee of payment of the Securities by a Subsidiary Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and,
collectively, all such Guarantees. Each such Subsidiary Guarantee will be in the form prescribed by this Indenture. 
 “Subsidiary
Guarantor” means each Restricted Subsidiary in existence on the Issue Date that provides a Subsidiary Guarantee on the Issue Date (and any other Restricted Subsidiary that provides a Subsidiary Guarantee in accordance with this Indenture);
provided that upon release or discharge of such Restricted Subsidiary from its Subsidiary Guarantee in accordance with this Indenture, such Restricted Subsidiary ceases to be a Subsidiary Guarantor. 
 “Successor Company” shall have the meaning assigned thereto in clause (i) of Section 4.1. 
 “Successor Guarantor” shall have the meaning assigned thereto in clause (i) of Section 4.2. 
 “Temporary Cash Investments” means any of the following: (i) any Investment in direct obligations (x) of the United States of America
or any agency thereof or obligations Guaranteed by the United States of America or any agency thereof or (y) of any foreign country recognized by the United States of America rated at least “A” by S&P or “A-1” by
Moody’s, (ii) Investments in time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the
United States of America, any state thereof or any foreign country recognized by the United States of America having capital and surplus aggregating in excess of $250.0 million (or the foreign currency equivalent thereof) and whose long-term debt is
rated “A” by S&P or “A-1” by Moody’s, (iii) repurchase obligations with a term of not more 

  

 25 

 
than 30 days for underlying securities of the types described in clause (i) or (ii) above entered into with a bank meeting the qualifications
described in clause (ii) above, (iv) Investments in commercial paper, maturing not more than 270 days after the date of acquisition, issued by a corporation (other than an Affiliate of the Company) organized and in existence under the laws
of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any Investment therein is made of “P-1” (or higher) according to Moody’s or “A-1” (or
higher) according to S&P, (v) Investments in securities with maturities of six months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any
political subdivision or taxing authority thereof, and rated at least “A” by S&P or “A” by Moody’s and (vi) any money market deposit accounts issued or offered by a domestic commercial bank or a commercial bank
organized and located in a country recognized by the United States of America, in each case, having capital and surplus in excess of $250.0 million (or the foreign currency equivalent thereof), or investments in money market funds complying with the
risk limiting conditions of Rule 2a-7 (or any short-term successor rule) of the SEC, under the Investment Company Act of 1940, as amended. 
 “Total Assets” means, with respect to any Person, the total consolidated assets of such Person and its Restricted Subsidiaries, as shown on the most recent published balance sheet of such Person. 
 “Trade Payables” means, with respect to any Person, any accounts payable or any indebtedness or monetary obligation to trade creditors created,
assumed or Guaranteed by such Person arising in the ordinary course of business in connection with the acquisition of goods or services. 
 “Treasury Rate” means, with respect to a Redemption Date, the yield to maturity at the time of computation 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 such 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 such Redemption Date to the Maturity Date of the Securities; provided, however, that if the period from the Redemption Date to such date is not equal to the constant maturity of a United States Treasury security for
which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given,
except that if the period from the Redemption Date to such date 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. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means such successor. 
  

 26 

 “Trust Officer” means the Chairman of the Board, the President or any other officer or
assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 
 “Uniform Commercial Code”
means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state. 
 “Unrestricted
Subsidiary” means (i) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below and (ii) any Subsidiary of an Unrestricted
Subsidiary. The Board of Directors may designate any Restricted Subsidiary of the Company (including any newly acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or
owns or holds any Lien on any property of, the Company or any Restricted Subsidiary (except a Restricted Subsidiary which upon such designation becomes an Unrestricted Subsidiary in accordance with this Indenture); provided that (i) such
designation would be permitted under Section 3.4 (ii) no portion of the Indebtedness or any other obligation (contingent or otherwise) of such Subsidiary (A) is Guaranteed by the Company or any Restricted Subsidiary,
(B) is Recourse Indebtedness or (C) subjects any property or asset of the Company or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, and (iii) no default or event of default
with respect to any Indebtedness of such Subsidiary would permit any holder of any Indebtedness of the Company or any Restricted Subsidiary to declare such Indebtedness of the Company or any Restricted Subsidiary due and payable prior to its
maturity. The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, that immediately after giving effect to such designation (x) the Company could Incur $1.00 of additional Indebtedness
under Section 3.3 (a) and (y) no Default or Event of Default shall have occurred and be continuing. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of
the Board Resolution giving effect to such designation and an Officers’ Certificate that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality
thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the issuer’s option. 
 “Voting Stock” of an entity means all classes of Capital Stock of such entity then outstanding and normally entitled to vote in the election of
directors or all interests in such entity with the ability to control the management or actions of such entity. 
 “Wholly-Owned
Subsidiary” means a Restricted Subsidiary, 80% or more of the Capital Stock of which (other than directors’ qualifying shares) is owned directly or indirectly by the Company. 
  

 27 

 SECTION 1.2. Other Definitions. 
  

				
	 Term
	  	Defined in
Section	 
	 “Additional Notes”
	  	Recitals	  
	 “Affiliate Transaction”
	  	3.8	(a) 
	 “Agent Members”
	  	2.1	(e) 
	 “Announced Asset Disposition”
	  	3.7	(b) 
	 “Authenticating Agent”
	  	2.2	  
	 “Bankruptcy Law”
	  	6.1	  
	 “Change of Control Offer”
	  	3.9	(c) 
	 “Change of Control Payment Date”
	  	3.9	(c) 
	 “Collateral Disposition Offer”
	  	3.7	  
	 “Company Order”
	  	2.2	  
	 “Corporate Trust Office”
	  	3.15	  
	 “covenant defeasance option”
	  	8.1	(b) 
	 “Custodian”
	  	6.1	  
	 “Disposition Offer Amount”
	  	3.7	(e) 
	 “Disposition Offer Period”
	  	3.7	(e) 
	 “Disposition Purchase Date”
	  	3.7	(e) 
	 “Event of Default”
	  	6.1	  
	 “Excess Collateral Proceeds”
	  	3.7	  
	 “Excess Proceeds”
	  	3.7	(d) 
	 “Farm Premises”
	  	11.5	(a) 
	 “Global Securities”
	  	2.1	(b) 
	 “Gross PPE”
	  	11.5	(a) 
	 “IAIs”
	  	2.1	(b) 
	 “Initial Notes”
	  	Recitals	  
	 “Institutional Accredited Investor Global Note”
	  	2.1	(b) 
	 “Institutional Accredited Investor Notes”
	  	2.1	(b) 
	 “legal defeasance option”
	  	8.1	(b) 
	 “Note Amount”
	  	3.7	(d) 
	 “Notice of Default”
	  	6.1	  
	 “Obligations”
	  	10.1	  
	 “Offer”
	  	3.7	(d) 
	 “Offer Amount”
	  	3.7	(c) 
	 “Offer Period”
	  	3.7	(c) 
	 “Pari Passu Offer”
	  	3.7	(b) 
	 “Paying Agent”
	  	2.3	  
	 “Private Placement Legend”
	  	2.1	(d) 
	 “Purchase Date”
	  	3.7	(c) 
	 “Redemption Date”
	  	5.1	  
	 “Redemption Price”
	  	5.1	  
	 “Registrar”
	  	2.3	  

  

 28 

				
	 “Regulation S”
	  	2.1	(b) 
	 “Regulation S Global Note”
	  	2.1	(b) 
	 “Regulation S Legend”
	  	2.1	(d) 
	 “Regulation S Notes”
	  	2.1	(b) 
	 “Removed Farm Premises”
	  	11.5	(b) 
	 “Resale Restriction Termination Date”
	  	2.6	(a) 
	 “Restricted Global Note”
	  	2.6	(e) 
	 “Restricted Payment”
	  	3.4	(a) 
	 “Rule 144A Global Note”
	  	2.1	(b) 
	 “Rule 144A Notes”
	  	2.1	(b) 
	 “Securities”
	  	Recitals	  
	 “Special Interest Payment Date”
	  	2.13	(a) 
	 “Special Record Date”
	  	2.13	(a) 
	 “Title Company”
	  	11.5	(a) 
	 “Unrestricted Global Note”
	  	2.6	(e) 

 SECTION 1.3. Rules of Construction. Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) “including” means including without limitation; 
 (e) words in the
singular include the plural and words in the plural include the singular; 
 (f) unsecured Indebtedness shall not be
deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (g) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; and

 (h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred
Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater. 
  

 29 

 ARTICLE II 
 The Securities 
 SECTION 2.1. Form, Dating and Terms. 8.1.1. The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Initial Notes issued on the date hereof will be in an aggregate principal amount of $625,000,000. In addition, the Company may issue, from time to
time in accordance with the provisions of this Indenture, including, without limitation, Section 3.3(a) hereof, Additional Notes in the form of Exhibit A hereto. Furthermore, Securities may be authenticated and delivered upon
registration or transfer, or in lieu of, other Securities pursuant to Section 2.6, 2.9, 2.11 or 9.5 or in connection with a Collateral Disposition Offer, a Pari Passu Offer or an Offer pursuant to Section 3.7 or
a Change of Control Offer pursuant to Section 3.9. 
 Notwithstanding anything to the contrary contained herein, the Company may
not issue any Additional Notes, unless: 
 (i) Immediately after giving effect to such issuance, no Default or Event of
Default shall have occurred and be continuing; and 
 (ii) The Net Cash Proceeds from any such issuance of Additional
Notes shall be deposited into the Non-ABL Collateral Account and, to the extent not applied to refinance Indebtedness, invested by the Company in Additional Assets, which Additional Assets are thereupon with their acquisition added to the Collateral
securing the Securities in accordance with Section 11.7(c); provided that, prior to such investment (and any related withdrawal from the Non-ABL Collateral Account), the Company shall have delivered to the Trustee an
Officers’ Certificate stating that the funds to be withdrawn from the Non-ABL Collateral Account are to be invested in Additional Assets in compliance with this clause (ii). 
 The Initial Notes shall be known and designated as “10% Senior Secured Notes, due 2014” of the Company. Additional Notes shall be known and
designated as “10% Senior Secured Notes, due 2014” of the Company. 
 With respect to any Additional Notes, the Company shall set
forth in (a) a Board Resolution and (b)(i) an Officers’ Certificate or (ii) one or more indentures supplemental hereto, the following information: 
 (i) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

 (ii) the issue price and the issue date of such Additional Notes. 
 In authenticating and delivering Additional Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in addition to
the Opinion of Counsel and Officers’ Certificate required by Section 12.2, an Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of such Additional Notes. 
  

 30 

 The Initial Notes and the Additional Notes shall be considered collectively as a single class for all
purposes of this Indenture. Holders of the Initial Notes and the Additional Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes or the
Additional Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 
 (b) The Initial Notes are being offered and sold by the Company pursuant to a Purchase Agreement, dated June 25, 2009, among the Company, the Subsidiary Guarantors, J.P. Morgan Securities Inc. and the other
initial purchasers named therein. The Initial Notes and any Additional Notes will be resold initially only to (A) QIBs and (B) Persons other than U.S. Persons (as defined in Regulations S under the Securities Act (“Regulation
S”)) in reliance on Regulation S. Such Initial Notes and Additional Notes may thereafter be transferred to among others, QIBs, purchasers in reliance on Regulation S and institutional “accredited investors” (as defined in Rules
501(a)(1), (2), (3) and (7) under the Securities Act) who are not QIBs (“IAIs”) in accordance with Rule 501 of the Securities Act in accordance with the procedure described herein. Additional Notes offered after the date
hereof may be offered and sold by the Company from time to time pursuant to one or more purchase agreements in accordance with applicable law. 
 Initial Notes and Additional Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent global Security substantially in the
form of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as set forth in Section 2.1(d) (the “Rule 144A Global Note”), deposited with the
Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Rule 144A Global Note may be represented by more than one certificate, if so required by the Depositary’s rules
regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary or its nominee, as hereinafter provided. 
 Initial Notes and any Additional Notes offered and sold outside the
United States of America (the “Regulation S Notes”) in reliance on Regulation S shall initially be issued in the form of a permanent global Security substantially in the form of Exhibit A including appropriate legends as
set forth in Section 2.1(d) (the “Regulation S Global Note”). The Regulation S Note will be deposited upon issuance with, or on behalf of, the Trustee, as custodian for the Depositary in the manner described in this
Article II for credit to the respective accounts of the purchasers (or to such other accounts as they may direct) at Euroclear or Clearstream. During the Restricted Period, interests in the Regulation S Global Note may only be held through
Euroclear or Clearstream (as indirect participants in the Depositary) unless exchanged for interests in a Global Security in accordance with the transfer and certification requirements described herein. 
  

 31 

 Investors may hold their interests in the Regulation S Global Note directly through Euroclear or
Clearstream, if they are participants in such systems, or indirectly through organizations which are participants in such systems. After the expiration of the Restricted Period (but not earlier), investors may also hold such interests through
organizations other than Euroclear or Clearstream that are participants in the Depositary’s system. Euroclear and Clearstream will hold such interests in the Regulation S Global Note on behalf of their participants through customers’
securities accounts in their respective names on the books of their respective depositaries. Such depositaries, in turn, will hold such interests in the applicable Regulation S Global Note in customers’ securities accounts in the
depositaries’ names on the books of the Depositary. The Regulation S Global Note may be represented by more than one certificate, if so required by the Depositary’s rules regarding the maximum principal amount to be represented by a single
certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided.

 The Regulation S Global Note may be represented by more than one certificate, if so required by the Depositary’s rules regarding
the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary or its nominee, as hereinafter provided. 
 Initial Notes and any Additional Notes resold to IAIs (the
“Institutional Accredited Investor Notes”) in the United States of America shall be issued in the form of a permanent global Security substantially in the form of Exhibit A including appropriate legends as set forth in
Section 2.1(d) (the “Institutional Accredited Investor Global Note”) deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The
Institutional Accredited Investor Global Note may be represented by more than one certificate, if so required by the Depositary’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal
amount of the Institutional Accredited Investor Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 
 The Rule 144A Global Note, the Regulation S Global Note, and the Institutional Accredited Investor Global Note are sometimes collectively
herein referred to as the “Global Securities.” 
 The principal of (and premium, if any) and interest on the Securities
shall be payable at the office or agency of the Company maintained for such purpose in The City of New York, or at such other office or agency of the Company as may be maintained for such purpose pursuant to Section 2.3; provided,
however, that, at the option of the Company, each installment of interest may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register or (ii) wire transfer to an
account located in the United States maintained by the payee. Payments in respect of Securities represented by a Global Security (including principal, premium, if any, and interest) will be made by wire transfer 

  

 32 

 
of immediately available funds to the accounts specified by the Depositary. Payments in respect of Securities represented by Definitive Securities (including
principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Securities represented by Definitive Securities will be made by wire transfer to a U.S. dollar account maintained by the payee with a
bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion). 
 The Securities may have notations, legends or endorsements
required by law, stock exchange rule or usage, in addition to those set forth on Exhibit A and in Section 2.1(d). The Company and the Trustee shall approve the form of the Securities and any notation, endorsement or legend on
them. Each Security shall be dated the date of its authentication. The terms of the Securities set forth in Exhibit A are part of the terms of this Indenture and, to the extent applicable, the Company, the Subsidiary Guarantors and the
Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms. 
 (c) Denominations. The Securities shall be issuable only in fully registered form, without coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (d) Restrictive Legends. Each Rule 144A Global Note and the Institutional Accredited Investor Global Note shall bear the
following legend (the “Private Placement Legend”) on the face thereof: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO
THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), 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 

  

 33 

 
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 TRANSACTION INVOLVING A MINIMUM PRINCIPAL
AMOUNT OF THE SECURITIES OF $250,000, 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, 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 (i) 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 AND (ii) IN THE CASE OF THE FOREGOING CLAUSE (E), A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE
TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 BY ITS
ACQUISITION OF THIS SECURITY THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) 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”), OF A 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 OF AN ENTITY WHOSE
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE ACQUISITION AND HOLDING 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.” 
  

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 (B) each Regulation S Global Note shall bear the following legend (the “Regulation S
Legend”) on the face thereof: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE
COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), 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 TRANSACTION INVOLVING A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000,
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, 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 

  

 35 

 
TRANSFER (i) 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 AND (ii) IN THE CASE OF THE FOREGOING CLAUSE (E), A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 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 (I) 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”), OF A 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 OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED
TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE ACQUISITION AND HOLDING 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.” 
 The Global Securities, whether or not an Initial Note, shall bear the following
legend on the face thereof: 
 “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 IN 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. 
  

 36 

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF.” 
 Each Note issued hereunder that has more than a de minimis amount of original issue discount for U.S. federal income tax
purposes shall bear a legend in substantially the following form: 
 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF
SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO: CORPORATE SECRETARY,
SMITHFIELD FOODS, INC., 200 COMMERCE STREET, SMITHFIELD, VIRGINIA 23430, TELEPHONE NUMBER (757) 365-3000.” 
 (e) Book-Entry Provisions. 8.1.1.1.1.1.This Section 2.1(e) shall apply only to Global Securities deposited with the Trustee, as custodian for the Depositary. 
 (i) Each Global Security initially shall (x) be registered in the name of the Depositary for such Global Security or the nominee of such
Depositary, (y) be delivered to the Trustee as custodian for such Depositary and (z) bear legends as set forth in Section 2.1(d). 
 (ii) Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary or by
the Trustee as the custodian of the Depositary or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Agent Members, the operation of customary practices of the Depositary governing the exercise of the rights of a Holder of a beneficial interest in any Global Security. 
 (iii) The registered Holder of a Global Security may 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 Securities. 
  

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 (iv) In connection with any transfer of a portion of the beneficial interest in a Global Security
pursuant to subsection (f) of this Section 2.1 to beneficial owners who are required to hold Definitive Securities, the Trustee shall reflect on its books and records the date and a decrease in the principal amount of such Global
Security in an amount equal to the principal amount of the beneficial interest in the Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Securities of like tenor
and amount. 
 (v) In connection with the transfer of an entire Global Security to beneficial owners pursuant to subsection (e) of
this Section, such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange
for its beneficial interest in such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. 
 (vi) Any Holder of a Global Security shall, by acceptance of such Global Security, agree that transfers of beneficial interests in such Global Security may be effected only through a book-entry system maintained by (a) the Holder
of such Global Security (or its agent) or (b) any Holder of a beneficial interest in such Global Security, and that ownership of a beneficial interest in such Global Security shall be required to be reflected in a book entry. 
 (f) Definitive Securities. Except as provided below, owners of beneficial interests in Global Securities will not be entitled
to receive Definitive Securities. If required to do so pursuant to any applicable law or regulation, beneficial owners may obtain Definitive Securities in exchange for their beneficial interests in a Global Security upon written request in
accordance with the Depositary’s and the Registrar’s procedures. In addition, Definitive Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Security if (i) the Depositary
notifies the Company that it is unwilling or unable to continue as depositary for such Global Security or the Depositary ceases to be a clearing agency registered under the Exchange Act, at a time when the Depositary is required to be so registered
in order to act as Depositary, and in each case a successor depositary is not appointed by the Company within 90 days of such notice or, (ii) the Company executes and delivers to the Trustee and Registrar an Officers’ Certificate
stating that such Global Security shall be so exchangeable or (iii) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary. 
 (g) Any Definitive Security delivered in exchange for an interest in a Global Security pursuant to Section 2.1(e)(iv) or
(v) shall, except as otherwise provided by paragraph (c) of Section 2.6, bear the applicable legend regarding transfer restrictions applicable to the Definitive Security set forth in Section 2.1(d).

 (h) In connection with the exchange of a portion of a Definitive Security for a beneficial interest in a Global
Security, the Trustee shall cancel such Definitive Security, and the Company shall execute, and the Trustee shall authenticate and deliver, to the transferring Holder a new Definitive Security representing the principal amount not so transferred.

  

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 SECTION 2.2. Execution and Authentication. Two Officers shall sign the Securities for the
Company by manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the Trustee manually authenticates the Security. The signature of the Trustee on a
Security shall be conclusive evidence that such Security has been duly and validly authenticated and issued under this Indenture. A Security shall be dated the date of its authentication. 
 At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for delivery:
(1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $625,000,000 and (2) subject to the terms of this Indenture Additional Notes for original issue in an unlimited principal amount of an equal
principal amount, in each case upon a written order of the Company signed by two Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the Company (the “Company Order”). Such Company Order shall
specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and whether the Securities are to be Initial Notes or Additional Notes. 
 The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate the Securities.
Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.

 In case the Company or any Subsidiary Guarantor, pursuant to Article IV 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 an indenture supplemental hereto with the Trustee pursuant to Article
IV, any of the Securities 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 Securities 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 Securities surrendered for such exchange and of like principal amount; and the Trustee, upon Company
Order of the successor Person, shall authenticate and deliver Securities as specified in such order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of a successor Person pursuant to
this Section 2.2 in exchange or substitution for or upon registration of transfer of any Securities, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities at the
time outstanding for Securities authenticated and delivered in such new name. 
  

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 SECTION 2.3. Registrar and Paying Agent. The Company shall maintain an office or agency where
Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”). The Company shall cause each of
the Registrar and the Paying Agent to maintain an office or agency in the Borough of Manhattan, The City of New York. The Registrar shall keep a register of the Securities and of their transfer and exchange (the “Note
Register”). The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent and the term “Registrar” includes any co-registrar.

 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall
act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.6. The Company or any of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or transfer agent.

 The Company initially appoints the Trustee as Registrar and Paying Agent for the Securities. The Company may remove any Registrar or
Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate
agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the
appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee. 
 SECTION 2.4. Paying Agent To Hold Money in Trust. By no later than 10:00 a.m. (New York City time) on the date on which any principal of,
premium, if any, or interest on any Security is due and payable, the Company shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium, if any, or interest when due. The Company shall require
each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of, premium, if any, or interest on
the Securities and shall notify the Trustee in writing of any default by the Company or any Subsidiary Guarantor in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent
and hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this
Section, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall
serve as Paying Agent for the Securities. 
  

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 SECTION 2.5. 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 Holders. If the Trustee is not the Registrar, the Company, on its own behalf and on behalf of each of the Subsidiary Guarantors, shall furnish to the Trustee, in writing
at least five 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 Holders.

 SECTION 2.6. Transfer and Exchange. 
 (a) The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note or an Institutional Accredited
Investor Note prior to the date which is one year after the later of the date of its original issue and the last date on which the Company or any Affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the
“Resale Restriction Termination Date”): 
 (i) a transfer of a Rule 144A Note or an Institutional
Accredited Investor Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Security that it is purchasing the Security 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, 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 it 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 its
foregoing representations in order to claim the exemption from registration provided by Rule 144A; 
 (ii) a
transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in
Section 2.7 hereof from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them; and 
 (iii) a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a Non-U.S.
Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.8 hereof from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an
opinion of counsel, certification and/or other information satisfactory to each of them. 
 (b) The following provisions
shall apply with respect to any proposed transfer of a Regulation S Note prior to the expiration of the Restricted Period: 
 (i) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Security
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, 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 its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 
  

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 (ii) a transfer of a Regulation S Note or a beneficial interest therein to an IAI
shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.7 hereof from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an opinion of
counsel, certification and/or other information satisfactory to each of them; and 
 (iii) a transfer of a Regulation S
Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.8 hereof from the proposed transferee and, if requested
by the Company or the Trustee, receipt by the Trustee or its agent of an opinion of counsel, certification and/or other information satisfactory to each of them. 
 After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certification set forth in Section 2.8 or any
additional certification. 
 (c) Restricted Securities Legend. Upon the transfer, exchange or replacement of
Securities not bearing a Restricted Securities Legend, the Registrar shall deliver Securities that do not bear a Restricted Securities Legend. Upon the transfer, exchange or replacement of Securities bearing a Restricted Securities Legend, the
Registrar shall deliver only Securities that bear such Restricted Securities Legend unless there is delivered to the Registrar an Opinion of Counsel to the effect that neither such legend nor the related restrictions on transfer are required in
order to maintain compliance with the provisions of the Securities Act. Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Securities Legend. 
 (d) The Registrar shall retain copies of all letters, notices and other written communications received pursuant to
Section 2.1 or this Section 2.6. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to
the Registrar. 
 (e) Automatic Exchange from Global Note Bearing Restricted Securities Legend to Global Note Not
Bearing Restricted Securities Legend. To the extent permitted by 

  

 42 

 
law after the six-month anniversary of the Issue Date and upon compliance with the following procedures, beneficial interests in a Global Note bearing the
Restricted Securities Legend (a “Restricted Global Note”) shall be exchanged for beneficial interests in a Global Note not bearing the Restricted Securities Legend (an “Unrestricted Global Note”). In order to effect
such exchange, the Company shall provide written notice to the Trustee instructing the Trustee to (1) direct the Depositary to transfer the specified amount of the outstanding beneficial interests in a particular Restricted Global Note to an
Unrestricted Global Note and provide the Depositary with all such information as is necessary for the Depositary to appropriately credit and debit the relevant Holder accounts and (2) provide prior written notice to all Holders of such
exchange, which notice must include the date such exchange is proposed to occur, the CUSIP number of the relevant Restricted Global Note and the CUSIP number of the Unrestricted Global Note into which such Holders’ beneficial interests will be
exchanged. As a condition to any such exchange pursuant to this Section 2.6(e), the Trustee shall be entitled to receive from the Company, and rely upon conclusively without any liability, an Officers’ Certificate and an Opinion of Counsel
to the Company, in form and in substance reasonably satisfactory to the Trustee, to the effect that such transfer of beneficial interests to the Unrestricted Global Note shall be effected in compliance with the Securities Act. The Company may
request from Holders such information it reasonably determines is required in order to be able to deliver such Officers’ Certificate and Opinion of Counsel, including certification from Holders that they are not Affiliates of the Company and
have not knowingly acquired their beneficial interests in the Restricted Global Note from any Affiliate of the Company. Upon such exchange of beneficial interests pursuant to this Section 2.6(e), the Registrar shall reflect on its books and
records the date of such transfer and a decrease and increase, respectively, in the principal amount of the applicable Restricted Global Note and the Unrestricted Global Note, respectively, equal to the principal amount of beneficial interests
transferred. Following any such transfer pursuant to this Section 2.6(e) of all of the beneficial interests in a Restricted Global Note, such Restricted Global Note shall be cancelled. The Company shall use reasonable best efforts, on or prior
to July 2, 2010, to effect an exchange pursuant to this Section 2.6(e) or otherwise to remove the Restrictive Securities Legend from any Securities issued on the date hereof that bear such legend on such date and to obtain an unrestricted
CUSIP number for such Securities, in each case to the extent permitted by applicable law. 
 (f) Retention of Written
Communications. The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.1 or this Section 2.6. The Company shall have the right to inspect and make copies
of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar. 
 (g) Obligations with Respect to Transfers and Exchanges of Securities. 
 (i) To permit registrations of transfers and exchanges, the Company shall, subject to the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Securities and Global Securities at
the Registrar’s request. 
  

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 (ii) No service charge shall be made to a Holder for any registration of transfer or
exchange, but the Company may require the Holder to pay a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental
charges payable upon exchange or transfer pursuant to Sections 3.9 or 9.5). 
 (iii) The Registrar shall
not be required to register the transfer of or exchange of any Security for a period beginning (1) 15 Business Days before the mailing of a notice of an offer to repurchase Securities and ending at the close of business on the day of such
mailing or (2) 15 Business Days before an interest payment date and ending on such interest payment date. 
 (iv) Prior to the due presentation for registration of transfer of any Security, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of
such Security for the purpose of receiving payment of principal of, premium, if any, and interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent
or the Registrar shall be affected by notice to the contrary. 
 (v) All Securities issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 
 (h) No Obligation of the Trustee. 8.1.1.1.1.2.The Trustee shall have no responsibility or obligation to any beneficial owner
of a Global Security, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in
the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount or delivery of any Securities (or other security or property) under or
with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Securities shall be given or made only to or upon the order of the registered Holders (which shall be
the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may
rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (i) 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 Security (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence

  

 44 

 
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. 
 (i) Affiliate Holders. By accepting a beneficial
interest in a Global Security, any Person that is an Affiliate of the Company agrees to give notice to the Company, the Trustee and the Registrar of the acquisition and its Affiliate status. 
 SECTION 2.7. Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited Investors. 
 [Date] 
 Smithfield Foods, Inc. 

c/o U.S. Bank National Association 
 1349 West Peachtree St. NW, Suite 1050

 Atlanta, Georgia 30309 
 Attention:    Corporate Trust Department 
 Dear Sirs: 
 This certificate is delivered to request a transfer of $         principal amount of the 10% Senior Notes due
2014 (the “Notes”) of Smithfield Foods, Inc. (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 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 risk 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. 
  

 45 

 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
(a) to the Company, (b) pursuant to a registration statement which has been declared effective under the Securities Act (“Rule 144A”), (c) in a transaction complying with the requirements of Rule 144A under the Securities
Act, to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that purchases for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on
Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Notes of $250,000 or
(f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. 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 any offer, sale or other transfer prior to the Resale Termination
Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 
  

			
	TRANSFEREE:	 	  

			
		
	BY	 	  

 SECTION 2.8. Form of Certificate to be Delivered in Connection with Transfers
Pursuant to Regulation S. 
 [Date] 
 Smithfield Foods, Inc. 
 c/o U.S. Bank National Association 
 1349 West Peachtree St. NW, Suite 1050 
 Atlanta, Georgia 30309 
  

 46 

 Attention:    Corporate Trust Department 
  

	 	Re:	Smithfield Foods, Inc. 

 10% Senior Notes due 2014 (the
“Securities”) 
 Ladies and Gentlemen: 
 In connection with our proposed sale of $            aggregate principal amount of the Securities, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
 (a) the offer of the Securities was not made to a person in the United States; 
 (b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the
transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or
Rule 904(a)(2) of Regulation S, as applicable; and 
 (d) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions
of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or
Rule 904(b)(1), as the case may be. 
 We also hereby certify that we [are][are not] an Affiliate of the Company and, to our knowledge,
the transferee of the Securities [is][is not] an Affiliate of the Company. 
 You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings
set forth in Regulation S. 
  

 47 

					
		 	Very truly yours,
		
		 	[Name of Transferor]
			
		 	By:	 	  

		 		 	Authorized Signature

 SECTION 2.9. Mutilated, Destroyed, Lost or Stolen Securities. If a mutilated Security
is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee, upon Company Order, shall authenticate a replacement Security if the
requirements of Section 8-405 of the Uniform Commercial Code are met such that the Holder (a) notifies the Company and the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the
Registrar has not registered a transfer prior to receiving such notification, (b) makes such request to the Company prior to the Company having notice that the Security has been acquired by a protected purchaser as defined in Section 8-303
of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Company and the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond
sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar from any loss which any of them may suffer if a Security is replaced, then, in the absence of notice to the Company,
any Subsidiary Guarantor or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Security or in
lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may require that such Holder pay 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 connection therewith. 
 Every new Security issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, any Subsidiary Guarantor
and any other obligor upon the Securities, whether or not the mutilated, destroyed, lost or stolen Security 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 Securities duly issued hereunder. 
  

 48 

 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 Securities. 
 SECTION
2.10. Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not
outstanding. A Security does not cease to be outstanding in the event the Company or an Affiliate of the Company holds the Security except that the Company or an Affiliate of the Company shall not obtain voting rights with respect to such Security.

 If a Security is replaced pursuant to Section 2.9, it ceases to be outstanding unless the Trustee and the Company receive
proof satisfactory to them that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent segregates and holds in trust,
in accordance with this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as
the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof) cease to be outstanding and
interest on them ceases to accrue. 
 SECTION 2.11. Temporary Securities. In the event that Definitive Securities are to be
issued under the terms of this Indenture, until such Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive
Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Securities. After the preparation of Definitive
Securities, the temporary Securities shall be exchangeable for Definitive Securities upon surrender of the temporary Securities at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute, and the Trustee shall authenticate and make available for delivery in exchange therefor, one or more Definitive Securities representing an
equal principal amount of Securities. Until so exchanged, the Holder of temporary Securities shall in all respects be entitled to the same benefits under this Indenture as a Holder of Definitive Securities. 
 SECTION 2.12. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and return to the Company all Securities surrendered for registration of transfer,
exchange, payment or cancellation and deliver a certificate of such cancellation to the Company. The Company may not issue new Securities to replace Securities it has paid or delivered to the Trustee for cancellation. 
  

 49 

 At such time as all beneficial interests in a Global Security have either been exchanged for Definitive
Securities, transferred, redeemed, repurchased or canceled, such Global Security shall be returned by the Depositary to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for Definitive Securities, transferred in exchange for an interest in another Global Security, redeemed, repurchased or canceled, the principal amount of Securities represented by such Global Security shall
be reduced and an adjustment shall be made on the Global Security and on the books and records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities
Custodian, to reflect such reduction. 
 SECTION 2.13. Payment of Interest; Defaulted Interest. Interest on any Security 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 Security (or one or more predecessor Securities) 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 2.3. 
 Any interest on any
Security which is payable, but is not paid when the same becomes due and payable and such nonpayment continues for a period of 30 days 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 Securities (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be
paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 
 (a) The Company may
elect to make payment of any Defaulted Interest to the Persons in whose names the Securities (or their respective predecessor Securities) are registered at the close of business on a Special Record Date (as defined below) 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 Security and the date (not less than 30 days after such notice) of the
proposed payment (the “Special Interest Payment Date”), 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 record date (the “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 Special Interest Payment Date
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 and Special Interest Payment Date therefor to be given in the manner provided for in Section 12.1, not less than 10 days prior to such Special Record Date. Notice of
the 

  

 50 

 
proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted
Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (b). 
 (b) 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 Securities 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. 
 Subject to the foregoing provisions of this
Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security. 
 SECTION 2.14. Computation of Interest. Interest on the Securities shall be computed on the basis of a 360-day year
of twelve 30-day months. 
 SECTION 2.15. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers
(if then generally in use). The Trustee shall not be responsible for the use of CUSIP numbers, and the Trustee makes no representation as to their correctness as printed on any Security or notice to Holders. The Company shall promptly notify the
Trustee in writing of any change in the CUSIP numbers. 
 ARTICLE III 
 Covenants 
 SECTION 3.1. Payment of Securities. The Company shall
promptly pay the principal of, premium, if any, and interest on the Securities on the dates and in the manner provided in the Securities and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if on
such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying
such money to the Holders on that date pursuant to the terms of this Indenture. 
 The Company shall pay interest on overdue principal at the
rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

 51 

 Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it
is 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 hereunder. 
 SECTION 3.2. SEC Reports. Notwithstanding that the Company may not remain subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file (if then permitted to
do so) with the SEC and provide (whether or not so filed with the SEC) the Trustee and Holders and prospective Holders (upon request) within 15 days of the date of filing with the SEC or, if not filed, on the date that such reports would be required
to be filed with the SEC if the Company were a reporting company, with the annual reports and the information, documents and other reports, which are specified in Sections 13 and 15(d) of the Exchange Act (which requirement may be satisfied by
posting such reports, documents and information on its website within the time periods specified by this Section 3.2); provided, however, that the Company shall (upon request) provide one copy of the exhibits of the foregoing to
the Trustee and shall (upon request) provide additional copies of such exhibits to any Holder or prospective Holder. 
 SECTION
3.3. Limitation on Indebtedness. 8.1.2.The Company will not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Company and the Subsidiary
Guarantors may Incur Indebtedness if on the date of the Incurrence of such Indebtedness the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries would be equal to or greater than 2.00:1.00. 
 (a) Notwithstanding the foregoing paragraph (a), the Company and the Restricted Subsidiaries, as set forth below, may Incur the
following Indebtedness: 
 (i) (A) Indebtedness Incurred pursuant to the Debt Facilities and (B) the Incurrence
by a Receivables Entity of Indebtedness in a Qualified Receivables Transaction that is nonrecourse to the Company or any of its Subsidiaries (except for Standard Securitization Undertakings) in an aggregate principal amount for Indebtedness Incurred
under clauses (A) and (B) not to exceed the greater of (x) $2,375.0 million, less the aggregate amount of all repayments of principal actually made under the ABL Credit Facility since the Issue Date with Net Available Cash from Asset
Dispositions pursuant to clause (b)(iii)(A) of Section 3.7 and all repayments of principal under Indebtedness actually made since the Issue Date with Net Available Cash from Asset Dispositions of Collateral pursuant to Collateral
Disposition Offers and (y) the Borrowing Base; 
 (ii) Indebtedness of the Company owing to and held by any
Wholly-Owned Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the Company or any Wholly-Owned Subsidiary; provided, however, 
  

	 	(A)	if the Company is the obligor on such Indebtedness, such Indebtedness and a Subsidiary Guarantor is not the obligee, such Indebtedness is expressly subordinated to the prior payment
in full in cash of all obligations with respect to the Securities; 

  

 52 

	 	(B)	if a Subsidiary Guarantor is the obligor on such Indebtedness and the Company or a Subsidiary Guarantor is not the obligee, such Indebtedness is subordinated in right of payment to
the Subsidiary Guarantees of such Subsidiary Guarantor; and 

  

	 	(C)	(x) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness ceasing to be held by the Company or a Wholly-Owned Subsidiary of
the Company and (y) any sale or other transfer of any such Indebtedness to a Person other than the Company or a Wholly-Owned Subsidiary of the Company, 

 shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be. 
 (iii) any Indebtedness (other than the Indebtedness described in clauses (i), (ii) (iv), (v), (vi) or (viii)) outstanding
on the Issue Date, including the Convertible Notes, the Senior Notes due 2009, the Senior Notes due 2011, the Senior Notes due 2013 and the Senior Notes due 2017 then in existence, and any Guarantees related thereto, and any Refinancing Indebtedness
Incurred in respect of any Indebtedness described in this clause (iii) or paragraph (a) of this Section 3.3; 
 (iv) Guarantees by (x) the Company or Subsidiary Guarantors of Indebtedness Incurred by the Company or a Subsidiary Guarantor in accordance with the provisions of this Indenture, provided that in the event such Indebtedness that
is being Guaranteed is a Subordinated Indebtedness or a Guarantor Subordinated Indebtedness, then the related Guarantee shall be subordinated in right of payment to the Securities or the Subsidiary Guarantee, as the case may be, and (y) the
Company (solely with respect to Indebtedness of Foreign Subsidiaries) and Non-Guarantor Restricted Subsidiaries of Indebtedness Incurred by Non-Guarantor Restricted Subsidiaries in accordance with the provisions of this Indenture; 
 (v) Indebtedness in respect of performance, surety or appeal bonds provided in the ordinary course of business; 
 (vi) Indebtedness under Hedging Obligations; provided, however, that such Hedging Obligations are entered into for bona fide
hedging purposes of the Company or any Restricted Subsidiary in the ordinary course of business; 
 (vii) Indebtedness
(in addition to Indebtedness described in clauses (i) and (iii)) of the Company or any Restricted Subsidiary attributable to Capitalized Lease Obligations, or Incurred to finance the acquisition, construction or improvement of fixed or capital
assets, or constituting Attributable Debt in respect of Sale/Leaseback 

  

 53 

 
Transactions, in an aggregate principal amount at any time outstanding, since the Issue Date, together with any Refinancing Indebtedness with respect to any
such Indebtedness Incurred under this clause (vii), not in excess of $75.0 million; 
 (viii) Indebtedness of a
Restricted Subsidiary issued and outstanding on or prior to the date on which such Restricted Subsidiary was acquired by the Company or any Restricted Subsidiary (other than Indebtedness Incurred (A) as consideration in, or to provide all or
any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company or a Restricted
Subsidiary or (B) otherwise in connection with, or in contemplation of, such acquisition) and any Refinancing Indebtedness with respect thereto; provided, however, that on the date of any such acquisition of a Restricted Subsidiary, the
Company shall have been able to Incur at least an additional $1.00 of Indebtedness under paragraph (a) above after giving effect to such acquisition and the Incurrence of such Indebtedness pursuant to this clause (viii); 
 (ix) Indebtedness of Foreign Subsidiaries in an aggregate principal amount which, when taken together with the principal amount of
all other Indebtedness Incurred pursuant to this clause (ix) since the Issue Date and then outstanding, together with any Refinancing Indebtedness with respect to any such Indebtedness Incurred under this clause (ix), will not in the aggregate
exceed $200.0 million; and 
 (x) Indebtedness (in addition to Indebtedness described in clauses (i)-(ix)) in an
aggregate principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (x) since the Issue Date and then outstanding, together with any Refinancing Indebtedness with respect to
any such Indebtedness Incurred under this clause (x), will not in the aggregate exceed $75.0 million. 
 (b) Notwithstanding the foregoing, the Company will not Incur any Indebtedness pursuant to the foregoing paragraph (b) if the proceeds thereof are used, directly or indirectly, to refinance any Subordinated Indebtedness unless
such Indebtedness (i) will be subordinated to the Securities to at least the same extent as such Subordinated Indebtedness and (ii) will not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the
Average Life of such new Indebtedness is at least equal to the remaining Average Life of the Indebtedness to be refinanced or refunded. 
 (c) No Subsidiary Guarantor will Incur any Indebtedness if the proceeds thereof are used, directly or indirectly, to refinance any Guarantor Subordinated Indebtedness of such Subsidiary Guarantor unless such
Indebtedness will be subordinated to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee to at least the same extent as such Guarantor Subordinated Indebtedness. No Restricted Subsidiary (other than a Subsidiary Guarantor)
may Incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Company or a Subsidiary Guarantor, except to the extent that the Indebtedness of the Company so refinanced consists of the Guarantee of Indebtedness of a
Non-Guarantor Restricted Subsidiary. 
  

 54 

 (d) The Company will not permit any Unrestricted Subsidiary to Incur any
Indebtedness other than Non-Recourse Indebtedness; provided, however, if any such Indebtedness ceases to be Non-Recourse Indebtedness, such event shall be deemed to constitute an Incurrence of Indebtedness by the Company or a Restricted
Subsidiary. 
 (e) For purposes of determining compliance with this Section 3.3, in the event that an item of
Indebtedness meets the criteria of more than one of the types of Indebtedness described in the above clauses, the Company, in its sole discretion, shall classify such item of Indebtedness on the Issue Date or on the date of Incurrence and may later
reclassify such item of Indebtedness in any manner that complies with this covenant and only be required to include the amount and type of such Indebtedness in one of such clauses. The incurrence of Indebtedness represented by the Securities and the
Subsidiary Guarantees issued on the Issue Date and all Indebtedness outstanding on the Issue Date under the ABL Credit Facility, the European Credit Facility and the Rabobank Term Loan shall be deemed initially Incurred on the Issue Date under
clause (b)(i) of this Section 3.3. 
 (f) 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 Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign
currency, and such refinancing would cause the applicable U.S. dollar- denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this
Section 3.3, the maximum amount of Indebtedness that the Company may Incur pursuant to this Section 3.3 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal
amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 
 SECTION 3.4. Limitation on Restricted
Payments. 8.1.3. The Company will not, and will not permit any Restricted Subsidiary, directly or indirectly, to (i) declare or pay any dividend or make any distribution on or in respect of its Capital Stock, as applicable, (including any
payment in connection with any merger or consolidation involving the Company or its Restricted Subsidiaries) except: (x) dividends or distributions payable solely in Capital Stock of the Company, as applicable, (other than Disqualified Stock)
or in options, warrants or other rights to purchase such Capital Stock of the Company and (y) dividends or distributions payable 

  

 55 

 
to the Company or a Restricted Subsidiary of the Company (and, if such Restricted Subsidiary is not directly or indirectly owned 100% by the Company, to its
other common stockholders on a pro rata basis), (ii) purchase, redeem, retire or otherwise acquire for value any of the Capital Stock of the Company held by Persons other than the Company or a Restricted Subsidiary of the Company,
(iii) purchase, repurchase, redeem, prepay interest, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Junior Lien Collateral Indebtedness, Senior Unsecured
Pari Passu Indebtedness, Subordinated Indebtedness or Guarantor Subordinated Indebtedness of the Company or a Subsidiary Guarantor (other than (a) Indebtedness of the Company owing to and held by any Subsidiary Guarantor or Indebtedness of a
Subsidiary Guarantor owing to and held by the Company or any other Subsidiary Guarantor permitted under clause (b)(ii) of Section 3.3, (b) the redemption, purchase, repurchase or other acquisition or retirement for value of Junior
Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness or Guarantor 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, (c) repayments from time to time of advances outstanding under revolving credit facilities, (d) repayments of Indebtedness of Foreign Subsidiaries that is
Guaranteed by the Company or (e) repayments following the occurrence of a default or event of default under an indenture or other agreement relating to Indebtedness) or (iv) make any Restricted Investment in any Person (any such dividend,
distribution, purchase, redemption, repurchase, defeasance, other acquisition, retirement or Investment referred to in clauses (i) through (iv) being herein referred to as a “Restricted Payment”) if at the time the Company
or such Restricted Subsidiary makes such Restricted Payment: (1) a Default shall have occurred and be continuing (or would result from the Restricted Payment); (2) the Company could not Incur at least an additional $1.00 of Indebtedness
under paragraph (a) of Section 3.3; or (3) the aggregate amount of such Restricted Payment and all other Restricted Payments (the amount so expended, if other than in cash, to be determined in good faith by the Board of
Directors, whose determination shall be conclusive and evidenced by a resolution of the Board of Directors) declared or made subsequent to August 4, 2004 would exceed the sum of: (A) $300.0 million; (B) 50% of the Consolidated Net
Income accrued during the period (treated as one accounting period) commencing on August 4, 2004 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment as to which financial results are available (but
in no event ending more than 135 days prior to the date of such Restricted Payment) (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); (C) 100% of the aggregate Net Cash Proceeds received by the Company
from the issuance or sale of its Capital Stock (other than Disqualified Stock) or other cash capital contributions subsequent to August 4, 2004 (other than (a) an issuance or sale to a Subsidiary of the Company and other than an issuance
or sale to an employee stock ownership plan or other trust established by the Company or any of its Subsidiaries for the benefit of their employees to the extent the purchase by such plan or trust is financed by Indebtedness of such plan or trust
and for which the Company or any Restricted Subsidiary is the lender or is liable as guarantor or otherwise and (b) Net Cash Proceeds received by the Company from the issuance and sale of its Capital Stock (other than Disqualified Stock) or
other cash capital contributions to the extent applied to redeem Indebtedness (including the Securities) pursuant to equity clawback provisions); (D) the fair 

  

 56 

 
market value (as determined in good faith by the Board of Directors of the Company) of shares of the Company’s Qualified Stock issued to acquire
Additional Assets from a third party; (E) the sum of (i) the amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company’s balance sheet upon the conversion or exchange (other than (a) by
a Subsidiary of the Company or (b) any conversion of the Convertible Notes) subsequent to August 4, 2004, of any Indebtedness of the Company or its Restricted Subsidiaries convertible or exchangeable for Capital Stock of the Company (other
than Disqualified Stock) (less the amount of any cash or other property (other than Capital Stock) distributed by the Company upon such conversion or exchange) and (ii) the aggregate Net Cash Proceeds received by the Company (less any
contingent amounts that the Company may be required to refund or return) upon the conversion or exchange (other than (a) by a Subsidiary of the Company or (b) any conversion of the Convertible Notes) subsequent to August 4, 2004 of
any Indebtedness of the Company or its Restricted Subsidiaries convertible or exchangeable for Capital Stock (other than Disqualified Stock); (F) the amount equal to the net reduction in Investments since August 4, 2004 in Unrestricted
Subsidiaries resulting from (i) repayments of loans or advances or other transfers of assets to the Company or any Restricted Subsidiary from Unrestricted Subsidiaries or (ii) the redesignation of Unrestricted Subsidiaries as Restricted
Subsidiaries (valued in each case as provided in the definition of “Investment”) not to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments previously made by the Company or any Restricted Subsidiary in such
Unrestricted Subsidiary, which amount was treated as a Restricted Payment (and, with respect to clauses (i) and (ii), without duplication of any amounts included in Consolidated Net Income); and (G) to the extent that any Restricted
Investment that was made after August 4, 2004 is sold for cash or otherwise liquidated or repaid for cash, the lesser of (A) the net proceeds of such sale, liquidation or repayment and (B) the net book value of such Restricted
Investment. 
 (a) So long as there is no Default or Event of Default continuing, the provisions of the foregoing
paragraph (a) will not prohibit: any purchase, defeasance or redemption of Capital Stock, Disqualified Stock, Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness of the Company or Guarantor
Subordinated Indebtedness of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, the Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold
to one of the Company’s Subsidiaries or an employee stock ownership plan or other trust established by the Company or any of its Subsidiaries for the benefit of their employees to the extent the purchase by such plan or trust is financed by
Indebtedness by such plan or trust and for which the Company or any Restricted Subsidiary is the lender or is liable as a guarantor or otherwise); provided, however, that (A) such purchase, defeasance or redemption shall be excluded in
subsequent calculations of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale of Capital Stock shall be excluded in calculations under clause (3)(B) of Section 3.4(a); (ii) (A) any
purchase, defeasance or redemption of Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness of the Company, or Guarantor Subordinated Indebtedness of any Subsidiary Guarantor made by exchange for,
or out of the proceeds of the substantially concurrent sale of, Subordinated Indebtedness of the Company or 

  

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(B) any purchase, defeasance or redemption of Guarantor Subordinated Indebtedness of any Subsidiary Guarantor made by exchange for, or out of the
proceeds of the substantially concurrent sale of, Guarantor Subordinated Indebtedness or (C) any purchase defeasance or redemption of Junior Lien Collateral Indebtedness of the Company made by exchange for, or out of the proceeds of the
substantially concurrent sale of Junior Lien Collateral Indebtedness of the Company or Senior Unsecured Pari Passu Indebtedness of the Company or (D) any purchase, defeasance or redemption of Junior Lien Collateral Indebtedness of a Subsidiary
Guarantor made by exchange for or out of the proceeds of the substantially concurrent sale of Junior Lien Collateral Indebtedness of the Company or such Subsidiary Guarantor or Senior Unsecured Pari Passu Indebtedness or Guarantor Subordinated
Indebtedness of such Subsidiary Guarantor or (E) any purchase, defeasance or redemption of Senior Unsecured Pari Passu Indebtedness of the Company made by exchange for, or out of the proceeds of the substantially concurrent sale of Senior
Unsecured Pari Passu Indebtedness of the Company or (F) any purchase, defeasance or redemption of Senior Unsecured Pari Passu Indebtedness of a Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of
Senior Unsecured Pari Passu Indebtedness of the Company or such Subsidiary Guarantor or Guarantor Subordinated Indebtedness of such Subsidiary Guarantor that, in each case, is permitted to be Incurred pursuant to Section 3.3 and
constitutes Refinancing Indebtedness; provided, however, that (A) any such Subordinated Indebtedness or Guarantor Subordinated Indebtedness is subordinated to the Securities or Subsidiary Guarantee, as the case may be, at least to the
same extent as such Indebtedness so purchased or redeemed and (B) such purchase, defeasance or redemption shall be excluded in subsequent calculations of the amount of Restricted Payments; (iii) the repurchase, redemption or other
acquisition or retirement for value of Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness of the Company or Guarantor Subordinated Indebtedness of any of the Restricted Subsidiaries pursuant to a
“change of control” or “asset sale” covenant set forth in the indenture or other agreement pursuant to which the same is issued and such “change of control” and “asset sale” covenants are substantially
identical in all material respects to the comparable provisions included in this Indenture; provided that such repurchase, redemption or other acquisition or retirement for value shall only be permitted if all of the terms and conditions in such
provisions have been complied with and such repurchases, redemptions or other acquisitions or retirements for value are made in accordance with such indenture or other agreement pursuant to which the same is issued and provided further that
the Company has repurchased all Securities required to be repurchased by the Company pursuant to the terms and conditions described in Section 3.7 or 3.9, as the case may be, prior to the repurchase, redemption or other
acquisition or retirement for value of such Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness or Guarantor Subordinated Indebtedness pursuant to the “change of control” or “asset
sale” covenant included in such indenture; provided that such repurchase, redemption or other acquisition shall be excluded in subsequent calculations of the amount of Restricted Payments; (iv) dividends paid within 60 days after
the date of declaration thereof if at such date of declaration such dividend would have complied with paragraph (a) of Section 3.4; provided, however, that such dividend shall be included in subsequent calculations of the
amount of Restricted Payments; (v) any repurchase of an Equity Interest 

  

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deemed to occur upon exercise of stock options if such Equity Interests represent a portion of the exercise price of such options; provided, however,
that such repurchases shall be excluded in subsequent calculations of the amount of Restricted Payments; (vi) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company issued in accordance
with the terms of this Indenture to the extent such dividends are included in the definition of “Consolidated Interest Expense”; and (vii) Permitted Employee Payments in an aggregate amount not in excess of $5.0 million since
August 4, 2004; provided, however, that such payments shall be included in the calculation of Restricted Payments. 
 SECTION
3.5. Limitation on Sale/Leaseback Transactions. The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale/Leaseback Transaction unless: (i) the Company or such Restricted Subsidiary, as the
case may be, receives consideration at the time of such Sale/Leaseback Transaction at least equal to the fair market value (as evidenced by a resolution of the Board of Directors of the Company) of the property subject to such transaction;
(ii) the Company or such Restricted Subsidiary could have Incurred Indebtedness in an amount equal to the Attributable Debt in respect of such Sale/Leaseback Transaction pursuant to Section 3.3; (iii) the Company or such
Restricted Subsidiary would be permitted to create a Lien on the property subject to such Sale/Leaseback Transaction without securing the Securities pursuant to Section 3.11; and (iv) the Sale/Leaseback Transaction is treated as an
Asset Disposition and all of the conditions of this Indenture described in Section 3.7 (including the provisions concerning the application of Net Available Cash) are satisfied with respect to such Sale/Leaseback Transaction, treating
all of the consideration received in such Sale/Leaseback Transaction as Net Available Cash for purposes of such covenant. 
 SECTION
3.6. Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Company will not, and will not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions on its Capital Stock or pay any Indebtedness or other obligations owed to the Company or any other Restricted Subsidiary
(it being understood that the priority of Preferred Stock in receiving dividends, or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make
distributions on Capital Stock), (ii) make any loans or advances to the Company or any other Restricted Subsidiary (it being understood that the subordination of loans or advances made to the Company or any Restricted Subsidiary to other
Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances) or (iii) transfer any of its property or assets to the Company or any other Restricted Subsidiary (it
being understood that such transfers shall not include any type of transfer described in clause (i) or (ii) above), except: (a) any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date,
including pursuant to this Indenture, the Subsidiary Guarantees, the ABL Credit Facility, the European Credit Facility and the Rabobank Term Loan; (b) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an
agreement relating to any Capital Stock or Indebtedness Incurred by such Restricted Subsidiary prior to the date on which such Restricted Subsidiary was acquired by the Company or a Restricted 

  

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Subsidiary (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized
to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company) and outstanding on such date; (c) any encumbrance or restriction with
respect to a Restricted Subsidiary pursuant to an agreement effecting a refinancing, refunding or replacement of Indebtedness Incurred pursuant to an agreement referred to in the preceding clauses (a) or (b) or this clause (c) or
contained in any amendment, restatement, modification, renewal, supplement, rewriting, replacement or refinancing of an agreement referred to in the preceding clauses (a) or (b) or this clause (c); provided, however, that the
encumbrances and restrictions contained in any such agreement are no less favorable to the Holders, taken as a whole, than the original encumbrances and restrictions contained in such agreements; (d) in the case of clause (iii) of this
Section 3.6, any encumbrance or restriction (1) that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, (2) by virtue of any
transfer of, agreement to transfer, option or right with respect to, any property or assets of the Company or any Restricted Subsidiary not otherwise prohibited by this Indenture, (3) contained in security agreements securing Indebtedness of a
Restricted Subsidiary to the extent such encumbrance or restrictions restrict the transfer of the property subject to such security agreements or the Equity Interests in the owner of such property or in any Subsidiary of the Company that owns a
direct or indirect Equity Interest in such owner and (4) ordinary course provisions restricting the assignability of contracts; (e) any restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant
to an agreement entered into for the sale or disposition of Capital Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale or disposition; (f) restrictions
created in connection with a Qualified Receivables Transaction that, in the good faith determination of the Board of Directors, are necessary to effect such Qualified Receivables Transaction; provided that such restrictions apply only to such
Receivables Entity; (g) any customary provisions in leases, subleases or licenses and other agreements entered into by the Company or any Restricted Subsidiary in the ordinary course of business; (h) any encumbrance or restriction pursuant
to (x) other Indebtedness or Preferred Stock of a Non-Guarantor Restricted Subsidiary; provided that such encumbrances or restrictions will not materially affect the Company’s ability to make anticipated principal and interest payments on
the Securities (as determined in good faith by the Board of Directors of the Company) or (y) other Indebtedness or Preferred Stock of a Subsidiary Guarantor, in each case permitted to be Incurred pursuant to Section 3.3; and
(i) any restriction by operation of applicable law. 
 SECTION 3.7. Limitation on Sales of Assets. 8.1.4. The Company will
not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition of Collateral unless: (i) the Company or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the fair market value
(such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as determined in good faith by the Company’s management, or if such Asset Disposition involves consideration in excess of $20.0 million,
by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee, (including as to the value of all non-cash consideration), of the Collateral subject to such Asset 

  

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Disposition; (ii) at least 75% of the consideration from such Asset Disposition received by the Company or such Restricted Subsidiary, as the case may
be, is in the form of cash or Cash Equivalents and 100% of the Net Available Cash from Asset Dispositions relating to Non-ABL Collateral is deposited directly into the Collateral Accounts; and (iii) the remaining consideration from such Asset
Disposition that is not in the form of cash or Cash Equivalents is thereupon with its acquisition pledged as Non-ABL Collateral to secure the Securities, in the case of an Asset Disposition of Non-ABL Collateral, or as ABL Collateral, in the case of
an Asset Disposition of ABL Collateral. 
 Any Net Available Cash deposited into the Collateral Accounts from any Asset Dispositions of
Non-ABL Collateral or Recovery Events (as described below) may be withdrawn by the Company to be invested by the Company in Additional Assets within 360 days of the date of such Asset Disposition or Recovery Event, which Additional Assets are
thereupon with their acquisition added to the Collateral securing the Securities. 
 All of the Net Available Cash received by the Company or
such Restricted Subsidiary, as the case may be, from any Recovery Event shall be deposited directly into the Collateral Accounts and may be withdrawn by the Company or such Restricted Subsidiary to be invested in Additional Assets (which may include
performance of a restoration of the affected Collateral) in accordance with the preceding paragraph within 360 days of the date of such Recovery Event. 
 Any Net Available Cash from Asset Dispositions of Collateral or Recovery Events that are not applied or invested as provided in this subsection (a) or in accordance with the Collateral Documents will be deemed to
constitute “Excess Collateral Proceeds.” On or before the 361st day after an Asset Disposition or Recovery Event pursuant to this subsection (a), if the aggregate amount of Excess Collateral Proceeds exceeds $5.0 million, the
Company will be required to make an offer (“Collateral Disposition Offer”) to all Holders and to the lenders under the Rabobank Term Loan to purchase the maximum principal amount of the Securities and Rabobank Term Loan (on a pro
rata basis) to which the Collateral Disposition Offer applies that may be purchased out of the Excess Collateral Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount of the Securities and Rabobank Term Loan, plus
accrued and unpaid interest to the date of purchase, in accordance with the procedures set forth in this Indenture in integral multiples of $1,000; provided, however, that to the extent the Excess Collateral Proceeds relate to Asset Dispositions of
ABL Collateral, the Company may, prior to making a Collateral Disposition Offer, make a prepayment with respect to the maximum principal amount of Indebtedness that is secured by such Collateral on a first-priority basis that may be prepaid out of
such Excess Collateral Proceeds, at a price in cash in an amount equal to 100% of the principal amount of such Indebtedness, plus accrued and unpaid interest to the date of prepayment, with any Excess Collateral Proceeds not used to prepay such
Indebtedness offered to Holders and to the lenders under the Rabobank Term Loan in accordance with this Section. To the extent that the aggregate amount of Securities and Rabobank Term Loan so validly tendered and not properly withdrawn pursuant to
a Collateral Disposition Offer is less than the Excess Collateral Proceeds (after giving effect to the prepayment of Indebtedness secured on a first-priority basis in the case of an Asset Disposition of ABL Collateral), the 

  

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Company may use any remaining Excess Collateral Proceeds for general corporate purposes, subject to the other covenants contained in this Indenture. If the
aggregate principal amount of Securities surrendered by Holders and Rabobank Term Loans surrendered by lenders under the Rabobank Term Loan requesting prepayment exceeds the amount of Excess Collateral Proceeds, the Securities and Rabobank Term Loan
to be purchased shall be selected on a pro rata basis on the basis of the aggregate principal amount of tendered Securities and Rabobank Term Loan. Upon completion of such Collateral Disposition Offer, the amount of Excess Collateral Proceeds shall
be reset at zero. 
 (a) The Company will not, and will not permit any Restricted Subsidiary to, make any Asset
Disposition (other than Asset Dispositions of Collateral which shall be treated in the manner set forth in paragraph (a)) unless: (i) the Company or such Restricted Subsidiary, as the case may be, receives consideration (including by way of
relief from, or by way of any other Person assuming sole responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such
Asset Disposition) (as determined in good faith by the Company’s management, or if such Asset Disposition involves consideration in excess of $20.0 million, by a resolution of the Board of Directors set forth in an Officers’ Certificate
delivered to the Trustee) of the assets subject to such Asset Disposition; (ii) at least 75% of the consideration from such Asset Disposition received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or
Cash Equivalents (except such requirement of cash or Cash Equivalents shall not apply to any property, plant, equipment or other facility closed and designated as unused, idle or obsolete by either Senior Management or by resolution of the Board of
Directors, and in either case set forth in an Officers’ Certificate delivered to the Trustee); and (iii) an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied by the Company (or such Restricted
Subsidiary, as the case may be) as follows (it being understood that actions under clause (B) may occur prior to actions under clause (A)): (A) to the extent the Company or such Restricted Subsidiary elects (or is required by the terms of
any Indebtedness), to prepay, repay or purchase Indebtedness (other than Disqualified Stock, Subordinated Indebtedness and Guarantor Subordinated Indebtedness) (and to correspondingly reduce commitments with respect thereto) within 365 days after
the date of such Asset Disposition; (B) to the extent the Company or such Restricted Subsidiary elects, to reinvest in Additional Assets (including by means of an Investment in Additional Assets by a Restricted Subsidiary with Net Available
Cash received by the Company or another Restricted Subsidiary) within 365 days from the date of such Asset Disposition; provided, that, at the option of the Company, to the extent that the Company or such Restricted Subsidiary has (x) at or
before the consummation of an acquisition of Additional Assets, announced its intention to make an Asset Disposition in connection with such acquisition (an “Announced Asset Disposition”) and (y) consummated such acquisition of
Additional Assets during the period six months prior to the consummation of the Announced Asset Disposition, then the Company or such Restricted Subsidiary may deem the Net Available Cash from such Announced Asset Disposition to be reinvested for
purposes of determining compliance with this clause (B) to the extent of the investment in such Additional Assets; (C) to the extent of the balance of such Net Available Cash after 

  

 62 

 
application in accordance with clauses (A) and (B), to make an offer to purchase Securities and Pari Passu Indebtedness (including, without limitation,
the Senior Notes due 2009, the Senior Notes due 2011, the Senior Notes due 2013, the Senior Notes due 2017 and the Rabobank Term Loan) with similar asset sale provisions, pro rata at 100% of the tendered principal amount thereof (or 100% of the
accreted value of such other Pari Passu Indebtedness so tendered, if such Pari Passu Indebtedness was offered at a discount) plus accrued and unpaid interest, if any, thereon to the purchase date and (D) fourth, to the extent of the balance of
such Net Available Cash after application in accordance with clauses (A), (B) and (C) above, to fund (to the extent consistent with any other applicable provision of this Indenture) any corporate purpose; provided, however, that in
connection with any prepayment, repayment or purchase of Indebtedness pursuant to clause (A) or (C) above, the Company or such Restricted Subsidiary will retire such Indebtedness and will cause the related loan commitment (if any) to be
permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased. Notwithstanding the foregoing provisions of this paragraph (b) of this covenant, the Company and its Restricted Subsidiaries shall not be required
to apply any Net Available Cash in accordance with paragraph (b) of this covenant except to the extent that the aggregate Net Available Cash from all Asset Dispositions that is not yet applied in accordance with this Section 3.7
exceeds $10.0 million. 
 (b) In the case of the second paragraph of paragraph (a) or clause (b)(iii)(B) above, a
binding commitment shall be treated as a permitted application of the Net Available Cash from the date of such commitment; provided that (A) such Net Available Cash is applied to acquire Additional Assets within 540 days of the Asset
Disposition and (B) in the event such binding commitment is later canceled or terminated for any reason before such Net Available Cash is so applied, the Company or such Restricted Subsidiary may satisfy its obligations as to any Net Available
Cash by entering into another binding commitment within 90 days of such cancellation or termination of the prior binding commitment or termination of the prior binding commitment and applying the Net Available Cash within 180 days of such subsequent
binding commitment; provided further that the Company or such Restricted Subsidiary may only enter into such a commitment under the foregoing provision one time with respect to each Asset Disposition. 
 (c) In the event of an Asset Disposition that requires the purchase of Securities pursuant to clause (b)(iii)(C) above, the Company
will be required to apply such Excess Proceeds (as defined below) to the repayment of the Securities and any other Pari Passu Indebtedness (including, without limitation, the Senior Notes due 2009, the Senior Notes due 2011, the Senior Notes due
2013 and the Senior Notes due 2017) outstanding with similar provisions requiring the Company to make an offer to purchase such Indebtedness with the proceeds from any Asset Disposition as follows: (A) the Company will make an offer to purchase
(an “Offer”) within ten days of such time from all Holders in accordance with the procedures set forth in this Indenture in the maximum principal amount (expressed as a multiple of $1,000) of Securities that may be purchased out of
an amount (the “Note Amount”) equal to the product of such Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the Securities and the denominator 

  

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of which is the sum of the outstanding principal amount of the Securities and such Pari Passu Indebtedness and (B) to the extent required by such Pari
Passu Indebtedness to permanently reduce the principal amount of such Pari Passu Indebtedness, the Company will make an offer to purchase or otherwise repurchase or redeem such Pari Passu Indebtedness (a “Pari Passu Offer”) in an
amount equal to the excess of the Excess Proceeds over the Note Amount at a purchase price of 100% of their principal amount plus accrued and unpaid interest (or 100% of the accreted value of such Pari Passu Indebtedness, if such Pari Passu
Indebtedness was offered at a discount) to the purchase date in accordance with the procedures (including prorating in the event of oversubscription) set forth in this Indenture with respect to the Offer and in the documentation governing such Pari
Passu Indebtedness with respect to the Pari Passu Offer. If the aggregate purchase price of the Securities and Pari Passu Indebtedness tendered pursuant to the Offer and Pari Passu Offer is less than the Excess Proceeds, the remaining Excess
Proceeds will be available to the Company for use in accordance with clause (b)(iii)(D) above. The Company shall not be required to make an Offer for Securities pursuant to Section 3.7 if the Net Available Cash available therefor (after
application of the proceeds as provided in clauses (b)(iii)(A) and (b)(iii)(B) above) (“Excess Proceeds”) is less than $10.0 million (which lesser amounts shall be carried forward for purposes of determining whether an Offer is
required with respect to the Net Available Cash from any subsequent Asset Disposition). 
 (d) The Collateral Disposition
Offer or Asset Disposition Offer will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Disposition Offer Period”). No later
than five Business Days after the termination of the Disposition Offer Period (the “Disposition Purchase Date”), the Company will purchase the principal amount of Securities (and other Indebtedness required to be purchased pursuant
to the last paragraph of Section 3.7(a)) and Pari Passu Indebtedness required to be purchased pursuant to this Section 3.7 (the “Disposition Offer Amount”) or, if less than the Disposition Offer Amount has
been so validly tendered, all Securities (and other Indebtedness required to be purchased pursuant to the last paragraph of Section 3.7(a)) and Pari Passu Indebtedness, if applicable, validly tendered in response to the Collateral
Disposition Offer or Asset Disposition Offer, as applicable. 
 Upon the commencement of a Collateral Disposition Offer or Asset Disposition
Offer, as applicable, the Company will send, by first class mail, a notice to the Trustee and each of the Holders of the Securities. The notice will contain all instructions and materials necessary to enable such Holders to tender Securities
pursuant to the Collateral Disposition Offer or Asset Disposition Offer, as applicable. The notice, which will govern the terms of the Collateral Disposition Offer or Asset Disposition Offer, as applicable, will state: 
 (i) that the Collateral Disposition Offer or Asset Disposition Offer is being made pursuant to this Section 3.7 and the
length of time the Collateral Disposition Offer or Asset Disposition Offer will remain open; 
 (ii) the Disposition
Offer Amount, the purchase price and the Disposition Purchase Date; 
  

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 (iii) that any Security not tendered or accepted for payment will continue to accrue
interest; 
 (iv) that, unless the Company defaults in making such payment, any Security accepted for payment pursuant to
the Collateral Disposition Offer or Asset Disposition Offer will cease to accrue interest after the Disposition Purchase Date; 
 (v) that Holders electing to have a Security purchased pursuant to a Collateral Disposition Offer or Asset Disposition Offer, as applicable, may elect to have Securities purchased in denominations of $2,000 or integral multiples of
$1,000 in excess thereof only; 
 (vi) that Holders electing to have a Security purchased pursuant to any Collateral
Disposition Offer or Asset Disposition Offer, as applicable, will be required to surrender the Security, with the form entitled “Option of Holder to Elect Purchase” attached to the Security completed, or transfer its interest in such
Security by book-entry transfer, to the Company or a Paying Agent at the address specified in the notice at least three Business Days before the Disposition Purchase Date; 
 (vii) that Holders will be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, not
later than the expiration of the Disposition Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Security purchased; 
 (viii) that, if the aggregate principal amount of
Securities, Rabobank Term Loans and, if applicable, other Pari Passu Indebtedness surrendered by the holders thereof exceeds the Disposition Offer Amount, the Company will select the Securities, Rabobank Term Loans and, if applicable, other Pari
Passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Securities, Rabobank Term Loans and such other Pari Passu Indebtedness surrendered (with such adjustments as may be deemed appropriate so that only Securities in
denominations of $2,000, or integral multiples of $1,000 in excess thereof, will be purchased); and 
 (ix) that Holders
whose Securities were purchased only in part will be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered (or transferred by book-entry transfer) but no less than an aggregate principal amount of
$2,000. 
 If the Disposition Purchase Date is on or after an interest record date and on or before the related interest payment date, any
accrued and unpaid interest will be paid on such Disposition Purchase Date to the Person in whose name a Security is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Securities
pursuant to the Collateral Disposition Offer or Asset Disposition Offer. 
  

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 On or before the Disposition Purchase Date, the Company will, to the extent lawful, accept for payment,
on a pro rata basis to the extent necessary, the Disposition Offer Amount of Securities (and Rabobank Term Loans, and other Indebtedness required to be purchased pursuant to the last paragraph of Section 3.7(a)) and Pari Passu
Indebtedness or portions of Securities (and Rabobank Term Loans, and other Indebtedness required to be purchased pursuant to the last paragraph of Section 3.7(a)) and Pari Passu Indebtedness so validly tendered and not properly withdrawn
pursuant to the Collateral Disposition Offer or Asset Disposition Offer, or if less than the Disposition Offer Amount has been validly tendered and not properly withdrawn, all Securities (and Rabobank Term Loans, and other Indebtedness required to
be purchased pursuant to the last paragraph of Section 3.7(a)) and Pari Passu Indebtedness so validly tendered and not properly withdrawn, in each case in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
Company will deliver to the Trustee an Officers’ Certificate stating that such Securities or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.7 and, in addition, the Company
will deliver all certificates and notes and loans required, if any, by the agreements governing the other Indebtedness required to be purchased pursuant to the last paragraph of Section 3.7(a) and the terms of the Rabobank Term Loans and
other the Pari Passu Indebtedness. The Company or the Paying Agent, as the case may be, will promptly (but in any case not later than five Business Days after termination of the Disposition Offer Period) mail or deliver to each tendering Holder of
Securities or holder or lender of the Rabobank Term Loans or such other Indebtedness or Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of the Securities, the Rabobank Term Loans or such other Indebtedness or Pari
Passu Indebtedness so validly tendered and not properly withdrawn by such holder or lender, as the case may be, and accepted by the Company for purchase, and the Company will promptly issue a new Security, and the Trustee, upon delivery of an
Officers’ Certificate from the Company, will authenticate and mail or deliver such new Security to such Holder, in a principal amount equal to any unpurchased portion of the Security surrendered; provided that each such new Security will
be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. In addition, the Company will take any and all other actions required by the agreements governing the other Indebtedness required to be purchased pursuant to the
last paragraph of Section 3.7(a) and the terms of the Rabobank Term Loans and other Pari Passu Indebtedness. Any Security not so accepted will be promptly mailed or delivered by the Company to the Holder thereof. The Company will
publicly announce the results of the Collateral Disposition Offer or Asset Disposition Offer, as applicable, on the Disposition Purchase Date. 
 (e) For the purposes of this Section 3.7, the following are deemed to be cash: (x) the assumption of Indebtedness of the Company (other than Disqualified Stock, Subordinated Indebtedness, Junior
Lien Collateral Indebtedness or Senior Unsecured Pari Passu Indebtedness) or Indebtedness of any Restricted Subsidiary (other than Guarantor Subordinated Indebtedness, Disqualified Stock, Junior Lien Collateral Indebtedness or Senior Unsecured Pari
Passu Indebtedness of any Subsidiary Guarantor) and the release of the Company or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition, (y) securities received by the Company or any
Restricted Subsidiary from the transferee that are converted within 30 days by the Company or such 

  

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Restricted Subsidiary into cash and (z) any Designated Non-Cash Consideration received by the Company or any of the Restricted Subsidiaries in such
Asset Disposition having an aggregate fair market value (as determined in good faith by management of the Company, or if such Asset Disposition involves consideration in excess of $20.0 million, by a resolution of the Board of Directors), taken
together with all other Designated Non-Cash Consideration pursuant to this clause (z) that is at that time outstanding, not to exceed 2.5% of Total Assets at the time of the receipt of such Designated Non-Cash Consideration (with the fair
market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value). Upon the completion of the application of the Net Available Cash from any Asset Disposition
pursuant to paragraph (b) above, the amount of Net Available Cash attributable to such Asset Disposition shall be deemed to be zero. 
 (f) The Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities
pursuant to this Section 3.7. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 3.7, the Company will comply with the applicable securities laws and regulations
and will not be deemed to have breached obligations of the Company described under this Indenture by virtue thereof. 
 SECTION
3.8. Limitation on Transactions with Affiliates. 8.1.5. The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into or conduct any transaction or series of transactions (including the
purchase, sale, lease or exchange of any property or assets or the rendering of any service or the making of any Investment) with any Affiliate of the Company (an “Affiliate Transaction”) on terms: (i) that are less favorable
to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained at the time of such transaction in arm’s-length dealings with a Person who is not an Affiliate and (ii) that, in the event such Affiliate
Transaction involves an aggregate amount in excess of $10.0 million, are not in writing and have not been approved or negotiated and entered into on behalf of the Company or such Restricted Subsidiary by Senior Management acting pursuant to
authorizing resolutions adopted by a majority of the members of the Board of Directors or by a majority of the members of the Board of Directors having no personal stake in such Affiliate Transaction (and such majority or majorities, as the case may
be, determines that such Affiliate Transaction satisfies the criteria in clause (i) above). In addition, any Affiliate Transaction involving aggregate payments or other transfers by the Company and its Restricted Subsidiaries in excess of $20.0
million will also require an opinion from an independent investment banking firm or appraiser, as appropriate, of national prominence, to the effect that the terms of such transaction are either (i) no less favorable to the Company or such
Restricted Subsidiary, as the case may be, than those that could be obtained at the time of such transaction in arm’s-length dealings with a Person who is not an Affiliate or (ii) fair to the Company or such Restricted Subsidiary, as the
case may be, from a financial point of view. 
 (a) The provisions of Section 3.8(a) shall not prohibit
(i) any Restricted Payment or Permitted Investment permitted to be paid pursuant to Section 3.4, (ii) the 

  

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performance of the Company’s or its Restricted Subsidiary’s obligations under any collective bargaining agreement, employee benefit plan, related
trust agreement or any other similar arrangement heretofore or hereafter entered into in the ordinary course of business, (iii) payment of reasonable fees and compensation to employees, officers or directors as determined in good faith by the
Board of Directors or Senior Management (including indemnification to the fullest extent permitted by applicable law, directors’ and officers’ insurance and similar arrangements, employment contracts, non-competition and confidentiality
agreements and similar instruments or payments) and entered into in the ordinary course of business, (iv) maintenance in the ordinary course of business of reasonable benefit programs or arrangements for employees, officers or directors,
including vacation plans, health and life insurance plans, SERPs, split-dollar life insurance plans, deferred compensation plans, and retirement or savings plans and similar plans as determined in good faith by the Board of Directors or Senior
Management, (v) any transaction between the Company and a Wholly-Owned Subsidiary or between Wholly-Owned Subsidiaries, (vi) transactions effected as part of a Qualified Receivables Transaction, (vii) any issuance by the Company of
Capital Stock (other than Disqualified Stock) or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership plans to the extent reasonable, as
determined in good faith by the Board of Directors in the ordinary course of business, and loans or advances to employees in the ordinary course of business of the Company or its Restricted Subsidiaries consistent with past practices,
(viii) transactions with customers, suppliers, 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 this Indenture which are fair to the Company or the
Restricted Subsidiaries or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated third party, in the reasonable determination of the Board of Directors of the Company or Senior Management,
(ix) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Company and its Restricted Subsidiaries and otherwise in compliance with the terms of
this Indenture; provided that in the reasonable determination of the members of the Board of Directors of the Company or Senior Management, such transactions are on terms that are no 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, and (x) any agreement as in effect on the Issue Date or any amendment thereto (so long as any
such amendment is not disadvantageous to the Holders in any material respect). 
 SECTION 3.9. Change of Control. 8.1.6. Upon the
occurrence of a Change of Control, each Holder shall have the right to require the Company to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date) provided, however, that the Company shall not be
obligated to repurchase the Securities pursuant to this Section 3.9 to the extent that the Company has exercised its right to redeem Securities pursuant to the terms of Section 5.1. 
  

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 (a) In the event that at the time of such Change of Control the terms of any
Indebtedness restrict or prohibit the repurchase of Securities pursuant to Section 3.9(a), then prior to the mailing of the notice to Holders provided for in Section 3.9(c) but in any event within 30 days following any Change
of Control, the Company shall either (i) repay in full all such Indebtedness or offer to repay in full all such Indebtedness and repay the Indebtedness of each lender who has accepted such offer or (ii) obtain the requisite consent under
the agreements governing such Indebtedness to permit the repurchase of the Securities as provided for in Section 3.9(c). The Company will first comply with the preceding sentence of this Section 3.9(b) before the Company will
be required to make the Change of Control Offer or to purchase the Securities pursuant to this Section 3.9; provided, that compliance with this clause (b) will not extend the time periods set forth in
Section 3.9(c) for the Company to make an offer to repurchase the Securities in connection with a Change of Control. 
 (b) Subject to the provisions of Section 3.9(b), within 30 days following any Change of Control, the Company shall mail a notice (the “Change of Control Offer”) to each Holder with a copy to the Trustee
stating: 
 (1) that a Change of Control has occurred and that such Holder has the right to require the Company to
purchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on a Regular Record Date to
receive interest on the relevant Interest Payment Date); 
 (2) the circumstances and relevant facts and financial
information regarding such Change of Control; 
 (3) the repurchase 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”); 
 (4) that any Security not tendered will continue to accrue interest pursuant to its terms; 
 (5) that,
unless the Company defaults in the payment of the purchase price, any Security accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on and after the Change of Control Payment Date; and 
 (6) the instructions determined by the Company, consistent with this Section 3.9, that a Holder must follow in order to
have its Securities purchased or to cancel a previous order of purchase. 
 (c) Holders electing to have a Security
purchased will be required to surrender the Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Each Holder will be entitled to withdraw
its election if the Company receives, not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter from such 

  

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Holder setting forth the name of such Holder, the principal amount of the Security or Securities which were delivered for purchase by such Holder and a
statement that such Holder is withdrawing his election to have such Security or Securities purchased. 
 (d) On or before
the Change of Control Payment Date, the Company must: (i) accept for payment Securities or portions of Securities tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent money sufficient to pay the purchase
price of all Securities or portions of the Securities so accepted and (iii) deliver, or cause to be delivered, to the Trustee, all Securities or portions of the Securities so accepted together with an Officers’ Certificate specifying the
Securities or portions of the Securities accepted for payment by the Company. The Paying Agent shall promptly mail, to the Holders of Securities so accepted, payment in an amount equal to the purchase price, and the Trustee shall promptly
authenticate and mail to such Holders a new Security equal in principal amount to any unpurchased portion of the Securities surrendered; provided that each Security purchased and each new Security issued shall be in a principal amount of
$2,000 or integral multiples of $1,000 in excess thereof. 
 (e) 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) If the Change of
Control Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid to the Person in whose name a Security is registered at the close of business on
such record date, and no additional interest will be paid to Holders who tender pursuant to the Change of Control Offer. 
 (g) The Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities pursuant to this
Section 3.9. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 3.9, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under this Indenture by virtue thereof. 
 SECTION 3.10. Limitation on the Sale or Issuance
of Capital Stock of Restricted Subsidiaries. The Company (i) will not, and will not permit any Restricted Subsidiary to, transfer, convey, lease, sell or otherwise dispose of any shares of Capital Stock of a Restricted Subsidiary to any
Person (other than to the Company or a Wholly-Owned Subsidiary), and (ii) will not permit any Restricted Subsidiary, directly or indirectly, to issue or sell any shares of its Capital Stock (other than directors’ qualifying shares) to any
Person (other than to the Company or a Wholly-Owned Subsidiary); provided, however, that (x) the Company is permitted to sell all the Capital Stock of a Restricted Subsidiary as long as the Company is in compliance with the terms of
Section 3.7 and (y) the Company is permitted to sell less than all of the Capital Stock of a Restricted Subsidiary if (A) immediately after giving effect to such sale such Restricted Subsidiary either continues to be a
Restricted Subsidiary or if such Restricted Subsidiary would no longer constitute a Restricted Subsidiary then the Investment in such Person remaining after 

  

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giving effect to such sale would have been permitted to be made under Section 3.4 if made on the date of such issuance or sale and (B) the
Company is in compliance with the terms of Section 3.7. In the case of clause (x), such Restricted Subsidiary, if a Subsidiary Guarantor, will be automatically released from all its obligations under this Indenture, its Subsidiary
Guarantee, the Collateral Documents and the Intercreditor Agreement, and the Liens (if any) on the Collateral pledged by such Subsidiary Guarantor pursuant to the Collateral Documents shall be released with respect to the Securities if all the
obligations of such Subsidiary Guarantor under its Guarantee under all other Debt Facilities, the Rabobank Term Loan and related documentation and any other agreements relating to any other Indebtedness of the Company or its Restricted Subsidiaries
terminate upon consummation of such sale. 
 SECTION 3.11. Limitation on Liens. The Company will not, and will not permit any of
its Restricted Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Lien (other than Permitted Liens) that secures obligations under any Indebtedness on any asset or property of the Company or such Restricted
Subsidiary, including any Guarantee of such Restricted Subsidiary, or any income or profits therefrom, or assign or convey any right to receive income therefrom. 
 SECTION 3.12. Future Guarantors. 
 (a) The Company will cause each
Restricted Subsidiary that Guarantees, on the Issue Date or any time thereafter, any Indebtedness of the Company or any Subsidiary Guarantor to execute and deliver to the Trustee a Subsidiary Guarantee, in the form of a supplemental indenture
substantially in the form of Exhibit B hereto, pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in
respect of the Securities on a senior secured basis and all other obligations under this Indenture. Notwithstanding the foregoing, in the event (i) a Subsidiary Guarantor is released and discharged in full from all of its obligations under its
Guarantees of (1) the ABL Credit Facility and (2) all other Indebtedness of the Company and its Restricted Subsidiaries, and (ii) such Subsidiary Guarantor has not Incurred any Indebtedness in reliance on its status as a Subsidiary
Guarantor under Section 3.3 or such Subsidiary Guarantor’s obligations under such Indebtedness are satisfied in full and discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Subsidiary
Guarantor) under Section 3.3(b) then the Subsidiary Guarantee of such Subsidiary Guarantor shall be automatically and unconditionally released or discharged. 
 (b) The obligations of each Subsidiary Guarantor will be limited to the maximum amount as will, after giving effect to all other
contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any Guarantees under the ABL Credit Facility) and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary
Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Subsidiary Guarantor under its Subsidiary
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 
  

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 (c) Each Subsidiary Guarantee shall be released in accordance with Article X.

 (d) Each Restricted Subsidiary that becomes a Subsidiary Guarantor on or after the Issue Date shall also become a
party to the Collateral Documents and the Intercreditor Agreement and shall as promptly as practicable execute and deliver such security instruments, financing statements, mortgages, deeds of trust (in substantially the same form as those executed
and delivered with respect to the First Priority Collateral and the Second Priority Collateral) and certificates and opinions of counsel ( to the extent, and substantially in the form, delivered on the Issue Date (but no greater scope)) as may be
necessary to vest in the Collateral Agent a perfected first or second priority security interest, as the case may be, (subject to Permitted Liens) upon all its properties and assets (other than Excluded Property) as security for the Securities or
the Subsidiary Guarantees and as may be necessary to have such property or asset added to the Collateral as required under the Collateral Documents and this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall
be deemed to relate to such properties and assets to the same extent and with the same force and effect; provided, however, that if granting such first or second priority security interest, as the case may be, in any such property or asset
requires the consent of a third party, the Company will use commercially reasonable efforts to obtain such consent for the benefit of the Collateral Agent on behalf of the Holders; provided, further, however, that if after the use of
commercially reasonable efforts, such third party does not consent, to the first or second priority security interest on an asset or property that would constitute an immaterial portion of the Collateral, the Subsidiary Guarantor will not be
required to provide such security interest. 
 SECTION 3.13. Limitation on Lines of Business. The Company will not, and will not
permit any Restricted Subsidiary to, engage in any business other than a Related Business. 
 SECTION 3.14. Effectiveness of
Covenants. The covenants described under Sections 3.2, 3.3, 3.4, 3.6, 3.7, 3.8, 3.10, 3.12 and 3.13 will no longer be in effect upon the Company’s reaching Investment Grade
Status. 
 SECTION 3.15. Maintenance of Office or Agency. The Company will maintain in The City of New York, an office or
agency where the Securities may be presented or surrendered for payment, where, if applicable, the Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served. The corporate trust office of the Trustee, which initially shall be located at U.S. Bank National Association 1349 West Peachtree St. NW, Suite 1050, Atlanta, Georgia 30309 (the “Corporate Trust
Office”) 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 will 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 

  

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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 (in or outside of The City of New York) where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in The City of New York for such purposes. The Company will 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 3.16. Money for
Security Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of (or premium, if any) or interest on any of the Securities, 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 will promptly
notify the Trustee in writing of its action or failure to so act. 
 Whenever the Company shall have one or more Paying Agents for the
Securities, it will, on or before each due date of the principal of (or premium, if any) or interest on any Securities, deposit with any Paying Agent a sum in same day funds (or New York Clearing House funds if such deposit is made prior to the date
on which such deposit is required to be made) that shall be available to the Trustee by 10:00 a.m. New York City time on such due date 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 will promptly notify the Trustee in writing of such action or any failure to so act. 
 The Company will 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 will: 
 (a) hold all sums held by
it for the payment of the principal of (and premium, if any) or interest on Securities 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; 
 (b) give the Trustee written notice of any default by the Company (or any other obligor upon the Securities) in the making of any payment
of principal (and premium, if any) or interest; and 
 (c) 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. 
  

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 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. 
 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 Security 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 Order, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security 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; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment to the Company, may at the expense of the Company cause to be published once, in a
leading daily newspaper (if practicable, The Wall Street Journal (Eastern Edition)) printed in the English language and of general circulation in New York City, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication nor shall it be later than two years after such principal (or premium, if any) or interest shall have become due and payable, any unclaimed balance of such money then
remaining will be repaid to the Company. 
 SECTION 3.17. Corporate Existence. Subject to Article IV, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and that of each Restricted Subsidiary and the corporate rights (charter and statutory) licenses and franchises of the Company and each
Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such existence (except the Company), right, license or franchise 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 each of its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders.

 SECTION 3.18. 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, (i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary and (ii) all
lawful claims for labor, materials and supplies, which, if unpaid, might by law become a material liability or lien upon the 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, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the
good faith judgment of management of the Company) are being maintained in accordance with GAAP. 
  

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 SECTION 3.19. Maintenance of Properties. The Company will cause all material properties owned
by the Company or any Restricted Subsidiary or used or held for use in the conduct of its business or the business of any Restricted Subsidiary to be maintained and kept in normal condition, repair and working order and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly conducted at all times; provided,
however, that nothing in this Section shall prevent the Company or any of its Restricted Subsidiaries from discontinuing the maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the
conduct of its business or the business of any Restricted Subsidiary and not adverse in any material respect to the Holders. 
 SECTION
3.20. Insurance. To the extent available at commercially reasonable rates, the Company will maintain, and will cause its Restricted Subsidiaries to maintain, insurance with responsible carriers against such risks and in such amounts, and
with such deductibles, retentions, self-insured amounts and co-insurance provisions, as are customarily carried by similar businesses, of similar size in their country of organization, including professional and general liability, property and
casualty loss, workers’ compensation and interruption of business insurance. In the event the Company determines that insurance satisfying the first sentence of this Section 3.20 is not available at commercially reasonable rates, it
shall provide an Officers’ Certificate to such effect to the Trustee and the Trustee may conclusively rely on the determinations set forth therein. 
 SECTION 3.21. Compliance with Laws. The Company shall comply, and shall cause each of its Restricted Subsidiaries to comply, with all applicable statutes, rules, regulations, orders and restrictions of the
United States of America, all states and municipalities thereof, and of any governmental regulatory authority, in respect of the conduct of their respective businesses and the ownership of their respective properties, except for such noncompliances
as would not in the aggregate have a material adverse effect on the financial condition or results of operations of the Company and its Restricted Subsidiaries, taken as a whole. 
 SECTION 3.22. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each Fiscal Year of the
Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default or Event of Default and whether or not the signers know
of any Default or Event of Default that occurred during such period. If they do, the certificate shall describe the Default or Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. The
Officers’ Certificate shall also notify the Trustee should the then current Fiscal Year be changed to end on any date other than on the date as herein defined. 
 SECTION 3.23. Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to
carry out more effectively the purpose of this Indenture. 
  

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 SECTION 3.24. Statement by Officers as to Default. The Company shall deliver to the Trustee,
as soon as possible and in any event within 10 days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’
Certificate setting forth the details of such Event of Default or default, its status and the actions which the Company is taking or proposes to take with respect thereto. 
 ARTICLE IV 
 Successor Company and Successor Guarantor 
 SECTION 4.1. When Company May Merge or Otherwise Dispose of Assets. 
 (a) The Company will not, in a single transaction or series of related transactions, consolidate with or merge with or into, or
convey, transfer, lease or otherwise dispose of all or substantially all its assets to, any Person nor permit any Person to merge with or into the Company, unless: 
 (i) the resulting, surviving or transferee Person (the “Successor Company”) will be a Person organized and existing
under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) will expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all the obligations of the Company under the Securities, this Indenture, the Collateral Documents (as applicable) and the Intercreditor Agreement and shall cause such amendments, supplements or other instruments to be
executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Company, together with such financing statements or comparable
documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the
relevant states or jurisdictions; 
 (ii) immediately before and after giving effect to such transaction (and treating
any Indebtedness which becomes an obligation of the Successor Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), no
Default or Event of Default will have occurred and be continuing; 
 (iii) immediately after giving effect to such
transaction, the Successor Company would be able to Incur an additional $1.00 of Indebtedness under paragraph (a) of Section 3.3; 
  

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 (iv) each Subsidiary Guarantor (unless it is the other party to the transactions
above, in which case clause (i) shall apply) shall have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations in respect of this Indenture and the Securities and its obligations under
the Collateral Documents and the Intercreditor Agreement shall continue to be in effect and shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law
to preserve and protect the Lien on the Collateral owned by such Subsidiary Guarantor, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by
the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; and 
 (v) 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 indenture (if any) comply with this Indenture, the Collateral Documents (as applicable) and the Intercreditor Agreement. 
 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties and assets of one or more Subsidiaries of the Company, 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 on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 (b) The Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Collateral Documents, but the predecessor Company in the
case of a conveyance, transfer or lease of all or substantially all of its assets will not be released from the obligation to pay the principal of and interest on the Securities. Solely for the purpose of computing amounts described in clause
(3)(B), (C) and (E) of Section 3.4(a), the Successor Company shall only be deemed to have succeeded and be substituted for the Company with respect to periods subsequent to the effective time of such merger, consolidation,
combination or transfer of assets. 
 (c) Notwithstanding the foregoing clauses (ii) and (iii) of
Section 4.1(a) and clause (ii) of Section 4.2: (i) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Company and (ii) the Company may merge
with an Affiliate incorporated exclusively for the purpose of reincorporating the Company in another jurisdiction to realize tax or other benefits. 
  

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 SECTION 4.2. When a Subsidiary Guarantor May Merge or Otherwise Dispose of Assets. The
Company will not permit any Subsidiary Guarantor to, in a single transaction or series of related transactions, consolidate with or merge with or into, or convey, transfer, lease or otherwise dispose of all or substantially all its assets to, any
Person nor permit any Person to merge with or into such Subsidiary Guarantor, unless the transaction is made in compliance with Sections 3.7 and 3.10, or: 
 (i) the resulting, surviving or transferee Person (the “Successor Guarantor”) will be a Person organized and
existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Guarantor (if not the Subsidiary Guarantor) will expressly assume in writing all the obligations of such Subsidiary Guarantor
under such Subsidiary Guarantee, this Indenture, the Collateral Documents and the Intercreditor Agreement and shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required
by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Guarantor, together with such financing statements or comparable documents as may be required to perfect any security interests in such
Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; 
 (ii) immediately before and after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default will have occurred and
be continuing; 
 (iii) each other Subsidiary Guarantor shall have delivered a written instrument in form and substance
satisfactory to the Trustee confirming its Subsidiary Guarantee in respect of this Indenture and the Securities and its obligations under the Collateral Documents and the Intercreditor Agreement shall continue to be in effect and shall cause such
amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by such Subsidiary Guarantor, together with such
financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other
similar statute or regulation of the relevant states or jurisdictions; and 
 (iv) 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 assumption of the Subsidiary Guarantee, if applicable, comply with this Indenture. 
 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties and assets of one or more Subsidiaries of such Subsidiary Guarantor, which properties and assets if held by such Subsidiary Guarantor instead of its Subsidiaries, would constitute all or substantially all of the
properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of such Subsidiary Guarantor. 
  

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 ARTICLE V 
 Redemption of Securities 
 SECTION 5.1. Optional Redemption. (a) Prior to
July 15, 2012, the Company may, upon not less than 30 nor more than 60 days’ notice, on any one or more occasions redeem up to 35% of the original principal amount of the Securities with the Net Cash Proceeds of one or more Public Equity
Offerings at a redemption price of 110% of the principal amount thereof, plus accrued and unpaid interest, if any, to the 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); provided that: 
 (i) at least 65% of the original principal amount of the Securities
(exclusive of Additional Notes) remains outstanding after each such redemption; and 
 (ii) the redemption occurs within
60 days after the closing of such Public Equity Offering. 
 If the optional redemption date is on or after an interest record date and on or
before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the person in whose name the Security is registered at the close of business on such record date, and no additional interest will be payable to
Holders whose Securities will be subject to redemption by the Company. 
 At any time prior to the Maturity Date of the Securities, the
Securities may be redeemed or purchased by the Company, in whole or in part, at the Company’s option, at a price (the “Redemption Price”) equal to 100% of the principal amount thereof plus the Applicable Premium as of, and
accrued but unpaid interest, if any, to, the date of such redemption or purchase (the “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). Such redemption or purchase may be made upon notice mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the Redemption Date. The Company may provide in such notice that payment
of the Redemption Price and performance of the Company’s obligations with respect to such redemption or purchase may be performed by another Person. Any such redemption, purchase or notice may, at the Company’s discretion, be subject to
the satisfaction or one or more conditions precedent, including but not limited to the occurrence of a Change of Control. 
 SECTION
5.2. Applicability of Article. Redemption of Securities at the election of the Company or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article.

  

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 SECTION 5.3. Election to Redeem; Notice to Trustee. The election of the Company to redeem any
Securities pursuant to Section 5.1 shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company, the Company shall, upon not later than the earlier of the date that is 45 days prior to the Redemption
Date fixed by the Company or the date on which notice is given to the Holders (except as provided in Section 5.5 or unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the
principal amount of Securities to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to Section 5.4. 
 SECTION 5.4. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities are to be redeemed at any time pursuant to an
optional redemption, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the outstanding Securities not previously called for redemption, in compliance with the
requirements of the principal securities exchange, if any, on which such Securities are listed, or, if such Securities are not so listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate (and
in such manner as complies with applicable legal requirements) and which may provide for the selection for redemption of portions of the principal of the Securities; provided, however, that no such partial redemption shall reduce the portion
of the principal amount of a Security not redeemed to less than $1,000. 
 The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the
principal amount of such Security which has been or is to be redeemed. 
 SECTION 5.5. Notice of Redemption. Notice of redemption
shall be given in the manner provided for in Section 12.1 not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed. The Trustee shall give notice of redemption in the Company’s
name and at the Company’s expense; provided, however, that the Company shall deliver to the Trustee, at least 45 days prior to the Redemption Date, an Officers’ Certificate requesting that the Trustee give such notice at the
Company’s expense and setting forth the information to be stated in such notice as provided in the following items. 
 All notices of
redemption shall state: 
 (a) the Redemption Date, 
 (b) the redemption price and the amount of accrued interest to the Redemption Date payable as provided in Section 5.7, if
any, 
  

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 (c) if less than all outstanding Securities are to be redeemed, the identification
of the particular Securities (or portion thereof) to be redeemed, as well as the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption, 
 (d) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the
Redemption Date, upon surrender of such Security, the Holder will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 
 (e) that on the Redemption Date the redemption price (and accrued interest, if any, to the Redemption Date payable as provided in
Section 5.7) will become due and payable upon each such Security, or the portion thereof, to be redeemed, and, unless the Company defaults in making the redemption payment, that interest on Securities called for redemption (or the
portion thereof) will cease to accrue on and after said date, 
 (f) the place or places where such Securities are to be
surrendered for payment of the Redemption Price and accrued interest, if any, 
 (g) the name and address of the Paying
Agent, 
 (h) that Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption
Price, 
 (i) the CUSIP number, and that no representation is made as to the accuracy or correctness of the CUSIP number,
if any, listed in such notice or printed on the Securities, and 
 (j) the paragraph of the Securities pursuant to which
the Securities are to be redeemed. 
 SECTION 5.6. Deposit of Redemption Price. Prior to 10:00 a.m. New York City 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 2.4) an amount of money sufficient to pay the
redemption price of, and accrued interest on, all the Securities which are to be redeemed on that date. 
 SECTION 5.7. Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the redemption price therein specified (together with accrued 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 Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company at the redemption price, together with accrued interest, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date). 
  

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 If any Security 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 Securities. 
 SECTION
5.8. Securities Redeemed in Part. Any Security which is to be redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at the office or agency of the Company maintained for such purpose pursuant to
Section 3.15 (with, if the Company so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing),
and the Company shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of such Security at the expense of the Company, a new Security or Securities, of any authorized denomination as requested by such Holder,
in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered, provided, that each such new Security will be in a principal amount of $1,000 or integral multiple thereof.

 ARTICLE VI 
 Defaults and
Remedies 
 SECTION 6.1. Events of Default. 
 An “Event of Default” occurs if: 
 (1) the Company defaults in any payment of
interest on any Security when the same becomes due and payable, and such default continues for a period of 30 days; 
 (2) the Company defaults in the payment of the principal of or premium, if any, on any Security when the same becomes due and payable at its Stated Maturity, upon required repurchase, upon declaration or otherwise; 
 (3) the Company or any Subsidiary Guarantor fails to comply with Article IV; 
 (4) the Company or any Restricted Subsidiary fails to comply with Section 3.2, 3.3, 3.4, 3.5,
3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 3.12 or 3.13 (in each case other than a failure to repurchase Securities when required pursuant to Section 3.7 or 3.9, which failure shall
constitute an Event of Default under Section 6.1(2)) and such failure continues for 30 days after the notice specified below; 
 (5) the Company or any Subsidiary Guarantor defaults in the performance of or a breach by the Company of any other covenant or agreement in this Indenture or under the Securities (other than those referred to in
(1), (2), (3) or (4) above), the Collateral Documents and the Intercreditor Agreement and such default continues for a period of 60 days after the notice specified below; 
  

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 (6) the failure by any Subsidiary Guarantor that is a Significant Subsidiary (if
any) to comply with its obligations under any Subsidiary Guarantee, Collateral Document or Intercreditor Agreement to which such Subsidiary Guarantor is a party, after any applicable grace period; 
 (7) Indebtedness of the Company or any Significant Subsidiary is not paid within any applicable grace period after final maturity or
is accelerated by the holders thereof if the total amount of such unpaid or accelerated Indebtedness exceeds $25.0 million or its foreign currency equivalent at the time; 
 (8) the Company or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law (as defined below): 

(A) commences a voluntary case; 
 (B) consents to the entry of an order for relief against it in an involuntary case; 
 (C)
consents to the appointment of a Custodian (as defined below) of it or for any substantial part of its property; or 
 (D)
makes a general assignment for the benefit of its creditors; 
 or takes any comparable action under any foreign laws relating to insolvency;

 (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any Significant Subsidiary in an involuntary case; 
 (B) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or 
 (C) orders the winding up or liquidation of the Company or any Significant Subsidiary; 
 or any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60 days; 
 (10) any judgment or decree for the payment of money in excess of $25.0 million or its foreign currency equivalent at the time in the
aggregate for all such final judgments or orders against the Company or a Significant Subsidiary if (A) an enforcement proceeding thereon is commenced and not discharged within ten days or (B) such judgment or decree remains outstanding
for a period of 60 days following such judgment or decree and is not discharged, waived, stayed or bonded; 
  

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 (11) the failure of any Subsidiary Guarantee or Collateral Document entered into by
a Subsidiary Guarantor (if any) which is a Significant Subsidiary to be in full force and effect (except as contemplated by the terms thereof) or the denial or disaffirmation by any such Subsidiary Guarantor of its obligations under any Subsidiary
Guarantee or Collateral Document if such Default continues for 30 days; and 
 (12) with respect to any Collateral having
a fair market value in excess of $25.0 million, individually or in the aggregate, (A) the failure of the security interest with respect to such Collateral under the Collateral Documents, at any time, to be in full force and effect for any
reason other than in accordance with their terms and the terms of this Indenture and other than the satisfaction in full of all obligations under this Indenture and discharge of this Indenture if such Default continues for 60 days, (B) the
declaration that the security interest with respect to such Collateral created under the Collateral Documents or under this Indenture is invalid or unenforceable, if such Default continues for 60 days or (C) the assertion by the Company or any
Subsidiary Guarantor, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable. 
 The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body. 
 The term “Bankruptcy Law” means Title 11, United
States Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 Notwithstanding the foregoing, a Default under clause (4), (5) or (12)(A) or (B) of this Section 6.1 will not constitute an
Event of Default until the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities notify the Company of the Default and the Company does not cure such Default within the time specified in said clause (4) or
(5) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default”. 
 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any
Event of Default under clauses (1), (2), (3), (4), (5), (6), (7), (10) or (11) of this Section 6.1. 
 SECTION
6.2. Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.1(8) or (9) with respect to the Company or a Significant Subsidiary) occurs and is continuing, the Trustee by notice
to the Company, or the Holders of at least 25% in aggregate principal amount of the outstanding Securities by notice to the Company and the Trustee, may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if
any, and accrued but unpaid interest on all the Securities to be due and payable. Upon such a declaration, such principal, premium and interest shall, subject to Section 9.4, be 

  

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immediately due and payable. In the event of a declaration of acceleration because an Event of Default set forth in Section 6.1(7) above has
occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default or payment default triggering such Event of Default pursuant to Section 6.1(7) shall be remedied or cured
by the Company and/or the relevant Significant Subsidiaries or waived by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. If an Event of Default specified in
Section 6.1(8) or (9) with respect to the Company or a Significant Subsidiary occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Securities will become immediately due and
payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the Securities then outstanding by notice to the Trustee may waive all past defaults (except with respect to
nonpayment of principal, premium or interest) and rescind any such acceleration with respect to the Securities and its consequences if (i) all existing Events of Default, other than the nonpayment of the principal of, premium, if any and
interest on the Securities that has become due solely by such declaration of acceleration, have been cured or waived and (ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. No such rescission
shall affect any subsequent Default or Event of Default or impair any right consequent thereto. 
 SECTION 6.3. Other Remedies.
If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities, this Indenture, the
Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements. 
 The Trustee may maintain a proceeding even if it does not
possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.4. Waiver of Past Defaults. The Holders of a majority in principal amount of the Securities by notice to the Trustee may waive an existing Default or Event of Default and its consequences except (i) a Default or
Event of Default in the payment of the principal of or interest on a Security or (ii) a Default or Event of Default in respect of a provision that under Section 9.2 cannot be amended without the consent of each Holder affected. When
a Default or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any consequent right. 
 SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of the Securities then outstanding may direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or the Collateral Agent or of exercising any trust or power conferred on the Trustee or the Collateral Agent. However, the Trustee and the Collateral Agent, as the
case may be, may refuse to follow any direction that conflicts with law or this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements, or, subject to Sections 7.1 and 7.2, that
the Trustee or the Collateral 

  

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Agent determines is unduly prejudicial to the rights of other Holders or would involve the Trustee or the Collateral Agent in personal liability;
provided, however, that the Trustee or the Collateral Agent may take any other action deemed proper by the Trustee or the Collateral Agent that is not inconsistent with such direction. Prior to taking any action under this Indenture, the
Trustee or the Collateral Agent shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.6. Limitation on Suits. A Holder may not pursue any remedy with respect to this Indenture or the Securities unless: 
 (1) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
 (2) the Holders of at least 25% in outstanding principal amount of the Securities make a written request to the Trustee to pursue the
remedy; 
 (3) such Holder or Holders offer to the Trustee reasonable security or indemnity against any loss, liability
or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer
of security or indemnity; and 
 (5) the Holders of a majority in principal amount of the Securities do not give the
Trustee a direction inconsistent with the request during such 60-day period. 
 A Holder may not use this Indenture to prejudice the rights
of another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.7. Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium (if any) or interest on the Securities held by such Holder, on or after the respective due dates expressed in the
Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in Section 6.1(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 7.6. 
 SECTION 6.9. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its Subsidiaries or their respective creditors or properties and,
unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial 

  

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proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under
Section 7.6. 
 SECTION 6.10. Priorities. (a) With respect to the First Priority Collateral, the Trustee shall
pay out any money or property received by it from the Collateral Agent, whether pursuant to the foreclosure or other remedial provisions contained in the Collateral Documents or the Intercreditor Agreements (including any money or property deposited
into the Non-ABL Collateral Account in connection therewith) or otherwise, in the following order: 
 First: to the Trustee
for amounts due to it under Section 7.6 and to the Collateral Agent for fees and expenses incurred under the Collateral Documents or the Intercreditor Agreements; 
 Second: to Holders for amounts due and unpaid on the Securities for principal, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities for principal, premium, if any, and interest, respectively; and 
 Third: to the Company or, to the extent the Trustee receives any amount for any Subsidiary Guarantor, to such Subsidiary Guarantor; and 
 (b) With respect to the Second Priority Collateral, the Trustee shall pay out any money or property received by it from the
Collateral Agent, whether pursuant to the foreclosure or other remedial provisions contained in the Collateral Documents or the Intercreditor Agreements (including any money or property deposited into the ABL Collateral Account in connection
therewith) or otherwise, in the following order: 
 First: to the Trustee for amounts due to it under Section 7.6
and to the Collateral Agent for fees and expenses incurred under the Collateral Documents or the Intercreditor Agreements; 
 Second: to Holders for amounts due and unpaid on the Securities for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal,
premium, if any, and interest, respectively; and 
 Third: to the Company or, to the extent the Trustee receives any amount
for any Subsidiary Guarantor, to such Subsidiary Guarantor; 
 provided, however, that the payments set forth above shall with respect to the
Second Priority Collateral be made only after the satisfaction and discharge in full of the security interest and lien of the administrative agent under the ABL Credit Facility pursuant to the ABL Credit Facility and related documents. 

 

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 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section.
At least 15 days before such record date, the Company shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Securities. 
 ARTICLE VII 
 Trustee 
 SECTION 7.1. Duties of Trustee. 8.1.7. If an Event of Default has occurred and is continuing, the Trustee or the Collateral Agent shall
exercise 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;
provided that if an Event of Default occurs and is continuing, the Trustee and the Collateral Agent will be under no obligation to exercise any of the rights or powers under this Indenture, the Securities, the Subsidiary Guarantees, the
Collateral Documents or the Intercreditor Agreements at the request or direction of any of the Holders unless such Holders have offered the Trustee or the Collateral Agent reasonable indemnity or security against loss, liability or expense.

 (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 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, the
Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements, as applicable. However, in the case of any such certificates or 

  

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opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to
determine whether or not they conform to the requirements of this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements, as the case may be (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (b) The Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (1) this paragraph
does not limit the effect of paragraph (b) of this Section; 
 (2) the Trustee shall not be liable for any error of
judgment made in good faith by a Trust Officer or Trust Officers unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.5. 
 (c) The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company. 
 (d) Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law. 
 (e) No provision of this Indenture, the
Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements 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
thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (f) 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. 
 (g) The Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 
 SECTION 7.2. Rights of Trustee. (a) The Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or
any other paper or document believed by it to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee need not investigate any fact or matter stated in the document. 
  

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 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 
 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements shall be full and complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder or under the Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, notice, request, direction, consent, order, bond 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. 

(g) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i), during any period it is
serving as Registrar and Paying Agent for the Securities, any Event of Default occurring pursuant to Section 6.1(1) and 6.1(2), or (ii) any Default or Event of Default of which a Trust Officer shall have received written
notification or obtained “actual knowledge.” “Actual knowledge” shall mean the actual fact or statement of knowing by a Trust Officer without independent investigation with respect thereto. 
 SECTION 7.3. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company, the Subsidiary Guarantors or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However,
the Trustee must comply with Sections 7.10 and 7.11. In addition, the Trustee shall be permitted to engage in transactions with the Company; provided, however, that if the Trustee acquires any conflicting interest the Trustee
must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign. 
  

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 SECTION 7.4. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements or the Securities, it shall not be accountable for the Company’s use of the
Securities or the proceeds from the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the
Trustee’s certificate of authentication or for the use or application of any funds received by any Paying Agent other than the Trustee. 
 SECTION 7.5. Notice of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall mail to each Holder notice of the Default or Event of Default
within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium (if any), or interest on any Security (including payments pursuant to the required repurchase provisions of such Security, if
any), the Trustee may withhold the notice if and so long as its board of directors, a committee of its board of directors or a committee of its Trust Officers and/or a Trust Officer of the Trustee in good faith determines that withholding the notice
is in the interests of Holders. 
 SECTION 7.6. Compensation and Indemnity. The Company shall pay to the Trustee from time to
time such compensation for its services as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including, but not limited to, costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing
of notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the delivery of an Opinion of Counsel or otherwise, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Collateral Agent, the Trustee in each of its capacities hereunder (including Paying Agent, and
Registrar), and each of their officers, directors, employees, counsel and agents, against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder and under the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements, including the costs and expenses of enforcing this Indenture
(including this Section 7.6), the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements and of defending itself against any claims (whether asserted by any Holder, the Company or otherwise). The
Collateral Agent and the Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent and the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The
Company shall defend the claim and the Collateral Agent and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Collateral Agent and the Trustee through their own wilful misconduct, negligence or bad faith, subject to the exceptions contained in Section 7.1(c) hereof. 
  

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 To secure the Company’s payment obligations in this Section, the Collateral Agent and the Trustee
shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. The right of the Collateral Agent and the
Trustee to receive payment of any amounts due under this Section 7.6 shall not be subordinate to any other liability or indebtedness of the Company. 
 The Company’s payment obligations pursuant to this Section and any lien arising hereunder shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs
expenses after the occurrence of a Default specified in Section 6.1(8) or (9) with respect to the Company, the expenses are intended to constitute expenses of administration under any Bankruptcy Law. 
 SECTION 7.7. Replacement of Trustee. The Trustee may resign at any time by so notifying the Company. The Holders of a majority in principal
amount of the Securities may remove the Trustee by so notifying the Company and the Trustee in writing and may appoint a successor Trustee. The Company shall remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.9; 
 (2) the Trustee is adjudged bankrupt or insolvent; 
 (3) a receiver or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists
in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of at least 10% in principal amount of the Securities may petition, at
the Company’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 
  

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 If the Trustee fails to comply with Section 7.9, unless the Trustee’s duty to resign is
stayed, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section 7.7, the Company’s obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.8. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all
its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture, any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in case at
that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.9. Eligibility; Disqualification. The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent filed annual report of condition. 
 ARTICLE VIII 
 Discharge of Indenture;
Defeasance 
 SECTION 8.1. Discharge of Liability on Securities; Defeasance. (a) When (i) the Company delivers to
the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.9) for cancellation or (ii) all outstanding Securities not theretofore delivered for cancellation have become due and payable whether at
maturity or upon redemption pursuant to Article V hereof and the Company or any Subsidiary Guarantor irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders money in U.S.
dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity and the Company has delivered irrevocable instructions to the Trustee under this 

  

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Indenture to apply the deposited money toward the payment of such Securities at maturity, and the Company or any Subsidiary Guarantor pays all other sums
payable under this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements by the Company or any Subsidiary Guarantor, then this Indenture shall, subject to Section 8.1(c), cease to
be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture and release of all Liens on the Collateral with respect to the Securities on demand of the Company (accompanied by an Officers’ Certificate and an
Opinion of Counsel stating that all conditions precedent specified herein relating to the satisfaction and discharge of this Indenture have been complied with) and at the cost and expense of the Company. 
 (b) Subject to Sections 8.1(c) and 8.2, the Company at its option and at any time may terminate (i) all the
obligations of the Company and any Subsidiary Guarantor under the Securities, this Indenture, the Collateral Documents and the Intercreditor Agreements, and cause the release of all Liens on the Collateral granted under the Collateral Documents
(“legal defeasance option”) or (ii) the obligations of the Company and any Subsidiary Guarantor under Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10,
3.11, 3.12, 3.13, 4.1(a)(iii), 4.1(a)(v) and 4.2(iv) and the Company and the Subsidiary Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant or provision, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or provision 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 with such covenants or provisions shall no longer constitute a Default or an Event of Default under Section 6.1(3) and 6.1(4) (“covenant defeasance option”), but except as
specified above, the remainder of this Indenture, the Securities, the Collateral Documents and the Intercreditor Agreements shall be unaffected thereby. The Company may exercise its legal defeasance option notwithstanding its prior exercise of its
covenant defeasance option. If the Company exercises its legal defeasance option, the Subsidiary Guarantees in effect at such time shall terminate and the Liens on Collateral shall terminate and shall be released with respect to the Securities.

 If the Company exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default. If
the Company exercises its covenant defeasance option, payment of the Securities may not be accelerated because of an Event of Default specified in Sections 6.1(4), 6.1(6), 6.1(7), 6.1(8) (but only with respect to a
Significant Subsidiary), 6.1(9) (but only with respect to a Significant Subsidiary), 6.1(10), 6.1(11) or 6.1(12) or because of the failure of the Company to comply with Sections 4.1(a)(iii), 4.1(a)(v) and
4.2(iv). 
 Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in
writing the discharge of those obligations that the Company terminates. 
 (c) Notwithstanding the provisions of
Sections 8.1(a) and (b), the Company’s obligations in Sections 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 6.7, 6.8, 8.4, 8.5 and 8.6 shall survive until
the Securities have been paid in full. Thereafter, the Company’s obligations in Sections 6.7, 8.4 and 8.5 shall survive. 
  

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 SECTION 8.2. Conditions to Defeasance. The Company may exercise its legal defeasance option
or its covenant defeasance option only if: 
 (1) the Company irrevocably deposits in trust with the Trustee for the
benefit of the Holders money in U.S. dollars or U.S. Government Obligations or a combination thereof the principal of and interest (without reinvestment) on which will be sufficient, or a combination thereof sufficient, for the payment of principal
of and interest on the Securities to maturity; 
 (2) the Company delivers to the Trustee a certificate from a nationally
recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide
cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities to maturity; 
 (3) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default with respect to this Indenture resulting from the incurrence of
Indebtedness, all or a portion of which will be used to defease the Securities concurrently with such incurrence); 
 (4) such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a Default under this Indenture, the Securities, the Collateral Documents and the Intercreditor Agreements or any other
material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (5) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that (A) the Securities and (B) assuming no intervening bankruptcy of the Company between the date of deposit and
the 91st day following the deposit and that no Holder of the Securities is an insider of the Company, after the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ right generally; 
 (6) the deposit does not constitute a
default under any other agreement binding on the Company; 
 (7) the Company delivers to the Trustee an Opinion of
Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
  

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 (8) in the case of the legal defeasance option, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change
in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such legal
defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred; 
 (9) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States to the effect that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such covenant defeasance had not occurred; and 
 (10) the Company delivers to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities and this Indenture as contemplated by this Article VIII have been complied with.

 SECTION 8.3. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with
it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

 SECTION 8.4. Repayment to Company. Anything herein to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon Company Order any money or U.S. Government Obligations held by it as provided in this Article VIII which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect legal defeasance or covenant defeasance, as applicable, provided that the Trustee shall not be required to
liquidate any U.S. Government Obligations in order to comply with the provisions of this paragraph. 
 Subject to any applicable abandoned
property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal of or interest on the Securities that remains unclaimed for two years, and, thereafter, Holders entitled
to the money must look to the Company for payment as general creditors. 
 SECTION 8.5. Indemnity for U.S. Government
Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government
Obligations. 
  

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 SECTION 8.6. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or
U.S. Government Obligations in accordance with this Article VIII 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 obligations of the Company and each Subsidiary Guarantor under this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements shall be revived and reinstated as though no deposit had occurred
pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Company or
the Subsidiary Guarantors have made any payment of interest on or principal of any Securities because of the reinstatement of its obligations, the Company or the Subsidiary Guarantors, as the case may be, shall be subrogated to the rights of the
Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE IX 
 Amendments 
 SECTION 9.1. Without Consent of Holders. The Company, the Subsidiary Guarantors and the Trustee may amend this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements
without notice to or consent of any Holder: 
 (1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to comply with (i) Article IV in respect of the assumption by a Successor Company of an obligation of the Company
under this Indenture, the Securities, the Collateral Documents and the Intercreditor Agreements and (ii) Article X in respect of the assumption by a Person of the obligations of a Subsidiary Guarantor under its Subsidiary Guarantee, this
Indenture, the Collateral Documents and the Intercreditor Agreements; 
 (3) to provide for uncertificated Securities in
addition to or in place of certificated Securities; provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are
described in Section 163(f)(2)(B) of the Code; 
 (4) to add Guarantees with respect to the Securities, to secure
the Securities or to release a Subsidiary Guarantor from its obligations under its Subsidiary Guarantee or this Indenture in accordance with the applicable provisions of this Indenture; 
  

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 (5) to pledge or grant a security interest in favor of the Collateral Agent as
additional security for the payment and performance of the Company’s and Subsidiary Guarantors’ obligations with respect to the Securities and the Subsidiary Guarantees thereof, in any property or assets, including any that are required to
be mortgaged, pledged or hypothecated or in which a security interest is required to be granted, to the Collateral Agent pursuant to the Collateral Documents or otherwise; 
 (6) to release Liens in favor of the Collateral Agent in the Collateral as provided under Section 11.6; 
 (7) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon
the Company; and 
 (8) to make any change that does not adversely affect the rights of any Holder. 
 After an amendment under this Section becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to
give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.2. With Consent of Holders. The Company, the Subsidiary Guarantors and the Trustee may amend or supplement this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents and
the Intercreditor Agreements without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding. Subject to clause (a)(vi) of Section 11.6, any past
default or compliance with the provisions of this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements may be waived with the written consent of the Holders of at least a majority in
principal amount of the Securities then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities). However, without the consent of each Holder affected, an
amendment may not: 
 (1) reduce the principal amount of Securities whose Holders must consent to an amendment;

 (2) reduce the rate of or extend the time for payment of interest on any Security; 
 (3) reduce the principal of or extend the Stated Maturity of any Security; 
 (4) reduce the premium payable upon the redemption or repurchase of any Security or change the time at which any Security may or
shall be redeemed or repurchased in accordance with Section 3.7, 3.9 or Article V; 
 (5) make
any Security payable in money other than that stated in the Security; 
  

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 (6) impair the right of any Holder to receive payment of principal of and interest
on such Holder’s Securities 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 Securities; 
 (7) release any Subsidiary Guarantor, if any, from any of its obligations under its Subsidiary Guarantee or this Indenture, except in
compliance with the terms thereof; 
 (8) modify the Subsidiary Guarantees in any manner, taken as a whole, materially
adverse to the Holders; 
 (9) modify any Collateral Document or the provisions in this Indenture dealing with Collateral
Documents or application of trust moneys in any manner, taken as a whole, materially adverse to the Holders or otherwise release any Collateral other than in accordance with this Indenture, the Collateral Documents and the Intercreditor Agreements;

 (10) modify the Intercreditor Agreements in any manner adverse to the Holders in any material respect other than in
accordance with the terms of this Indenture, the Collateral Documents and the Intercreditor Agreements; and 
 (11) make
any change in the amendment provisions which require each Holder’s consent or in the waiver provisions. 
 It shall not be necessary for
the consent of the Holders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to
give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.3. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that
evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security
or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver made pursuant
to Section 9.2 shall become effective upon receipt by the Trustee of the requisite number of written consents. 
 The Company
may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above 

  

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or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those
Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. No such consent shall become valid or effective more than 120 days after such record date. 
 SECTION 9.4. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation
on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects
the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment. 
 SECTION 9.5. Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article IX if the amendment does not, in the sole determination of the Trustee, adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to
Section 7.1) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture. 
 ARTICLE X 
 Subsidiary Guarantee

 SECTION 10.1. Subsidiary Guarantee. 
 Subject to the provisions of this Article X, each Subsidiary Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each
other Subsidiary Guarantor, to each Holder of the Securities, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, and
interest on the Securities and all other obligations and liabilities of the Company under this Indenture (including without limitation interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Company or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under Section 7.6), the Collateral
Documents and the Intercreditor Agreements (all the foregoing being hereinafter collectively called the “Obligations”). Each Subsidiary Guarantor agrees that the Obligations will rank equally in right of payment with other
Indebtedness of such Subsidiary Guarantor, except to the extent such other Indebtedness is expressly subordinated to the Obligations, in which case the Obligations will rank senior in right of payment to such other Indebtedness. Each Subsidiary
Guarantor further agrees (to the extent lawful) that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Article X notwithstanding any extension or
renewal of any Obligation. 
  

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 Each Subsidiary Guarantor waives (to the extent lawful) presentation to, demand of payment from and
protest to the Company of any of the Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Subsidiary Guarantor waives (to the extent lawful) notice of any default under the Securities or the Obligations.

 Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a Guarantee of payment when due (and not a
Guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Obligations. 
 Except as set forth in Section 4.2, Section 10.2 and Article VIII, the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any
reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not (to the extent lawful) be
discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this Indenture, the Securities or any other agreement or
otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (d) the release of any security
held by any Holder or the Collateral Agent for the Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Subsidiary Guarantor; (f) any change in the ownership of the Company;
(g) any default, failure or delay, willful or otherwise, in the performance of the Obligations, or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk
of any Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Each
Subsidiary Guarantor agrees that its Subsidiary Guarantee herein shall remain in full force and effect until payment in full of all the Obligations or such Subsidiary Guarantor is released from its Subsidiary Guarantee upon the merger or the sale of
all the Capital Stock or assets of the Subsidiary Guarantor or otherwise in compliance with Section 4.2, Section 10.2 and Article VIII. Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein
shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon
the bankruptcy or reorganization of the Company or otherwise. 
 In furtherance of the foregoing and not in limitation of any other right
which any Holder has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure 

  

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of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each
Subsidiary Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid
amount of such Obligations then due and owing and (ii) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law). 
 Each Subsidiary Guarantor further agrees that, as between such Subsidiary Guarantor, on the one hand, and the Holders, on the other hand, (x) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of
the Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantor for the
purposes of this Subsidiary Guarantee. 
 Each Subsidiary Guarantor also agrees to pay any and all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section. 
 Neither the Company
nor the Subsidiary Guarantors shall be required to make a notation on the Securities to reflect any Subsidiary Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any
Subsidiary Guarantee. 
 SECTION 10.2. Limitation on Liability; Termination, Release and Discharge. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Subsidiary Guarantor hereunder
will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any guarantees under all Debt Facilities) and after giving effect to any
collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this Indenture,
result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws
affecting the rights of creditors generally. 
 (b) Upon the sale or disposition of a Subsidiary Guarantor (by merger,
consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets (other than by lease)) and whether or not the Subsidiary Guarantor is the surviving corporation in such transaction, to a Person which is not the
Company or a Restricted Subsidiary, such Subsidiary Guarantor will be automatically and unconditionally released from all its obligations under this Indenture and its Subsidiary Guarantee, the Collateral Documents to 

  

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which it is a party and the Intercreditor Agreements, such Subsidiary Guarantee will terminate and the Liens, if any, on the Collateral pledged by such
Subsidiary Guarantor pursuant to the Collateral Documents shall be released with respect to the Securities if (x) the sale or other disposition is in compliance with this Indenture, including Section 3.7 (it being understood that
only such portion of the Net Available Cash as is required to be applied on or before the date of such release in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time), Section 3.10 and
Section 4.2 and (y) all the obligations of such Subsidiary Guarantor under all Debt Facilities and related documentation and any other agreements relating to any other Indebtedness of the Company or its Restricted Subsidiaries
terminate upon consummation of such transaction. 
 (c) Each Subsidiary Guarantor will be deemed released from all its
obligations under this Indenture, its Subsidiary Guarantee, the Collateral Documents to which it is a party and the Intercreditor Agreements, and such Subsidiary Guarantee will terminate, upon the legal defeasance of the Securities or upon
satisfaction and discharge of this Indenture, in each case pursuant to the provisions of Article VIII hereof. 
 (d) In the event that a Subsidiary Guarantor is released and discharged in full from all of its obligations under its Guarantees of the ABL Credit Facility and all other Indebtedness of the Company and its Restricted Subsidiaries and
such Subsidiary Guarantor has not Incurred any Indebtedness in reliance on its status as a Subsidiary Guarantor under Section 3.3 or such Subsidiary Guarantor’s obligations under such Indebtedness are satisfied in full and
discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Subsidiary Guarantor) under Section 3.3(b) then the Subsidiary Guarantee of such Subsidiary Guarantor shall be automatically and
unconditionally released or discharged from its obligations under its Subsidiary Guarantee (subject to the future application of Section 3.12). 
 (e) Each Subsidiary Guarantor will be released from its obligations under this Indenture, its Subsidiary Guarantee, the Collateral Documents to which it is a party and the Intercreditor Agreements if the Company
designates such Subsidiary Guarantor as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of this Indenture. 
 SECTION 10.3. Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that any Subsidiary Guarantor shall have paid more than its proportionate share of any payment made on the
obligations under the Subsidiary Guarantees, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against the Company or any other Subsidiary Guarantor who has not paid its proportionate share of such payment. The
provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Subsidiary Guarantor to the Trustee and the Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the Holders for
the full amount guaranteed by such Subsidiary Guarantor hereunder. 
  

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 SECTION 10.4. No Subrogation. Notwithstanding any payment or payments made by each Subsidiary
Guarantor hereunder, no Subsidiary Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Company or any other Subsidiary Guarantor or any collateral security or guarantee or right of offset held
by the Trustee or any Holder for the payment of the Obligations, nor shall any Subsidiary Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Subsidiary Guarantor in respect of payments made by such
Subsidiary Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company on account of the Obligations are paid in full. If any amount shall be paid to any Subsidiary Guarantor on account of such subrogation rights at
any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor, and shall, forthwith
upon receipt by such Subsidiary Guarantor, be turned over to the Trustee in the exact form received by such Subsidiary Guarantor (duly indorsed by such Subsidiary Guarantor to the Trustee, if required), to be applied against the Obligations.

 ARTICLE XI 
 Collateral and
Security 
 SECTION 11.1. The Collateral. 
 (a) The due and punctual payment of the principal of, premium, if any, and interest on the Securities and the Subsidiary Guarantees
thereof when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, interest on the overdue principal of and interest (to the extent lawful), if any, on the
Securities and the Subsidiary Guarantees thereof and performance of all other obligations under this Indenture, including, without limitation, the obligations of the Company set forth in Section 7.6 and Section 8.6 herein,
and the Securities and the Subsidiary Guarantees thereof and the Collateral Documents, shall be secured by (i) first-priority Liens and security interests and (ii) second-priority Liens and security interests, in each case subject to
Permitted Liens, as provided in the Collateral Documents which the Company and the Subsidiary Guarantors, as the case may be, have entered into simultaneously with the execution of this Indenture and will be secured by all Collateral Documents
hereafter delivered as required or permitted by this Indenture, the Collateral Documents and the Intercreditor Agreements. 
 (b) The Company and the Subsidiary Guarantors hereby agree that the Collateral Agent shall hold the Collateral in trust for the benefit of all of the Holders and the Trustee (and to the extent set forth in the Collateral Documents and
the Intercreditor Agreements, the lenders under the Rabobank Term Loan), in each case pursuant to the terms of the Collateral Documents and the Intercreditor Agreements and the Collateral Agent is hereby authorized to execute and deliver the
Collateral Documents and the Intercreditor Agreements. 
  

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 (c) Each Holder, by its acceptance of any Securities and the Subsidiary Guarantees
thereof, consents and agrees to the terms of the Collateral Documents and the Intercreditor Agreements (including, without limitation, the provisions providing for foreclosure) as the same may be in effect or may be amended from time to time in
accordance with their terms and authorizes and directs the Collateral Agent to perform its obligations and exercise its rights under the Collateral Documents and the Intercreditor Agreements in accordance therewith. 
 (d) The Trustee and each Holder, by accepting the Securities and the Subsidiary Guarantees thereof, acknowledges that, as more fully
set forth in the Collateral Documents and the Intercreditor Agreements, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders and the Trustee (and to the extent set forth in the Collateral Documents and the
Intercreditor Agreements, the lenders under the ABL Credit Facility and the Rabobank Term Loan), and that the Lien of this Indenture and the Collateral Documents in respect of the Trustee and the Holders is subject to and qualified and limited in
all respects by the Collateral Documents and the Intercreditor Agreements and actions that may be taken thereunder. 
 SECTION
11.2. Further Assurances. 
 (a) The Company will, and will cause each Subsidiary Guarantor to, at their sole
expense, do or cause to be done all acts and things which may be reasonably necessary, if requested by the Collateral Agent, to confirm that the Collateral Agent holds, for the benefit of the Holders of the Securities and the Subsidiary Guarantees
thereof and the Trustee, duly created, enforceable and perfected first or second priority Liens and security interests, as applicable, in the Collateral (subject to Permitted Liens) to the extent required by this Indenture, the Collateral Documents
and the Intercreditor Agreements. 
 (b) As necessary, or upon request of the Collateral Agent or the Trustee, the
Company and the Subsidiary Guarantors shall, at their sole expense, execute, acknowledge and deliver such documents and instruments and take such other actions, which may be necessary, or as the Collateral Agent or the Trustee may reasonably
request, to assure, perfect, transfer and confirm the property and rights conveyed by the Collateral Documents, including with respect to after acquired Collateral, to the extent required thereunder. If the Company or such Subsidiary fails to do so,
the Trustee is hereby irrevocably authorized and empowered, with full power of substitution, to execute, acknowledge and deliver such Collateral Documents, the Intercreditor Agreements, instruments, certificates, notices and other documents and,
subject to the provisions of the Collateral Documents and the Intercreditor Agreements, take such other actions in the name, place and stead of the Company or such Subsidiary, but the Trustee will have no obligation to do so and no liability for any
action taken or omitted by it in good faith in connection therewith. 
 SECTION 11.3. Impairment of Security Interest. Neither
the Company nor any of its Restricted Subsidiaries shall take or omit to take any action which would materially adversely affect or impair the Liens in favor of the Collateral Agent and the Holders with respect 

  

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to the Collateral. Neither the Company nor any of its Restricted Subsidiaries shall grant to any Person, or permit any Person to retain (other than the
Collateral Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Restricted Subsidiaries shall enter into any agreement that requires the proceeds received from any sale of Collateral to be
applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements. The
Company shall, and shall cause each Subsidiary Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee reasonably requests, to more fully or accurately describe the assets
and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents. 
 SECTION
11.4. After-Acquired Property. Subject to Permitted Liens and the terms of the Collateral Documents, upon the acquisition by the Company or any Subsidiary Guarantor after the Issue Date of (1) any material assets, including, but not
limited to, any after-acquired real property or any equipment or fixtures which constitute accretions, additions or technological upgrades to the equipment or fixtures that form part of the Non-ABL Collateral or ABL Collateral, as applicable, or
(2) any material Additional Assets out of the Net Cash Proceeds from any issuance of Additional Notes or in compliance with Section 3.7 (in each case, other than with respect to any Excluded Properties or assets constituting
Collateral under the Pledge and Security Agreement that automatically become subject to a Lien in favor of the Collateral Agent pursuant to the Pledge and Security Agreement upon acquisition thereof), the Company or such Subsidiary Guarantor shall
execute and deliver (including, without limitation), (i) with regard to any real property (other than Excluded Property) that is a hog farm with a Gross PPE of $3.0 million or more or any other type of real property, including any processing
plant, with a fair market value of $10.0 million or more, the items described under Section 11.5(a) within 60 days of the date of acquisition, and (ii) to the extent required by the Collateral Documents, any information,
documentation or other certificates (including, without limitation) as may be necessary to vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such after-acquired property (other than Excluded Property)
and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Indenture, the Securities, the Pledge and Security Agreement, the Collateral Documents and the Intercreditor Agreements relating to the Collateral
shall be deemed to relate to such after-acquired property to the same extent and with the same force and effect. 
 SECTION
11.5. Real Estate Mortgages and Filings. (a) With respect to the applicable Premises: 
 (i) the Company
shall deliver to the Collateral Agent, as mortgagee or beneficiary, as applicable, fully executed counterparts of Mortgages, duly executed by the Company or the applicable Subsidiary Guarantor, together with evidence of the completion (or
satisfactory arrangements for the completion) of all recordings and filings of such Mortgage (and payment of any taxes or fees in connection therewith, provided that in jurisdictions that impose mortgage recording taxes, such Mortgage shall
not secure indebtedness in an amount exceeding 100% of the fair market value of the Premises, as 

  

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reasonably determined in good faith by the Company) as may be necessary to create a valid, perfected first-priority Lien, subject to Permitted Liens, against
the Premises purported to be covered thereby and, to the extent requested by the Trustee or the Collateral Agent, proper fixture filings under the Uniform Commercial Code on Form UCC-1 for filing under the Uniform Commercial Code in the appropriate
jurisdictions in which the Premises are located, in order to create in favor of the Collateral Agent, for the benefit of all of the Holders and the Trustee (and to the extent set forth in the Collateral Documents and the Intercreditor Agreements,
the lenders under the Rabobank Term Loan), a perfected first priority lien and security interest in the fixtures constituting First Priority Collateral and a perfected second priority lien and security interest in the fixtures constituting Second
Priority Collateral, which is conveyed by the Mortgages and which can be perfected by the making of such filings, registrations or recordations, prior and superior to the right of any other person (other than Permitted Liens), shall be filed,
registered or recorded, or delivered for filing, as follows: (1) with respect to each of the Premises constituting processing plants, within 150 days of the Issue Date (2) with respect to Premises which constitute hog farms (“Farm
Premises”) with an aggregate value of gross property, plant and equipment before depreciation (as reflected in the Company’s financial records, “Gross PPE”) equal to at least 75% of the total Gross PPE of all of the
Farm Premises as of May 3, 2009, within 150 days of the Issue Date, and (3) with respect to the remaining Farm Premises, within 320 days of the Issue Date; 
 (ii) the Collateral Agent shall have received an ALTA policy of title insurance (or commitment to issue such a policy having the
effect of a policy of title insurance), which shall (A) be in an aggregate amount equal to the principal amount of the Securities (to be proportionally allocated among the Premises for which title insurance is required hereunder); (B) be
issued at ordinary rates; (C) insure or commit to insure that the Mortgages insured thereby create valid and enforceable first priority liens and security interests in the real properties described therein, free and clear of all defects and
encumbrances, except for the Permitted Liens; (D) name the Collateral Agent for the benefit of all of the Holders and the Trustee (and to the extent set forth in the Collateral Documents and the Intercreditor Agreements, the lenders under the
Rabobank Term Loan) as the insured thereunder; (E) be in the form of ALTA Loan Policy – 2006 (or equivalent policies); (F) contain such affirmative coverage as are customary in a transaction of this type and the following
endorsements, to the extent available in a particular jurisdiction and applicable to the particular real property: Variable Rate; Environmental Protection Lien; Restrictions, Encroachments, Minerals; Future Advance – Priority; Future Advance
– Letter of Credit; Access and Entry; Multiple Tax Parcel; Contiguity; First Loss – Multiple Parcels Transaction; Doing Business; Revolving Credit; Usury; Waiver of Arbitration; Address; Mortgage Recording Tax; Pro Tanto; (which
endorsement shall provide, among other things, that (i) notwithstanding that the amount of the title insurance policy in favor of the Collateral Agent that covers the applicable Premises and the amount of the title insurance policy provided
pursuant to ABL Credit Facility covering the same Premises shall each be equal to the amount allocated to such Premises pursuant to clause (A) above, the aggregate amount of title insurance available 

  

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under both such title insurance policies shall be equal to the amount allocated to such Premises pursuant to clause (A) above, and (ii) payment
under either of the foregoing title policies shall reduce the aggregate amount available under both such title insurance policies); Tie In/Cluster; Riparian Rights; Survey (subject to clause (iii) below, not required for Farm Premises); and
Zoning (not required for Farm Premises, and with respect to other Premises, required to the extent the same can be obtained based upon (i) either the existing survey or any new survey done with respect to such Premises and/or a Property
Information Report performed by Bock & Clark) ; and (G) be issued by title companies satisfactory to the Collateral Agent (including any such title companies acting as co-insurers or reinsurers, at the option of the Collateral Agent)
(the “Title Company”), as follows: (1) with respect to each of the Premises constituting processing plants, within 150 days of the Issue Date, (2) with respect to Farm Premises with a Gross PPE equal to at least 75% of the
total Gross PPE of all of the Farm Premises, within 150 days of the Issue Date, and (3) with respect to the remaining Farm Premises, within 320 days of the Issue Date; provided that with respect to any Farm Premises with such notation as
title insurance shall not be required in Schedule I hereto, the Company and the Subsidiary Guarantors shall only be required to deliver a title report. The Collateral Agent shall receive evidence that all premiums in respect of title policies or
commitments, title search reports, all charges for mortgage recording tax and all related expenses, if any, have been paid; 
 (iii) the Company shall, or shall cause its Subsidiary Guarantors to, deliver to the Collateral Agent, prior to or at the same time as delivery of the title policies or commitments or title search reports referred to in clause
(ii) above, a copy of all recorded documents referred to, or listed as exceptions to title in such title policies and a copy of all other material documents affecting the Premises; 
 (iv) the Company shall, or shall cause its Subsidiary Guarantors to, deliver to the Collateral Agent, with respect to each of the
Premises, (i) an ALTA survey prepared and certified to the Collateral Agent by a qualified surveyor or (ii) an existing survey if one exists on the Issue Date, with no change affidavit only if the Title Company agrees to remove general
survey exceptions and issue comprehensive, address, survey and access endorsements on the title policy delivered pursuant to clause (ii) above, or in the alternative with respect to the Farm Premises, an existing survey if one exists on the
Issue Date, or copies of plats, mapping data and information or property reports which shall provide reasonable evidence that the hog farms and all related improvements are located on the land owned by the Company or the Subsidiary Guarantors, with
commercially reasonable efforts to obtain survey endorsements with respect to the title insurance policies on such Farm Premises (to the extent title insurance is required), as follows: (i) with respect to each of the Premises constituting
processing plants, within 150 days of the Issue Date, (ii) with respect to Farm Premises with an aggregate value of Gross PPE equal to at least 75% of the total Gross PPE of all of the Farm Premises, within 150 days of the Issue Date, and
(iii) with respect to the remaining Farm Premises, within 320 days of the Issue Date, and 
  

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 (v) the Company shall, or shall cause its Subsidiary Guarantors to, deliver to the
Collateral Agent, with respect to each of the Premises, an opinion of counsel in the state in which the Premises are located, and an opinion of counsel in the jurisdiction of incorporation or organization of each Subsidiary Guarantor entering into a
Mortgage, in form and substance, and from counsel, reasonably satisfactory to the Trustee and the Collateral Agent, and zoning reports, such other information, documentation, instruments, certifications and agreements, as are customary in a
transaction of this type, as may be reasonably required by the Representative, as follows: (1) with respect to each of the Premises constituting processing plants, within 150 days of the Issue Date, (2) with respect to Farm Premises with
an aggregate value of Gross PPE equal to at least 75% of the total Gross PPE of all of the Farm Premises, within 150 days of the Issue Date, and (3) with respect to the remaining Farm Premises, within 320 days of the Issue Date. 
 (b) Notwithstanding anything to the contrary in subsection (a) above, in the event the Company and the Subsidiary Guarantors cannot, with respect to
any Farm Premises owned on the Issue Date (“Removed Farm Premises”) satisfy the delivery requirements as provided in clauses (i) through (v) under subsection (a) above after using commercially reasonable efforts to do
so, they shall not be deemed to be in default of their obligations under such clauses if, within the time periods required above, the Company and the Subsidiary Guarantors deliver the items described in clauses (i) through (v) under
subsection (a) above with respect to one or more substitute properties of substantially comparable quality and utility and which in the aggregate have a Gross PPE equal to or greater than the Removed Farm Premises, provided that if,
within the 320 day time period referred to above the Company and the Subsidiary Guarantors are in compliance with subsection (a) above with respect to the Farm Premises which shall have an aggregate Gross PPE of equal to or greater than 85% of
the total Gross PPE of all Farm Premises, then a Default shall not be deemed to occur if the Company and the Subsidiary Guarantors are unable to satisfy the requirements of subsection (a) with respect to additional Farm Premises so long as the
Company and the Subsidiary Guarantors continue to use commercially reasonable efforts to satisfy such requirements. 
 SECTION
11.6. Release of Liens on the Collateral. 
 (a) The Liens on the Collateral will be released with respect to
the Securities: 
 (i) in whole, upon payment in full of the principal of, accrued and unpaid interest and premium, if
any, on the Securities; 
 (ii) in whole, upon satisfaction and discharge of this Indenture as set forth in
Section 8.1(a) hereof; 
 (iii) in whole, upon a legal defeasance as set forth in Section 8.1(b)
hereof; 
 (iv) in part, as to any property constituting Collateral (A) that is sold or otherwise disposed of by the
Company or any of its Restricted Subsidiaries in a transaction permitted by Section 3.7 and by the Collateral Documents, to the extent of the 

  

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interest sold or disposed of, or otherwise not prohibited by this Indenture and the Collateral Documents; (B) that is cash or Net Available Cash
withdrawn from the Collateral Accounts for any one or more purposes permitted by subsection (a) of Section 3.7 or for any other expenditures not prohibited by this Indenture; (C) with respect to ABL Collateral, upon any
release, sale or disposition (other than in connection with a cancellation or termination of the ABL Credit Facility) of any ABL Collateral pursuant to the terms of the ABL Credit Facility resulting in the release of the Lien on such Collateral
securing the ABL Credit Facility; or (D) otherwise in accordance with, and as expressly provided for under, this Indenture or the Intercreditor Agreements; 
 (v) that is owned by a Subsidiary Guarantor that is released from its Subsidiary Guarantee in accordance with this Indenture; and

 (vi) with the consent of Holders of sixty six and two-thirds percent (66 2/3%) in aggregate principal amount of the Securities (including, without limitation, consents obtained in connection with a tender
offer or exchange offer for, or purchase of, Securities), 
 provided, that, in the case of any release in whole pursuant to this
Section 11.6(a), all amounts owing to the Trustee under this Indenture, the Securities, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements have been paid. 
 (b) For the release of real properties that have a fair market value of $10.0 million or more that constitute Non-ABL Collateral, the
Company and each Subsidiary Guarantor will furnish to the Trustee, prior to each proposed release of such Non-ABL Collateral pursuant to the Collateral Documents and this Indenture an Officers’ Certificate (i) requesting such release and
(ii) to the effect that all conditions precedent provided for in this Indenture and the Collateral Documents to such release have been complied with. 
 (c) Upon compliance by the Company or the Subsidiary Guarantors, as the case may be, with the conditions precedent set forth above, the Trustee or the Collateral Agent shall promptly cause to be released and
reconveyed to the Company, or its Subsidiary Guarantors, as the case may be, the released Non-ABL Collateral. 
 (d) The
release of any Collateral from the terms of the Collateral Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof or affect the Lien of this Indenture or the Collateral Documents if and to
the extent the Collateral is released pursuant to this Indenture, the Collateral Documents or the Intercreditor Agreements or upon the termination of this Indenture. 
 (e) Notwithstanding any provision to the contrary herein, as and when requested by the Company, the Trustee shall instruct the
Collateral Agent to execute and deliver Uniform Commercial Code financing statement amendments or releases solely to the extent necessary to delete Excluded Property from the description of assets in any previously filed financing statements. If
requested in writing by the Company, the Trustee shall instruct 

  

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the Collateral Agent to execute and deliver such documents, instruments or statements and to take such other action as the Company may request to evidence or
confirm that Excluded Property described in the immediately preceding sentence has been released from the Liens of each of the Collateral Agreements. The Collateral Agent shall execute and deliver such documents, instruments and statements and shall
take all such actions promptly upon receipt of such instructions from the Trustee. 
 SECTION 11.7. Authorization of Actions to be
Taken by the Trustee or the Collateral Agent Under the Collateral Documents. 
 (a) Subject to the provisions of the
Collateral Documents and the Intercreditor Agreements, each of the Trustee or the Collateral Agent may, in its sole discretion and without the consent of the Holders, on behalf of the Holders, take all actions it deems necessary or appropriate in
order to (a) enforce any of its rights or any of the rights of the Holders under the Collateral Documents and the Intercreditor Agreements and (b) collect and receive any and all amounts payable in respect of the Collateral in respect of
the obligations of the Company and the Subsidiaries hereunder and thereunder. Subject to the provisions of the Collateral Documents and the Intercreditor Agreements, the Trustee or the Collateral Agent shall have the power to institute and to
maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents, the Intercreditor Agreements or this Indenture, and such suits and
proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interest and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement
of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest
hereunder or be prejudicial to the interests of the Holders or the Trustee). 
 (b) The Trustee or the Collateral Agent
shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any
action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence, bad faith or willful misconduct on the part of the Trustee or the Collateral Agent, for the validity or sufficiency of the
Collateral or any agreement or assignment contained therein, for the validity of the title of the Company to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as
to the maintenance of the Collateral. The Trustee or the Collateral Agent shall have no responsibility for recording, filing, re-recording or refiling any financing statement, continuation statement, document, instrument or other notice in any
public office at any time or times or to otherwise take any action to perfect or maintain the perfection of any security interest granted to it under the Collateral Documents or otherwise. 
 (c) Where any provision of this Indenture requires that additional property or assets be added to the Collateral, the Company and
each Subsidiary Guarantor shall deliver to the Trustee or the Collateral Agent the following: 
 (i) a request from the
Company that such Collateral be added; 
  

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 (ii) the form of instrument adding such Collateral, which, based on the type and
location of the property subject thereto, shall be in substantially the form of the applicable Collateral Documents entered into on the date of this Indenture, with such changes thereto as the Company shall consider appropriate, or in such other
form as the Company shall deem proper; provided that any such changes or such form are administratively satisfactory to the Trustee or the Collateral Agent; 
 (iii) an Officers’ Certificate to the effect that the Collateral being added is in the form, consists of the assets and is in
the amount or otherwise has the fair market value required by this Indenture; 
 (iv) an Officers’ Certificate and
Opinion of Counsel to the effect that all conditions precedent provided for in this Indenture to the addition of such Collateral have been complied with, which Opinion of Counsel shall also opine as to the creation and perfection of the Collateral
Agent’s Lien on such Collateral and as to the due authorization, execution, delivery, validity and enforceability of the Collateral Document being entered into; and 
 (v) such financing statements, if any, as the Company shall deem necessary to perfect the Collateral Agent’s security interest
in such Collateral. 
 (d) The Trustee or the Collateral Agent, in giving any consent or approval under the Collateral
Documents or the Intercreditor Agreements, shall be entitled to receive, as a condition to such consent or approval, an Officers’ Certificate to the effect that the action or omission for which consent or approval is to be given does not
adversely affect the interests of the Holders or impair the security of the Holders in contravention of the provisions of this Indenture, the Collateral Documents or the Intercreditor Agreements, and the Trustee or the Collateral Agent shall be
fully protected in giving such consent or approval on the basis of such Officers’ Certificate. 
 SECTION 11.8. Collateral
Accounts. 
 (a) The Trustee and Collateral Agent, as applicable, are authorized to receive any funds for the benefit
of the Holders distributed under, and in accordance with, the Collateral Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture, the Collateral Documents and the Intercreditor
Agreements. 
 (b) The Collateral Agent shall establish the Collateral Accounts when and as needed. Such Collateral
Accounts shall at all times thereafter until this Indenture shall have terminated, be maintained with, and under the sole control of, the Collateral Agent. The Collateral Accounts shall be trust accounts and shall be established and maintained by
the Collateral Agent at one of its corporate trust offices (which may include the New York 

  

 112 

 
corporate trust office) and all Collateral shall be credited thereto. All cash and Cash Equivalents received by the Trustee and/or Collateral Agent from
Asset Dispositions of Collateral, Recovery Events, foreclosures of or sales of the Collateral, issuances of Additional Notes and other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents, issues, profits and
income from the Collateral received pursuant to the Collateral Documents, shall be deposited in the Non-ABL Collateral Account, in the case of proceeds from Non-ABL Collateral, or in the ABL Collateral Account, in the case of proceeds from ABL
Collateral, and thereafter shall be held, applied and/or disbursed by the Trustee or the Collateral Agent, as applicable, in accordance with the terms of this Indenture (including, without limitation, Sections 2.1(a), 3.7, 6.10
and 11.8(a). In connection with any and all deposits to be made into the Collateral Accounts under this Indenture, the Collateral Documents or the Intercreditor Agreements, the Trustee and/or the Collateral Agent, as applicable, shall receive
an Officers’ Certificate identifying which Collateral Account shall receive such deposit and directing the Trustee and/or the Collateral Agent to make such deposit. 
 (c) Pending the distribution of funds in the Collateral Accounts in accordance with the provisions hereof and provided that no Event
of Default shall have occurred and be continuing, the Company may direct the Trustee and/or the Collateral Agent to invest such funds in Cash Equivalents specified in such direction, such investments to mature by the times such funds are needed
hereunder and such direction to certify that such funds constitute Cash Equivalents and that no Event of Default shall have occurred and be continuing. So long as no Event of Default shall have occurred and be continuing, the Company may direct the
Trustee and/or the Collateral Agent to sell, liquidate or cause the redemption of any such investments, such direction to certify that no Event of Default shall have occurred and be continuing. Any gain or income on any investment of funds in the
Collateral Accounts shall be credited to such Collateral Account. Neither the Trustee nor the Collateral Agent shall have any liability for any loss incurred in connection with any investment or any sale, liquidation or redemption thereof made in
accordance with the provisions of this Section 11.8(c). 
 SECTION 11.9. Insurance. 
 (a) All insurance policies required with respect to any Collateral shall name the Collateral Agent (for the benefit of the Secured
Parties) as an additional insured or as loss payee, as applicable, and shall contain loss payable clauses or mortgagee clauses, through endorsements in form and substance reasonably satisfactory to the Collateral Agent, that provide that
(i) all proceeds thereunder with respect to any Collateral shall be payable to the Collateral Agent, the ABL Agent or the Company and (ii) such policy and loss payable clauses may be canceled or terminated only upon at least 30 days’
prior written notice given to the Collateral Agent. The application of any insurance proceeds will be subject to the terms of the Intercreditor Agreement. 
 (b) All premiums on any such insurance shall be paid when due by such Grantor, and summaries of the policies delivered to the ABL Agent and the Collateral Agent in the time periods described in the ABL Credit
Facility. If such Grantor fails to obtain any 

  

 113 

 
insurance as required by this Section, the ABL Agent and/or the Collateral Agent may obtain such insurance at such Grantor’s expense. By purchasing such
insurance, neither the ABL Agent nor the Collateral Agent shall be deemed to have waived any Default arising from the Grantor’s failure to maintain such insurance or pay any premiums therefor. 
 ARTICLE XII 
 Miscellaneous 

SECTION 12.1. Notices. Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as
follows: 
 if to the Company or to any Subsidiary Guarantor: 
 Smithfield Foods, Inc. 
 200 Commerce Street 
 Smithfield, VA 23430 
 Attention: Chief
Financial Officer 
 Facsimile No.: 757-365-3025 
 With a copy to: 
 Hogan & Hartson LLP 
 555 Thirteenth Street, NW 
 Washington, DC
20004 
 Attention: J. Warren Gorrell, Esq. 
 Facsimile No.: (202) 637-5910 
 if to the Trustee: 
 U.S. Bank National Association 
 1349 West
Peachtree St. NW, Suite 1050 
 Atlanta, Georgia 30309 
 Fax No.: (404) 898-2467 
 The Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed to the Holder
at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
  

 114 

 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 12.2. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or
refrain from taking any action under this Indenture, the Collateral Documents or the Intercreditor Agreements (except in connection with the original issuance of Securities on the date hereof), the Company shall furnish to the Trustee: 

(1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture, the applicable Collateral Documents and the Intercreditor Agreements relating to the proposed action have been complied with; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel,
all such conditions precedent have been complied with. 
 SECTION 12.3. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (1) a statement that the individual making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him
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 or not, in the opinion of such individual, such covenant or condition has been complied with. 
 In giving such
Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on certificates of public officials. 
 SECTION 12.4. When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company, any Subsidiary
Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, waiver or 

  

 115 

 
consent, only Securities which the Trustee knows are so owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at the
time shall be considered in any such determination. 
 SECTION 12.5. Rules by Trustee, Paying Agent and Registrar. The Trustee
may make reasonable rules for action by, or a meeting of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 12.6. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required to be closed in New York City or
Atlanta, Georgia. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record
date shall not be affected. 
 SECTION 12.7. Governing Law. This Indenture, the Securities and the Subsidiary Guarantees shall be
governed by, and construed in accordance with, the laws of the State of New York. The Collateral Documents and the Intercreditor Agreements will be governed by, and construed in accordance with, the laws of the State of New York. 
 SECTION 12.8. No Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling person, as such, of the
Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company or any Subsidiary Guarantor under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Security, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities. 
 SECTION 12.9. Successors. All agreements of the Company and each Subsidiary Guarantor in this Indenture and the Securities shall bind their
respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.10. Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION 12.11. Variable Provisions. The Company initially appoints the Trustee as Paying Agent and Registrar and custodian with respect to
any Global Securities. 
 SECTION 12.12. Table of Contents; Headings. The table of contents, cross-reference sheet and headings
of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
  

 116 

 SECTION 12.13. Intercreditor Agreements Control. Notwithstanding any contrary provision in
this Indenture, this Indenture is subject to the provisions of the Intercreditor Agreements. The Company, the Subsidiary Guarantors and the Trustee (to the extent its interests are affected thereby) acknowledge and agree to be bound by the
provisions of the Intercreditor Agreements. 
  

 117 

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

			
	SMITHFIELD FOODS, INC.
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President, Finance

  

 [Signature Page to Indenture] 

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

			
	Brown’s Realty Partnership,
	 a North Carolina general partnership

	Carroll’s Realty Partnership,
	 a North Carolina general partnership

	Smithfield-Carroll’s Farms,
	 a Virginia general partnership

		
	By:	 	Murphy-Brown, LLC,
		 	as a general partner of each
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President

  

 [Signature Page to Indenture] 

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

			
	 814 Americas, Inc.,
 a
Delaware corporation
 Armour-Eckrich Meats LLC,
 a Delaware limited liability company
 Farmland Distribution Inc.,
 a Delaware corporation
 Farmland Foods, Inc.,
 a Delaware corporation
 Gwaltney Transportation Co., Inc.,

 a Delaware corporation
 John Morrell &
Co.,
 a Delaware corporation
 LPC Transport,
Inc.,
 a Delaware corporation
 Murphy Farms
of Texhoma, Inc.,
 an Oklahoma corporation
 Murphy-Brown LLC,
 a Delaware limited liability company
 North Side Foods Corp.,
 a Delaware corporation
 Patrick Cudahy Incorporated,
 a Delaware
corporation
 PC Express, Inc.,
 a Delaware
corporation
 Premium Standard Farms, LLC,
 a
Delaware limited liability company
 RMH Foods, Inc.,
 a Delaware corporation
 The Smithfield Packing Company, Incorporated,
 a Delaware corporation
 Smithfield Purchase Corporation,

 a North Carolina corporation
 Smithfield
Transportation Co., Inc.,
 a Delaware corporation
 Stefano Foods, Inc.,
 a North Carolina corporation
 Valleydale Transportation Company, Inc.,
 a Delaware corporation

		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President

  

 [Signature Page to Indenture] 

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

			
	 Jonmor Investments, Inc.,
 a Delaware corporation
 Patcud Investments, Inc.,
 a Delaware corporation
 SFFC, Inc.,
 a Delaware corporation
 SF Investments, Inc.,
 a Delaware corporation

		
	By:	 	 /s/ Charles McCarrick

	Name:	 	Charles McCarrick
	Title:	 	 President/Assistant Secretary/
 Assistant
Treasurer

  

 [Signature Page to Indenture] 

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

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Jack Ellerin

	Name:	 	Jack Ellerin
	Title:	 	Vice President

  

 [Signature Page to Indenture] 

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [Applicable Restricted Securities Legend] 
 [Depository Legend, if applicable] 
  

 A-1 

			
	No. [    ]	 	 Principal Amount $[            ],
 as revised by the Schedule of Increases
 and
Decreases in the Global Security attached hereto

 CUSIP NO.             

 SMITHFIELD FOODS, INC. 
 10%
Senior Secured Note, due 2014 
 Smithfield Foods, Inc., a Virginia corporation, promises to pay to
[            ], or registered assigns, the principal sum of [                    ]
Dollars, as revised by the Schedule of Increases and Decreases in the Global Security attached hereto, on July 15, 2014. 
 Interest
Payment Dates: January 15 and July 15. 
 Record Dates: January 1 and July 1. 
 Additional provisions of this Security are set forth on the other side of this Security. 
  

			
	SMITHFIELD FOODS, INC.
		
	By:	 	  

		
	By:	 	  

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee, certifies 
 that this is one of 
 the Securities referred 
 to in the Indenture. 
  

									
	By	 	  
	 		 		 	
		 	Authorized Signatory	 		 	Date:	 	

  

 A-2 

 [FORM OF REVERSE SIDE OF NOTE] 
 10% Senior Secured Note, due 2014 
  

	1.	Interest 

 Smithfield Foods, Inc., a Virginia
corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown
above. 
 The Company will pay interest semiannually on January 15 and July 15 of each year, with the first interest payment to be
made on January 15, 2010. Interest on the Securities will accrue from the most recent date to which interest has been paid on the Securities or, if no interest has been paid, from July 2, 2009. The Company shall pay interest on overdue
principal or premium, if any (plus interest on such interest to the extent lawful), at the rate borne by the Securities to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment 

 By no later than 10:00 a.m. (New
York City time) on the date on which any principal of, premium, if any, or interest on any Security is due and payable, the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if
any, and/or interest. The Company will pay interest (except Defaulted Interest) to the Persons who are registered Holders of Securities at the close of business on the January 1 and July 1 next preceding the interest payment date even if
Securities are cancelled, repurchased or redeemed after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will 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. Payments in respect of Securities represented by a Global Security (including principal, premium, if any, and interest)
will be made by the transfer of immediately available funds to the accounts specified by the Depositary. The Company will make all payments in respect of a Definitive Security (including principal, premium, if any, and interest) by mailing a check
to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S.
dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

 Initially, U.S. Bank
National Association, a national banking association duly organized and existing under the laws of the United States of America and having a corporate trust office in Atlanta, Georgia (“Trustee”), will act as Paying Agent and Registrar.
The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Company or any of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.

  

 A-3 

	4.	Indenture 

 The Company issued the Securities under
an Indenture dated as of July 2, 2009 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the
Securities include those stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and
the Act for a statement of those terms. 
 The Securities are senior secured obligations of the Company. The aggregate principal amount of
Securities which may be authenticated and delivered under the Indenture is unlimited, provided that to the extent not applied to refinance Indebtedness, the Net Cash Proceeds from any issuance of Additional Notes are invested in Additional
Assets in accordance with the Indenture. This Security is one of the 10% Senior Secured Notes, due 2014 referred to in the Indenture. The Securities include (i) $625,000,000 aggregate principal amount of the Company’s 10% Senior Secured
Notes, due 2014 issued under the Indenture on July 2, 2009 (herein called “Initial Notes”) and (ii) if and when issued, additional 10% Senior Secured Notes due 2014 of the Company that may be issued from time to time under the
Indenture subsequent to July 2, 2009 (herein called “Additional Notes”). The Initial Notes and Additional Notes are treated as a single class of securities under the Indenture and shall be secured by first and second priority Liens
and security interests, subject to Permitted Liens, in the Collateral. The Indenture imposes certain limitations on the Incurrence of Indebtedness by the Company and its Subsidiaries, the payment of dividends and other distributions on the Capital
Stock of the Company and its Subsidiaries, the purchase or redemption of Capital Stock of the Company and Capital Stock of such Subsidiaries, certain purchases or redemptions of Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu
Indebtedness, Subordinated Indebtedness or Guarantor Subordinated Indebtedness, the sale or transfer of assets and Capital Stock of Subsidiaries, certain Sale/Leaseback Transactions involving the Company or any Restricted Subsidiary, the issuance or
sale of Capital Stock of Restricted Subsidiaries, the incurrence of certain Liens, future Subsidiary Guarantors, the business activities and investments of the Company and its Subsidiaries and transactions with Affiliates, provided, however, certain
of such limitations will no longer be in effect if the Securities receive a rating of “BBB-” or higher from Standard & Poor’s Rating Services (or its successors) and “Baa3” or higher from Moody’s Investors
Service, Inc. (or its successors). In addition, the Indenture limits the ability of the Company and its Subsidiaries to enter into agreements that restrict distributions and dividends from Subsidiaries. The Indenture also imposes requirements with
respect to the provision of financial information. 
 To guarantee the due and punctual payment of the principal, premium, if any, and
interest (including post-filing or post-petition interest) on the Securities and all other amounts payable by the Company under the Indenture, the Securities, the Collateral Documents and the Intercreditor Agreements when and as the same shall be
due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the 

  

 A-4 

 
Subsidiary Guarantors have unconditionally guaranteed (and future guarantors, together with the Subsidiary Guarantors, will unconditionally Guarantee),
jointly and severally, such obligations on a senior, secured basis pursuant to the terms of the Indenture. 
  

	5.	Redemption 

 Prior to July 15, 2012, the
Company may, upon not less than 30 nor more than 60 days’ notice, on any one or more occasions redeem up to 35% of the original principal amount of the Securities with the Net Cash Proceeds of one or more Public Equity Offerings at a redemption
price of 110% of the principal amount thereof, plus accrued and unpaid interest, if any, to the 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);
provided that: 
 (i) at least 65% of the original principal amount of the Securities (exclusive of Additional Notes) remains outstanding
after each such redemption; and 
 (ii) the redemption occurs within 60 days after the closing of such Public Equity Offering. 
 If the optional redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid
interest, if any, will be paid to the person in whose name the Security is registered at the close of business on such record date, and no additional interest will be payable to Holders whose Securities will be subject to redemption by the Company.

 At any time prior to the Maturity Date of the Securities, the Securities may be redeemed or purchased by the Company, in whole or in part,
at the Company’s option, at a price (the “Redemption Price”) equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued but unpaid interest, if any, to, the date of such redemption or purchase (the
“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). Such redemption or purchase may be made upon notice mailed by first-class mail to
each Holder’s registered address, not less than 30 nor more than 60 days prior to the Redemption Date. The Company may provide in such notice that payment of the Redemption Price and performance of the Company’s obligations with respect to
such redemption or purchase may be performed by another Person. Any such redemption, purchase or notice may, at the Company’s discretion, be subject to the satisfaction or one or more conditions precedent, including but not limited to the
occurrence of a Change of Control. 
 In the case of any partial redemption, selection of the Securities for redemption will be made by the
Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed or, if the Securities are not listed, then on a pro rata basis, by lot or by such other method as the Trustee in
its sole discretion shall deem to be fair and appropriate, although no Securities of $1,000 in original principal amount or less will be redeemed in part. If any Security is to be redeemed in part only, the notice of redemption relating to such
Security shall state the portion of the principal amount thereof to be redeemed. A new Security in principal amount equal to the unredeemed portion thereof will be 

  

 A-5 

 
issued in the name of the Holder thereof upon cancellation of the original Security. On and after the redemption date, interest will cease to accrue on
Securities or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to the Indenture. 
  

	6.	Put Provisions 

 (a) Upon the
occurrence of a Change of Control, any Holder of Securities will have the right to offer to cause the Company to repurchase all or any part of the Securities of such Holder at a purchase price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) as provided in, and subject to the terms of,
the Indenture. 
 (b) In the event of an Asset Disposition that requires the purchase of Securities pursuant to
Section 3.7(a) or Section 3.7(b) of the Indenture, the Company will be required to apply such Excess Collateral Proceeds or Excess Proceeds, as applicable, to the repayment of the Securities, the Rabobank Term Loan and, in
the case of Excess Proceeds, any Pari Passu Indebtedness in accordance with the procedures set forth in Section 3.7 of the Indenture. 
  

	7.	Denominations; Transfer; Exchange 

 The Securities
are in registered form without coupons in denominations of principal amount of $2,000 and whole multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities for a period
beginning 15 Business Days before an interest payment date and ending on such interest payment date. 
  

	8.	Persons Deemed Owners 

 The registered Holder of
this Security may be treated as the owner of it for all purposes. 
  

	9.	Unclaimed Money 

 If money for the payment of the
principal of or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another person. After any such payment,
Holders entitled to the money must look only to the Company and not to the Trustee for payment. 
  

	10.	Defeasance 

 Subject to certain conditions set forth
in the Indenture, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on
the Securities to maturity. 
  

 A-6 

	11.	Amendment, Waiver 

 Subject to certain exceptions
set forth in the Indenture, (i) the Indenture, the Securities, the Collateral Documents or the Intercreditor Agreements may be amended with the written consent of the Holders of at least a majority in principal amount of the then outstanding
Securities and (ii) any default (other than (x) with respect to nonpayment or (y) in respect of a provision that cannot be amended without the written consent of each Holder affected or (z) with respect to
Section 11.6(a)(vi) of the Indenture) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the then outstanding Securities. Subject to certain exceptions set forth in the
Indenture, without the consent of any Holder, the Company, the Subsidiary Guarantors and the Trustee may amend the Indenture, the Securities, the Collateral Documents or the Intercreditor Agreements to cure any ambiguity, omission, defect or
inconsistency, or to comply with Article IV or Article X of the Indenture in respect of the assumption by a Successor Company of an obligation of the Company under the Indenture, or to provide for uncertificated Securities in addition to or in place
of certificated Securities, or to add guarantees with respect to the Securities or to secure the Securities, or to release a Subsidiary Guarantor upon its designation as an Unrestricted Subsidiary or otherwise in accordance with the Indenture, to
release Liens in favor of the Collateral Agent in the Collateral as provided under the collateral release provisions, or to add additional covenants or surrender rights and powers conferred on the Company, or to make any change that does not
adversely affect the rights of any Holder. 
  

	12.	Defaults and Remedies 

 Under the Indenture, Events
of Default include: (i) default for 30 days in payment of interest when due on the Securities; (ii) default in payment of the principal of or premium, if any, on the Securities at Stated Maturity, upon required repurchase, upon declaration
or otherwise; (iii) failure by the Company or any Significant Subsidiary to comply with certain other provisions or agreements in the Indenture, the Securities, the Collateral Documents and the Intercreditor Agreements, in certain cases subject
to notice and lapse of time; (iv) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company or any Significant Subsidiary if the amount accelerated (or so unpaid) exceeds
$25.0 million (v) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary; (vi) certain final judgments or decrees for the payment of money in excess of $25.0 million; (vii) failure by any
Subsidiary Guarantor that is a Significant Subsidiary to comply with its obligations under its Subsidiary Guarantee or Collateral Documents or Intercreditor Agreement; (viii) the failure of any Subsidiary Guarantee or Collateral Document
entered into by a Subsidiary Guarantor which is a Significant Subsidiary to be in full force and effect (except as contemplated thereby) or any denial or disaffirmation thereof and (ix) with respect to Collateral with a fair market value in
excess of $25.0 million, a declaration or assertion of invalidity or unenforceability or the failure to be in full force and effect (except as contemplated hereby), subject to any applicable grace periods as set forth in the Indenture. 

 

 A-7 

 If an Event of Default occurs and is continuing, the Trustee or Holders of at least 25% in aggregate
principal amount of the outstanding Securities then outstanding may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities being due and
payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee and the Collateral Agent may refuse to enforce the Indenture or the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of
the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it
determines that withholding notice is in their interest. 
  

	13.	Trustee Dealings with the Company 

 Subject to
certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or
its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	14.	No Recourse Against Others 

 A director, officer,
employee or stockholder, as such, of the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company or any Subsidiary Guarantor under the Securities, the Indenture, the Collateral Documents, the Intercreditor
Agreements or the Subsidiary Guarantees or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 
  

	15.	Authentication 

 This Security shall not be valid
until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Security. 
  

	16.	Abbreviations 

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

 A-8 

	17.	CUSIP Numbers 

 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers to be printed on the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance
may be placed only on the other identification numbers placed thereon. 
  

	18.	Governing Law 

 This Security shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 The Company will furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to: 
 Smithfield Foods, Inc. 
 200 Commerce Street 
 Smithfield, VA 23430 
 Attention: Chief Financial Officer 
  

 A-9 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security 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 Security on the books of the Company. The agent
may substitute another to act for him. 
  
  
  
  

													
	Date:	 	  
	 		 		 	Your Signature:	 	  
	 	

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
  
  
 Sign exactly as your name appears on the other side of this
Security. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions
with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 The undersigned hereby certifies that it  ̈ is /  ̈ is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈ is /  ̈ is not an
Affiliate of the Company. 
 In connection with any transfer or exchange of any of the Securities evidenced by this certificate occurring
prior to the date that is one year after the later of the date of original issuance of such Securities and the last date, if any, on which such Securities were owned by the Company or any Affiliate of the Company, the undersigned confirms that such
Securities are being: 
 CHECK ONE BOX BELOW: 
  

					
	1	 	 ̈	    	acquired for the undersigned’s own account, without transfer; or
			
	2	 	 ̈	    	transferred to the Company or any Subsidiary thereof; or
			
	3	 	 ̈	    	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	4	 	 ̈	    	transferred pursuant to and in compliance with Regulation S under the Securities Act; or

  

 A-10 

					
			
	5	 	 ̈	    	transferred 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 (the form of which letter appears as Section 2.7 of the Indenture); or
			
	6	 	 ̈	    	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee or the Company may require, prior to registering any such transfer of the
Securities, in their sole discretion, such legal opinions, certifications and other information as the Trustee or the Company may reasonably request 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, such as the exemption provided by Rule 144 under such Act. 
  

					
		 		 	  

		 		 	Signature
	Signature Guarantee:	 		 	
			
	  
	 		 	  

	(Signature must be guaranteed)	 		 	Signature

  

					
	  
	 	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 TO BE COMPLETED BY
PURCHASER IF (1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Security 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. 
  

					
	Dated:	 		 	NOTICE: To be executed by an executive officer

  

 A-11 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The following increases or
decreases in this Global Security have been made: 
  

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

  

 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 3.7 or 3.9 of the Indenture, check the box:

  

																											
		 		 		 		 		 		 	 ̈	 	 ̈	 		 		 		 		 		 	
		 		 		 		 		 		 	3.7	 	3.9	 		 		 		 		 		 	

 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 3.7 or 3.9 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$             
  

													
	Date:	 	  
	 		 		 	Your Signature:	 	  
	 	
		 		 		 		 	(Sign exactly as your name appears on the other side of the Security)

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
  

 A-13 

 SUBSIDIARY GUARANTEE 
 Pursuant to the Indenture (the “Indenture”) dated as of July 2, 2009 among Smithfield Foods, Inc., the Subsidiary Guarantors party thereto (each a “Subsidiary Guarantor” and collectively the
“Subsidiary Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), each Subsidiary Guarantor, subject to the provisions of Article X of the Indenture, hereby fully, unconditionally and irrevocably
guarantees, as primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder of the Securities, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity,
by acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest on the Securities and all other obligations and liabilities of the Company under the Indenture (including without limitation interest accruing after the
filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding and the obligations under Section 7.6 of the Indenture), the Collateral Documents and the Intercreditor Agreements (all the foregoing being hereinafter collectively called the “Obligations”). Each Subsidiary
Guarantor agrees that the Obligations will rank equally in right of payment with other Indebtedness of such Subsidiary Guarantor, except to the extent such other Indebtedness is subordinate to the Obligations. Each Subsidiary Guarantor further
agrees (to the extent lawful) that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Subsidiary Guarantee notwithstanding any extension or renewal of
any Obligation. 
 Each Subsidiary Guarantor waives (to the extent lawful) presentation to, demand of payment from and protest to the Company
of any of the Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Securities or the Obligations. 
 Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of
collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Obligations. 
 Except as set forth in Section 4.2, Section 10.2 and Article VIII of the Indenture, the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or
termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not (to
the extent lawful) be discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under the Indenture, the Securities or
any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Securities or any other agreement; (d) the
release of any security held by any Holder or the 

  

 A-14 

 
Collateral Agent for the Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Subsidiary
Guarantor; (f) any change in the ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the Obligations, or (h) any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Each Subsidiary Guarantor agrees that its Subsidiary Guarantee herein shall remain in full force and effect until payment in full of all the Obligations
or such Subsidiary Guarantor is released from its Subsidiary Guarantee upon the merger or the sale of all the Capital Stock or assets of the Subsidiary Guarantor or otherwise in compliance with Section 4.2, Section 10.2 and
Article VIII of the Indenture. Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of,
premium, if any, or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise. 
 In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any Subsidiary Guarantor by
virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Subsidiary Guarantor hereby promises to and will, upon receipt
of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Obligations then due and owing and
(ii) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law). 
 Each
Subsidiary Guarantor further agrees that, as between such Subsidiary Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided in the Indenture for the
purposes of its Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of
such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantor for the purposes of this Subsidiary Guarantee. 
 Each Subsidiary Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the
Trustee or the Holders in enforcing any rights under this Subsidiary Guarantee. 
  

 A-15 

			
	 Brown’s Realty Partnership,
    a North Carolina general partnership
 Carroll’s Realty Partnership,
    a North Carolina general partnership
 Smithfield-Carroll’s Farms,
    a Virginia general partnership,
        as Subsidary Guarantors

			
		
	By:	 	 Murphy-Brown, LLC,
 as a general partner of
each

		
	By:	 	  

	Name:	 	Carey J. Dubois
	Title:	 	Vice President

  

 A-16 

			
	 814 Americas, Inc.,
     a Delaware corporation
 Armour-Eckrich Meats LLC,
     a Delaware limited liability company
 Farmland Distribution Inc.,
     a Delaware corporation
 Farmland Foods,
Inc.,
     a Delaware corporation
 Gwaltney
Transportation Co., Inc.,
     a Delaware corporation
 John Morrell & Co.,
     a Delaware corporation
 LPC Transport, Inc.,
     a Delaware corporation
 Murphy Farms of Texhoma, Inc.,
     an Oklahoma
corporation
 Murphy-Brown LLC,
     a
Delaware limited liability company
 North Side Foods Corp.,
     a Delaware corporation
 Patrick Cudahy Incorporated,
     a Delaware corporation
 PC Express, Inc.,
     a Delaware corporation
 Premium Standard Farms, LLC,

     a Delaware limited liability company
 RMH Foods, Inc.,
     a Delaware corporation
 The Smithfield Packing Company, Incorporated,
     a Delaware corporation
 Smithfield Purchase Corporation,
     a North Carolina
corporation
 Smithfield Transportation Co., Inc.,
     a Delaware corporation
 Stefano Foods, Inc.,
     a North Carolina corporation
 Valleydale Transportation Company, Inc.,
     a Delaware corporation,
         as Subsidary Guarantors

		
	By:	 	  

	Name:	 	Carey J. Dubois
	Title:	 	Vice Presidents

  

 A-17 

			
	 Jonmor Investments, Inc.,
     a Delaware corporation
 Patcud Investments, Inc.,
     a Delaware corporation
 SFFC, Inc.,
     a Delaware corporation
 SF Investments, Inc.,
     a Delaware corporation,
         as Subsidary Guarantors

		
	By:	 	  

	Name:	 	Charles McCarrick
	Title:	 	 President/Assistant Secretary/
 Assistant Treasurer

  

 A-18 

 EXHIBIT B 
 FORM OF INDENTURE SUPPLEMENT TO ADD SUBSIDIARY GUARANTORS TO GUARANTEE NOTES 
 This Supplemental
Indenture and Subsidiary Guarantee, dated as of [            ], 20        (this “Supplemental Indenture” or
“Guarantee”), among [name of future Subsidiary Guarantor] (the “Guarantor”), Smithfield Foods, Inc. (together with its successors and assigns, the “Company”), each other then existing
Subsidiary Guarantor under the Indenture referred to below, and U.S. Bank National Association, as Trustee under the Indenture referred to below. 
 W I T N E S S E T H: 
 WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an
Indenture, dated as of July 2, 2009 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 10% Senior Secured Notes due 2014 of the
Company (the “Securities”); 
 WHEREAS, Section 3.12 of the Indenture provides that the Company is required to
cause each Restricted Subsidiary that Guarantees, on the Issue Date or any time thereafter, any Indebtedness of the Company or any Subsidiary Guarantor to execute and deliver to the Trustee a Subsidiary Guarantee, in the form of a supplemental
indenture pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Securities on a senior secured
basis and all other obligations under the Indenture. 
 WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee and the
Company are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder; 
  

 B-1 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Guarantor, the Company, the other Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are
used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf or for the benefit of such Holders. The words
“herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 
 ARTICLE II 
 Agreement to be Bound;
Guarantee 
 SECTION 2.1 Agreement to be Bound. The Guarantor hereby becomes a party to the Indenture as a Subsidiary
Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The Guarantor agrees to be bound by all of the provisions of the Indenture, the Collateral
Documents and the Intercreditor Agreements applicable to a Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, the Collateral Documents and the Intercreditor Agreements.

 SECTION 2.2 Guarantee. Each Subsidiary Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor
and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder of the Securities, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption
or otherwise, of the principal of, premium, if any, and interest on the Securities and all other obligations and liabilities of the Company under this Indenture (including without limitation interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), the Collateral
Documents and the Intercreditor Agreements (all the foregoing being hereinafter collectively called the “Obligations”). Each Subsidiary Guarantor agrees that the Obligations will rank equally in right of payment with other
Indebtedness of such Subsidiary Guarantor, except to the extent such other Indebtedness is expressly subordinated to the Obligations, in which case the Obligations will rank senior in right of payment to such other Indebtedness. Each Subsidiary
Guarantor further agrees (to the extent lawful) that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Supplemental Indenture notwithstanding any
extension or renewal of any Obligation. 
 Each Subsidiary Guarantor waives (to the extent lawful) presentation to, demand of payment from
and protest to the Company of any of the Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Securities, the Obligations or the Indenture. The
obligations of each Subsidiary Guarantor herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (a) the failure 

  

 B-2 

 
of any Holder to assert any claim or demand or to enforce any right or remedy against the Company, any Subsidiary Guarantor or any other person under this
Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, any Subsidiary
Guarantee, the Securities or any other agreement; (d) the release of any security held by any Holder or the Collateral Agent for the Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any
other Subsidiary Guarantor; (f) any change in the ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the Obligations; or (h) any other act or thing or omission or delay to do any
other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of
collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Obligations. 
 Except as set forth in Section 4.2, Section 10.2 and Article VIII of the Indenture, the obligations of each Subsidiary Guarantor hereunder (to the extent lawful) shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and (to the extent lawful) shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor
herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this
Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any
other agreement; (d) the release of any security held by any Holder or the Collateral Agent for the Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Subsidiary Guarantor;
(f) any change in the ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the Obligations, or (h) any other act or thing or omission or delay to do any other act or thing which may
or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Subject to the provisions of Section 3.12 of the Indenture, each Subsidiary Guarantor agrees that its Subsidiary Guarantee herein shall
remain in full force and effect until payment in full of all the Obligations or such Subsidiary Guarantor is released from its Subsidiary Guarantee in accordance with the Indenture. 
 Notwithstanding the foregoing and the other provisions of the Indenture, any Subsidiary Guarantee by a Restricted Subsidiary shall automatically and
unconditionally be released and discharged upon (1) any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s Capital Stock in, or all or substantially all the assets of, whether by way of
merger, consolidation or otherwise, such Restricted Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture), (2) such Restricted Subsidiary being designated an Unrestricted Subsidiary of the Company in accordance with
the terms of the Indenture by the Board of Directors or 

  

 B-3 

 
(3) (x) the Subsidiary Guarantor is released and discharged in full from all of its obligations under its Guarantees of the ABL Credit Facility and all
other Indebtedness of the Company and its Restricted Subsidiaries and (y) such Subsidiary Guarantor has not Incurred any Indebtedness in its reliance on its status as a Subsidiary Guarantor under Section 3.3 of the Indenture or such
Subsidiary Guarantor’s obligations under such Indebtedness are satisfied in full and discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Subsidiary Guarantor) under Section 3.3(b) or (4) any
legal defeasance of the Securities or any satisfaction or discharge of the Indenture. 
 Each Subsidiary Guarantor further agrees that its
Subsidiary Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any
Holder upon the bankruptcy or reorganization of the Company or otherwise. 
 In furtherance of the foregoing and not in limitation of any
other right which any Holder has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, each Subsidiary Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of (i) the unpaid amount of
such Obligations then due and owing and (ii) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law). 
 Each Subsidiary Guarantor further agrees that, as between such Subsidiary Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated
as provided in this Indenture for the purposes of its Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (y) in the event of
any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantor for the purposes of this Subsidiary Guarantee. 
 Each Subsidiary Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the
Trustee or the Holders in enforcing any rights under this Section. 
 SECTION 2.3 Limitation on Liability. The obligations of
each Subsidiary Guarantor hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any guarantees under all Debt
Facilities) and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its
contribution obligations under this Indenture or applicable law, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not
otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
 SECTION 2.4 Release and
Discharge. Each Subsidiary Guarantor will be deemed released from all its obligations under this Indenture, its Subsidiary Guarantee, the Collateral Documents to which it is a party and the Intercreditor Agreements, and such Subsidiary Guarantee
will terminate, upon the legal defeasance of the Securities or upon satisfaction and discharge of this Indenture, in each case pursuant to the provisions of Article VIII hereof. 
  

 B-4 

 SECTION 2.5 Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent
that any Subsidiary Guarantor shall have paid more than its proportionate share of any payment made on the obligations under the Subsidiary Guarantees, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against the
Company or any other Subsidiary Guarantor who has not paid its proportionate share of such payment. The provisions of this Section 2.5 shall in no respect limit the obligations and liabilities of each Subsidiary Guarantor to the Trustee
and the Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 
 SECTION 2.6 No Subrogation. Notwithstanding any payment or payments made by each Subsidiary Guarantor hereunder, no Subsidiary Guarantor shall be entitled to be subrogated to any of the rights of the
Trustee or any Holder against the Company or any other Subsidiary Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Obligations, nor shall any Subsidiary Guarantor seek or
be entitled to seek any contribution or reimbursement from the Company or any other Subsidiary Guarantor in respect of payments made by such Subsidiary Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company on
account of the Obligations are paid in full. If any amount shall be paid to any Subsidiary Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such
Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor, and shall, forthwith upon receipt by such Subsidiary Guarantor, be turned over to the Trustee in the exact form received by such
Subsidiary Guarantor (duly indorsed by such Subsidiary Guarantor to the Trustee, if required), to be applied against the Obligations. 
 ARTICLE III 
 Miscellaneous 
 SECTION 3.1 Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the Guarantor, at its address set forth below, with a copy to the Company as
provided in the Indenture for notices to the Company. 
 SECTION 3.2 Parties. Nothing expressed or mentioned herein is intended
or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or
therein contained. 
 SECTION 3.3 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance
with, the laws of the State of New York. 
 SECTION 3.4 Severability Clause. In case any provision in this Supplemental Indenture
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 and such provision shall be ineffective only to the extent of such invalidity,
illegality or unenforceability. 
  

 B-5 

 SECTION 3.5 Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture. 
 SECTION 3.6 Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which
together shall constitute one and the same agreement. 
 SECTION 3.7 Headings. The headings of the Articles and the sections in
this Guarantee are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
  

 B-6 

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

			
	[SUBSIDIARY GUARANTOR],
	as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SMITHFIELD FOODS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-7 

 EXHIBIT D 
 Form of Mortgage 
 [this is a North Carolina form; it is to be conformed to the specific
requirements 
 of each applicable state] 
  
  
  
 [space above this line is for recorder’s use]         
 DEED OF TRUST, FINANCING STATEMENT, FIXTURE FILING, SECURITY 
 AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS 
 from 
 [SMITHFIELD GUARANTOR ENTITY], Grantor

 to 
 [TITLE COMPANY], Trustee

 for the use and benefit of 
 U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent, Beneficiary 
 Dated as of
            , 2009 
  
  
 NOTE TO RECORDER: THIS INSTRUMENT IS TO BE INDEXED
AND/OR FILED AS BOTH A DEED OF TRUST AND AS A FINANCING STATEMENT FILED AS A FIXTURE FILING 
 THIS INSTRUMENT IS SUBJECT TO THE TERMS AND PROVISIONS OF THE
INTERCREDITOR AGREEMENT, DATED AS OF JULY 2, 2009 (AS SUCH AGREEMENT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME) AMONG JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT FOR THE ABL SECURED
PARTIES REFERRED TO THEREIN, U.S. BANK NATIONAL ASSOCIATION, AS COLLATERAL AGENT FOR THE TERM DEBT SECURED PARTIES REFERRED TO THEREIN, SMITHFIELD FOODS, INC., AND EACH OF THE OTHER LOAN PARTIES REFERRED TO THEREIN. 
  
  
 Recording requested by, and after recording, please return to: 
 Simpson Thacher & Bartlett
LLP 
 425 Lexington Avenue 
 New
York, New York 10017 
 Attn: Christopher Garcia 

 DEED OF TRUST, FIXTURE FILING, FINANCING STATEMENT, SECURITY 
 AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS 
 THIS DEED OF TRUST, FIXTURE FILING, FINANCING STATEMENT, SECURITY AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS, dated as of             , 2009 is made by [SF SUBSIDIARY GUARANTOR],
a [                     corporation] (“Grantor”), whose address is c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield,
Virginia 23430, and whose state organizational identification number is [            ], to [TITLE COMPANY], a
                     (in such capacity, “Trustee”), whose address is
[                    ], for the use and benefit of U.S. BANK NATIONAL ASSOCIATION, as collateral agent for the Holders, the Lenders, the Indenture
Trustee and the Administrative Agent (in such capacity, the, “Beneficiary”, which term shall be deemed to include successors and assigns as beneficiary under this Deed of Trust), whose address is 1349 West Peachtree St. NW, Suite
1050, Atlanta, Georgia 30309. References to this “Deed of Trust” shall mean this instrument and any and all renewals, modifications, amendments, supplements, restatements, extensions, consolidations, substitutions, spreaders and
replacements of this instrument. 
 Background 
 A. Grantor is the owner of the fee simple estate in the parcel(s) of real property described on Schedule A attached hereto (the “Land”), and owns all of the buildings, improvements, structures,
stables, barns, and fixtures now or subsequently located on the Land (the “Improvements”; the Land and the Improvements being collectively referred to as the “Real Estate”). 
 B. Pursuant to that certain Indenture dated as of July 2, 2009 among Smithfield Foods, Inc., a Virginia corporation (the
“Company”), the Subsidiary Guarantors referred to therein, and U.S. Bank National Association, as trustee (in such capacity, the “Indenture Trustee”; and such Indenture, as the same may be amended, supplemented,
restated replaced, substituted or otherwise modified from time to time, the “Indenture”), the Company has issued, and may issue in the future, its 10% Senior Secured Notes due 2014 (as the same may be amended, supplemented,
restated, replaced, substituted or otherwise modified from time to time, and including any Additional Notes (as defined in the Indenture), collectively, the “Notes”). 
 C. Pursuant to the Term Loan Agreement, dated as of July 2, 2009 (as the same may be amended, supplemented, restated, replaced, substituted or
otherwise modified from time to time, the “Term Loan Credit Agreement”), among the Company, the Subsidiary Guarantors referred to therein, the lenders thereunder (collectively, the “Lenders”) and Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, as administrative agent (in such capacity, the “Administrative Agent”), the Lenders have made certain extensions of credit to the Company.

 D. Pursuant to that certain Intercreditor and Collateral Agency Agreement dated as of July 2, 2009 among the Indenture
Trustee, the Beneficiary, the Company, the Subsidiary Guarantors, and the Administrative Agent (as the same may be amended, supplemented, restated replaced, substituted or otherwise modified from time to time, the “Term Debt Intercreditor

 
Agreement”), the Beneficiary has been appointed as the Collateral Agent for (i) the holders of the Notes from time to time and their
successors and assigns (the “Holders”), (ii) the Lenders, (iii) the Administrative Agent and (iv) the Indenture Trustee. 
 E. The Beneficiary, JPMorgan Chase Bank, N.A., as administrative agent for the ABL Secured Parties referred to therein, the Company and the other Loan Parties referred to therein, are parties to that certain
Intercreditor Agreement dated as of July 2, 2009 (as the same may be amended, supplemented, restated replaced, substituted or otherwise modified from time to time, the “Intercreditor Agreement”). 
 F. Grantor has executed and delivered this Deed of Trust pursuant to the requirements of the Indenture and the Term Loan Credit Agreement in order to
secure the Secured Obligations (including with respect to any guarantee pursuant to Article X of the Indenture and Article VII of the Term Loan Credit Agreement). Capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Term Debt Intercreditor Agreement. References in this Deed of Trust to “Secured Parties” shall mean the Beneficiary, the Trustee, the Administrative Agent, the Lenders and the Holders. References in this Deed of Trust
to the “Default Rate” shall mean the rate of interest borne by the Notes. References in this Deed of Trust to “Event of Default” means the occurrence of any Event of Default as that term is defined in the Indenture
or the occurrence of any Event of Default, as that term is defined in Term Loan Credit Agreement. 
 Now, therefore, in consideration of the
premises, Grantor hereby agrees as follows: 
 Granting Clauses 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to secure the prompt and complete payment
and performance of all obligations and liabilities of the Grantor which may arise under, out of, or in connection with this Deed of Trust, the guarantee by Grantor of the Notes, and the obligations of the Company under the Term Loan Credit Agreement
(including with respect to any guarantee pursuant to Article X of the Indenture and Article VII of the Term Loan Credit Agreement) , in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Beneficiary or any Secured Party that are required to be paid by Grantor pursuant to the terms of any of the foregoing agreements). (collectively, the
“Secured Obligations”), GRANTOR HEREBY CONVEYS TO TRUSTEE AND HEREBY MORTGAGES, GRANTS, BARGAINS, SELLS, ASSIGNS, TRANSFERS AND SETS OVER TO TRUSTEE, AND ALSO TO ANY SUBSTITUTE TRUSTEE, AND THEIR HEIRS, SUCCESSORS AND ASSIGNS, IN
TRUST, FOREVER, WITH POWER OF SALE AND RIGHT OF ENTRY FOR THE USE AND BENEFIT OF BENEFICIARY, AND GRANTS TRUSTEE AND BENEFICIARY A SECURITY INTEREST IN: 
 (A) the Land and the Improvements; 
  

 2 

 (B) all right, title and interest Grantor now has or may hereafter acquire in and to the
Improvements or any part thereof and all the estate, right, title, claim or demand whatsoever of Grantor, in possession or expectancy, in and to the Real Estate or any part thereof; 
 (C) all right, title and interest of Grantor in, to and under all easements, rights of way, licenses, operating agreements, abutting
strips and gores of land, streets, ways, alleys, passages, sewer rights, waters, water courses, water and riparian rights, development rights, air rights, mineral and soil rights, plants, standing and fallen timber, and all estates, rights, titles,
interests, privileges, licenses, tenements, hereditaments and appurtenances belonging, relating or appertaining to the Real Estate, and any reversions, remainders, rents, issues, profits and revenue thereof and all land lying in the bed of any
street, road or avenue, in front of or adjoining the Real Estate to the center line thereof; 
 (D) all of the fixtures,
chattels, business machines, machinery, apparatus, equipment, furnishings, fittings, appliances and articles of personal property of every kind and nature whatsoever, and all appurtenances and additions thereto and substitutions or replacements
thereof (together with, in each case, attachments, components, parts and accessories) currently owned or subsequently acquired by Grantor and now or subsequently attached to, or contained in and used or usable in any way in connection with any
operation or letting of the Real Estate, including but without limiting the generality of the foregoing, all screens, awnings, shades, blinds, curtains, draperies, artwork, carpets, rugs, storm doors and windows, furniture and furnishings, heating,
electrical, and mechanical equipment, lighting, switchboards, plumbing, ventilating, air conditioning and air-cooling apparatus, refrigerating, and incinerating equipment, escalators, elevators, loading and unloading equipment and systems, stoves,
ranges, laundry equipment, cleaning systems (including window-cleaning apparatus), telephones, communication systems (including satellite dishes and antennae), televisions, computers, sprinkler systems and other fire prevention and extinguishing
apparatus and materials, security systems, motors, engines, machinery, pipes, pumps, tanks, conduits, appliances, fittings and fixtures of every kind and description (all of the foregoing in this paragraph (D) being referred to as the
“Equipment”); 
 (E) all right, title and interest of Grantor in and to all substitutes and replacements of,
and all additions and improvements to, the Improvements and the Equipment, subsequently acquired by or released to Grantor or constructed, assembled or placed by Grantor on the Real Estate, immediately upon such acquisition, release, construction,
assembling or placement, including, without limitation, any and all building materials whether stored at the Real Estate or offsite that are being incorporated into the Improvements, and, in each such case, without any further mortgage, conveyance,
assignment or other act by Grantor; 
 (F) all right, title and interest of Grantor in, to and under all leases, subleases,
underlettings, concession agreements, management agreements, licenses and other agreements relating to the use or occupancy of the Real Estate or the Equipment or any part thereof, now existing or subsequently entered into by Grantor and whether
written or oral and all guarantees of any of the foregoing (collectively, as any of the foregoing may 

  

 3 

 
be amended, restated, extended, renewed or modified from time to time, the “Leases”), and all rights of Grantor in respect of cash and
securities deposited thereunder and the right to receive and collect the revenues, income, rents, issues and profits thereof, together with all other rents, royalties, issues, profits, revenue, income and other benefits arising from the use and
enjoyment of the Trust Property (as defined below) (collectively, the “Rents”); 
 (G) all unearned premiums
under insurance policies now or subsequently obtained by Grantor relating to the Real Estate or Equipment and Grantor’s interest in and to all such insurance policies and all proceeds of such insurance policies (including title insurance
policies), including the right to collect and receive such proceeds, subject to the provisions relating to insurance generally set forth herein and in the Indenture and the Term Loan Credit Agreement; and all awards and other compensation, including
the interest payable thereon and the right to collect and receive the same, made to the present or any subsequent owner of the Real Estate or Equipment for the taking by eminent domain, condemnation or otherwise, of all or any part of the Real
Estate or any easement or other right therein, subject to the provisions relating to such awards and compensation generally set forth herein, in the Indenture, the Term Debt Intercreditor Agreement and the Intercreditor Agreement; 
 (H) to the extent assignable, all right, title and interest of Grantor in and to (i) all contracts from time to time executed by
Grantor or any manager or agent on its behalf relating to the ownership, construction, maintenance, repair, operation, occupancy, sale or financing of the Real Estate or Equipment or any part thereof and all agreements and options relating to the
purchase or lease of any portion of the Real Estate or any property which is adjacent or peripheral to the Real Estate, together with the right to exercise such options and all leases of Equipment, (ii) all consents, licenses, building permits,
certificates of occupancy and other governmental approvals relating to construction, completion, occupancy, use or operation of the Real Estate or any part thereof and (iii) all drawings, plans, specifications and similar or related items
relating to the Real Estate; and 
 (I) all proceeds, both cash and noncash, of the foregoing; 
 (All of the foregoing property and rights and interests now owned or held or subsequently acquired by Grantor and described in the foregoing clauses
(A) through (E) are collectively referred to as the “Premises”, and those described in the foregoing clauses (A) through (I) are collectively referred to as the “Trust Property”). 
 TO HAVE AND TO HOLD the Trust Property and the rights and privileges hereby granted and conveyed unto Trustee, its successors and assigns forever, upon
the trust and for the uses and purposes set forth herein, 
 Upon condition, however, that the Lien of this Deed of Trust may be released, in
whole or in part, in accordance with Section 5.12 of the Term Debt Intercreditor Agreement. 
  

 4 

 This Deed of Trust covers present and future advances and re-advances, in the aggregate amount of the
Secured Obligations, made by the Secured Parties for the benefit of Grantor, and the lien of such future advances and re-advances shall relate back to the date of this Deed of Trust. 
 Terms and Conditions 
 Grantor further represents, warrants, covenants and
agrees with Trustee and Beneficiary as follows: 
 1. Warranty of Title. Grantor shall warrant, defend and preserve its title and the
lien of this Deed of Trust against all claims of all persons and entities. 
 2. Payment of Taxes and Other Impositions.
(a) Except as may be otherwise provided in the Indenture and the Term Loan Credit Agreement, and subject to Grantor’s right to contest same, prior to delinquency, Grantor shall pay and discharge all taxes, charges and assessments of every
kind and nature, all charges for any easement or agreement maintained for the benefit of any of the Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges, vault
taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against, and in each case which may become a lien on any of the Trust Property, together with any penalties or interest on any of the foregoing (all of
the foregoing are collectively referred to as the “Impositions”), except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (ii) Grantor has set aside on its books
adequate reserves with respect thereto in accordance with GAAP. Upon request by Beneficiary, Grantor shall deliver to Beneficiary evidence reasonably acceptable to Beneficiary showing the payment of any such Imposition. If by law any Imposition, at
Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such
installments with interest, if any. 
 (b) Subject to the terms of the Indenture and the Term Loan Credit Agreement, nothing herein shall
affect any right or remedy of Trustee or Beneficiary under this Deed of Trust or otherwise, without notice or demand to Grantor, to pay any Imposition after the date such Imposition shall have become delinquent (unless Grantor is in compliance with
clause (a) of this Section 2 in connection with such delinquency), and to add to the Secured Obligations the amount so paid, together with interest from the time of payment at the Default Rate. Any sums paid by Trustee or Beneficiary in
discharge of any Impositions shall be (i) a lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Deed of Trust, and (ii) payable on written demand by
Grantor to Beneficiary together with interest at the Default Rate as set forth above. 
 3. Damage or Destruction. If the Trust
Property, or any material part thereof, shall be destroyed or damaged, Grantor shall give immediate notice thereof to Beneficiary. All insurance proceeds payable in connection with such destruction or damage shall be applied in the manner set forth
in the Term Debt Intercreditor Agreement and the Intercreditor Agreement. 
  

 5 

 4. Condemnation/Eminent Domain. Immediately upon obtaining knowledge of the institution of any
proceedings for the condemnation of the Trust Property, or any material portion thereof, Grantor shall notify Beneficiary of the pendency of such proceedings. All amounts and proceeds payable in connection with any such condemnation shall be applied
in the manner set forth in the Term Debt Intercreditor Agreement and the Intercreditor Agreement. 
 5. Further Assurances. To the
extent permitted under applicable law, and to further assure Beneficiary’s and Trustee’s rights under this Deed of Trust, Grantor agrees, within fifteen (15) business days after demand of Beneficiary or Trustee, to do any act or
execute any additional documents (including, but not limited to, security agreements on any personalty included or to be included in the Trust Property and a separate assignment of each Lease in recordable form) as may be reasonably required by
Beneficiary or Trustee to confirm the lien of this Deed of Trust and all other rights or benefits conferred on Beneficiary or Trustee by this Deed of Trust. 
 6. Beneficiary’s Right to Perform. If Grantor fails to perform any of the covenants or agreements of Grantor set forth in this Deed of Trust within the applicable notice and grace period, if any, provided
for in the Indenture and the Term Loan Credit Agreement, then Beneficiary or Trustee, without waiving or releasing Grantor from any obligation or default under this Deed of Trust, may, at any time (but shall be under no obligation to) pay or perform
the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Grantor to Beneficiary or Trustee. To the extent that any such amounts or costs paid by Beneficiary or Trustee shall constitute payment of
(i) real estate taxes and assessments, (ii) premiums on insurance policies covering the Premises, (iii) expenses incurred in upholding or enforcing the lien of this Deed of Trust, including, but not limited to, the expenses of any
litigation to prosecute or defend the rights and lien created by this Deed of Trust or (iv) any amount, costs or charge to which Beneficiary or Trustee becomes subrogated, upon payment, whether under recognized principles of law or equity, or
under express statutory authority, then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall (x) be added to the Secured Obligations, (y) be secured by this Deed of Trust and (z) be
a lien on the Trust Property prior to any right, title to, interest in, or claim upon the Trust Property attaching subsequent to the lien of this Deed of Trust. No payment or advance of money by Beneficiary or Trustee under this Section shall be
deemed or construed to cure Grantor’s default or waive any right or remedy of Beneficiary or Trustee. Upon the occurrence and during the continuance of any Event of Default or if Grantor fails to make any payment or to do any act as herein
provided, Beneficiary may, but without any obligation to do so and without notice to or demand on Grantor and without releasing Grantor from any obligation hereunder, make or do the same in such manner and to such extent as Beneficiary may deem
necessary to protect the security hereof. Beneficiary is authorized to enter upon the Real Estate for such purposes and, upon the occurrence and during the continuance of any Event of Default, (i) appear in, defend, or bring any action or
proceeding to protect its interest in the Real Estate, (ii) foreclose this Deed of Trust or (iii) collect the Secured Obligations, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law),
with interest at the Default Rate. All other costs and expenses incurred by Beneficiary in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding (including reasonable
attorneys’ fees to the extent permitted by law) shall bear interest at the 

  

 6 

 
Default Rate, for the period after notice from Beneficiary that such cost or expense was incurred to the date of payment to Beneficiary. All such other costs
and expenses incurred by Beneficiary together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Secured Obligations and be secured by this Deed of Trust and the other Financing Documents and shall be
immediately due and payable upon demand by Beneficiary therefor. 
 7. Remedies. 
 (a) Upon the occurrence and during the continuance of any Event of Default, in addition to any other rights and remedies Beneficiary may have pursuant to
the Financing Documents, or as provided by law, and without limitation, Beneficiary may immediately take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Grantor and in and to the Trust Property,
including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in such manner as Beneficiary may determine, in its sole discretion, without impairing or otherwise affecting the other
rights and remedies of Beneficiary: 
 (i) Beneficiary may elect to foreclose under power of sale, in which case it shall be
lawful for, and the duty of, Trustee, upon receipt by Trustee of a written declaration of default and demand for sale by Beneficiary, to sell (and, in case of any default of any purchaser, resell) the Trust Property, in whole or in part or parcels
(without regard to the right of any party to a marshalling of assets, Grantor hereby expressly waiving any such right), such sale in whole or in part or parcels to be determined by Trustee in his sole discretion (Grantor hereby expressly consenting
thereto), at public venue to the highest bidder for cash at the door of the court house then customarily employed for that purpose in the county where the Real Estate is located, after having given such notice of hearing as to commencement of
foreclosure proceedings and having obtained such findings or leave of court as may then be required by law and then having given such notice of the time and place of sale and a description of the property to be sold and by advertisement published as
is provided by the applicable law then in effect, and by such other methods, if any, as Beneficiary may deem desirable or as may be required or permitted by applicable law. Trustee shall receive the proceeds of such sale and, after retaining a
reasonable commission for his services, together with reasonable attorneys fees incurred by Trustee in such proceeding, apply such proceeds to the cost of sale, including, but not limited to, costs of collection, taxes, assessments, costs of
recording, service fees and incidental expenditures, the amount due on the Secured Obligations and advancements and other sums expended by Beneficiary according to the provisions hereof and otherwise as required by the then existing law relating to
foreclosures. If permitted by the then existing law relating to foreclosures, Trustee may sell and convey the Trust Property under the power aforesaid, although Trustee has been, may now be or may hereafter be an attorney or agent or employee of
Beneficiary with respect to the indebtedness secured hereby, or the Secured Obligations or with respect to any matter or business whatsoever. If permitted by the then existing law relating to foreclosures, Trustee may adjourn from time to time any
sale by him to be made under or by virtue or this Deed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales and, except as otherwise provided by any applicable 

  

 7 

 
provision of law, Trustee, without further notice or publication except for any notice or publication as may be required by the then existing law, may make
such sale at the time and place to which the same shall be adjourned. 
 In the event a sale hereunder should be commenced by
Trustee, or his substitute or successor, Beneficiary may at any time before the sale of all or any part of the Trust Property direct Trustee to cancel the scheduled sale and re-schedule the sale or to abandon the sale, whereupon Beneficiary may then
institute suit for the collection of the Secured Obligations and other sums secured hereby, and for the foreclosure of this Deed of Trust lien; it is further agreed that if Beneficiary should institute a suit for the collection of the Secured
Obligations and other sums secured hereby, and for a foreclosure of this Deed of Trust lien, then Beneficiary may at any time before the entry of a final judgment in said suit dismiss the same and request Trustee, his substitute or successor, to
sell the Trust Property in accordance with the provisions of this Deed of Trust. 
 Grantor and any guarantor of the Secured
Obligations shall be liable for any deficiency remaining subsequent to any sale described in this Section 7. 
 (ii)
Beneficiary may, to the extent permitted by applicable law, (A) institute and maintain an action of judicial foreclosure against all or any part of the Trust Property, (B) institute and maintain an action under the Indenture, the Term Loan
Credit Agreement or any other Financing Document on behalf of the Secured Parties, (C) sell all or part of the Trust Property (Grantor expressly granting to Trustee the power of sale), or (D) take such other action at law or in equity for
the enforcement of this Deed of Trust or any of the Financing Documents as the law may allow. Beneficiary may proceed in any such action to final judgment and execution thereon for all sums due hereunder, together with interest thereon at the
Default Rate and all costs of suit, including, without limitation, reasonable attorneys’ fees and disbursements. Interest at the Default Rate shall be due on any judgment obtained by Beneficiary from the date of judgment until actual payment is
made of the full amount of the judgment. 
 (iii) Beneficiary may personally, or by its agents, attorneys and employees and
without regard to the adequacy or inadequacy of the Trust Property or any other collateral as security for the Secured Obligations, enter into and upon the Trust Property and each and every part thereof and exclude Grantor and its agents and
employees therefrom without liability for trespass, damage or otherwise (Grantor hereby agreeing to surrender possession of the Trust Property to Beneficiary upon demand at any such time) and use, operate, manage, maintain and control of the Trust
Property and every part thereof. Following such entry and taking of possession, Beneficiary shall be entitled, without limitation, (x) to lease all or any part or parts of the Trust Property for such periods of time and upon such conditions as
Beneficiary may, in its discretion, deem proper, (y) to enforce, cancel or modify any Lease and (z) generally to execute, do and perform any other act, deed, matter or thing concerning the Trust Property as Beneficiary shall deem
appropriate as fully as Grantor might do. 
  

 8 

 (iv) Beneficiary may, with or without entry, to the extent permitted and pursuant to the
procedures provided by applicable law, institute proceedings for the partial foreclosure of this Deed of Trust for the portion of the Secured Obligations then due and payable, subject to the continuing lien and security interest of this Deed of
Trust for the balance of the Secured Obligations not then due, unimpaired and without loss of priority. 
 (v) Beneficiary may
sell for cash or upon credit the Real Estate or any part thereof and all estate, claim, demand, right, title and interest of Grantor therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, as an
entirety or in parcels, at such time and place, upon such terms and after such notice thereof as may be required or permitted by law. 
 (vi) Beneficiary may recover judgment on the Secured Obligations either before, during or after any proceedings for the enforcement of this Deed of Trust or the other Financing Documents. 
 (vii) The rights granted to Grantor under Section 12 hereof shall automatically be revoked and Beneficiary may enter into or upon the
Real Estate, either personally or by its agents, nominees or attorneys, and dispossess Grantor and its agents and servants therefrom, without liability for trespass, damages or otherwise and exclude Grantor and its agents or servants wholly
therefrom, and take possession of all books, records and accounts relating thereto and Grantor agrees to surrender possession of the Real Estate and of such books, records and accounts to Beneficiary upon demand, and thereupon Beneficiary may
(i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Trust Property and conduct the business thereat; (ii) complete any construction on the Real Estate in such manner and
form as Beneficiary deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or on the Real Estate; (iv) exercise all rights and powers of Grantor with respect to the Trust Property, whether in the
name of Grantor or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue for, collect and receive all Rents of the Real Estate and every part thereof;
(v) require Grantor to vacate and surrender possession of the Real Estate to Beneficiary or to such receiver and, in default thereof, Grantor may be evicted by summary proceedings or otherwise; and (vi) apply the receipts from the Trust
Property to the payment of the Secured Obligations, in such order, priority and proportions as Beneficiary shall deem appropriate in its sole discretion after deducting therefrom all expenses (including reasonable attorneys’ fees) incurred in
connection with the aforesaid operations and all amounts necessary to pay the taxes, other charges, insurance and other expenses in connection with the Trust Property, as well as just and reasonable compensation for the services of Beneficiary, its
counsel, agents and employees. 
 (b) In case of Trustee’s sale or foreclosure sale, the Real Estate and the related personal property
may be sold in one parcel or in more than one parcel and Trustee is specifically empowered (without being required to do so, and in its sole and absolute discretion) to cause successive sales of portions of the Trust Property to be held. 

 

 9 

 (c) In the event of any breach of any of the covenants, agreements, terms or conditions contained in this
Deed of Trust beyond the applicable notice and grace period provided for in the Indenture or the Term Loan Credit Agreement, if any, Beneficiary or Trustee shall be entitled to enjoin such breach and obtain specific performance of any covenant,
agreement, term or condition and Beneficiary and Trustee shall have the right to invoke any equitable right or remedy as though other remedies were not provided for in this Deed of Trust. 
 (d) Subject to the terms and provisions of the Intercreditor Agreement and the requirements of applicable law, the proceeds or avails of foreclosure sale
and all moneys received by Beneficiary pursuant to any right given or action taken under this Deed of Trust shall be applied in accordance with the Term Debt Intercreditor Agreement. 
 8. Right of Beneficiary to Credit Sale. Upon the occurrence of any sale made under this Deed of Trust, whether made under the power of sale or by
virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, Beneficiary may bid for and acquire the Trust Property or any part thereof. In lieu of paying cash therefor, Beneficiary may make settlement for the purchase price by
crediting upon the Secured Obligations or other sums secured by this Deed of Trust the net sales price after deducting therefrom the expenses of sale and the cost of the action and any other sums which Beneficiary is authorized to deduct under this
Deed of Trust. In such event, this Deed of Trust, the Indenture, the Term Loan Credit Agreement and documents evidencing expenditures secured hereby may be presented to the person or persons conducting the sale in order that the amount so used or
applied may be credited upon the Secured Obligations as having been paid. 
 9. Appointment of Receiver. If an Event of Default shall
have occurred and be continuing, Beneficiary as a matter of right and without notice to Grantor, unless otherwise required by applicable law and without regard to the adequacy or inadequacy of the Trust Property or any other collateral as security
for the Secured Obligations or the interest of Grantor therein and without regard for the solvency of Grantor any guarantor, indemnitor with respect to the Secured Obligations or of any person otherwise liable for the payment of the Secured
Obligations, shall have the right to apply to any court having jurisdiction to appoint a receiver trustee, liquidator or conservator of the Trust Property, and Grantor hereby irrevocably consents to such appointment and waives notice of any
application therefor (except as may be required by law). Any such receiver or receivers shall have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Beneficiary in case of entry as provided in
this Deed of Trust, including, without limitation and to the extent permitted by law, the right to enter into leases of all or any part of the Trust Property, and shall continue as such and exercise all such powers until the date of confirmation of
sale of the Trust Property unless such receivership is sooner terminated. 
 10. Extension, Release, etc. 
 (a) Without affecting the lien or charge of this Deed of Trust upon any portion of the Trust Property not then or theretofore released as security for
the full amount of the Secured Obligations, any Lien upon the Trust Property granted hereunder shall be automatically released to the extent the requirements of Section 5.12 of the Term Debt Intercreditor Agreement have been met, and to the
extent provided by Section 4.2 of the Intercreditor Agreement, all without 

  

 10 

 
delivery of any instrument or performance of any act by any party. In connection therewith, at the request and sole expense of the Grantor, the Beneficiary
shall execute and deliver to the Grantors all releases or other documents, including, without limitation, releases, reconveyances and termination statements, reasonably necessary or desirable for the release of such Lien. If at any time this Deed of
Trust shall secure less than all of the principal amount of the Secured Obligations, it is expressly agreed that any repayments of the principal amount of the Secured Obligations shall not reduce the amount of the lien of this Deed of Trust until
the lien amount shall equal the principal amount of the Secured Obligations outstanding. No recovery of any judgment by Beneficiary and no levy of an execution under any judgment upon the Trust Property or upon any other property of Grantor shall
affect the lien of this Deed of Trust or any liens, rights, powers or remedies of Beneficiary or Trustee hereunder, and such liens, rights, powers and remedies shall continue unimpaired. 
 (b) If Beneficiary shall have the right to foreclose this Deed of Trust or to direct Trustee to exercise its power of sale, Grantor authorizes
Beneficiary at its option to foreclose the lien created by this Deed of Trust (or direct Trustee to sell the Trust Property, as the case may be) subject to the rights of any tenants of the Trust Property. The failure to make any such tenants parties
to or defendant in any such foreclosure proceeding and to foreclose their rights, or to provide notice to such tenants as required in any statutory procedure governing a sale of the Trust Property by Trustee, or to terminate such tenant’s
rights in such sale will not be asserted by Grantor as a defense to any proceeding instituted by Beneficiary to collect the Secured Obligations or to foreclose the lien created by this Deed of Trust. 
 (c) Unless expressly provided otherwise, in the event that Beneficiary’s interest in this Deed of Trust and title to the Trust Property or any
estate therein shall become vested in the same person or entity, this Deed of Trust shall not merge in such title but shall continue as a valid lien on the Trust Property for the amount secured hereby. 
 11. Security Agreement under Uniform Commercial Code; Fixture Filing. 
 (a) It is the intention of the parties hereto that this Deed of Trust shall constitute a “security agreement” within the meaning of the Uniform
Commercial Code (the “Code”) of the State in which the Premises are located. If an Event of Default shall occur and be continuing, then in addition to having any other right or remedy available at law or in equity, Beneficiary shall
have the option of either (i) proceeding under the Code and exercising such rights and remedies as may be provided to a secured party by the Code with respect to all or any portion of the Trust Property which is personal property (including,
without limitation, taking possession of and selling such property) or (ii) treating such property as real property and proceeding with respect to both the real and personal property constituting the Trust Property in accordance with
Beneficiary’s rights, powers and remedies with respect to the real property (in which event the default provisions of the Code shall not apply). If Beneficiary shall elect to proceed under the Code, then ten (10) days’ notice of sale
of the personal property shall be deemed reasonable notice and the reasonable expenses of retaking, holding, preparing for sale, selling and the like incurred by Beneficiary shall include, but not be limited to, reasonable attorneys’ fees and
legal expenses. At Beneficiary’s request, Grantor shall assemble the personal property and make it available to Beneficiary at a place designated by Beneficiary which is reasonably convenient to both parties. 
  

 11 

 (b) Grantor and Beneficiary agree, to the extent permitted by law, that: (i) all of the goods
described within the definition of the word “Equipment” are or are to become fixtures on the Real Estate; (ii) this Deed of Trust shall constitute a financing statement filed as a “fixture filing” within the meaning of
Sections 9-334 and 9-502 of the Code covering the fixtures included within the Premises and is to be filed for record in the real estate records of each county where any part of the Premises (including said fixtures) is located; (iii) the real
property to which the fixtures relate is described in Schedule A attached hereto; (iv) Grantor is the record owner of the Land; (v) the name, type of organization and jurisdiction of organization of the debtor for purposes of this
financing statement are the name, type of organization and jurisdiction of organization of Grantor set forth in the first paragraph on the first page of this Deed of Trust, and the name of the secured party for purposes of this financing statement
is the name of Beneficiary set forth in the first paragraph on the first page of this Deed of Trust; (vi) Grantor’s state organizational identification number is set forth in the first paragraph on the first page of this Deed of Trust; and
(vii) the mailing addresses of Grantor and Beneficiary are as set forth in the first paragraph on the first page of this Deed of Trust. 
 12. Assignment of Rents. Grantor hereby assigns to Beneficiary the Rents as further security for the payment and performance of the Secured Obligations, and Grantor grants to Trustee and Beneficiary the right to enter the Trust
Property for the purpose of collecting the same and to let the Trust Property or any part thereof, and to apply the Rents on account of the Secured Obligations. The foregoing assignment and grant is present and absolute and shall continue in effect
until the Secured Obligations are paid and performed in full, but Beneficiary and Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents and Grantor shall be entitled to collect, receive, use and retain
the Rents until the occurrence of and during the continuance of an Event of Default; such right of Grantor to collect, receive, use and retain the Rents may be revoked by Beneficiary upon the occurrence of and during the continuance of any Event of
Default under this Deed of Trust by giving not less than five (5) days’ written notice of such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or to any receiver appointed to collect the
Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such receiver, the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof
as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment, Grantor and any such affiliate will vacate and surrender the possession of the Trust Property to Beneficiary or to such receiver, and in
default thereof, may be evicted by summary proceedings or otherwise. 
 13. Additional Rights. The holder of any subordinate lien or
subordinate deed of trust on the Trust Property shall have no right to terminate any Lease whether or not such Lease is subordinate to this Deed of Trust nor shall Grantor consent to any holder of any subordinate lien or subordinate deed of trust
joining any tenant under any Lease in any trustee’s sale or action to foreclose the lien or modify, interfere with, disturb or terminate the rights of any tenant under any Lease. By recordation of this Deed of Trust, all subordinate lienholders
and the trustees and beneficiaries under subordinate deeds of trust are subject to and notified of this provision, and any action taken by any such lienholder or trustee or beneficiary contrary to this provision shall be null and void. Upon the
occurrence of and during the continuance of any Event of Default, Beneficiary may, in its sole discretion and without regard to the adequacy of its security under 

  

 12 

 
this Deed of Trust, apply all or any part of any amounts on deposit with Beneficiary under this Deed of Trust against all or any part of the Secured
Obligations. Any such application shall not be construed to cure or waive any Event of Default or invalidate any act taken by Beneficiary on account of such Event of Default. 
 14. Notices. All notices, requests, demands and other communications hereunder shall be given in accordance with the Term Debt Intercreditor
Agreement. 
 15. Modifications. This Deed of Trust may not be amended, supplemented or otherwise modified except in writing signed by
the Beneficiary and in compliance with the Term Debt Intercreditor Agreement and then only to the extent in such writing specifically set forth. Any agreement made by Grantor and Beneficiary after the date of this Deed of Trust relating to this Deed
of Trust shall be superior to the rights of the holder of any intervening or subordinate deed of trust, lien or encumbrance. Trustee’s execution of any written agreement between Grantor and Beneficiary shall not be required for the
effectiveness thereof as between Grantor and Beneficiary. 
 16. Partial Invalidity. In the event any one or more of the provisions
contained in this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, but each shall be construed as if such
invalid, illegal or unenforceable provision had never been included. Notwithstanding anything to the contrary contained in this Deed of Trust or in any provisions of any of the Financing Documents, the obligations of Grantor and of any other obligor
under the any of the Financing Documents shall be subject to the limitation that Beneficiary shall not charge, take or receive, nor shall Grantor or any other obligor be obligated to pay to Beneficiary, any amounts constituting interest in excess of
the maximum rate permitted by law to be charged by Beneficiary. 
 17. Grantor’s Waiver of Rights. To the fullest extent
permitted by law, Grantor waives the benefit of all laws now existing or that may subsequently be enacted providing for (i) any appraisement before sale of any portion of the Trust Property, (ii) any extension of the time for the
enforcement of the collection of the Secured Obligations or the creation or extension of a period of redemption from any sale made in collecting such debt and (iii) exemption of the Trust Property from attachment, levy or sale under execution
or exemption from civil process. To the fullest extent Grantor may do so, Grantor agrees that Grantor will not at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any
appraisement, valuation, stay, exemption, extension or redemption, or requiring foreclosure of this Deed of Trust before exercising any other remedy granted hereunder and Grantor, for Grantor and its successors and assigns, and for any and all
persons ever claiming any interest in the Trust Property, to the extent permitted by law and except as otherwise provided herein or in the other Financing Documents, hereby waives and releases all rights of redemption, valuation, appraisement, stay
of execution, notice of election to mature or declare due the whole of the secured indebtedness and marshalling in the event of exercise by Trustee or Beneficiary of the foreclosure rights, power of sale or other rights hereby created. 

18. Remedies Not Exclusive. Beneficiary and Trustee shall be entitled to enforce payment and performance of the Secured Obligations and to
exercise all rights and powers under 

  

 13 

 
this Deed of Trust or under any of the other Financing Documents or other agreement or any laws now or hereafter in force, notwithstanding some or all of the
Secured Obligations may now or hereafter be otherwise secured, whether by deed of trust, mortgage, security agreement, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, shall prejudice or in any
manner affect Beneficiary’s or Trustee’s right to realize upon or enforce any other security now or hereafter held by Beneficiary and Trustee, it being agreed that Beneficiary and Trustee shall be entitled to enforce this Deed of Trust and
any other security now or hereafter held by Beneficiary or Trustee in such order and manner as Beneficiary or Trustee may determine in its absolute discretion. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be
exclusive of any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Every power or remedy
given by any of the Financing Documents to Beneficiary or Trustee or to which either may otherwise be entitled, may be exercised, concurrently or independently, from time to time and as often as may be deemed expedient by Beneficiary or Trustee as
the case may be. In no event shall Beneficiary or Trustee, in the exercise of the remedies provided in this Deed of Trust (including, without limitation, in connection with the assignment of Rents to Beneficiary, or the appointment of a receiver and
the entry of such receiver on to all or any part of the Trust Property), be deemed a “mortgagee in possession,” and neither Beneficiary nor Trustee shall in any way be made liable for any act, either of commission or omission, in
connection with the exercise of such remedies except gross negligence or willful misconduct after Beneficiary takes possession or title. 
 19. Multiple Security. (a) If (i) the Premises shall consist of one or more parcels, whether or not contiguous and whether or not located in the same county, or (ii) in addition to this Deed of Trust, Beneficiary shall
now or hereafter hold or be the beneficiary of one or more additional mortgages, liens, deeds of trust or other security (directly or indirectly) for the Secured Obligations upon other property in the State in which the Premises are located (whether
or not such property is owned by Grantor or by others) or (iii) both the circumstances described in clauses (i) and (ii) shall be true, then to the fullest extent permitted by law, Beneficiary may, at its election, commence or
consolidate in a single trustee’s sale or foreclosure action all trustee’s sale or foreclosure proceedings against all such collateral securing the Secured Obligations (including the Trust Property), which action may be brought or
consolidated in the court of, or sale conducted in, any county in which any of such collateral is located. Grantor acknowledges that the right to maintain a consolidated trustee’s sale or foreclosure action is a specific inducement to
Beneficiary to extend the indebtedness evidenced by the Indenture, the Term Loan Credit Agreement or any other Financing Document, and Grantor expressly and irrevocably waives any objections to the commencement or consolidation of the foreclosure
proceedings in a single action and any objections to the laying of venue or based on the grounds of forum non conveniens which it may now or hereafter have. 
 (b) Grantor agrees that if Trustee or Beneficiary shall be prosecuting one or more foreclosure or other proceedings against a portion of the Trust
Property or against any collateral other than the Trust Property, which collateral directly or indirectly secures the Secured Obligations, or if Beneficiary shall have obtained a judgment of foreclosure and sale or similar judgment against such
collateral (or, in the case of a trustee’s sale, shall have met the statutory 

  

 14 

 
requirements therefor with respect to such collateral), then, whether or not such proceedings are being maintained or judgments were obtained in or outside
the State in which the Premises are located, Beneficiary may commence or continue any trustee’s sale or foreclosure proceedings and exercise its other remedies granted in this Deed of Trust against all or any part of the Trust Property and
Grantor waives any objections to the commencement or continuation of a foreclosure of this Deed of Trust or exercise of any other remedies hereunder based on such other proceedings or judgments, and waives any right to seek to dismiss, stay, remove,
transfer or consolidate either any action under this Deed of Trust or such other proceedings on such basis. Neither the commencement nor continuation of proceedings to sell the Trust Property in a trustee’s sale, to foreclose this Deed of Trust
nor the exercise of any other rights hereunder nor the recovery of any judgment by Beneficiary or the occurrence of any sale by Trustee in any such proceedings shall prejudice, limit or preclude Beneficiary’s right to commence or continue one
or more trustee’s sales, foreclosure or other proceedings or obtain a judgment against (or, in the case of a trustee’s sale, to meet the statutory requirements for, any such sale of) any other collateral (either in or outside the State in
which the Premises are located) which directly or indirectly secures the Secured Obligations, and Grantor expressly waives any objections to the commencement of, continuation of, or entry of a judgment in such other sales or proceedings or exercise
of any remedies in such sales or proceedings based upon any action or judgment connected to this Deed of Trust, and Grantor also waives any right to seek to dismiss, stay, remove, transfer or consolidate either such other sales or proceedings or any
sale or action under this Deed of Trust on such basis. 
 (c) It is expressly understood and agreed that to the fullest extent permitted by
law, Beneficiary may, at its election, cause the sale of all collateral which is the subject of a single trustee’s sale or foreclosure action at either a single sale or at multiple sales conducted simultaneously and take such other measures as
are appropriate in order to effect the agreement of the parties to dispose of and administer all collateral securing the Secured Obligations (directly or indirectly) in the most economical and least time-consuming manner. 
 20. Successors and Assigns. All covenants of Grantor contained in this Deed of Trust are imposed solely and exclusively for the benefit of
Beneficiary and Trustee and their respective successors and assigns, and no other person or entity shall have standing to require compliance with such covenants or be deemed, under any circumstances, to be a beneficiary of such covenants, any or all
of which may be freely waived in whole or in part by Beneficiary or Trustee at any time if in the sole discretion of either of them such waiver is deemed advisable. All such covenants of Grantor shall run with the land and bind Grantor, the
successors and assigns of Grantor (and each of them) and all subsequent owners, encumbrancers and tenants of the Trust Property, and shall inure to the benefit of Beneficiary, Trustee and their respective successors and assigns. Without limiting the
generality of the foregoing, any successor to Trustee appointed by Beneficiary shall succeed to all rights of Trustee as if such successor had been originally named as Trustee hereunder. The word “Grantor” shall be construed as if it read
“Grantors” whenever the sense of this Deed of Trust so requires and if there shall be more than one Grantor, the obligations of Grantors shall be joint and several. 
 21. No Waivers, etc. Any failure by Beneficiary to insist upon the strict performance by Grantor of any of the terms and provisions of this Deed
of Trust shall not be deemed to be a 

  

 15 

 
waiver of any of the terms and provisions hereof, and Beneficiary or Trustee, notwithstanding any such failure, shall have the right thereafter to insist
upon the strict performance by Grantor of any and all of the terms and provisions of this Deed of Trust to be performed by Grantor. 
 22.
Governing Law, etc. This Deed of Trust shall be governed by and construed and interpreted in accordance with the laws of the State in which the Premises are located, and applicable United States Federal Law. 
 23. Certain Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in
this Deed of Trust shall be used interchangeably in singular or plural form and the word “Grantor” shall mean “each Grantor or any subsequent owner or owners of the Trust Property or any part thereof or interest therein,” the
word “Beneficiary” shall mean “Beneficiary or any successor “collateral agent” under the Term Debt Intercreditor Agreement,” the word “Trustee” shall mean “Trustee and any successor hereunder,” the
word “person” shall include any individual, corporation, partnership, trust, unincorporated association, government, governmental authority, or other entity, and the words “Trust Property” shall include any portion of the Trust
Property or interest therein. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. The
captions in this Deed of Trust are for convenience or reference only and in no way limit or amplify the provisions hereof. 
 24. Last
Dollars Secured; Priority. To the extent that this Deed of Trust secures only a portion of the indebtedness owing or which may become owing by Grantor, the parties agree that any payments or repayments of such indebtedness shall be and be deemed
to be applied first to the portion of the indebtedness that is not secured hereby, it being the parties’ intent that the portion of the indebtedness last remaining unpaid shall be secured hereby. 
 25. Trustee’s Powers (and Liabilities). (a) Beneficiary may substitute, for any reason whatsoever, a successor trustee or successor
trustees for Trustee hereunder from time to time by an instrument in writing in any manner now or hereafter provided by law. Such right of substitution may be exercised at any time and more than once until the Secured Obligations and other sums
hereby secured have been paid in full and the Indenture and the Term Loan Credit Agreement have terminated pursuant to its express terms or until the Trust Property is sold hereunder. Such writing, upon recordation, shall be conclusive proof of
proper substitution of each such successor Trustee or Trustees, who shall thereupon and without conveyance from the predecessor Trustee, succeed to all its title, estate, rights, powers and duties hereunder. The making of oath and giving bond by
Trustee or any successor Trustee is hereby expressly waived by Grantor. The Trustee may sell and convey said property under the power set out herein, to any person, firm or corporation, although said Trustee has been, may now be or may hereafter be
attorney for or agent of Beneficiary. 
 (b) At any time or from time to time upon Beneficiary’s request, without liability therefor,
and without notice, upon the written request of Beneficiary and presentation of this Deed of Trust for endorsement, without affecting the liability of any person for the payment of the Secured Obligations secured hereby, and without affecting the
lien created by the Deed of Trust upon the Trust Property for the full amount of all amounts secured hereby, Trustee may (i)

  

 16 

 
release all or any part of the Trust Property, (ii) consent to the making of any map or plat thereof, (iii) join in granting any easement thereon
or in creating any covenants or conditions restricting use or occupancy thereof, or (iv) join in any extension agreement or in any agreement subordinating the lien or charge hereof. 
 (c) If more than one (1) Trustee is appointed hereunder, either Trustee may act in the execution of this Deed of Trust, the authority and power of
any Trustee so acting shall be as full and complete as if the powers and authority granted to Trustees herein jointly had been granted to such Trustee alone, and either Trustee may act by agent or attorney. It is not necessary for either Trustee to
be personally present at any foreclosure sale. 
 (d) Except for gross negligence or willful misconduct, Trustee shall not be liable for any
act or omission or error of judgment. Trustee may rely on any document believed by it in good faith to be genuine. All money received by Trustee shall, until used or applied as herein provided, be held in trust, and Trustee shall not be liable for
interest thereon. Grantor shall indemnify Trustee against all liability and expenses that it may incur in the performance of its duties hereunder except for gross negligence or willful misconduct. 
 (e) Trustee hereby accepts its duties and obligations under this Deed of Trust and the Financing Documents when this Deed of Trust, duly executed and
acknowledged, is made a public record as provided by law. 
 26. The Collateral Agent. U.S. Bank National Association has been
appointed Beneficiary for the Secured Parties hereunder pursuant to Term Debt Intercreditor Agreement. It is expressly understood and agreed by the parties to this Deed of Trust that any authority conferred upon Beneficiary hereunder is subject to
the terms of the delegation of authority made by the Secured Parties to Beneficiary pursuant to the Term Debt Intercreditor Agreement, and that Beneficiary has agreed to act (and any successor Beneficiary shall act) as such hereunder only on the
express conditions contained in the Term Debt Intercreditor Agreement. Any successor Collateral Agent appointed pursuant to Term Debt Intercreditor Agreement shall be entitled to all the rights, interests and benefits of Beneficiary hereunder.

 27. Intercreditor Agreement. Notwithstanding anything to the contrary contained in this Deed of Trust, the liens, security
interests and rights granted pursuant to this Deed of Trust or any other Financing Document shall be as set forth in, and subject to the terms and conditions of (and the exercise of any right or remedy by Beneficiary hereunder or thereunder shall be
subject to the terms and conditions of), the Intercreditor Agreement. In the event of any conflict between this Deed of Trust or any other Financing Document and the Intercreditor Agreement, the Intercreditor Agreement shall control, and no right,
power, or remedy granted to Beneficiary hereunder or under any other Financing Document shall be exercised by Beneficiary, and no direction shall be given by Beneficiary in contravention of the Intercreditor Agreement. 
 28. State Specific Provisions. 
 (a)
Conflicts. To the extent of any inconsistency between this Section and the other provisions of this Deed of Trust, the terms and provisions of this Section shall govern and control. 
  

 17 

 (b) Future Secured Obligations. This Deed of Trust is made and executed to comply with the
provisions of N.C.G.S. Section 45-67 et seq., and shall secure the payment of all present and future Secured Obligations which may now or may hereafter be owing, including, without limitation, any future loans and advances and re-advances made
pursuant to the Indenture and the Term Loan Credit Agreement up to a maximum aggregate principal amount outstanding at any one time of ONE BILLION FIVE HUNDRED MILLION AND NO/100 DOLLARS ($1,500,000,000). The amount of present Secured Obligations
secured hereby is in the sum of [EIGHT HUNDRED FIFTY MILLION AND NO/100 DOLLARS ($850,000,000)] as of the date hereof, and the maximum principal amount of all present and future Secured Obligations secured hereby at any one time is $1,500,000,000,
plus interest, costs and advances made by Beneficiary to protect or preserve the Premises or the lien hereof on the Premises, or for taxes, assessments or insurance premiums as herein provided. The time period within which such future Secured
Obligations may be incurred is the period between the date hereof and the date fifteen (15) years from the date hereof. Pursuant to N.C.G.S. Section 45-68(2), Grantor and Beneficiary agree that at the time each Obligation is incurred, it
shall not be necessary for each Obligation to be evidenced by any written instrument or notation signed by Grantor and stipulating that such Obligation is secured by this Deed of Trust. 
 (c) Attorneys’ Fees. All references to “attorneys’ fees” herein and in the other Financing Documents shall be deemed to be
“reasonable attorneys’ fees,” and as used herein, and in any other Financing Documents to the extent North Carolina law applies thereto, the phrase “reasonable attorneys’ fees” and similar phrases shall mean
attorneys’ fees at standard hourly rates actually incurred, without giving effect to the statutory presumption set forth in Section 6-21.2 of the North Carolina General Statutes. 
  

 18 

 IN WITNESS WHEREOF this Deed of Trust has been duly executed by Grantor as of the date first above
written. 
  
  

			
	[                                        
                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 19 

 CORPORATE EXECUTION AND NOTARY ACKNOWLEDGMENT 
 (Single officer - no seal) 
 STATE OF
                     
 COUNTY OF
                     
 I,
                    , a Notary Public of the County of
                     and State of
                    , certify that
                     [Name of officer], either being personally known to me or proven by satisfactory evidence (said evidence being
                    ), personally appeared before me this day and acknowledged that (s)he is
                     [title of officer] of
                    , [Name of corporation] a
                     corporation, and that (s)he, as
                    , [title of officer] being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes
stated therein. 
 WITNESS my hand and official stamp or seal, this      day of
        , 2009. 
  

			
	  

	Notary Public	 	  

		 	(Type or Print Name)

 My Commission Expires: 
  

	
	  

 [NOTARIAL SEAL] 

 Schedule A 
 Description of the Land

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