Document:

Form of Indenture for Stubordinated Debt Securities

 EXHIBIT 4.4 
  
  
 ALASKA AIR GROUP, INC. 
 Issuer 
 AND 
 [                                        
] 
 Trustee 
  
  
 INDENTURE 
 Dated as of                     
    , 200     
  
  
 Subordinated Debt Securities

  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	 PAGE

	 ARTICLE 1
	 	DEFINITIONS	  	1
			
	        Section 1.1	 	    Definitions of Terms	  	1
			
	 ARTICLE 2
	 	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	5
			
	        Section 2.1	 	    Designation and Terms of Securities	  	5
			
	        Section 2.2	 	    Form of Securities and Trustee’s Certificate	  	7
			
	        Section 2.3	 	    Denominations; Provisions for Payment	  	8
			
	        Section 2.4	 	    Execution and Authentications	  	9
			
	        Section 2.5	 	    Registration of Transfer and Exchange	  	10
			
	        Section 2.6	 	    Temporary Securities	  	11
			
	        Section 2.7	 	    Mutilated, Destroyed, Lost or Stolen Securities	  	12
			
	        Section 2.8	 	    Cancellation	  	12
			
	        Section 2.9	 	    Benefits of Indenture	  	13
			
	        Section 2.10	 	    Authenticating Agent	  	13
			
	        Section 2.11  	 	    Global Securities	  	14
			
	 ARTICLE 3
	 	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	  	15
			
	        Section 3.1	 	    Redemption	  	15
			
	        Section 3.2	 	    Notice of Redemption	  	15
			
	        Section 3.3	 	    Payment Upon Redemption	  	16
			
	        Section 3.4	 	    Sinking Fund	  	16
			
	        Section 3.5	 	    Satisfaction of Sinking Fund Payments with Securities	  	17
			
	        Section 3.6	 	    Redemption of Securities for Sinking Fund	  	17

					
	 ARTICLE 4
	 	COVENANTS	  	17
			
	        Section 4.1    	 	    Payment of Principal, Premium and Interest	  	17
			
	        Section 4.2	 	    Maintenance of Office or Agency	  	18
			
	        Section 4.3	 	    Paying Agents	  	18
			
	        Section 4.4	 	    Appointment to Fill Vacancy in Office of Trustee	  	19
			
	        Section 4.5	 	    Compliance with Consolidation Provisions	  	19
			
	 ARTICLE 5
	 	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	20
			
	        Section 5.1	 	    Company to Furnish Trustee Names and Addresses of Securityholders	  	20
			
	        Section 5.2	 	    Preservation of Information; Communications With Securityholders	  	20
			
	        Section 5.3	 	    Reports by the Company	  	20
			
	        Section 5.4	 	    Reports by the Trustee	  	21
			
	 ARTICLE 6
	 	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	21
			
	        Section 6.1	 	    Events of Default	  	21
			
	        Section 6.2	 	    Collection of Indebtedness and Suits for Enforcement by Trustee	  	23
			
	        Section 6.3	 	    Application of Moneys Collected	  	24
			
	        Section 6.4	 	    Limitation on Suits	  	25
			
	        Section 6.5	 	    Rights and Remedies Cumulative; Delay or Omission Not Waiver	  	25
			
	        Section 6.6	 	    Control by Securityholders	  	26
			
	        Section 6.7	 	    Undertaking to Pay Costs	  	26
			
	 ARTICLE 7
	 	CONCERNING THE TRUSTEE	  	27
			
	        Section 7.1	 	    Certain Duties and Responsibilities of Trustee	  	27
			
	        Section 7.2	 	    Certain Rights of Trustee	  	28
			
	        Section 7.3	 	    Trustee Not Responsible for Recitals or Issuance or Securities	  	29

					
	        Section 7.4	 	    May Hold Securities	  	29
			
	        Section 7.5	 	    Moneys Held in Trust	  	29
			
	        Section 7.6	 	    Compensation and Reimbursement	  	30
			
	        Section 7.7	 	    Reliance on Officers’ Certificate	  	30
			
	        Section 7.8	 	    Disqualification; Conflicting Interests	  	30
			
	        Section 7.9	 	    Corporate Trustee Required; Eligibility	  	31
			
	        Section 7.10  	 	    Resignation and Removal; Appointment of Successor	  	31
			
	        Section 7.11	 	    Acceptance of Appointment By Successor	  	32
			
	        Section 7.12	 	    Merger, Conversion, Consolidation or Succession to Business	  	34
			
	        Section 7.13	 	    Preferential Collection of Claims Against the Company	  	34
			
	        Section 7.14	 	    Notice of Default	  	34
			
	 ARTICLE 8
	 	CONCERNING THE SECURITYHOLDERS	  	34
			
	        Section 8.1	 	    Evidence of Action by Securityholders	  	34
			
	        Section 8.2	 	    Proof of Execution by Securityholders	  	35
			
	        Section 8.3	 	    Who May be Deemed Owners	  	35
			
	        Section 8.4	 	    Certain Securities Owned by Company Disregarded	  	35
			
	        Section 8.5	 	    Actions Binding on Future Securityholders	  	36
			
	 ARTICLE 9
	 	SUPPLEMENTAL INDENTURES	  	36
			
	        Section 9.1	 	    Supplemental Indentures Without the Consent of Securityholders	  	36
			
	        Section 9.2	 	    Supplemental Indentures With Consent of Securityholders	  	38
			
	        Section 9.3	 	    Effect of Supplemental Indentures	  	38
			
	        Section 9.4	 	    Securities Affected by Supplemental Indentures	  	38
			
	        Section 9.5	 	    Execution of Supplemental Indentures	  	39
			
	 ARTICLE 10
	 	SUCCESSOR ENTITY	  	39
			
	        Section 10.1	 	    Company May Consolidate, Etc	  	39

					
	        Section 10.2	 	    Successor Entity Substituted	  	40
			
	        Section 10.3	 	    Evidence of Consolidation, Etc. to Trustee	  	40
			
	ARTICLE 11	 	    SATISFACTION AND DISCHARGE	  	40
			
	        Section 11.1	 	    Satisfaction and Discharge of Indenture	  	40
			
	        Section 11.2	 	    Application of Trust Money	  	42
			
	        Section 11.3	 	    Discharge and Defeasance of Securities of Any Series	  	42
			
	        Section 11.4	 	    Reinstatement	  	44
			
	        Section 11.5	 	    Deposited Moneys to be Held in Trust	  	44
			
	        Section 11.6	 	    Payment of Moneys Held by Paying Agents	  	44
			
	        Section 11.7	 	    Repayment to Company	  	44
			
	ARTICLE 12	 	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	45
			
	        Section 12.1	 	    No Recourse	  	45
			
	ARTICLE 13	 	MISCELLANEOUS PROVISIONS	  	45
			
	        Section 13.1	 	    Effect on Successors and Assigns	  	45
			
	        Section 13.2	 	    Actions by Successor	  	45
			
	        Section 13.3	 	    Surrender of Company Powers	  	45
			
	        Section 13.4	 	    Notices	  	46
			
	        Section 13.5	 	    Governing Law	  	46
			
	        Section 13.6	 	    Treatment of Securities as Debt	  	46
			
	        Section 13.7	 	    Compliance Certificates and Opinions	  	46
			
	        Section 13.8	 	    Payments on Business Days	  	47
			
	        Section 13.9	 	    Conflict with Trust Indenture Act	  	47
			
	        Section 13.10	 	    Counterparts	  	47
			
	        Section 13.11	 	    Separability	  	47
			
	        Section 13.12	 	    Compliance Certificates	  	47

					
	ARTICLE 14	 	SUBORDINATION OF SECURITIES	  	48
			
	        Section 14.1  	 	    Subordination Terms	  	48

 INDENTURE 
 INDENTURE, dated as of                          ,
200    , among ALASKA AIR GROUP, INC., a Delaware corporation (the “Company”), and
                                         
       , as trustee (the “Trustee”): 
 WHEREAS, for its lawful corporate purposes, the
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued
from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee; 
 WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of Securities: 
 ARTICLE 1 
 DEFINITIONS 
  

	SECTION 1.1	DEFINITIONS OF TERMS. 

 The terms defined in this Section
(except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings
specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities
Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities
Act as in force at the date of the execution of this instrument. 
 “Authenticating Agent” means an authenticating agent with
respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10. 
 “Authorized Officer”,
when used with respect to the Company, means the Chairman of the Board, the Vice Chairman of the Board, the President, a Vice President and Chief Executive Officer, the chief financial officer, the chief legal officer, the Treasurer, an Assistant
Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company. 
 “Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
  

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 “Board of Directors” means the Board of Directors of the Company or any duly authorized
committee of such Board. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of
the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 
 “Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, are authorized or obligated by law,
executive order or regulation to close. 
 “Certificate” means a certificate signed by the chairman of the Board of Directors, any
principal executive officer, any chief executive officer, any president, any senior vice president, any vice president, any principal financial officer or any principal accounting officer, any treasurer or any assistant treasurer, any controller or
any assistant controller, any secretary or any assistant secretary of the Company. The Certificate need not comply with the provisions of Section 13.7. 
 “Company” means ALASKA AIR GROUP, INC., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article Ten, shall also include its successors and
assigns. 
 “Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of
the Company by one or more Authorized Officers of the Company, and delivered to the Trustee. 
 “Corporate Trust Office” means the
office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at
                                         
       ; Attention:                     , except that whenever a provision herein refers to an office or
agency of the Trustee in the Borough of Manhattan, the City of New York, such office is located, at the date hereof, at
                                         
       , Attn:                     . 
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 “Default” means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 
 “Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or other
applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1 or 2.11. 
  

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 “Event of Default” means, with respect to Securities of a particular series, any event
specified in Section 6.1, continued for the period of time, if any, therein designated. 
 “Global Security” means, with
respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of
the Depositary or its nominee. 
 “Governmental Obligations” means securities that are (a) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian
for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 
 “herein”, “hereof” and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. 
 “Indenture” means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof. 
 “Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with
respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable. 
 “Officers’ Certificate” means a certificate signed by a chief executive officer, a president, a senior vice president or a vice president and by the chief financial officer or the treasurer or an assistant treasurer or the
controller or an assistant controller or the secretary or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Each such certificate shall include the statements provided for in
Section 13.7, if and to the extent required by the provisions thereof. 
 “Opinion of Counsel” means an opinion in writing
subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in
Section 13.7, if and to the extent required by the provisions thereof. 
  

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 “Outstanding”, when used with reference to Securities of any series, means, subject to the
provisions of Section 8.4, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent,
or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall
have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such
Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article Three provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.7. 
 “Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Predecessor Security” of any particular Security
means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 
 “Redemption
Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Responsible Officer” when used with respect to the Trustee means any officer in the Corporate Trust Office of the Trustee, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with
the particular subject. 
 “Securities” means the debt Securities authenticated and delivered under this Indenture. 
 “Securityholder”, “holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose
name or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms of this Indenture. 
 “Stated Maturity”, when used with respect to any security or any installment of principal thereof or interest thereon, means the date specified in such Security or a coupon representing such installment of
interest as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its
Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner. 
  

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 “Trustee” means
[                    ], and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time
there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that
series. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
 “Voting Stock”, as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the
occurrence of a contingency. 
 ARTICLE 2 
 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION 
 AND EXCHANGE OF SECURITIES 
  

	SECTION 2.1	DESIGNATION AND TERMS OF SECURITIES. 

 (a) The aggregate
principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time
authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in
an Officers’ Certificate, or established in one or more indentures supplemental hereto: 
 (1) the title of the
Securities of the series (which shall distinguish the Securities of that series from all other Securities); 
 (2) any limit
upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of that series); 
 (3) the date or dates on which the principal of the Securities of the series is payable,
any original issue discount that may apply to the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment; 
 (4) the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if
any; 
 (5) the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be
payable or the manner of determination of 

  

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such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest
Payment Dates or the manner of determination of such record dates; 
 (6) the right, if any, to extend the interest payment
periods and the duration of such extension; 
 (7) the period or periods within which, the price or prices at which and the
terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company; 
 (8) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund
obligations) or at the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation; 
 (9) the form of the Securities of the series including the form of the Certificate of Authentication
for such series; 
 (10) if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
the denominations in which the Securities of the series shall be issuable; 
 (11) any and all other terms (including terms,
to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent
with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 (12) whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the
Depositary for such series; 
 (13) whether the Securities will be convertible into or exchangeable for shares of common stock
or other securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated
and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period; 
 (14) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1; 
  

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 (15) any additional or different Events of Default or restrictive covenants (which may
include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in
respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries placing restrictions on their ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments; sell or
otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders and affiliates; issue or sell stock of their Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include,
among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based or asset-based ratios) provided for with respect to the Securities of the
series; 
 (16) if other than dollars, the coin or currency in which the Securities of the series are denominated (including,
but not limited to, foreign currency); 
 (17) the terms and conditions, if any, upon which the Company shall pay amounts in
addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes; 
 (18) any restrictions on transfer, sale or assignment of the Securities of the series; and 
 (19) the subordination terms of the Securities of the series. 
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any
such Board Resolution or in any indentures supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant
to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate of the Company setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with
different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be
payable and with different redemption dates. 
  

	SECTION 2.2	FORM OF SECURITIES AND TRUSTEE’S CERTIFICATE. 

 The
Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board
Resolution, and set forth in an Officers’ Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this Indenture, 

  

 7 

 
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange
on which Securities of that series may be listed, or to conform to usage. 
  

	SECTION 2.3	DENOMINATIONS; PROVISIONS FOR PAYMENT. 

 The Securities
shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.1(10). The Securities of a particular series shall bear interest payable on the
dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency
of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
 The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more
Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is
subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.3.

 Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the
Company, at its election, as provided in clause (1) or clause (2) below: 
 (1) The Company may make payment of any
Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be
fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more
than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and,
in the name 

  

 8 

 
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed,
first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted
Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record
date. 
 (2) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such 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. 
 Unless otherwise set forth in a Board Resolution or one or
more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest
Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment
Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the
fifteenth day of a month, whether or not such date is a Business Day. 
 Subject to the foregoing provisions of this Section, each Security
of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

  

	SECTION 2.4	EXECUTION AND AUTHENTICATIONS. 

 The Securities shall be
signed on behalf of the Company by its chief executive officer, or one of its presidents, or one of its senior vice presidents, or one of its vice presidents, or its chief financial officer, or its chief legal officer, or its treasurer, or one of
its assistant treasurers, or its controller or one of its assistant controllers, or its secretary, or one of its assistant secretaries, under its corporate seal attested by its secretary or one of its assistant secretaries. Signatures may be in the
form of a manual or facsimile signature. 
 The Company may use the facsimile signature of any Person who shall have been a chief executive
officer, president, senior vice president or vice president thereof, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, secretary or assistant secretary thereof, notwithstanding the
fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed,
affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the
Trustee. 
  

 9 

 A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or
by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and
delivery of such Securities, signed by a chief executive officer, president, senior vice president or any vice president, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, and its
secretary or any assistant secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities. 
 In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture. 
 The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 
  

	SECTION 2.5	REGISTRATION OF TRANSFER AND EXCHANGE. 

 (a) Securities of
any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations,
and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company
shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not
contemporaneously outstanding. 
 (b) The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the
Borough of Manhattan, the City and State of New York, or such other location designated by the Company, a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities
and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”). 
  

 10 

 Upon surrender for transfer of any Security at the office or agency of the Company designated for such
purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate
principal amount. 
 All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be
accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s
duly authorized attorney in writing. 
 (c) Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in
an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.6, Section 3.3(b) and Section 9.4 not
involving any transfer. 
 (d) The Company shall not be required (i) to issue, exchange or register the transfer of any Securities
during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor
(ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The provisions of this Section 2.5 are,
with respect to any Global Security, subject to Section 2.11 hereof. 
  

	SECTION 2.6	TEMPORARY SECURITIES. 

 Pending the preparation of
definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary
Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay
the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the
Company designated for the purpose in the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount
of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 
  

 11 

	SECTION 2.7	MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES. 

 In case
any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall
authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or
stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the
applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 In case
any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the
case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
 Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any
law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
  

	SECTION 2.8	CANCELLATION. 

 All Securities surrendered for the purpose
of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall
be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the
Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard 

  

 12 

 
procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
  

	SECTION 2.9	BENEFITS OF INDENTURE. 

 Nothing in this Indenture or in
the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of any indebtedness of the
Company to which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and
provisions being for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of any indebtedness of the Company to which the Securities of any series are
subordinated). 
  

	SECTION 2.10	AUTHENTICATING AGENT. 

 So long as any of the Securities of
any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be
acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business
to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible
in accordance with these provisions, it shall resign immediately. 
 Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its
appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
  

 13 

	SECTION 2.11	GLOBAL SECURITIES. 

 (a) If the Company shall establish
pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee,
(iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 
 (b) Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 
 (c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such
series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any
series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.4, the
Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in
authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in
such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in
whose names such Securities are so registered. 
  

 14 

 ARTICLE 3 
 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 
  

	SECTION 3.1	REDEMPTION. 

 The Company may redeem the Securities of any
series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.1 hereof. 
  

	SECTION 3.2	NOTICE OF REDEMPTION. 

 (a) In case the Company shall
desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall
cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date
fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole
or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction. 
 Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be
redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less than
all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 
 In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to
be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
 (b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice in advance of the
date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may
provide for the selection of a portion or portions (equal to one thousand U.S. 

  

 15 

 
dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be
redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its
chief executive officer, president or any senior vice president or vice president, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the
manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent,
the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section. 
  

	SECTION 3.3	PAYMENT UPON REDEMPTION. 

 (a) If the giving of notice of
redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the
payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice,
said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest
installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.3). 
 (b) Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall
deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 
  

	SECTION 3.4	SINKING FUND. 

 The provisions of Sections 3.4, 3.5 and 3.6
shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for Securities of such series. 
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of 

  

 16 

 
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.5. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
  

	SECTION 3.5	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. 

 The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the
redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
  

	SECTION 3.6	REDEMPTION OF SECURITIES FOR SINKING FUND. 

 Not less than
45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms
of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together with such Officers’ Certificate, deliver to
the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Section 3.3. 
 ARTICLE 4 
 COVENANTS 
  

	SECTION 4.1	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. 

 The Company
will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities. Payments
of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the
Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such
Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the time provided herein and established with respect to such
Securities by U.S. dollar check mailed 

  

 17 

 
to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar
account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions in writing
to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date). 
  

	SECTION 4.2	MAINTENANCE OF OFFICE OR AGENCY. 

 So long as any series of
the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect to each such series and at such other location or locations as may be designated as
provided in this Section 4.2, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and
(iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, 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, notices and demands. The Company initially appoints the corporate trust office of [                    ], an
affiliate of the Trustee, located in the Borough of Manhattan, the City of New York as its paying agent with respect to the Securities. 
  

	SECTION 4.3	PAYING AGENTS. 

 (a) If the Company shall appoint one or
more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section: 
 (1) that it will hold all sums held by it as such agent for the payment of the principal of
(and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto; 
 (2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of
the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 
 (3) that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent;
and 
  

 18 

 (4) that it will perform all other duties of paying agent as set forth in this Indenture.

 (b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of
the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so
becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities)
to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the
paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the
Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 
 (c) Notwithstanding anything in this Section to
the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.7, and (ii) 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 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 terms and conditions as those upon which such
sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 
  

	SECTION 4.4	APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE. 

 The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
  

	SECTION 4.5	COMPLIANCE WITH CONSOLIDATION PROVISIONS. 

 The Company
will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any
other Person unless the provisions of Article Ten hereof are complied with. 
  

 19 

 ARTICLE 5 
 SECURITYHOLDERS’ LISTS AND REPORTS 
 BY THE COMPANY AND THE TRUSTEE 
  

	SECTION 5.1	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF SECURITYHOLDERS. 

 The Company will furnish or cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of
each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the
Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar. 
  

	SECTION 5.2	PRESERVATION OF INFORMATION; COMMUNICATIONS WITH SECURITYHOLDERS. 

 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.1
and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished. 
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in
connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 
  

	SECTION 5.3	REPORTS BY THE COMPANY. 

 The Company covenants and agrees
to provide a copy to the Trustee, within 15 days after the Company is required to file the same with the Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act. 
  

 20 

	SECTION 5.4	REPORTS BY THE TRUSTEE. 

 (a) The Trustee shall transmit to
the Securityholders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the time and in the manner provided pursuant thereto. If required by Section 313(a) of the
Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 
 (c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities
exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 
 ARTICLE 6 
 REMEDIES OF THE TRUSTEE AND

 SECURITYHOLDERS ON EVENT OF DEFAULT 
  

	SECTION 6.1	EVENTS OF DEFAULT. 

 (a) Whenever used herein with respect
to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 30 days;
provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 
 (2) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the
same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of
the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any; 
 (3) the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this
Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of
Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied 

  

 21 

 
and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified
mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 
 (4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case,
(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or 
 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days. 
 (b) In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the
Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the
Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series
shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 
 (c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the
principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under
applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.6, and (ii) any and all
Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall
have been remedied or waived as provided in Section 6.6. 
  

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 No such rescission and annulment shall extend to or shall affect any subsequent default or impair any
right consequent thereon. 
 (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series
under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any
determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such
proceedings had been taken. 
  

	SECTION 6.2	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. 

 (a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, and such default shall have continued for a period of 90 Business Days, or (ii) in
case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon
declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with
interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series;
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.6. 
 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be
entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the
Securities of that series, wherever situated. 
 (c) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and
shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series
allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may 

  

 23 

 
become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to
make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6. 
 (d) All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.6, be for the ratable benefit of the holders of the Securities of such series. 
 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement
contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

  

	SECTION 6.3	APPLICATION OF MONEYS COLLECTED. 

 Any moneys collected by
the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or
premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6; 
 SECOND: To the payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Article Fourteen;

 THIRD: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest,
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest,
respectively; and 
  

 24 

 FOURTH: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled
thereto. 
  

	SECTION 6.4	LIMITATION ON SUITS. 

 No holder of any Security of any
series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of
Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby;
(iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal
amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 
 Notwithstanding anything
contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or
affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee,
that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such
Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of
Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
  

	SECTION 6.5	RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER. 

 (a) Except as otherwise provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers
and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect
to such Securities. 
  

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 (b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right
or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of
Section 6.4, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 
  

	SECTION 6.6	CONTROL BY SECURITYHOLDERS. 

 The holders of a majority in
aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture. Subject to the provisions of
Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the
Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when
the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the
Trustee (in accordance with Section 6.1(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be
restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  

	SECTION 6.7	UNDERTAKING TO PAY COSTS. 

 All parties to this Indenture
agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, 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, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted
by the Trustee, to 

  

 26 

 
any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of
any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or
established pursuant to this Indenture. 
 ARTICLE 7 
 CONCERNING THE TRUSTEE 
  

	SECTION 7.1	CERTAIN DUTIES AND RESPONSIBILITIES OF TRUSTEE. 

 (a) The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with
respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to
the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) No provision of
this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred: 
 (A) the duties and obligations of the Trustee shall
with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (B) in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates
or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirement of this Indenture; 
  

 27 

 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the
Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with
respect to the Securities of that series; and 
 (iv) None of the provisions contained in this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such
funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it. 
  

	SECTION 7.2	CERTAIN RIGHTS OF TRUSTEE. 

 Except as otherwise provided
in Section 7.1: 
 (a) The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed
in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 
 (c) The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith
and in reliance thereon; 
 (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the 
 Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein
shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs; 
  

 28 

 (e) The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f) The Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.4); provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms
of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee,
shall be repaid by the Company upon demand; and 
 (g) The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 
  

	SECTION 7.3	TRUSTEE NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OR SECURITIES. 

 (a) The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. 
 (b) The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 
 (c) The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for
the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.1, or for the use or application of any moneys received by any paying agent other than the
Trustee. 
  

	SECTION 7.4	MAY HOLD SECURITIES. 

 The Trustee or any paying agent or
Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 
  

	SECTION 7.5	MONEYS HELD IN TRUST. 

 Subject to the provisions of
Section 11.7, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon. 
  

 29 

	SECTION 7.6	COMPENSATION AND REIMBURSEMENT. 

 (a) The Company covenants
and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee
may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly
provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or bad faith and except as the Company and
Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.

 (b) The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for
reasonable expenses, disbursements and advances shall constitute indebtedness of the Company to which the Securities are subordinated. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities. 
  

	SECTION 7.7	RELIANCE ON OFFICERS’ CERTIFICATE. 

 Except as
otherwise provided in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to
take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under
the provisions of this Indenture upon the faith thereof. 
  

	SECTION 7.8	DISQUALIFICATION; CONFLICTING INTERESTS. 

 If the Trustee
has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act. 
  

 30 

	SECTION 7.9	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. 

 There shall at
all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its
bank holding company parent shall have) a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 
 If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 
  

	SECTION 7.10	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 

 (a)
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage
prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such
series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of
such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any one of the following shall occur: 
 (i) the Trustee shall fail to comply with the
provisions of Section 7.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 
  

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 (ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 7.9 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 
 (iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any
public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of
which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor trustee. 
 (c) The holders of a majority in aggregate principal amount of the Securities of any series at
the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the
provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 
 (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any
particular series. 
  

	SECTION 7.11	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 

 (a) In case of
the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each 

  

 32 

 
successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor
trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for
any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such
retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and
obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the
extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates. 
 (c) Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
 (d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article. 
 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 
  

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	SECTION 7.12	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 

 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver
the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
  

	SECTION 7.13	PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY. 

 The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the Trust Indenture Act to the extent included therein. 
  

	SECTION 7.14	NOTICE OF DEFAULT 

 If any Default or any Event of Default
occurs and is continuing and if such Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture
Act notice of the Default or Event of Default within 45 days after it occurs, unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or
interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interest of the Securityholders. 
 ARTICLE 8 
 CONCERNING THE SECURITYHOLDERS 
  

	SECTION 8.1	EVIDENCE OF ACTION BY SECURITYHOLDERS. 

 Whenever in this
Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of
instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing. 
  

 34 

 If the Company shall solicit from the Securityholders of any series any request, demand, authorization,
direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may
be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date. 
  

	SECTION 8.2	PROOF OF EXECUTION BY SECURITYHOLDERS. 

 Subject to the
provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made
in the following manner: 
 (a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner
acceptable to the Trustee. 
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate
of the Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall
deem necessary. 
  

	SECTION 8.3	WHO MAY BE DEEMED OWNERS. 

 Prior to the due presentment
for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of
such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of,
premium, if any, and (subject to Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

  

	SECTION 8.4	CERTAIN SECURITIES OWNED BY COMPANY DISREGARDED. 

 In
determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this 

  

 35 

 
Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or
indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for
the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that
have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the
pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the
advice of counsel shall be full protection to the Trustee. 
  

	SECTION 8.5	ACTIONS BINDING ON FUTURE SECURITYHOLDERS. 

 At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in
this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee,
and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all
future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any
action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee
and the holders of all the Securities of that series. 
 ARTICLE 9 
 SUPPLEMENTAL INDENTURES 
  

	SECTION 9.1	SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF SECURITYHOLDERS. 

 In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 
 (a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 
  

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 (b) to comply with Article Ten, including to evidence the succession of another Person to the Company and
the assumption by any such successor of the covenants of the Company herein and in the Securities contained; 
 (c) to provide for
uncertificated Securities in addition to or in place of certificated Securities; 
 (d) to add to the covenants, restrictions, conditions or
provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such
covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company; 
 (e) to add any
additional Events of Default; 
 (f) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series
of Securities; provided, however, that any such addition, change or elimination not otherwise permitted under this Section 9.1 shall (i) neither (A) apply to any Security of any series created prior to the execution of such
supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Securityholder of any such Security with respect to such provision or (ii) become effective only when there is no such Security
outstanding; 
 (g) to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as
provided in Section 2.1, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities; 

(h) to evidence and provide for the acceptance of appointment hereunder by a successor trustee; 
 (i) to comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture
under the Trust Indenture Act; or 
 (j) to make any other provisions with respect to matters or questions arising under this Indenture,
provided that such action shall not adversely affect the interests of the Securityholders of Securities of any series or any related coupons in any material respect. 
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  

 37 

 Any supplemental indenture authorized by the provisions of this Section may be executed by the Company
and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2. 
  

	SECTION 9.2	SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS. 

 With the consent (evidenced as provided in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time
Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.1 the rights of
the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed
maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 
 It shall not be necessary for
the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

 

	SECTION 9.3	EFFECT OF SUPPLEMENTAL INDENTURES. 

 Upon the execution of
any supplemental indenture pursuant to the provisions of this Article or of Section 10.1, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  

	SECTION 9.4	SECURITIES AFFECTED BY SUPPLEMENTAL INDENTURES. 

 Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.1, may bear a notation in form
approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of
that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Securities of that series then Outstanding. 
  

 38 

	SECTION 9.5	EXECUTION OF SUPPLEMENTAL INDENTURES. 

 Upon the request of
the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided,
however, that such Officers’ Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.1 hereof.

 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Trustee shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the
Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 ARTICLE 10 
 SUCCESSOR ENTITY 
  

	SECTION 10.1	COMPANY MAY CONSOLIDATE, ETC. 

 Except as provided pursuant
to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or
merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or
successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance,
transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and
punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to 

  

 39 

 
Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the
Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall
have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental
indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares
of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance,
transfer or other disposition. 
  

	SECTION 10.2	SUCCESSOR ENTITY SUBSTITUTED. 

 (a) In case of any such
consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set
forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the
predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 (b) In case of any
such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 (c) Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company
where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company). 
  

	SECTION 10.3	EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE. 

 The Trustee,
subject to the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption,
comply with the provisions of this Article. 
 ARTICLE 11 
 SATISFACTION AND DISCHARGE 
  

	SECTION 11.1	SATISFACTION AND DISCHARGE OF INDENTURE. 

 This Indenture
shall upon Company Request cease to be of further effect with respect to any series of Securities (except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided for or in the form of
Security for such 

  

 40 

 
series and any right to receive additional amounts), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series, when 
 (a) either 
 (i) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 2.7 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Sections 11.5, 11.6 and 11.7) have been delivered to the Trustee for cancellation; or 
 (ii) all such Securities of such series not theretofore delivered to the Trustee for cancellation 
 (A) have become due and payable, or 
 (B) will become due and payable at their Stated Maturity within one year of
the date of deposit, or 
 (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in
the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and payable), or to the Stated Maturity or the Redemption Date, as the
case may be; 
 (b) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such series;
and 
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that, with respect
to such series, all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to such series, the obligations of the Company to the Trustee with respect to such series under this Section 11.1 and Sections 7.6 and 7.10, the obligations
of the Company to any Authenticating Agent under Section 2.10, and, if money shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 11.2,
11.5 and Section 11.7, shall survive. 
  

 41 

	SECTION 11.2.	APPLICATION OF TRUST MONEY. 

 Subject to the provisions of
Section 11.7, all money deposited with the Trustee pursuant to Section 11.1, all money and U.S. Government Obligations deposited with the Trustee (or a successor trustee satisfying the requirements of Section 7.9) pursuant to
Section 11.3 and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant to Section 11.3 shall be held in trust and shall be applied by it, in accordance with the provisions of the
series of Securities and this Indenture, to the payment, either directly or through any paying agent as the Trustee may determine, to the Persons entitled thereto, of all sums due and to become due thereon in respect of the principal of (and
premium, if any) and interest, if any, on the Securities for which payment of such money has been deposited with the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Section 11.3. 
  

	SECTION 11.3.	DISCHARGE AND DEFEASANCE OF SECURITIES OF ANY SERIES. 

 If
this Section 11.3 is specified to be applicable to the Securities of any series, then, notwithstanding the provisions of Section 11.1, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding
Securities of any such series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such Outstanding Securities, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall, upon Company Request execute proper instruments acknowledging the same), except as to: 
 (a)
the rights of Holders of Securities of such series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of (and premium, if any) and each installment of principal of (and premium, if any) or
interest, if any, on the Outstanding Securities of such series on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to the Securities of
such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and such Securities; and 
 (b) the rights, powers, trusts, duties and immunities of the Trustee hereunder with respect to such series, including those set forth in Section 7.6, 7.10, 11.2, 11.2, 11.5 and 11.7; and 
 (c) either (i) if this Section 11.3(c)(i) is specified, as contemplated by Section 2.1, to be applicable to the Securities of any series,
the Company’s obligations with respect to the Securities of such series under Sections 2.5, 2.6, 2.7, 4.2, 11.2, 11.5, 11.6 and 11.7; or, alternatively, (ii) if this Section 11.3(c)(ii) is specified, as contemplated by
Section 2.1, to be applicable to the Securities of any series, the Company’s obligations with respect to such Securities under Sections 2.5, 2.6, 2.7, 4.1, 4.2, 11.2 and 11.7; 
 provided that, the following conditions shall have been satisfied: 
 (d) the Company shall have irrevocably deposited or caused to be deposited (in accordance with Section 11.2) with the Trustee (or another trustee satisfying the requirements of Section 7.9) as trust funds in
trust specifically pledged as security for, and dedicated solely to, the benefit of the Securityholders of the Securities of that series, with reference to this Section 

  

 42 

 
11.3 (i) money in an amount, or (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in
accordance with their terms will provide not later than one Business Day before the due date of any payment referred to in clause (A) or (B) of this subparagraph (d) money in an amount, or (iii) a combination thereof, sufficient,
in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium, if any) and each
installment of principal of (and premium, if any) and interest, if any, on the Outstanding Securities of such series on the Stated Maturity of such principal or installment of principal or interest or on the applicable Redemption Date and
(B) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities; 

(e) such deposit shall not cause the Trustee with respect to the Securities of such series to have a conflicting interest as defined in
Section 7.8 or for purposes of the Trust Indenture Act with respect to the Securities of any series; 
 (f) such deposit will not result
in a breach or violation of, or constitute a default under, any applicable laws, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (g) if this Section 11.3(g) is specified, as contemplated by Section 2.1, to be applicable to the Securities of any series, such provision
would not cause any Outstanding Securities of such series then listed on the New York Stock Exchange or other nationally recognized securities exchange to be de-listed as a result thereof; 
 (h) no Event of Default or event which with the giving of notice or lapse of time or both would become an Event of Default with respect to the Securities
of that series shall have occurred and be continuing on the date of such deposit or at any time during the period ending on the 91st day after such date; 
 (i) the Company has delivered to the Trustee an Opinion of Counsel to the effect that, based upon applicable United States Federal income tax law or a ruling published by the Internal Revenue Service (which opinion,
for the purposes contemplated by Section 11.3(c)(i), must be based on a change in applicable United States Federal income tax law after the date of this Indenture or a ruling published by the Internal Revenue Service after the date of this
Indenture), the Holders of the Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to United States Federal income
tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; and 
 (j) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the defeasance contemplated by this Section have been
complied with. 
  

 43 

	SECTION 11.4.	REINSTATEMENT 

 If the Trustee is unable to apply any money
in accordance with Section 11.3 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.3 until such time as the Trustee is permitted to apply all such money in accordance with Section 11.3; provided, however,
that if the Company makes any payment of principal of (and premium, if any) or interest on any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of the Securities of such series to
receive such payment from the money held by the Trustee. 
  

	SECTION 11.5	DEPOSITED MONEYS TO BE HELD IN TRUST. 

 All moneys or
Governmental Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.3 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying
agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee. 
  

	SECTION 11.6	PAYMENT OF MONEYS HELD BY PAYING AGENTS. 

 In connection
with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 
  

	SECTION 11.7	REPAYMENT TO COMPANY. 

 Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the
holders of such Securities for two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee
shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the
payment thereof. 
  

 44 

 ARTICLE 12 
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 
  

	SECTION 12.1	NO RECOURSE. 

 No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or
of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or
agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such
rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this
Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
 ARTICLE 13 
 MISCELLANEOUS PROVISIONS

  

	SECTION 13.1	EFFECT ON SUCCESSORS AND ASSIGNS. 

 All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 
  

	SECTION 13.2	ACTIONS BY SUCCESSOR. 

 Any act or proceeding by any
provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the Company. 
  

	SECTION 13.3	SURRENDER OF COMPANY POWERS. 

 The Company by instrument in
writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor
corporation. 
  

 45 

	SECTION 13.4	NOTICES. 

 Except as otherwise expressly provided herein,
any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be
given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: Alaska Air Group, Inc., 19300 International Boulevard, Seattle, Washington
98188, Attention: General Counsel. Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 
  

	SECTION 13.5	GOVERNING LAW. 

 This Indenture and each Security shall be
deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable. 
  

	SECTION 13.6	TREATMENT OF SECURITIES AS DEBT. 

 It is intended that the
Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention. 
  

	SECTION 13.7	COMPLIANCE CERTIFICATES AND OPINIONS. 

 (a) Upon any
application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand
as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 
 (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in
this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  

 46 

	SECTION 13.8	PAYMENTS ON BUSINESS DAYS. 

 Except as provided pursuant to
Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of
maturity or redemption, and no interest shall accrue for the period after such nominal date. 
  

	SECTION 13.9	CONFLICT WITH TRUST INDENTURE ACT. 

 If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  

	SECTION 13.10	COUNTERPARTS. 

 This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
  

	SECTION 13.11	SEPARABILITY. 

 In case any one or more of the provisions
contained in this Indenture or in the Securities of any series 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 provisions of this
Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
  

	SECTION 13.12	COMPLIANCE CERTIFICATES. 

 The Company shall deliver to the
Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an Officers’ Certificate stating whether or not the signers know of any Default or Event of Default that occurred during such
fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of
grace or requirement of notice provided under this Indenture. If any of the officers of the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or Event of Default and
its status. 
  

 47 

 ARTICLE 14 
 SUBORDINATION OF SECURITIES 
  

	SECTION 14.1	SUBORDINATION TERMS. 

 The payment by the Company of the
principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or
more indentures supplemental hereto relating to such Securities. 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed all as of the day and year first above written. 
  

			
	ALASKA AIR GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[                                       
                                         
    ]
	as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 48Settlement and Release Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 SETTLEMENT AND RELEASE AGREEMENT 
 THIS SETTLEMENT AND RELEASE AGREEMENT (the “Agreement”) is made and entered into
as of April 7, 2008 (the “Effective Date”) by and between Repligen Corporation, a Delaware corporation having offices at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453, The Regents of the University of
Michigan having offices at 1214 S. University Ave., 2nd Floor, Ann Arbor, MI 48104 and Bristol-Myers Squibb Company, a Delaware
corporation having offices at Route 206 & Province Line Road, Princeton, NJ 08543. 
 RECITALS 
 WHEREAS, BMS has commercialized the drug product ORENCIA® (Abatacept) that contains a fusion protein that consists of the extracellular domain of human CTLA4 linked to the modified Fc portion of human immunoglobulin G1, for therapeutic use in humans; 
 WHEREAS, UM and Repligen own and/or control certain patent rights relating to CTLA4 and its therapeutic use; 
 WHEREAS, in connection with the settlement of the Pending Action, BMS wishes to obtain license rights under certain patent rights owned and/or controlled
by Licensors for certain products, including but not limited to Abatacept and products containing Abatacept; 
 WHEREAS, UM and Repligen are
willing to grant and consent to (to the extent the consent of either is required) the license rights to BMS on the terms and conditions set forth below; 
 WHEREAS, Repligen and UM filed the Pending Action against BMS in the United States District Court for the Eastern District of Texas, Case No. 2:06-cv-4-TJW, alleging claims relating to infringement of U.S. Patent
No. 6,685,941; 
 WHEREAS, BMS denied infringing U.S. Patent No. 6,685,941 due to invalidity, unenforceability, and/or contractual
rights; and 
 WHEREAS, Repligen, UM and BMS desire to enter an agreement to settle the Pending Action and resolve any and all patent
infringement disputes related to the Pending Action in order to avoid further litigation risks and expenses and to seek an amicable and final business resolution and settlement of the Pending Action. 
 NOW, THEREFORE, in consideration of the above premises which are an integral part of this Agreement and incorporated fully herein, and the promises and
the mutual covenants recited herein, the Parties agree as follows. 
 ARTICLE 1 
 DEFINITIONS 
 The terms in this Agreement with initial letters capitalized, whether
used in the singular or the plural, shall have the meaning set forth below or, if not listed below, the meaning designated in places throughout this Agreement. 

 1.1 “Affiliate” means any Person that (directly or indirectly) through one or more
intermediaries, controls, is controlled by, or is under common control with the Party specified. For the purposes of this definition, “control” shall mean the possession, direct or indirect, of the power to cause the direction of the
management and policies of a Person, whether through ownership of fifty percent (50%) or more of the voting securities of such Person, by contract or otherwise. 
 1.2 “Belatacept” means the fusion protein known as Belatacept (also known as LEA29Y), and any pharmaceutical product containing such protein. 
 1.3 “BMS” means Bristol-Myers Squibb Company. 
 1.4 “BMS Released Parties” and “BMS Releasor” means BMS’s agents, servants, attorneys, employees, officers, directors, Affiliates, predecessors, successors, assigns, licensors,
transferees (including but not limited to Sublicensees), representatives and all persons and entities acting by, through, under, or in concert with them or any of them (but excluding Licensor or any Licensor Releasor to the extent that such Licensor
or Licensor Releasor would otherwise become a BMS Released Party or BMS Releasor by virtue of a right or license granted in or pursuant to this Agreement). 
 1.5 “Business Day” or “business day” means a day other than Saturday, Sunday or any day on which commercial banks located in New York, New York are authorized or obligated by
applicable laws to close. 
 1.6 “Calendar Quarter” means each three month period commencing
January 1, April 1, July 1 and October 1 of each year during the term of this Agreement. 
 1.7
“Calendar Year” means each successive period of 12 months commencing on January 1 and ending on December 31. 
 1.8 “Combination Product” means a Product that includes at least one additional active ingredient (whether coformulated or copackaged) (which is not a protein as defined in Section 1.28 below) in addition to the
protein as defined in Section 1.28. Drug delivery vehicles, adjuvants, and excipients shall not be deemed to be “active ingredients”, except in the case where such delivery vehicle, adjuvant, or excipient is recognized by the FDA as
an active ingredient in accordance with 21 CFR 210.3(b)(7). 
 1.9 “Controlled” or “Controls” means, with
respect to any Patent, possession by a Licensor of the right, whether directly or indirectly, and whether by ownership, license or otherwise, to grant a license or sublicense or covenant not to sue under such Patent to BMS as provided for herein
without violating the terms of any agreement in effect as of the Effective Date with any Third Party. 
 1.10 “CTLA4” means
cytotoxic T lymphocyte-associated antigen 4. 
 1.11 “Dollar” or “$” means the lawful currency of the
United States. 
 1.12 “Effective Date” shall have the meaning set forth in the preamble of this Agreement. 
 1.13 “Field” means the diagnosis, treatment, control or prevention of any human disease, disorder or condition. 
 1.14 “GAAP” means U.S. Generally Accepted Accounting Principles. 

 1.15 “HHMI” means the Howard Hughes Medical Institute. 
 1.16 “Licensed CTLA4 Product” means (i) any protein (including a fusion protein) that contains all or a portion of the
extracellular domain of CTLA4, (ii) any other soluble CTLA4 molecule and (iii) CTLA4 antibodies; and any pharmaceutical product containing any of the foregoing. For clarity, “Licensed CTLA4 Product” includes without limitation
Belatacept and Product. 
 1.17 “Licensed Patents” means the Thompson Patent Rights and the Other Patents. 
 1.18 “Licensor” means each of Repligen and UM individually. “Licensors” means Repligen and UM collectively. 

1.19 “Licensor Releasor” and “Licensor Released Parties” means for each Licensor, their respective agents, servants,
attorneys, employees, officers, directors, Affiliates, predecessors, successors, assigns, licensors, transferees, representatives and all persons and entities acting by, through, under, or in concert with them or any of them (but excluding BMS or
any BMS Releasor to the extent that BMS or such BMS Releasor would otherwise become a Licensor Released Party or Licensor Releasor by virtue of a right or license granted in or pursuant to this Agreement). 
 1.20 “Navy” means individually and collectively the United State Department of the Navy, the Naval Medical Research Center and/or The
United States of America as represented by the Secretary of the Navy. 
 1.21 “Navy License Agreement” means the Exclusive
License Agreement between Repligen and the United States Department of the Navy at the Naval Medical Research Center (signed by Repligen on December 19, 2003) relating to U.S. Patent Application 08/385,194 and any amendments thereto.

 1.22 “Net Sales” means, as to each Calendar Quarter, the gross invoiced sales prices charged for all Product sold in the
U.S. during such Calendar Quarter, by or for BMS, its Affiliates and Sublicensees to Third Parties, after deduction (if not already deducted in the amount invoiced and only to the extent that such sums are otherwise included in the gross invoiced
sales price) of the following items actually incurred by BMS, its Affiliates or Sublicensees during such Calendar Quarter with respect to such sales of Product in that Calendar Quarter: 
 (a) trade, cash, and/or quantity discounts, retroactive price reductions, charge-back payments and rebates actually taken and allowed, including discounts
or rebates to governmental or managed care organizations; 
 (b) credits or allowances given or recorded for rejection or return of
previously sold Product (including, without limitation, returns of Product in connection with recalls or withdrawals); 
 (c) any tax,
tariff, duty or government charge (including any tax such as a value added or similar tax or government charge other than an income tax) levied on the sale, transportation or delivery of a Product and borne by the seller thereof without
reimbursement from any third party; 
 (d) freight out, postage, shipping and insurance charges for delivery of such Product if separately
set out on the invoice; and 
 (e) amounts written off by reason of uncollectible debt. 

 Net Sales and all of the foregoing deductions from the gross invoiced sales prices of Product shall be
determined in accordance with BMS’s standard accounting procedures and in accordance with GAAP. In the event that BMS, its Affiliates or Sublicensees make any adjustments to such deductions after the associated Net Sales have been reported
pursuant to this Agreement, the adjustments shall be reported and reconciled with the next report and payment of any royalties due under Article 4. A Product shall be considered “sold” when it is invoiced, shipped or paid for, whichever
shall occur first. 
 In the case of any Combination Product sold in the U.S., Net Sales for such Combination Product shall be calculated by
multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of the Product if sold separately without the other active ingredient(s), and B is the total invoice price of the other active
ingredient(s) in the Combination Product, if sold separately. If such other active ingredient(s) in the Combination Product are not sold separately, Net Sales for the purpose of determining royalties of the Combination Product shall be calculated by
multiplying actual Net Sales of such Combination Product by the fraction A/D, where A is the invoice price of the Product if sold separately, and D is the invoice price of the Combination Product. If neither the Product nor such other active
ingredient(s) is sold separately, the Parties shall in good faith, determine Net Sales for such Combination Product by mutual agreement. 
 For avoidance of doubt, Net Sales shall be determined as set forth above based on sales of the Product in the U.S. only. Sales of Product outside of the U.S. shall not be included in the determination of Net Sales. 
 1.23 “Other Patents” means, with respect to each Licensor, all Patents Controlled by such Licensor as of the Effective Date, other than
the Thompson Patent Rights, upon which such Licensor (or any Third Party obtaining rights to such Patents) could assert, now or in the future, a claim of infringement based on the manufacture, use, sale, offer for sale, exportation and/or
importation of any Licensed CTLA4 Product. For clarity, Other Patents shall include: (i) all Patents filed after the Effective Date which claim priority to any of the foregoing Patents, to the extent they cover subject matter disclosed and/or
claimed in the foregoing Patents; and (ii) any patent(s), other than the Thompson Patent Rights, issuing anywhere in the world from any application (including, but not limited to, divisionals, continuations, continuations-in-part and renewals)
that (1) is pending on or after the Effective Date and (2) claims priority (directly or indirectly) to the application from which U.S. Patent No. 6,685,941 issued or any application to which U.S. Patent No. 6,685,941 claims
priority, wherein the manufacture, use, sale, offer for sale, exportation and/or importation of any Licensed CTLA4 Product would infringe an issued claim or claims thereof. 
 1.24 “Party” means either Repligen, UM or BMS. “Parties” means collectively Repligen, UM and BMS. 
 1.25 “Patents” means (a) patents and patent applications in any country or jurisdiction, (b) all direct and indirect priority
applications, divisionals, continuations, and continuations-in-part of any of the foregoing, and (c) all patents issuing on any of the foregoing patent applications; together with all registrations, reissues, renewals, re-examinations,
confirmations, supplementary protection certificates and extensions, and applications therefor, of any of (a), (b) or (c). 
 1.26
“Pending Action” means the action pending as of the Effective Date between the Parties in the United States District Court for the Eastern District of Texas, Case No. 2:06-cv-4-TJW, relating to U.S. Patent No. 6,685,941.

 1.27 “Person” means any individual, firm, corporation, partnership, limited liability company, trust, business trust,
joint venture company, governmental authority, association or other entity. 

 1.28 “Product” means a fusion
protein that contains the extracellular domain of the human CTLA4, where such protein binds to CD80 (B7-1) and/or CD86 (B7-2), and any pharmaceutical product that contains such a protein in any form, formulation, dosage or presentation.
Pharmaceuticals that contain the same active ingredient shall be considered the same “Product” as one another even if marketed for different indications. Product shall exclude Belatacept and pharmaceutical products containing Belatacept.
Product shall include Abatacept and the pharmaceutical product containing Abatacept being sold by BMS under the trademark ORENCIA®. 
 1.29 “Prosecution and Maintenance” means (a) preparing, filing and prosecuting patent applications (including, but not limited to,
reissue, reexamination, continuation, continuation-in-part, divisional, and substitute applications and any foreign counterparts thereof, and extensions of the foregoing); (b) maintaining patent applications and patents; and (c) managing
interferences, oppositions or similar administrative proceedings relating to any of the foregoing, and any civil action relating to the inventorship, validity or patentability of a patent or patent application that does not include a claim of patent
infringement (including, but not limited to, the preparation and filing of all documents and participation in all oral hearings in connection with all the foregoing). 
 1.30 “Repligen” means Repligen Corporation and its Affiliates. 
 1.31 “Royalty
Term” means the period beginning on January 1, 2008 and ending on the earlier of (i) December 31, 2013 or (ii) at such time that all claims of U.S. Patent No. 6,685,941 have been disclaimed, abandoned, lapsed or
dedicated to the public or held revoked, unenforceable, unpatentable or invalid (whether through reexamination, reissue, opposition or otherwise) by a decision of a court or governmental agency of competent jurisdiction, which decision is
unappealable or unappealed within the time allowed for appeal, provided that such decision does not result from any action taken by BMS or any Person acting on the behalf of, with the assistance of, or in concert with BMS. 
 1.32 “Sublicensee” means any Third Party which is sublicensed by BMS or any of its Affiliates to market and sell Product, but shall not
include any wholesaler or distributor. 
 1.33 “Territory” means the entire world. 
 1.34 “Third Party” means any Person other than Repligen and its Affiliates, UM and BMS and BMS’s Affiliates. 
 1.35 “Thompson Patent Rights” means (i) U.S. Patent No. 6,685,941 issued February 3, 2004; (ii) any foreign
counterpart of U.S. Patent No. 6,685,941, (iii) any patent(s) issuing anywhere in the world from any application (including, but not limited to, divisionals, continuations, continuations-in-part and renewals) claiming priority (directly or
indirectly) to U.S. Patent No. 6,685,941, PCT/US93/03155, PCT/US94/06701, U.S. Ser. No. 08/385,194, U.S. Ser. No. 08/076,071, U.S. Ser. No. 12/044,679 and/or U.S. Ser. No. 10/714,055; (iv) any patents that are reissues,
reexaminations, extensions, or foreign counterparts of any of the foregoing; and (v) any application from which any of the foregoing patents issue; in each case for clauses (ii) through (v), to the extent that such application or patent
covers the manufacture, use, sale, offer for sale, exportation and/or importation of any Licensed CTLA4 Product. 
 1.36
“UM” means The Regents of the University of Michigan. 
 1.37 “U.S.” and “United States”
means the United States of America, including its territories and possessions. 

 1.38 “Written Approval Letter” means the written letter agreement between Repligen and
the Navy dated April 7, 2008. 
 ARTICLE 2 
 LICENSE GRANT, SETTLEMENT AND RELEASE 
 2.1 License. Subject to the terms and conditions of this
Agreement, Repligen hereby grants to BMS an exclusive, worldwide license, with the right to grant sublicenses (in accordance with Section 2.2), under the Thompson Patent Rights and the Other Patents to make, have made, use, sell, have sold,
offer for sale, import and/or export Licensed CTLA4 Product (including but not limited to Product and Belatacept) in the Territory in the Field. Subject to the terms and conditions of this Agreement, UM hereby grants, except to the extent that it
has already granted such rights to Repligen (in which case UM hereby consents to the foregoing grant of rights by Repligen to BMS), to BMS an exclusive, worldwide license, with the right to grant sublicenses (in accordance with Section 2.2),
under the Thompson Patent Rights and the Other Patents to make, have made, use, sell, have sold, offer for sale, import and/or export Licensed CTLA4 Product (including but not limited to Product and Belatacept) in the Territory in the Field,
provided that such license granted by UM under the Other Patents shall be limited to such rights as UM Controls as of the Effective Date. 
 2.2 Right to Grant Sublicenses. BMS shall have the right to grant, to BMS’s Affiliates and to Third Parties (including but not limited to Sublicensees), sublicenses of the rights granted under Section 2.1 in all or part of
the Territory (including on a country-by-country basis); provided that in the case of sublicenses with respect to Product: (a) BMS shall be responsible for the payment of all royalties payable based on the Net Sales of each Product sold
by a Sublicensee in accordance with Article 3, (b) any such sublicense shall include (i) a provision granting to BMS audit rights similar to Licensor’s audit rights under Section 4.4 of this Agreement, which rights BMS agrees to
exercise for Licensor at Licensor’s request, direction, and expense and (ii) provisions commensurate in scope with Sections 2.4(b), 5.3 and 5.4 of this Agreement, and (c) any such sublicense shall be subject to the reservations in
Section 2.6 and 2.7. 
 2.3 Release and Non-Assertion by Licensors. 
 (a) In consideration of and subject to the terms and conditions of this Agreement and effective immediately after receipt into Repligen’s account of
the funds subject to the wire payment referred to in Section 3.1 below, each Licensor, on behalf of itself and its Licensor Releasors, hereby releases BMS and the BMS Released Parties from any and all claims, demands and rights of action that
such Licensor and its Licensor Releasors may have on account of any infringement of any Licensed Patent Controlled by such Licensor (including but not limited to the Thompson Patent Rights) that occurred prior to the Effective Date as a result of
the manufacture, use, offer for sale, sale, exportation and/or importation of Licensed CTLA4 Product. 
 (b) In consideration of and subject
to the terms and conditions of this Agreement and effective immediately after receipt into Repligen’s account of the funds subject to the wire payment referred to in Section 3.1 below, each Licensor, on behalf of itself and its Licensor
Releasors, covenants not to either directly or indirectly make, file or maintain any claim, demand, lawsuit, action or cause of action, of whatever kind or character, in law or in equity (collectively, a “Claim”) against BMS or any
BMS Released Parties, jointly or severally, which Claim asserts that the manufacture, use, sale, offer for sale, import and/or export of Licensed CTLA4 Product infringes any claim of a Licensed Patent Controlled by such Licensor (including but not
limited to the Thompson Patent Rights). 

 (c) In consideration of and subject to the terms and conditions of this Agreement and effective
immediately after receipt into Repligen’s account of the funds subject to the wire payment referred to in Section 3.1 below, each Licensor, on behalf of itself and its Licensor Releasors, hereby forever releases BMS and the BMS Released
Parties from any and all claims asserted, or that could have been asserted, in the Pending Action. 
 2.4 Release and Non-Assertion by
BMS. 
 (a) In consideration of and subject to the terms and conditions of this Agreement and effective immediately after receipt into
Repligen’s account of the funds subject to the wire payment referred to in Section 3.1 below, BMS, on behalf of itself and its BMS Releasors, hereby releases Licensors and the Licensor Released Parties from any and all claims, demands and
rights of action that BMS and its BMS Releasors may have related to the Thompson Patent Rights that arose prior to the Effective Date. 
 (b)
In consideration of and subject to the terms and conditions of this Agreement and effective immediately after receipt into Repligen’s account of the funds subject to the wire payment referred to in Section 3.1 below, BMS, on behalf of
itself and its BMS Releasors, covenants not to either directly or indirectly make, file or maintain any claim, demand, lawsuit, action or cause of action, of whatever kind or character, in law or in equity, (including by way of example litigation or
administrative proceedings such as reexamination or opposition), challenging the validity or patentability of U.S. Patent 6,685,941 (collectively, a “Patent Challenge”), or assist or act in concert with any Third Party making any
such Patent Challenge. 
 (c) In consideration of and subject to the terms and conditions of this Agreement and effective immediately after
receipt into Repligen’s account of the funds subject to the wire payment referred to in Section 3.1 below, BMS, on behalf of itself and the BMS Releasors, hereby forever releases Licensors and the Licensor Released Parties from any and all
claims asserted, or that could have been asserted, in the Pending Action. 
 2.5 Stipulation Of Dismissal. Repligen, UM and BMS shall,
within three (3) business days after payment is made pursuant to Section 3.1 below, cause their respective counsel to execute and file in the Pending Action a stipulation of dismissal of all claims and counterclaims with prejudice,
pursuant to Rule 41(a), Fed. R. Civ. P., in the form attached hereto as Exhibit A. Each Party shall bear its own costs and fees associated with the Pending Action and no request, motion, petition or otherwise for such fees and/or costs
shall be made to the court with respect to the Pending Action. 
 2.6 Reservation of Rights for the Navy. Licensors reserve for the
Navy the rights retained by the Navy in accordance with the terms with the Navy License Agreement as modified by the Written Approval Letter. For clarification, such rights reserved by the Navy are solely with respect to and solely to the extent of
the Navy’s ownership interest in the “Licensed Patent”, as such term is defined in the Navy License Agreement, and in no way do any reserved or other rights of the Navy extend to rights in connection with patents or patent
applications owned or controlled by BMS outside this Agreement. 
 2.7 Reservation of Rights for HHMI. Licensors reserve the right for
HHMI, solely to the extent that UM has an obligation to reserve such rights for HHMI with respect to such patent rights, to use the Thompson Patent Rights and Other Patents for research and other non-commercial purposes only, without the right to
assign or sublicense such right. For avoidance of doubt, no rights are granted expressly or by implication under this Section 2.7 by BMS under any patent rights owned or controlled by BMS (other than such reserved rights under the Thompson
Patent Rights and Other Patents). 

 2.8 No Grant of Rights by BMS. It is expressly understood and agreed that nothing in this
Agreement shall be construed as a grant to anyone of any rights under any patents owned or controlled by BMS or to require BMS to grant any such rights in the future. 
 ARTICLE 3 
 PAYMENTS AND ROYALTIES 
 3.1 Payments. Within five (5) business days after the Effective Date, BMS shall pay to Repligen a payment in the amount of five million
dollars ($5,000,000). 
 3.2 Royalty Payments. In consideration of the licenses granted herein, and subject to the other provisions of
this Agreement, BMS shall pay to Repligen royalties based on the Net Sales of each Product sold during the Royalty Term. The royalty payable with respect to each particular Product shall be based on the level of aggregate annual Net Sales of such
Product in a given Calendar Year period by BMS, its Affiliates and Sublicensees, with the royalty rate tiered based upon the level of such aggregate Net Sales in such Calendar Year period as follows: 
 1.8% of annual Net Sales less than or equal to $500 million; 
 2% of annual Net Sales greater than $500 million and less than or equal to $1 billion; 
 4% of annual
Net Sales greater than $1 billion. 
 Royalties shall be calculated using the applicable royalty rate or rates set out above and shall be
determined based on the annual Net Sales of the Product for the Calendar Year in question, and shall be paid at the rate applicable to the portion of Net Sales within each of the above Net Sales tiers during such Calendar Year. By way of example,
for a Product in a given Calendar Year period, if the total Net Sales of such Product in such Calendar Year period is $1.2 billion, the royalty payable by BMS to Repligen will be (1.8% x $500 million) + (2% x $500 million) + (4% x $200 million) =
$27 million. 
 3.3 Sales To or Between BMS, its Affiliates and Sublicensees. No royalties shall be paid upon sales or transfer of
Product to or between any of BMS, its Affiliates, and Sublicensees for further sale, provided that in such case royalties shall be owed upon such further sale of Product in the U.S. by BMS, its Affiliates or Sublicensees to the first
independent Third Party. 
 3.4 No Credit Against Royalties. BMS shall not be entitled to deduct any portion of royalties paid to any
third party from the royalties due to Repligen pursuant to this Agreement for any reason. 
 3.5 One Royalty. Only one royalty shall
be payable under this Agreement with respect to the same unit of Product. 
 3.6 Expanded Access and Donations. No royalties shall
accrue on the disposition of Product in reasonable quantities by BMS, its Affiliates or Sublicensees for promotional purposes, as part of an expanded access program or as part of Phase 4 clinical trials or as donations to non-profit institutions or
government agencies, except, in each case, to the extent that BMS, its Affiliate or Sublicensees receives payment for such Product. 
 3.7
Royalty Term. BMS shall have no obligation to make any royalty payments or other payments to Repligen with respect to Net Sales prior to the start of the Royalty Term. For Net Sales after 

 
the end of the Royalty Term, BMS will have no further obligation to make any royalty payments to Repligen under this Agreement and the royalty-bearing
licenses and rights granted to BMS by Licensors under this Agreement shall then become fully paid-up and irrevocable, provided that all royalty payments due during the Royalty Term have been paid and the Agreement has not been terminated by
any Party prior to the end of the Royalty Term, subject to Article 7. 
 ARTICLE 4 
 RECORDS, REPORTS AND PAYMENTS 
 4.1 Reports. Within forty-five (45) days
after the end of each Calendar Quarter, BMS shall furnish to Repligen a written report with respect to the sales of all Product in the U.S. during such Calendar Quarter by BMS, its Affiliates and Sublicensees. Such report shall include (i) the
Net Sales and the amount of gross receipts of Product broken down by Product and seller (i.e., BMS, each Affiliate and each Sublicensee) and (ii) the determination of royalty owed (as specified in Article 3) on Net Sales of Product;
provided that, in the case where the Effective Date is after March 31, 2008, for Net Sales of Product that occurred during the period of January 1, 2008 through March 31, 2008 (the “First Quarter”), such report
for such Net Sales shall be furnished to Repligen within the later of (x) forty-five (45) days after the end of such First Quarter or (y) twenty (20) Business Days after the Effective Date. 
 4.2 Manner of Payment. Concurrently with each report pursuant to Section 4.1, BMS shall make the royalty payment then due to Repligen. All
payments under this Agreement shall be in Dollars and, unless otherwise agreed in writing, shall be made by wire transfer of immediately available funds to: 
 Citibank, 111 Wall Street, New York, NY 
 ABA # 021000089 
 A/C Bear Stearns 
 A/C # 09253186 
 Sub A/C : Repligen Corporation 
 Sub A/C # 220-12132 
 or such account of Repligen in such bank as Repligen may from time to time designate in writing. All royalty payments shall be free and clear of any taxes, duties, levies, fees or charges. 
 4.3 Interest. All royalty payments not made when due shall bear interest, calculated from the date such payment was due, at the annual rate of the
Bank Prime Loan rate in effect on the date such payment was due plus two percent (2%), as quoted in Federal Reserve Bulletin H.15 or a successor bulletin thereto, from time to time. 
 4.4 Records. BMS shall keep and shall cause its Affiliates and Sublicensees to keep true, complete and accurate records of all sales of all
Product in accordance with GAAP and in sufficient detail to permit Repligen to confirm the accuracy and completeness of BMS’s royalty payments. At Repligen’s request and expense, BMS shall permit, not more than once in a twelve
(12) month period, an independent certified public accountant, appointed by Repligen and acceptable to BMS, to examine (and copy to the extent reasonably necessary), at BMS’s principal place of business, upon reasonable notice and at
reasonable times and upon such accountant executing an appropriate confidentiality agreement with BMS, such records, solely to the extent necessary to verify the accuracy and completeness of BMS’s royalty payments. BMS shall be responsible for
providing access to such records that in the ordinary course of business are in the possession or control of its Affiliates and Sublicensees. Such examination shall be limited to a period of time no more than three (3) years immediately
preceding the request for examination. The report of any such examination shall be made simultaneously to Repligen and BMS 

 
and shall simply report the amount, if any, by which BMS has overpaid or underpaid its royalty payments and an explanation of how or why the overpayment or
underpayment occurred. If such public accountant correctly concludes that BMS’s royalty payments are in error such that royalties to Repligen were underpaid, then BMS shall promptly (in any event within 20 Business Days) pay the deficiency plus
interest pursuant to Section 4.3 to Repligen; and if royalties to Repligen were underpaid by more than seven-and-a-half percent (7.5%) of the total royalty obligation, then BMS shall additionally reimburse Repligen for its reasonable costs
incurred in examining such records. Any overpayments by BMS in the three (3) year period immediately preceding the request for such examination shall be fully creditable against amounts payable in subsequent payment periods. If no such amounts
become payable following the delivery of such report or if such amounts cannot be credited against amounts payable in subsequent payment periods owing to expiration or termination of this Agreement, then no refund shall be due. In no event shall BMS
be entitled to any credit for any overpayment of royalties that occurred prior to such three (3) year period. 
 ARTICLE 5 
 REPRESENTATIONS, WARRANTIES, AND DISCLAIMERS 
 5.1 Mutual Representations and Warranties. Each Party represents and warrants to the other Party that: (i) it has all requisite corporate power and authority to enter into this Agreement and to perform its obligations under this
Agreement; (ii) execution of this Agreement and the performance by such Party of its obligations hereunder have been duly authorized; (iii) this Agreement is legally binding and enforceable on each Party in accordance with its terms; and
(iv) the performance of this Agreement by it does not create a breach or default under or conflict with any other agreement or obligation to which it is a Party, or violate any applicable law, order, rule or regulation. 
 5.2 Representations and Warranties of Licensor. Each Licensor represents and warrants to BMS that: 
 (a) it has the full right, power, and corporate authority to enter into this Agreement and to make the covenants and grant the rights and licenses set
forth in this Agreement, and that this Agreement is enforceable against it in accordance with its terms; 
 (b) UM and the Navy are the joint
owners of all right, title, and interest in and to U.S. Patent No. 6,685,941; 
 (c) Repligen is the exclusive licensee with respect to
Thompson Patent Rights and Licensors jointly have the full legal right, power and ability to extend the rights and grant the exclusive licenses in, to and for the Thompson Patent Rights to BMS as set forth in this Agreement; 
 (d) Licensor is not a party to any agreement or other binding commitment or obligation of any kind, the terms of which (i) conflict with the
covenants and obligations of Licensor under this Agreement or the rights granted by Licensor to BMS under this Agreement or (ii) derogates from the rights granted by Licensor to BMS in this Agreement or the ability of Licensor to perform its
covenants and obligations under this Agreement; 
 (e) except for the exclusive license granted by UM to Repligen, and the rights of HHMI
under Section 2.2 of the License Agreement dated July 24, 2000 between Repligen and UM, as of the Effective Date, no Third Party holds any license and/or any option for a license and/or the grant of a covenant not to sue, from UM with
respect to the Thompson Patent Rights; 
 (f) as of the Effective Date, no Third Party holds any license and/or any option for a license
and/or the grant of a covenant not to sue, from Repligen with respect to the Thompson Patent Rights, 

 (g) it will not after the Effective Date enter into any agreements, contracts or other arrangements, or
relinquish any rights, that would be inconsistent with or in conflict with or in derogation of BMS’s rights and licenses under this Agreement or Licensor’s obligations under this Agreement, except as provided in Section 8.1 and
without limiting Section 8.2; 
 (h) Craig B. Thompson (co-inventor of U.S. Patent No. 6,685,941) has assigned all of his rights
with respect to the Thompson Patent Rights to UM; 
 (i) Carl H. June (co-inventor of U.S. Patent No. 6,685,941) has assigned all of his
rights with respect to the Thompson Patent Rights to The United States of America as represented by the Secretary of the Navy and/or UM; 
 (j) Repligen and/or UM has entered into enforceable written agreement(s) with the Navy granting to Repligen exclusive rights with respect to the rights and interest of Carl H. June and the Navy with respect to the Thompson Patent Rights
which enables Licensors to grant the exclusive license to BMS under this Agreement, subject only to the rights retained by the Navy in accordance with the terms with the Navy License Agreement as modified by the Written Approval Letter; 

(k) no Third Party has any rights to enforce the Thompson Patent Rights; 
 (l) it has not entered into any agreements, or relinquished any rights, related to the Thompson Patent Rights or Other Patents between March 5, 2008
and the Effective Date of this Agreement, with any Third Party, other than the Navy and except as provided in Section 8.1; 
 (m) it
will maintain, fully perform its obligations and will not relinquish any of its rights under any agreements existing as of the Effective Date granting or transferring any rights to it with respect to the Thompson Patent Rights or Other Patents,
except as provided in Section 8.1 and without limiting Section 8.2; 
 (n) with respect to any and all agreements of Licensor
through which Licensor has acquired or holds any rights to the Thompson Patent Rights: the rights under each such agreement are and shall remain in full force and effect; Licensor has not committed any act or failed to do any act that would
constitute a breach of the agreement or provide any Person with a right to terminate the agreement; and Licensor will provide BMS with any notice of default or deficiency received from any party to the agreement at least 20 days prior to the
expiration of any period allowed to cure the default or deficiency, and thereafter BMS shall have the right (but not the obligation or responsibility) to cure the alleged default or deficiency and to deduct any payment made for that purpose from the
next royalty payment(s) due to Repligen under Article 3 but only if such default or deficiency is cured through a monetary payment; 
 (o)
prior to the Effective Date it has obtained any necessary approval from HHMI to enter into and grant the rights and licenses to BMS under this Agreement; and 
 (p) prior to the Effective Date Repligen has provided BMS with a copy of the Written Approval Letter. 
 5.3
Disclaimer. Nothing in this Agreement is or shall be construed as: 
 (a) a warranty or representation by Licensor as to the validity,
enforceability, or scope of any claim or patent or patent application within the Licensed Patents in the Territory; 
 (b) subject to the
representations and warranties of Licensor under Section 5.2, a warranty or representation by Licensor that anything made, used, sold, or otherwise disposed of under any 

 
license granted in this Agreement is or will be free from infringement of any patent rights or other intellectual property right of any Third Party;

 (c) a grant by Licensor, whether by implication, estoppel, or otherwise, of any licenses or rights, under any patent or patent
application, or under any know-how or other right, other than that expressly granted under Article 2; 
 (d) an obligation by any Party to
bring or prosecute actions or suits against any Third Party for infringement of any of the Licensed Patents; or 
 (e) a representation or
acknowledgement by BMS that any claim of any patent or patent application within the Licensed Patents is or has been infringed by any product or activity. 
 5.4 Further Disclaimer. NO WARRANTY IS GIVEN WITH RESPECT TO THE LICENSED PATENTS, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND THE PARTIES SPECIFICALLY DISCLAIM ANY
EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF THE LICENSED PATENTS, OR NON-INFRINGEMENT OF THE PATENT OR OTHER RIGHTS OF ANY THIRD PARTY. 
 5.5 IN NO EVENT SHALL ANY PARTY, INCLUDING THEIR REGENTS, FELLOWS, OFFICERS, EMPLOYEES AND AGENTS, BE RESPONSIBLE OR LIABLE FOR ANY INDIRECT, SPECIAL,
INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS, LOSS OF OPPORTUNITY, OR OTHER ECONOMIC LOSS OR DAMAGE WITH RESPECT TO ANY CAUSE OF ACTION ARISING OUT OF THIS AGREEMENT, REGARDLESS OF LEGAL OR EQUITABLE THEORY, PROVIDED,
HOWEVER, THAT (i) NOTHING IN THIS SECTION 5.5 SHALL IN ANY WAY MODIFY OR OTHERWISE AFFECT BMS’S OBLIGATION TO PAY ROYALTIES IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT, NOR LIMIT LICENSORS’ RIGHT TO SEEK AND RECOVER FULL
DAMAGES FOR ANY UNPAID ROYALTIES FROM BMS, ITS AFFILIATES OR SUBLICENSEES AND (ii) THERE SHALL BE NO LIMITATION ON AVAILABLE REMEDIES AND THIS SECTION 5.5 SHALL NOT APPLY WITH RESPECT TO ANY CAUSE OF ACTION BASED ON THE WILLFUL, INTENTIONAL,
RECKLESS AND/OR GROSSLY NEGLIGENT BREACH OF ANY OBLIGATION, REPRESENTATION, WARRANTY AND/OR COVENANT UNDER THIS AGREEMENT BY A PARTY. 
 ARTICLE 6 
 INDEMNIFICATION 
 6.1 BMS Indemnification. Subject to Section 6.2, BMS shall indemnify, defend and hold Repligen, and their respective directors, trustees, officers, employees and agents (collectively, the “Indemnitee”) harmless
from and against any and all liabilities, claims, demands, expenses (including, without limitation, attorneys and professional fees and other costs of litigation), losses or causes of action (each, a “Liability”) arising out of or
relating in any way to (i) the possession, manufacture, use, sale or other disposition of Product or Licensed CTLA4 Product by BMS, its Affiliates and Sublicensees hereunder, whether based on breach of warranty, negligence, product liability or
otherwise, (ii) subject to Section 8.3, the exercise of any right granted to BMS pursuant to this Agreement, or (iii) any breach of this Agreement by BMS, its Affiliates and Sublicensees except to the extent, in each case, that such
Liability is caused by (x) the negligence or willful misconduct of a Licensor and/or the Indemnitee (or its directors, officers, employees and agents) seeking protection under this provision or (y) a Licensor’s material breach of this
Agreement or any representation or warranty under this Agreement. 

 6.2 Indemnification Procedure. A claim to which indemnification applies under Section 6.1 or
6.2 shall be referred to herein as an “Indemnification Claim”. If an Indemnitee intends to claim indemnification under this Article 6, the Indemnitee or the appropriate Licensor shall notify BMS in writing promptly upon becoming
aware of any claim that may be an Indemnification Claim. BMS shall have the right to assume and control the defense of the Indemnification Claim at its own expense with counsel selected by BMS, provided, however, that an Indemnitee or the
appropriate Licensor shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, if Indemnitee determines that representation of such Indemnitee by the counsel retained by BMS would be inappropriate due
to actual or potential differing interests between such Indemnitee and any party represented by such counsel in such proceedings. BMS shall have the right to settle or compromise any claims for which it is providing indemnification under this
Article 6, provided that the consent of the Indemnitee (which shall not be unreasonably withheld, delayed or conditioned) shall be required in the event any such settlement or compromise would adversely affect the interests of the Indemnitee.
The indemnification obligations of BMS under this Article 6 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the consent of BMS. The failure to deliver notice to BMS
within a reasonable time after the commencement of any action subject to this Article 6, if materially prejudicial to BMS’s ability to defend such action, shall relieve BMS of any obligation to the Indemnitee under this Article 6 with respect
to Liability relating to or arising from such action. The Indemnitee and its employees and agents, shall reasonably cooperate with BMS and its legal representatives in the investigation of any action, claim or liability covered by this
indemnification. 
 6.3 UM Indemnification. UM shall indemnify, defend and hold BMS and its directors, officers and employees harmless
from and against any and all liabilities, claims, demands, expenses (including, without limitation, reasonable attorneys fees and other costs of litigation), losses or causes of action (“UM Liabilities”) arising out of or relating
in any way to UM’s entering into this Agreement and the terms hereof, and specifically including without limitation any claim, demand or assertion of rights against BMS or those in privity with it by any party with whom UM has an agreement
(including HHMI) relating to any patent rights licensed to BMS under this Agreement. UM shall have the right to assume and control the defense and settlement of any such UM Liabilities, and BMS shall reasonably cooperate in those
activities. For clarity, this indemnity shall apply even if UM were to default in making any required payments to a Third Party (including HHMI). UM’s obligation under this Section 6.3 shall terminate if this Agreement is terminated
under Section 7.3. This Section 6.3 shall not be subject to Section 5.5. 
 ARTICLE 7 
 TERM AND TERMINATION 
 7.1 Term. This
Agreement shall commence as of the Effective Date and, unless sooner terminated in accordance with this Article 7, shall continue thereafter in accordance with its terms and conditions. 
 7.2 Termination By BMS. Subject to Section 7.4, BMS shall have the right to terminate this Agreement upon delivery of written notice to
Licensors in the event of any material breach by Repligen and/or UM of any terms and conditions of this Agreement, provided that such breach has not been cured within ninety (90) business days after written notice thereof is given by BMS
to Licensors specifying the nature of the alleged breach. 
 7.3 Termination By Repligen. Subject to Section 7.4, Repligen shall
have the right to terminate this Agreement upon delivery of written notice to BMS in the event of any material breach by 

 
BMS of any terms and conditions of this Agreement, provided that such breach has not been cured within ninety (90) business days after written
notice thereof is given by Repligen to BMS specifying the nature of the alleged breach. 
 7.4 Disputed Breach. If a Party disputes in
good faith the existence or materiality of a breach specified in a notice provided under Section 7.2 or 7.3, the Party providing such notice shall not have the right to terminate this Agreement unless and until such dispute has been resolved
(including as necessary through litigation). It is understood and acknowledged that during the pendency of such a dispute, all of the terms and conditions of this Agreement shall remain in full force and effect. 
 7.5 Effect of Termination. Termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued
hereunder prior to the effective date of such termination or expiration nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law or in equity, with respect to any breach of this Agreement nor prejudice either
Party’s right to obtain performance of any obligation. Termination of this Agreement in whole or in part for any reason shall not relieve BMS of its obligations to pay all royalties that shall have accrued hereunder prior to the effective date
of termination. Subject to and without limiting BMS’s rights under the first sentence of this Section 7.5, termination of this Agreement shall result in the termination of the licenses and covenants granted to BMS and its Sublicensees
under Article 2, except as provided in Section 7.6. The provisions of Section 4.4, Article 5, Article 6, and Sections 7.5, 7.6, 9.4, 9.8 and 9.13 shall survive termination of the Agreement for any reason. 
 7.6 Direct License to Sublicensee on Termination. A sublicense granted by BMS to a Sublicensee under this Agreement shall survive termination of
this Agreement and shall be deemed to be a direct license from each Licensor to such Sublicensee beginning on the date of termination, provided that (i) such Sublicensee is then in full compliance with all terms of this Agreement and the
respective sublicense, (ii) BMS is then in full compliance with all terms of this Agreement, including but not limited to Section 2.2, with respect to such sublicense, (iii) such Sublicensee agrees in writing to assume all of the
obligations of BMS under this Agreement and can reasonably show the capacity to comply with such obligations to the same extent as BMS, (iv) the obligations of Licensor under such direct license shall not be greater than the obligations of
Licensor under this Agreement, (v) the scope of such direct license shall not be broader than the rights sublicensed by BMS to such Sublicensee and (vi) no Licensor shall accept any liability with respect to such sublicense incurred prior
such date of termination. 
 ARTICLE 8 
 PATENT PROSECUTION AND ENFORCEMENT 
 8.1 Prosecution and Maintenance of the Thompson Patents Rights. Subject to
Section 8.2 and without limiting any rights of BMS that may exist separately from this Agreement, the Licensors retain control of Prosecution and Maintenance of Licensed Patents, and agree to maintain any issued patent within the Thompson
Patent Rights at the expense of the Licensors by timely paying any applicable government imposed maintenance fees. Any costs associated with Prosecution and Maintenance of applications within the Licensed Patents shall be borne by the Licensors,
except as provided in Section 8.2. Notwithstanding the foregoing, the Parties agree that Licensors will abandon the following applications: 
 U.S.
Serial No. 12/044,679; JP 2006-284411; CA 2,133,075; and EP 4015607.7 (published as EP1488805A). 

 8.2 Transfer of Prosecution and Maintenance of Licensed Patents. If a Licensor elects not to
continue Prosecution and Maintenance of any patents or patent applications within Thompson Patent Rights (other than U.S. Serial No. 12/044,679; JP 2006-284411; CA 2,133,075; and EP 4015607.7 (published as EP1488805A)) for which Prosecution and
Maintenance is controlled by it (the “Transferring Party”), that Party shall notify BMS in writing of such election at least thirty (30) days prior to the last available date for action to preserve such patents or patent
applications. At BMS’s option, BMS can elect to continue Prosecution and Maintenance of such patents or patent applications at its sole expense. In such case, the Transferring Party will provide BMS with all reasonable assistance and
cooperation, and execute such documents, as are necessary to continue or permit continuing Prosecution and Maintenance of such patents or patent applications by BMS, including, but not limited to, make its employees and agents reasonably available
to BMS (or to BMS’s authorized attorneys, agents or representatives) to the extent reasonably necessary to enable BMS to continue Prosecution and Maintenance of such patents or patent applications. 
 8.3 Liability. Upon assuming Prosecution and Maintenance of a patent or patent application under Section 8.2, BMS will have no liability with
regard to Prosecution and Maintenance assumed by it, and will be free, at its sole option, to discontinue Prosecution and Maintenance of such patent or patent application at any time without further notification to or approval by the Transferring
Party or other Party under this Agreement. 
 8.4 Status Reports. At BMS’s reasonable request, each Licensor agrees to provide,
for any or all Licensed Patents for which Prosecution and Maintenance is being conducted by or on behalf of such Licensor: (1) a status report (including, but not limited to, the country, application or patent number, and status (such as
pending, granted, or expired)) for such Licensed Patents, and (2) copies of all material correspondence after the Effective Date of this Agreement with the U.S. Patent and Trademark Office (“USPTO”) or its foreign counterparts
for such Licensed Patents, to the extent that such correspondence is not otherwise publicly available and to the extent that BMS does not already possess such copies. Licensors agree to negotiate with BMS in good faith to provide that any material
correspondence with the USPTO or its foreign counterparts for such Licensed Patents shall not be subject to any further obligations of Paragraph 24 of the Parties’ “Protective Order” filed March 8, 2007. 
 8.5 Enforcement of the Licensed Patents. BMS shall have the first opportunity in its sole discretion, but not the obligation, to enforce the
Thompson Patent Rights at its expense. Licensors agree to reasonably assist BMS, upon BMS’s request and at BMS’s expense, in taking action to enforce the Thompson Patent Rights. Licensors will join any such action as parties if requested
by BMS, at BMS’s expense if they are represented by BMS’s counsel, otherwise at their own expense. All monies recovered upon the final judgment or settlement of any such action, to the extent based on the enforcement of the Thompson Patent
Rights, shall be used first, to reimburse the costs and expenses (including reasonable attorneys’ fees and costs) of the Parties with respect to such action, with the remainder to be divided as follows: (i) as to ordinary damages based on
lost sales or profits, BMS shall retain such funds and such funds based on lost sales or profits during the Royalty Term will be treated as Net Sales and royalties will be payable by BMS to Repligen with respect to such Net Sales in accordance with
this Agreement and (ii) as to special or punitive damages, BMS shall retain such damages. In no event shall BMS have any obligation to join any action brought to enforce the Thompson Patent Rights. 
 ARTICLE 9 
 MISCELLANEOUS PROVISIONS

 9.1 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed to constitute or give rise to a
partnership, agency, distributorship, employer-employee, joint venture, or 

 
fiduciary relationship between the Parties. No Party shall incur any debts or make any commitments for the other. 
 9.2 Assignment. This Agreement may not be assigned or otherwise transferred by a Party without the consent of the other Parties which consent
shall not be unreasonably withheld; provided however, that BMS, UM or Repligen may, without such consent, assign this Agreement together with all of its rights and obligations hereunder to its Affiliates, or to a successor in interest in
connection with the transfer or sale of all or substantially all of its business to which this Agreement relates, or in the event of its merger or consolidation or change in control or similar transaction, subject in each such case to the assignee
agreeing to be bound by the terms of this Agreement, including without limitation the obligations and covenants under Section 2.3 and 2.4. Any permitted assignee of any of the Licensed Patents shall agree to be bound by all applicable terms of
this Agreement, including without limitation the obligations and covenants under Section 2.3 and 2.4. Any permitted assignee or successor shall assume and be bound by all obligations of its assignor or predecessor under this Agreement. Any
purported assignment in violation of the preceding sentences in this Section 9.2 shall be void. 
 9.3 Further Acts and
Instruments. Upon request by a Party, the other Party(ies) agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be reasonably necessary or appropriate in order to carry out the purposes and
intent of this Agreement. 
 9.4 Use of Names and Trademarks. Except as otherwise provided herein, no right, expressed or implied, is
granted by this Agreement to use in any commercial manner the name of a Party, Navy, HHMI, Craig B. Thompson, or Carl H. June or any other trade name or trademark of such entities or individuals in connection with the performance of this Agreement.
Subject to any other limitations of this Agreement, this Section 9.4 shall not prohibit a Party from disclosing the name of a Party solely in the public reporting of this Agreement. 
 9.5 Entire Agreement. This Agreement, together with its Exhibits, constitutes and contains the entire understanding and agreement of the Parties
with respect to the subject matter hereof, and cancels and supersedes any and all prior negotiations, correspondence, understandings and agreements, whether verbal or written, between the Parties respecting the subject matter hereof, including but
not limited to the term sheet executed by the Parties on March 4, 2008. No waiver, modification, or amendment of any provision of this Agreement shall be valid or effective unless made in writing and signed by a duly authorized representative
of each of the Parties. 
 9.6 Severability. In the event any one or more of the provisions of this Agreement should for any reason be
held by any court or authority having jurisdiction over this Agreement or either of the Parties to be invalid, illegal or unenforceable, such provision or provisions shall be validly reformed to as nearly as possible approximate the intent of the
Parties and, if unreformable, shall be divisible and deleted in such jurisdiction; elsewhere, this Agreement shall not be affected so long as the Parties are still able to realize the principal benefits bargained for in this Agreement. 

9.7 Waiver. The waiver by a Party of any breach of or default under any of the provisions of this Agreement or the failure of a Party to
enforce any of the provisions of this Agreement or to exercise any right hereunder shall not constitute or be construed as a waiver of any other breach or default or as a waiver of any such rights or provisions hereunder. 
 9.8 Governing Law. This Agreement shall be governed by, enforced, and shall be construed in accordance with the laws of the State of Delaware
without regard to its conflicts of law provisions. For the purposes of any suit, action or other proceeding arising out of, or under or in connection with this Agreement, the Parties are free to agree or not agree to the form of such proceeding,
whether litigation or 

 
arbitration, provided that, in the event that any suit, action or other proceeding is to be submitted to a court (whether as agreed upon by all
Parties or, in the absence of an agreement, through any one of them), the Parties hereby will irrevocably submit to the jurisdiction of (i) the United States District Court for the Eastern District of Texas or the United States District Court
for the District of Delaware (each a “District Court”), and otherwise to the exclusive jurisdiction of (ii) the Supreme Court or Chancery Court of the State of Delaware (each a “State Court”) . Each Party
agrees to commence any such action, suit or proceeding in such District Court or if such suit, action or other proceeding may not be brought in such court for jurisdictional reasons, in a State Court. Each Party further agrees that service of any
process, summons, notice or document by certified mail, return receipt requested, to such Party’s respective address set forth below in Section 9.9 shall be effective service of process for any action, suit or other proceeding with respect
to any matters to which it has submitted to jurisdiction in this Section. Each Party irrevocably and unconditionally waives any defense or objection to the laying of venue of any action, suit or other proceeding arising out of this Agreement in
(i) a State Court, or (ii) the District Court, and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim any defense or objection in any such court that any such action, suit or other proceeding
brought in any such court has been brought in an inconvenient forum. 
 9.9 Notices. Any notice, request, consent, or other document
required or permitted to be given under this Agreement or otherwise relating to this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile (with a confirming copy sent by
overnight courier), or sent by overnight courier or registered mail to the Party to whom it is directed at its address shown below or such other address as such Party shall have last given by notice to the other Party. Any such notice, requests,
delivery, approval or consent shall be deemed received on the date of hand delivery or transmission by facsimile (provided that such date is a business day, otherwise it shall be deemed received on the next business day), one
(1) business day after dispatch by overnight courier, or five (5) business days after dispatch of the registered mail. The Parties may agree by written or electronic acknowledgment on a case-by-case basis to accept such notice, request,
consent, or other document by other means, such as electronic transmission. 
 If to BMS, addressed to: 
 Bristol-Myers Squibb Company 
 P.O. Box 4000

 Route 206 & Province Line Road 
 Princeton, NJ 08543-4000 
 Attention: Senior Vice President, Corporate and Business Development 

With a copy to: 
 Bristol-Myers Squibb
Company 
 P.O. Box 4000 
 Route
206 & Province Line Road 
 Princeton, NJ 08543-4000 
 Attention: Vice President & Senior Counsel, Business Development 
 If to Repligen, addressed
to: 
 Repligen Corporation 
 41 Seyon Street 
 Building #1, Suite 100 
 Waltham, MA 02453 
 Attention: President and Chief Executive Officer 
 If to UM, addressed to: 

 University of Michigan 
 Office of Technology Transfer 
 1214 S. University
Ave., 2nd Floor 
 Ann Arbor, MI
48104-2592 
 9.10 Press Release. Upon execution of this Agreement, Repligen shall issue a press release announcing this Agreement in
the mutually agreed upon form attached hereto as Exhibit B. 
 9.11 Bankruptcy. The Parties agree that in the event a Party
becomes a debtor under Title 11 of the U.S. Code (“Title 11”), this Agreement shall be deemed to be, for purposes of Section 365(n) of Title 11, a license to rights to “intellectual property” as defined therein. Each
Party as a licensee hereunder shall have the rights and elections as specified in Title 11. Any agreements supplemental hereto shall be deemed to be “agreements supplementary to” this Agreement for purposes of Section 365(n) of Title
11. 
 9.12 Dispute Resolution. The Parties shall seek to settle amicably any and all disputes or claims arising out of or in
connection with this Agreement. Any such dispute or claim between the Parties shall be presented to senior representatives of each Party (to be designated by each Party) (such representatives of each Party being the “Senior
Representatives”) for resolution. Such Senior Representatives, or their respective designees, will meet in-person or by teleconference as soon as reasonably possible thereafter, and use their good faith efforts to mutually agree upon the
resolution of the dispute or claim. If such dispute or claim cannot be resolved within sixty (60) days of presentation to the Senior Representatives, or their respective designees, for resolution, unless the Parties otherwise agree in writing,
any Party may pursue the resolution of such dispute or claim through litigation in accordance with Section 9.8. 
 9.13
Interpretation. 
 (a) Each of the Parties acknowledges and agrees that this Agreement has been diligently reviewed by and negotiated
by and between them, that in such negotiations each of them has been represented by competent counsel and that the final agreement contained herein, including the language whereby it has been expressed, represents the joint efforts of the Parties
hereto and their counsel. Accordingly, in interpreting this Agreement or any provision hereof, no presumption shall apply against any Party hereto as being responsible for the wording or drafting of this Agreement or any such provision, and
ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 
 (b) The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect
as the word “shall”. The word “any” shall mean “any and all” unless otherwise clearly indicated by context. 
 (c) Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (ii) any reference to any laws herein shall be construed as referring to such laws as from
time to time enacted, repealed or amended, (iii) any reference herein to any Person shall be construed to include the Person’s successors and assigns, (iv) the words “herein”, “hereof” and “hereunder”,
and words of similar import, 

 
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, and (v) all references herein to Articles or
Sections, unless otherwise specifically provided, shall be construed to refer to Articles and Sections of this Agreement. 
 (d) Headings and
captions are for convenience only and are not be used in the interpretation of this Agreement. 
 9.14 Counterparts. This Agreement
may be executed simultaneously in three or more counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same instrument, and may be executed and
delivered through the use of facsimiles or email of pdf copies of the executed Agreement. 
 * * * 
 [signature page follows] 

 IN WITNESS WHEREOF, Licensors and BMS have caused this Agreement to be executed by their duly authorized
representatives. 
  

					
	 REPLIGEN CORPORATION
	  	
	  
 By:
	 	  
  
	  	
	  
 Title:
	 	  
  
	  	
	  
 Date:
	 	  
  
	  	
	  
 THE REGENTS OF THE
UNIVERSITY OF MICHIGAN
	  	
	  
 By:
	 	  
  
	  	
	  
 Title:
	 	  
  
	  	
	  
 Date:
	 	  
  
	  	
	  
 BRISTOL-MYERS SQUIBB
COMPANY
	  	
	  
 By:
	 	  
  
	  	
	  
 Title:
	 	  
  
	  	
	  
 Date:
	 	  
  
	  	

 EXHIBIT A 
 IN THE UNITED STATES DISTRICT COURT 
 FOR THE EASTERN DISTRICT OF TEXAS 
 MARSHALL DIVISION 
  

			
	 REPLIGEN CORPORATION and THE
 REGENTS OF THE
UNIVERSITY OF
 MICHIGAN,
  
 Plaintiffs,
  
                 v.
  
 BRISTOL-MYERS SQUIBB COMPANY,
  
 Defendant.
	 	Case No. 2:06-cv-4-TJW

 STIPULATION OF DISMISSAL 
 WHEREAS Plaintiffs Repligen Corporation and The Regents of the University of Michigan (collectively “Plaintiffs”) and Defendant Bristol-Myers
Squibb Company (“Bristol”), as indicated by the signature of counsel appearing below, have agreed to the dismissal of this action, pursuant to Federal Rule of Civil Procedure 41 and subject to the terms of this Order and a settlement
agreement, dated April __, 2008, 
 NOW, THEREFORE, it is ordered as follows: 
  

	 	1.	The claims by Plaintiffs against Bristol are hereby dismissed with prejudice. 

  

	 	2.	The claims by Bristol against Plaintiffs are hereby dismissed with prejudice. 

  

	 	3.	Each party shall bear its own costs and attorneys fees attributable to the prosecution and defense of the claims. 

 STIPULATED AND AGREED 
  

											
	 BY:
	  	  
	  		  	 BY:
	 	  
	  	
		  	 Samuel F. Baxter (Bar No. 01938000)
 McKOOL SMITH P.C.

 505 East Travis Street, Suite 105
 Marshall, Texas
75670
 (903) 927-2111
 (903) 927-2622 (facsimile)
  
 OF COUNSEL:
  
 John Garvish (Bar No. 24043681)
 McKOOL SMITH P.C.
 300 W. 6th Street, Suite 1700
 Austin TX 78701
 (512) 692.8731
 (512) 692.8744
  
 Ahmed J. Davis
 FISH & RICHARDSON P.C.
 1425 K Street, N.W., 11th Floor
 Washington, DC 20005
 (202) 783-5070

(202) 783-2331 (facsimile)
  
 Juanita Brooks
 FISH & RICHARDSON P.C.
 12390 El Camino Real
 San Diego, CA 92130
 (858) 678-5070
 (858) 678-5099 (facsimile)
  
 Robert E. Hillman
 Ramon Tabtiang
 Stephen A. Marshall
	  		  		 	 Robert L. Baechtold
 Lead Attorney for
Defendant
 Bristol-Myers Squibb Company
 FITZPATRICK CELLA HARPER
& SCINTO
 30 Rockefeller Plaza
 New York, N.Y.
10112
 Telephone: (212) 218-2100
 Facsimile: (212)
218-2200
 rbaechtold@fchs.com
  
 OF COUNSEL:
  
 Scott K. Reed
 sreed@fchs.com
 Colleen Tracy

ctracy@fchs.com
 Christopher P. Borello
 cborello@fchs.com
 FITZPATRICK CELLA HARPER & SCINTO
 30 Rockefeller Plaza
 New York, N.Y. 10112
 Telephone: (212) 218-2100
 Facsimile: (212) 218-2200
  
 J. Wesley Hill
 Texas Bar No. 24032294
 IRELAND CARROLL & KELLEY, P.C.
 6101 South Broadway
 Tyler, Texas 75703
 Telephone:
(903) 561-1600
 Facsimile: (903) 581-1071
 wesleyhill@icklaw.com

		  	FISH & RICHARDSON P.C.	  		  	Attorneys For Defendant, BRISTOL-MYERS SQUIBB
		  	225 Franklin Street	  		  	COMPANY
		  	Boston, MA 02110	  		  		 		  	
		  	(617) 542-5070	  		  		 		  	
		  	(617) 542-8906 (facsimile)	  		  		 		  	
	  
 Attorneys For Plaintiffs REPLIGEN CORPORATION and REGENTS OF THE
UNIVERSITY OF MICHIGAN
	  		 	
	  
 SO ORDERED this
             day of
                            , 2008.
	 	

  

			
		  	  

		  	 Honorable T. John Ward

 EXHIBIT B 
 Press Release 
  

					
		 		  	Repligen Corporation
		 		  	41 Seyon Street
	 RepliGen
	 		  	Building #1, Suite 100
	 		  	Waltham, Massachusetts 02453
		 		  	Telephone: 781-250-0111
	FOR IMMEDIATE RELEASE	 		  	Telefax: 781-250-0115

 CONTACT: 
  

					
	 Walter C. Herlihy, Ph.D.
 President and Chief Executive Officer
 (781) 419-1900
	 		  	 Laura Whitehouse
 Vice President, Market Development

 (781) 419-1812

 Repligen Announces Settlement with
Bristol-Myers Squibb in Orencia® 
 Lawsuit 
 WALTHAM, MA – April      , 2008 – Repligen Corporation (NASDAQ:
RGEN) announced today that it has reached a settlement with Bristol-Myers Squibb Company (NYSE: BMY) in its lawsuit alleging infringement of U.S. Patent No. 6,685,941 (“the ‘941 patent”), based on Bristol-Myers Squibb’s sale
of Orencia® for the treatment of rheumatoid arthritis. The settlement provides for Bristol-Myers Squibb to make an initial payment of $5,000,000 and to pay royalties on the U.S. net sales
of Orencia® for any clinical indication at a rate of 1.8% for the first $500,000,000 of annual sales, 2.0% for the next $500,000,000 of annual sales and 4% of U.S. annual sales in excess of
$1 billion for each year from January 1, 2008 until December 31, 2013. The settlement also provides for the grant by Repligen and co-plaintiff the University of Michigan to Bristol-Myers Squibb of an exclusive worldwide license under
certain patent rights of Repligen and the University of Michigan. The settlement serves as the basis for Repligen and co-plaintiff the University of Michigan to dismiss the lawsuit against Bristol-Myers Squibb. 
 “We are very pleased by the settlement of this case which will provide us a substantial new source of
revenue,” stated Walter C. Herlihy, President and Chief Executive Officer of Repligen Corporation. “Based on analysts’ estimates of U.S. sales of Orencia®, we expect total
cash receipts from our Protein A business, Orencia® royalties, research and development and other income of greater than $30 million for fiscal year 2009, beginning April 1,
2008.” 
 In January 2006, Repligen and the University of Michigan filed a complaint in the
United States District Court for the Eastern District of Texas against Bristol-Myers Squibb alleging infringement of the ‘941 patent based on its sale of Orencia®. The claims of the
‘941 patent relate to the use of CTLA4-Ig (Orencia®) for the treatment of specific auto-immune diseases, including rheumatoid arthritis. The ‘941 patent is owned by the University
of Michigan and the United States Department of the Navy and is exclusively licensed to Repligen. 

 About Repligen Corporation 
 Repligen Corporation is a biopharmaceutical company focused on the development of novel therapeutics for diseases that affect the central nervous system. In addition, we are the world’s leading supplier of recombinant Protein A, the
sales of which partially fund the advancement of our development pipeline while supporting our financial stability. Repligen’s corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional
information may be requested from www.repligen.com. 
 This press release contains forward-looking statements which are made pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance.
Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance and position, management’s strategy, plans
and objectives for future operations, plans and objectives for product development, plans and objectives for present and future clinical trials and results of such trials, plans and objectives for regulatory approval, litigation, intellectual
property, product development, manufacturing plans and performance such as the anticipated growth in the monoclonal antibody market and our other target markets and projected growth in product sales, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the success of current and future
collaborative relationships, the market acceptance of our products, our ability to compete with larger, better financed pharmaceutical and biotechnology companies, new approaches to the treatment of our targeted diseases, our expectation of
incurring continued losses, our uncertainty of product revenues and profits, our ability to generate future revenues, our ability to raise additional capital to continue our drug development programs, the success of our clinical trials, our ability
to develop and commercialize products, our ability to obtain required regulatory approvals, our compliance with all Food and Drug Administration regulations, our ability to obtain, maintain and protect intellectual property rights for our products,
the risk of litigation regarding our intellectual property rights, our limited sales and manufacturing capabilities, our dependence on third-party manufacturers and value added resellers, our ability to hire and retain skilled personnel, our
volatile stock price, and other risks detailed in Repligen’s filings with the Securities and Exchange Commission. Repligen assumes no obligation to update any forward-looking information contained in this press release or with respect to the
announcements described herein.

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