Document:

EX-4.5

 Exhibit 4.5 
  

 
 E*TRADE Financial Corporation

 as Issuer 
 and

 The Bank of New York Mellon Trust Company, N.A. 

as Trustee 
  

 
 Indenture

 Dated as of
                     
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
		  	ARTICLE I	  			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01
	  	Definitions	  	 	1	
	 Section 1.02
	  	Incorporation by Reference of Trust Indenture Act	  	 	8	
	 Section 1.03
	  	Rules of Construction	  	 	8	
			
		  	ARTICLE II	  			
		  	THE SECURITIES	  			
			
	 Section 2.01
	  	Forms Generally and Dating	  	 	9	
	 Section 2.02
	  	Amount Unlimited, Issuable in Series	  	 	10	
	 Section 2.03
	  	Execution and Authentication	  	 	11	
	 Section 2.04
	  	Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust	  	 	12	
	 Section 2.05
	  	Replacement Securities	  	 	13	
	 Section 2.06
	  	Outstanding Securities	  	 	13	
	 Section 2.07
	  	Temporary Securities	  	 	14	
	 Section 2.08
	  	Cancellation	  	 	15	
	 Section 2.09
	  	CUSIP and CINS Numbers	  	 	15	
	 Section 2.10
	  	Registration, Transfer and Exchange	  	 	15	
	 Section 2.11
	  	Restrictions on Transfer and Exchange	  	 	18	
	 Section 2.12
	  	Issuance of Additional Securities	  	 	18	
			
		  	ARTICLE III	  			
		  	REDEMPTION	  			
			
	 Section 3.01
	  	Optional Redemption	  	 	19	
	 Section 3.02
	  	Repurchase at the Option of the Holder	  	 	19	
			
		  	ARTICLE IV	  			
		  	COVENANTS	  			
			
	 Section 4.01
	  	Payment of Securities	  	 	19	
	 Section 4.02
	  	Maintenance of Office or Agency	  	 	20	
	 Section 4.03
	  	SEC Reports and Reports to Holders	  	 	20	
	 Section 4.04
	  	Compliance Certificate	  	 	20	
	 Section 4.05
	  	Waiver of Stay, Extension or Usury Laws	  	 	21	
			
		  	ARTICLE V	  			
		  	CONSOLIDATION, MERGER OR SALE OF ASSETS	  			
			
	 Section 5.01
	  	Consolidation, Merger and Sale of Assets	  	 	21	
	 Section 5.02
	  	Successor Substituted	  	 	22	

  
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	 	  	 	  	PAGE	 
		  	ARTICLE VI	  			
		  	EVENTS OF DEFAULT AND REMEDIES	  			
			
	 Section 6.01
	  	Events of Default	  	 	22	 
	 Section 6.02
	  	Acceleration	  	 	23	
	 Section 6.03
	  	Control by Majority	  	 	24	
	 Section 6.04
	  	Limitation on Suits	  	 	24	
	 Section 6.05
	  	Rights of Holders to Receive Payment	  	 	25	
	 Section 6.06
	  	Collection Suit by Trustee	  	 	25	
	 Section 6.07
	  	Trustee May File Proofs of Claim	  	 	25	
	 Section 6.08
	  	Priorities	  	 	26	
	 Section 6.09
	  	Undertaking for Costs	  	 	26	
	 Section 6.10
	  	Restoration of Rights and Remedies	  	 	26	
	 Section 6.11
	  	Rights and Remedies Cumulative	  	 	27	
	 Section 6.12
	  	Delay or Omission Not Waiver	  	 	27	
	 Section 6.13
	  	Waiver of Past Defaults	  	 	27	
			
		  	ARTICLE VII	  			
		  	THE TRUSTEE	  			
			
	 Section 7.01
	  	General	  	 	27	 
	 Section 7.02
	  	Certain Rights of Trustee	  	 	28	
	 Section 7.03
	  	Individual Rights of Trustee	  	 	30	
	 Section 7.04
	  	Trustee’s Disclaimer	  	 	30	
	 Section 7.05
	  	Notice of Default	  	 	30	
	 Section 7.06
	  	Reports by Trustee to Holders	  	 	30	
	 Section 7.07
	  	Compensation and Indemnity	  	 	31	
	 Section 7.08
	  	Replacement of Trustee	  	 	31	
	 Section 7.09
	  	Successor Trustee by Merger	  	 	32	
	 Section 7.10
	  	Eligibility	  	 	33	
	 Section 7.11
	  	Money Held in Trust	  	 	33	
			
		  	ARTICLE VIII	  			
		  	DEFEASANCE AND DISCHARGE	  			
			
	 Section 8.01
	  	Discharge of Company’s Obligations	  	 	33	
	 Section 8.02
	  	Legal Defeasance	  	 	34	
	 Section 8.03
	  	Covenant Defeasance	  	 	35	
	 Section 8.04
	  	Application of Trust Money	  	 	36	
	 Section 8.05
	  	Repayment to Company	  	 	36	
	 Section 8.06
	  	Reinstatement	  	 	36	
			
		  	ARTICLE IX	  			
		  	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  			
			
	 Section 9.01
	  	Amendments Without Consent of Holders	  	 	36	
	 Section 9.02
	  	Amendments with Consent of Holders	  	 	37	

  
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	 	  	 	  	PAGE	 
	 Section 9.03
	  	Effect of Consent	  	 	38	
	 Section 9.04
	  	Trustee’s Rights’ and Obligations	  	 	39	
	 Section 9.05
	  	Conformity with Trust Indenture Act	  	 	39	
			
		  	ARTICLE X	  			
		  	MISCELLANEOUS	  			
			
	 Section 10.01
	  	Trust Indenture Act of 1939	  	 	39	
	 Section 10.02
	  	Securityholder Communications; Securityholder Actions	  	 	39	
	 Section 10.03
	  	Notices	  	 	40	
	 Section 10.04
	  	Certificate and Opinion as to Conditions Precedent	  	 	41	
	 Section 10.05
	  	Statements Required in Certificate or Opinion	  	 	42	
	 Section 10.06
	  	Payment Date Other Than a Business Day	  	 	42	
	 Section 10.07
	  	Governing Law	  	 	42	
	 Section 10.08
	  	No Adverse Interpretation of Other Agreements	  	 	42	
	 Section 10.09
	  	Successors	  	 	42	
	 Section 10.10
	  	Duplicate Originals	  	 	42	
	 Section 10.11
	  	Separability	  	 	43	
	 Section 10.12
	  	Table of Contents and Headings	  	 	43	
	 Section 10.13
	  	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	  	 	43	 
	 Section 10.14
	  	Waiver of Jury Trial	  	 	43	
	 Section 10.15
	  	Force Majeure	  	 	43	
	 Section 10.16
	  	Submission of Jurisdiction	  	 	43	
	 Section 10.17
	  	Tax Matters	  	 	43	
			
		  	ARTICLE XI	  			
		  	SUBORDINATION OF SECURITIES	  			
			
	 Section 11.01
	  	Agreement of Subordination	  	 	44	
	 Section 11.02
	  	Payments to Securityholders	  	 	44	
	 Section 11.03
	  	Subrogation of Securities	  	 	46	
	 Section 11.04
	  	Authorization by Securityholders	  	 	47	
	 Section 11.05
	  	Notice to Trustee	  	 	47	
	 Section 11.06
	  	Trustee’s Relation to Senior Indebtedness	  	 	48	
	 Section 11.07
	  	No Impairment of Subordination	  	 	48	
	 Section 11.08
	  	Rights of Trustee	  	 	48	
			
	 EXHIBIT A
	  	DTC Legend	  	 	A-1	 

  
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 INDENTURE, dated as of
                     , between E*TRADE Financial Corporation, a Delaware corporation, as the Company and The Bank of New York Mellon Trust
Company, N.A., a national banking association, as Trustee (each as more fully set forth in Section 1.01). 
 RECITALS 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the
issuance of unsecured subordinated debt securities in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide,
among other things, for the authentication, delivery and administration thereof; 
 WHEREAS, all things necessary to make this Indenture a
valid indenture and agreement according to its terms have been done; 
 WHEREAS, this Indenture is subject to, and will be governed by, the
provisions of the Trust Indenture Act of 1939 (the “Trust Indenture Act” or “TIA”) that are required to be a part of and govern indentures qualified under the Trust Indenture Act; and 

NOW, THEREFORE, in consideration of the premises and the purchases of the Securities by the Holders (as defined below) thereof, the Company
and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Securities as follows: 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. 

“act” has the meaning assigned to such term in Section 10.02(b)(1). 

“Additional Securities” means any Securities issued under this Indenture pursuant to Section 2.12. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under
direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”),
as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means the Authenticating Agent or Paying Agent, as applicable. 

“Agent Member” means a member of, or a participant in, the Depositary. 

 “Authenticating Agent” means an authenticating agent with respect to any of
the series of Securities appointed with respect to all or any series of the Securities by the Trustee pursuant to Section 2.04. 

“Bank Regulated Subsidiary” means (a) ETB Holdings, Inc. (provided that such Person is a savings and loan holding
company, as defined under the Home Owners’ Loan Act, as amended, or a bank holding company, as defined under the Bank Holding Company Act, as amended, but in no event shall such Person mean, or include, the Company), (b) any direct or indirect
insured depository institution subsidiary of the Company that is regulated by foreign, federal or state banking regulators, including without limitation, the Board of Governors, the OCC and the FDIC, or (c) any subsidiary of a Bank Regulated
Subsidiary all of the common equity interests of which are owned by such Bank Regulated Subsidiary and the sole purpose of which is to issue trust preferred or similar securities where the proceeds of the sale of such securities are invested in such
Bank Regulated Subsidiary and where such proceeds would be treated as Tier I capital were such Bank Regulated Subsidiary a bank holding company regulated by the Board of Governors. 

“Board of Directors” means, with respect to any Person, the Board of Directors of such Person or any duly authorized
committee of such Board of Directors, or any other group performing comparable functions. 
 “Board of Governors” means the
Board of Governors of the Federal Reserve System of the United States of America, together with its constituent banks and agencies. 

“Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Broker Dealer Regulated Subsidiary” means any direct or indirect subsidiary of the Company that is registered as a broker
dealer pursuant to Section 15 of the Exchange Act (as in effect from time to time) or that is regulated as a broker dealer or underwriter under any foreign securities law. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in New York City (or such
other place of payment as may be subsequently specified by the Company) are authorized or obligated by law or executive order to close. 

“Certificated Security” means a Security in registered individual form without interest coupons. 

“Commission” means the Securities and Exchange Commission. 

“Company” or “Issuer” means the party named as such in the first paragraph of this Indenture or any
successor obligor under this Indenture and the Securities pursuant to Article V. 

  
 2 

 “Company Request” or “Company Order” means a written
request or order signed in the name of the Company by an Officer of the Company, and delivered to the Trustee. 
 “Corporate Trust
Office” means the designated office of the Trustee at which the corporate trust business of the Trustee is administered, which at the date of this Indenture is located at 500 Ross St., 12th Floor, Pittsburgh, PA 15262, or such other address
as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to
the Holders and the Company). 
 “Default” means, with respect to any series of Securities, any event that is, or after
notice or passage of time or both would be, an Event of Default. 
 “Depositary” means, with respect to a series of
Securities represented by one or more Global Securities, the depositary of such series, which will initially be DTC. 

“DTC” means The Depository Trust Company, a New York corporation, and its successors. 

“DTC Legend” means the legend set forth in Exhibit A. 

“Event of Default” has the meaning assigned to such term in Section 6.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Indebtedness” means: 

(1)    secured indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result
of a casualty or condemnation event) of the property or assets securing such indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Indenture); and 

(2)    with respect to any Regulated Subsidiaries: 

(A)    indebtedness or other obligations arising from products and services offered by Bank Regulated Subsidiaries, Broker
Dealer Regulated Subsidiaries or Insurance Regulated Subsidiaries in the ordinary course including, but not limited to, deposits, CDs, prepaid forward contracts, swaps, exchangeable debt securities, foreign currency purchases or sales and letters of
credit, customer activities and clearing and clearing-related activities (including, in each case, indebtedness to finance such activities); 

(B)    indebtedness or other obligations incurred in the ordinary course arising from margin lending, Stock Loan
activities, customer activities, clearing and clearing-related activities or foreign currency settlement obligations of a Broker Dealer Regulated Subsidiary (including, in each case, indebtedness to finance such activities); and 

  
 3 

 (C)    advances from a Federal Home Loan Bank, a Federal Reserve Bank,
Fannie Mae or another institution similar to any of the foregoing, repurchase and reverse repurchase agreements relating to Investment Securities, medium term notes, treasury tax and loan balances, special direct investment balances, bank notes,
commercial paper, term investment option balances, brokered certificates of deposit, dollar rolls and federal funds purchased, in each case incurred in the ordinary course of a Regulated Subsidiary’s business; 

provided, for the avoidance of doubt, any amounts drawn and outstanding pursuant to that certain Revolving Credit Agreement, dated as of June 23,
2017 and as amended, supplemented, modified or amended and restated from time to time, among the Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent, shall be deemed to not be Excluded
Indebtedness. 
 “FDIC” means the Federal Deposit Insurance Corporation. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Global Security” means a Security in registered global form without interest coupons. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, exchange, clearing house, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Holder” or “Securityholder” means the registered holder of any Security. 

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

“Insurance Regulated Subsidiary” means any direct or indirect subsidiary of the Company that conducts an insurance business
such that it is regulated by any supervisory agency, state insurance department or other state, federal or foreign insurance regulatory body or the National Association of Insurance Commissioners. 

“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, in a Board Resolution and set forth in an Officers’ Certificate, or in a 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. 

  
 4 

 “Investment Securities” means marketable securities of a Person (other than
an Affiliate or joint venture of the Company or any of its subsidiaries), mortgages, credit card and other loan receivables, futures contracts on marketable securities, interest rates and foreign currencies used for the hedging of marketable
securities, mortgages or credit card and other loan receivables purchased, borrowed, sold, loaned or pledged by such Person in the ordinary course of its business. 

“Issue Date” means, with respect to a series of Securities, the date on which Securities of such series are originally
issued. 
 “OCC” means the United States Office of the Comptroller of the Currency. 

“Officer” means the chairman of the Board of Directors, the president or chief executive officer, any vice president, the
chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, of the Company. 

“Officers’ Certificate” means a certificate signed in the name of the Company by any two of the following officers of
the Company: the chairman of the Board of Directors, the chief executive officer, the chief financial officer, any president, any vice president, the treasurer, any assistant treasurer, the secretary or any assistant secretary. 

“Opinion of Counsel” means a written opinion of legal counsel who may be an employee of, or outside counsel to, the Company.

 “Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
 “Original
Securities” means the Securities of a series issued on the applicable Issue Date and any Securities issued in replacement thereof pursuant to the terms of this Indenture or any supplement thereto. 

“outstanding,” with respect to any Security, has the meaning set forth in Section 2.06. 

“Paying Agent” refers to a Person engaged to perform the obligations of the Trustee in respect of payments made or funds held
hereunder in respect of a series of Securities. 
 “Person” means an individual, a corporation, a partnership, a limited
liability company, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“protected purchaser” has the meaning assigned to such term in Section 2.05. 

“Register” has the meaning assigned to such term in Section 2.10(a). 

  
 5 

 “Registrar” means a Person engaged to maintain the Register with respect to
a series of Securities. 
 “Regular Record Date” for the interest payable on any Interest Payment Date (except a date for
payment of overdue interest) shall mean the date specified as such in the Securities of any particular series, or, if no such date is so specified, if such Interest Payment Date is the first day of a calendar month, the fifteenth day of the next
preceding calendar month or, if such Interest Payment Date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 

“Regulated Subsidiary” means a Broker Dealer Regulated Subsidiary, a Bank Regulated Subsidiary or an Insurance Regulated
Subsidiary or any other direct or indirect subsidiary of the Company subject to minimum capital requirements or other similar material regulatory requirements imposed by applicable Governmental Authorities. 

“Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security” or “Securities” has the meaning assigned to such term in the first recital of this Indenture, or,
as the case may be, Securities that have been authenticated and delivered under this Indenture. 
 “Senior Indebtedness” of
a Person means the principal of, premium, if any, interest on, and any other payment due pursuant to any of the following, whether outstanding at the date hereof or hereafter incurred or created: 

(1)    all of the indebtedness of that Person for money borrowed, including any indebtedness secured by a mortgage or
other lien which is (A) given to secure all or part of the purchase price of property subject to the mortgage or lien, whether given to the vendor of that property or to another lender, or (B) existing on property at the time that Person
acquires it; 
 (2)    all of the indebtedness of that Person evidenced by notes, debentures, bonds or other securities
sold by that Person for money; 
 (3)    all of the lease obligations which are capitalized on the books of that Person
in accordance with GAAP; 
 (4)    all indebtedness of others of the kinds described in either of the preceding clauses
(1) or (2) above and all lease obligations of others of the kind described in the 

  
 6 

 
preceding clause (3) above that the Person, in any manner, assumes or guarantees or that the Person in effect guarantees through an agreement to purchase, whether that agreement is
contingent or otherwise; 
 (5)    all renewals, extensions or refundings of indebtedness of the kinds described in any
of the preceding clauses (1), (2) and (4) and all renewals or extensions of leases of the kinds described in either of the preceding clauses (3) or (4) above; 

unless, in the case of any particular indebtedness, lease, renewal, extension or refunding, the instrument or lease creating or evidencing it
or the assumption or guarantee relating to it expressly provides that such indebtedness, lease, renewal, extension or refunding is not superior in right of payment to the Securities. 

“Significant Subsidiary” means, at any time, any direct or indirect subsidiary of the Company that is a “significant
subsidiary” as defined in Rule 1-02(w) of Regulation S-X, promulgated by the Commission pursuant to the Securities Act of 1933, as amended, as such regulation is in
effect on the date of this Indenture, determined based upon the Company’s most recent consolidated financial statements for the most recently completed fiscal year as set forth in the Company’s Annual Report on Form 10-K filed with the Commission. 
 “Stated Maturity” means, (1) with respect to any
debt security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due and payable and (2) with respect to any scheduled installment of principal of or interest on any
debt security, the date specified in such debt security as the fixed date on which such installment is due and payable. 
 “Stock
Loan” means a “Loan” as used in the Master Securities Loan Agreement published from time to time by the Bond Market Association. 

“subsidiary” of any specified Person means any corporation, association or other business entity of which more than 50% of
the total voting power of shares of capital stock or other equity interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees (or members of any other equivalent governing board
thereof) thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person or a combination thereof. 

“Surviving Entity” has the meaning set forth in Section 5.01. 

“Temporary Securities” has the meaning set forth in Section 2.07. 

“Trustee” means the party named as such in the first paragraph of this Indenture or any successor trustee under this
Indenture pursuant to Article VII. 
 “Trust Indenture Act” or “TIA” has the meaning assigned to such term
in the third recital of this Indenture. 

  
 7 

 “U.S. Government Obligations” means securities that are (1) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged or (2) 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, which, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the Stated Maturity
of the applicable series of Securities, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S.
Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

“Yield to Maturity” means the yield to maturity on a series of Securities, calculated at the time of issuance of such series,
or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

Section 1.02    Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the Trust Indenture Act, or TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Securities to be issued from time to time under this Indenture; 

“indenture security holder” means a Holder or a Securityholder with respect to a series of such Securities; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on indenture securities means the Company or any other obligor on the applicable series of Securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by a rule of
the Commission and not otherwise defined herein have the meanings assigned to them therein. 

Section 1.03    Rules of Construction. Unless the context otherwise requires: 

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

  
 8 

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

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

(v)    provisions apply to successive events and transactions; 

(vi)    “herein,” “hereof” and other words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other subdivision; 
 (vii)    all ratios and
computations based on GAAP contained in this Indenture shall be computed in accordance with the definition of GAAP set forth in Section 1.01; and 

(viii)    all references to Sections or Articles refer to Sections or Articles of this Indenture unless
otherwise indicated. 
 ARTICLE II 

THE SECURITIES 

Section 2.01    Forms Generally and Dating. The Securities of each series shall be substantially in such form
(not inconsistent with this Indenture) as shall be established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legends, notations or endorsements as may be required to comply with any law or with any rules
or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the Officer executing such Securities, as evidenced by such Officer’s execution of the Securities. Each
Security will be dated the date of its authentication. The Securities shall be issuable only in registered form without coupons. 
 The
Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 
 This is one of the
Securities of the series designated herein and referred to in the within-mentioned Indenture. 
  

							
		  		  	                                   
             , as Trustee
				
	Date:                                     
                               	  		  	By:	  	  

		  		  		  	Authorized Signatory

  
 9 

 Section 2.02    Amount Unlimited, Issuable in Series. 

Subject to compliance with this Section 2.02 and any other term or condition of this Indenture, the aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more
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, prior to the issuance of Securities of any series: 

(a)    the title of the Securities of the series including CUSIP numbers, if available (which shall distinguish the
Securities of the series from all other Securities); 
 (b)    any limit upon the aggregate principal amount of the
Securities of the 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 the series pursuant to
Section 2.05, Section 2.07, Section 2.10 or upon partial redemption or repurchase of a Security if such Security is subject to redemption as set forth in Article III); 

(c)    the date or dates on which the principal of the Securities of the series is payable; 

(d)    the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such
rate shall be determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Dates for the determination of Holders to whom interest is payable on such
Interest Payment Dates; 
 (e)    the right, if any, to extend the interest payment periods and the duration of such
extension; 
 (f)    the place or places where the principal of and any interest on Securities of the series shall be
payable (if other than as provided in Section 4.02); 
 (g)    the price or prices at which, the period or periods
within 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; 

(h)    the obligation, if any, of the Company to redeem, purchase or repay Securities of the series at the option of a
Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 

  
 10 

 (i)    if other than denominations of $2,000 and any multiple of $1,000
in excess thereof, the denominations in which Securities of the series shall be issuable; 
 (j)    the percentage of
the principal amount at which the Securities will be issued, and, 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 4.01 or recoverable pursuant to Section 6.06; 
 (k)    whether the Securities are
issuable under Rule 144A, Regulation S or any other exemption under the Securities Act and, in such case, any provisions unique to such form of issuance including any transfer restrictions or exchange and registration rights; 

(l)    any and all other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture)
including any terms which may be required by or advisable under U.S. law or regulations or advisable in connection with the marketing of Securities in that series; 

(m)    whether the Securities are issuable as Global Securities and, in such case, the identity of the Depositary for such
series; 
 (n)    any deletion from, modification of or addition to the Events of Default or covenants provided for with
respect to the Securities of the series; 
 (o)    any provisions granting special rights to Holders when a specified
event occurs; 
 (p)    any special tax implications of the Securities, including provisions for Original Issue Discount
Securities; 
 (q)    any trustees, authenticating or paying agents, transfer agents or registrars or any other agents
with respect to the Securities of such series; 
 (r)    any guarantor or
co-issuer of the Securities of the series; 
 (s)    any special interest
premium or other premium; 
 (t)    whether the Securities are convertible into or exchangeable for cash, common stock
or other equity securities of the Company or a combination thereof and the terms and conditions upon which such conversion or exchange shall be effected; 

(u)    the currency in which payments shall be made, if other than U.S. Dollars; and 

(v)    the extent to which payments on the Securities will be subordinated to the payment of Senior Indebtedness of the
Company. 
 Section 2.03    Execution and Authentication. 

  
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 (a)    An Officer shall execute the Securities for the Company by
facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security will still be valid. 

(b)    A Security will not be valid until the Trustee manually signs the certificate of authentication on the Security,
with the signature conclusive evidence that the Security has been authenticated under this Indenture. 
 (c)    At any
time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series (including Additional Securities pursuant to Section 2.12) executed by the Company to the Trustee for
authentication, together with a Company Order, signed in the name of the Company. 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, in addition to the documents required under Section 10.04, and (subject to Section 7.01) shall be fully protected in relying
upon an Opinion of Counsel, prepared in accordance with Section 10.04 to the effect that: 

(1)    the form or forms and terms of such Securities have been established by or pursuant to a Board
Resolution and set forth in an Officers’ Certificate, or by a supplemental indenture as permitted by Section 2.01 and Section 2.02 in conformity with the provisions of this Indenture; and 

(2)    such Securities when authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company entitled to the benefits of this Indenture, and enforceable against the Company in accordance with their terms,
except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws now or hereafter in effect relating to creditors’ rights generally, and general principles
of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). 
 The Trustee shall have the right to
decline to authenticate and deliver any Securities under this Section 2.03 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability to existing Holders. 
 Section 2.04    Registrar, Paying Agent and
Authenticating Agent; Paying Agent to Hold Money in Trust. 
 (a)    The Company may appoint one or more Registrars
and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be
references to the Agent. The Company 

  
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may act as Registrar or (except for purposes of Article VIII) Paying Agent. In each case the Company and the Trustee will enter into an appropriate agreement with the Agent implementing the
provisions of this Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying Agent. 

(b)    The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will
hold in trust for the benefit of the Holders of a series of Securities or the Trustee all money held by the Paying Agent for the payment of principal of and interest on such Securities and will promptly notify the Trustee of any default by the
Company in making any such payment. If the Company or any subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent for such Securities and hold it as a separate trust fund. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default with respect to a series of Securities, upon written request to a
Paying Agent, require the Paying Agent to pay all money held by it in trust for such Securities to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the
Trustee. 
 Section 2.05    Replacement Securities. If a mutilated Security is surrendered to the Trustee or
if a Holder claims that its Security has been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Security of the same series of like tenor and principal amount and bearing a number not
contemporaneously outstanding. Every replacement Security is an additional obligation of the Company and entitled to the benefits of this Indenture equally and proportionately with any and all other Securities of such series duly authenticated and
delivered under this Indenture; provided that (i) the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Company that such
requirements have been met within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar for such Securities does not register a transfer prior to receiving such notification, (b) makes
such request to the Company prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and
(c) satisfies any other reasonable requirements of the Trustee, and (ii) the requirements of this Section 2.05 are met. An affidavit of lost certificate and an indemnity bond must be furnished that is sufficient in the judgment of
both the Trustee and the Company to protect the Company, the Trustee or any Agent from any loss that any of them may suffer if a Security is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a
Security. In case the mutilated, lost, destroyed or wrongfully taken Security has become or is about to become due and payable, the Company in its discretion may pay the Security instead of issuing a replacement Security. 

Section 2.06    Outstanding Securities. 

(a)    Securities of a series outstanding at any time are all Securities of such series that have been authenticated by
the Trustee under this Indenture except for 

  
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 (1)    Securities cancelled by the Trustee or delivered
to it for cancellation; 
 (2)    any Security which has been replaced pursuant to Section 2.05
unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a bona fide purchaser; and 

(3)    on or after the maturity date or any redemption date, those Securities or portions thereof of such
series payable or to be redeemed on that date for which the Trustee (or Paying Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due. 

(b)    A Security does not cease to be outstanding because the Company or one of its Affiliates holds the Security,
provided that in determining whether the Holders of the requisite principal amount of the outstanding Securities of a series have given or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder,
Securities of such series owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding, (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand,
authorization, direction, notice, consent, waiver or other action, only such Securities which the Trustee knows to be so owned will be so disregarded). Securities so owned which have been pledged in good faith may be regarded as outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any Affiliate of the Company. 

(c)    In determining whether the Holders of the requisite principal amount of outstanding Securities of any series have
given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 

Section 2.07    Temporary Securities. Until definitive Securities of a series are ready for delivery, the
Company may prepare and the Trustee will authenticate temporary Securities of such series (the “Temporary Securities”). Temporary Securities will be substantially in the form of definitive Securities but may have insertions,
substitutions, omissions and other variations determined to be appropriate by the Officer executing the Temporary Securities, as evidenced by the execution of the Temporary Securities. If Temporary Securities of a series are issued, the Company will
cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of such definitive Securities, the Temporary Securities will be exchangeable for definitive Securities upon surrender of the Temporary
Securities at the office or agency of the Company designated for the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any Temporary Securities the Company will execute and the Trustee will
authenticate and deliver in exchange therefor a like principal 

  
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amount of definitive Securities of authorized denominations of the same series. Until so exchanged, the Temporary Securities will be entitled to the same benefits under this Indenture as
definitive Securities of such series. 
 Section 2.08    Cancellation. The Company at any time may deliver
to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will forward to the Trustee any Securities surrendered to it for transfer, exchange or payment. The Trustee will cancel all Securities surrendered for transfer,
exchange, payment or cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Company. The Company may not issue new Securities to replace Securities it has paid in full or delivered to the Trustee
for cancellation. 
 Section 2.09    CUSIP and CINS Numbers. The Company in issuing Securities may use
“CUSIP” and “CINS” numbers, and the Trustee will use CUSIP numbers or CINS numbers in notices of redemption or exchange as a convenience to Holders, the notice to state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of redemption or exchange. The Company will promptly notify the Trustee in writing of any change in the CUSIP or CINS numbers. 

Section 2.10    Registration, Transfer and Exchange. 

(a)    The Securities will be issued in registered form only, without coupons, and the Company shall cause the Trustee to
maintain a register (the “Register”) of the Securities, for registering the record ownership of the Securities by the Holders and transfers and exchanges of the Securities. 

(b)    (1) If the Company shall establish pursuant to Section 2.02 that the Securities of a particular series are to
be issued as Global Securities, each Global Security of such series will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend. 

(2)    Each Global Security will be delivered to the Trustee as custodian for the Depositary. Transfers of
a Global Security (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.10(b)(4) and
(2) transfers of portions thereof in the form of Certificated Securities may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in
accordance with customary procedures of the Depositary and in compliance with this Section 2.10 and Section 2.11. 

(3)    Agent Members will have no rights under this Indenture with respect to any Global Security held on
their behalf by the Depositary, and the 

  
 15 

 Depositary may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any
Person that holds a beneficial interest in a Global Security through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Securities, and nothing herein will impair, as between the Depositary and its
Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

(4)    If (x) the Depositary for a series of Securities notifies the Company that it is unwilling or
unable to continue as Depositary for such series and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing with respect to such series of Securities and the
Trustee has received a request from the Depositary or the Company, the Trustee will promptly exchange each beneficial interest in a Global Security of such series for one or more Certificated Securities in authorized denominations having an equal
aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Security will be deemed canceled. 

(c)    Each Certificated Security will be registered in the name of the Holder thereof or its nominee. 

(d)    A Holder may transfer a Security (or a beneficial interest therein) to another Person or exchange a Security (or a
beneficial interest therein) for another Security or Securities of any authorized denomination of the same series by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange,
accompanied by any certification, opinion or other document required by Section 2.11. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section 2.10 by noting the same in the Register
maintained by the Trustee for the purpose; provided that 
 (x)    no transfer or exchange will be
effective until it is registered in such Register and 
 (y)    the Trustee will not be required
(i) to issue, register the transfer of or exchange a Security of any series for a period of 15 days before a selection of Securities of such series to be redeemed, (ii) to register the transfer of or exchange any Security so selected for
redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any Security not being redeemed or purchased, or (iii) if a redemption is to occur after a Regular Record Date but on or before
the corresponding Interest Payment Date for a series of Securities, to register the transfer of or exchange any Security of such series on or after the applicable Regular Record Date and before the date of redemption or

  
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purchase. Prior to the registration of any transfer, the Company, the Trustee and their agents will treat the Person in whose name the Security is registered as the owner and Holder thereof for
all purposes (whether or not the Security is overdue), and will not be affected by notice to the contrary. 
 From time to time the Company
will execute and the Trustee will authenticate Additional Securities as necessary in order to permit the registration of a transfer or exchange in accordance with this Section 2.10. 

No service charge will be imposed in connection with any transfer or exchange of any Security, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange pursuant to subsection (b)(4)). 

(e)    (1) Global Security to Global Security. If a beneficial interest in a Global Security is transferred or
exchanged for a beneficial interest in another Global Security, the Trustee will (x) record a decrease in the principal amount of the Global Security being transferred or exchanged equal to the principal amount of such transfer or exchange and
(y) record a like increase in the principal amount of the other Global Security. Any beneficial interest in one Global Security that is transferred to a Person who takes delivery in the form of an interest in another Global Security, or
exchanged for an interest in another Global Security, will, upon transfer or exchange, cease to be an interest in such Global Security and become an interest in the other Global Security and, accordingly, will thereafter be subject to all transfer
and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Security for as long as it remains such an interest. 

(2)    Global Security to Certificated Security. If a beneficial interest in a Global Security is
transferred or exchanged for a Certificated Security, the Trustee will (x) record a decrease in the principal amount of such Global Security equal to the principal amount of such transfer or exchange and (y) deliver one or more new
Certificated Securities in authorized denominations of the applicable series having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered
in the name of such transferee or owner, as applicable. 
 (3)    Certificated Security to Global
Security. If a Certificated Security is transferred or exchanged for a beneficial interest in a Global Security, the Trustee will (x) cancel such Certificated Security, (y) record an increase in the principal amount of such Global
Security equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Security, deliver to the Holder thereof one or
more new Certificated Securities in authorized denominations of the applicable series having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Security, registered in the name of the Holder
thereof. 

  
 17 

 (4)    Certificated Security to Certificated
Security. If a Certificated Security is transferred or exchanged for another Certificated Security, the Trustee will (x) cancel the Certificated Security being transferred or exchanged, (y) deliver one or more new Certificated
Securities in authorized denominations of the applicable series having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated
Security (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Security, deliver to the
Holder thereof one or more Certificated Securities in authorized denominations of the applicable series having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Security, registered in the
name of the Holder thereof. 
 (f)    Neither the Trustee nor the Registrar shall have any obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent
Members or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this
Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(g)    Neither the Trustee nor any agent shall have any responsibility for any actions taken or not taken by the
Depositary. 
 Section 2.11    Restrictions on Transfer and Exchange. The transfer or exchange of any
Security (or a beneficial interest therein) may only be made in accordance with Section 2.10 and, in the case of a Global Security (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The Trustee shall
refuse to register any requested transfer or exchange that does not comply with the preceding sentence. 

Section 2.12    Issuance of Additional Securities. 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 the applicable Board Resolution and set forth in an Officers’ Certificate, or in any indenture supplemental hereto. The Company shall be entitled to
issue Additional Securities of a series under this Indenture that shall have identical terms as the Original Securities of such series, other than with respect to the date of issuance, issue price, amount of interest payable on the first Interest
Payment Date applicable to such Additional Securities and, if applicable, the first Interest Payment Date for such Additional Securities; provided that if such Additional Securities are not fungible with the Original Securities of such series
for U.S. federal income tax purposes, such Additional Securities will have one or more separate CUSIP numbers. The Original Securities and any Additional Securities of a series shall be treated as a single class for all purposes under this
Indenture. 

  
 18 

 With respect to any Additional Securities, the Company shall set forth in a Board Resolution
and in an Officers’ Certificate, or in one or more indentures supplemental hereto, a copy of each of which shall be delivered to the Trustee, the following information: 

(a)    the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this
Indenture; 
 (b)    the issue price, the Issue Date, the CUSIP number of such Additional Securities, the first Interest
Payment Date and the amount of interest payable on such first Interest Payment Date applicable thereto and the date from which interest shall accrue; and 

(c)    whether such Additional Securities shall be transfer restricted Securities or have any registration or exchange
rights. 
 ARTICLE III 

REDEMPTION 

Section 3.01    Optional Redemption. If Securities of a series are to be redeemable at the Company’s
option prior to the Stated Maturity of such Securities, such redemption rights shall be established pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto prior to
the issuance of such Securities pursuant to Section 2.02 hereof. 
 Section 3.02    Repurchase at the
Option of the Holder. If Securities of a series are to be redeemable at the option of the Holders thereof prior to the Stated Maturity of such Securities other than as set forth in this Indenture, such repurchase rights shall be established
pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto prior to the issuance of such Securities pursuant to Section 2.02 hereof. 

ARTICLE IV 

COVENANTS 

Section 4.01    Payment of Securities. The Company shall pay, or cause to be paid, the principal of, premium,
if any, and interest on the Securities of any series on the dates and in the manner provided in the Securities of that series and this Indenture. An installment of principal, premium, if any, or interest shall be considered paid on the date due if
the Trustee or Paying Agent (other than the Company, a subsidiary of the Company, or any Affiliate of any of them) holds as of 10:00 a.m. (New York City time) on that date money designated for and sufficient to pay the installment. If the Company or
any subsidiary of the Company or any Affiliate of any of them acts as Paying Agent, an installment of principal, premium, if any, or interest shall be considered paid on the due date if the entity acting as Paying Agent complies with
Section 2.04(b). As provided in Section 6.07, upon any bankruptcy or reorganization procedure relative to the Company, the Trustee shall serve as the Paying Agent, if any, for the Securities. 

  
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 The Company shall pay interest on overdue principal and premium, if any, and interest on
overdue installments of interest, to the extent lawful, at the rate per annum specified in the Securities. 

Section 4.02    Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The
City of New York, an office or agency where Securities of one or more series may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the
Securities of those series and this Indenture may be served as long as any Securities remain outstanding. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set
forth in Section 10.03. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities
of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation
to maintain an office or agency in the Borough of Manhattan, The City of New York, for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency. 
 The Company hereby initially designates the office or agency of the Trustee in the Borough of Manhattan, The City
of New York as such office of the Company in accordance with Section 2.04. 
 Section 4.03    SEC Reports
and Reports to Holders. The Company will file with the Trustee copies of the quarterly and annual reports and the information, documents and other reports, if any, which the Company is required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act, within 15 days after the same is filed with the Commission. Filing of any such annual report, information, documents and such other reports on the Commission’s EDGAR system (or any successor
thereto) or any other publicly available database maintained by the Commission will be deemed to satisfy this requirement. The Company will also comply with the other provisions of Section 314(a) of the Trust Indenture Act. Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder. 

Section 4.04    Compliance Certificate. 

The Company will furnish to the Trustee on or before 120 days after the end of each fiscal year (beginning with the fiscal year ended
December 31, 2017) a brief certificate (which need not comply with Section 10.05) from an Officer of the Company 

  
 20 

 
stating, as to such Officer signing such certificate, that to the best of such Officer’s knowledge the Company is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge). 

Section 4.05    Waiver of Stay, Extension or Usury Laws. The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law wherever enacted, now or at any time hereafter in
force, or that may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE V 

CONSOLIDATION, MERGER OR SALE OF ASSETS 

Section 5.01    Consolidation, Merger and Sale of Assets. The Company will not consolidate or combine with,
merge with or into, or, directly or indirectly, sell, assign, convey, lease, transfer or otherwise dispose of all or substantially all of its assets to any Person or Persons in a single transaction or through a series of related transactions,
unless: 
 (1)    the Company shall be the continuing Person, or the Person (if other than it) formed by
such consolidation or into which it is merged or that acquired or leased such property and assets of (the “Surviving Entity”) shall be an entity organized and validly existing under the laws of the United States of America, any
state thereof or the District of Columbia and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the Company’s obligations under this Indenture and the Securities; provided, that if such
continuing Person or Person shall not be a corporation, such entity shall organize or have a wholly-owned subsidiary in the form of a corporation organized and validly existing under the laws of the United States of America, any state thereof or the
District of Columbia, and shall cause such corporation to expressly assume, as a party to the supplemental indenture referenced above, as a co-obligor, each of such continuing Person or Person’s
obligations under this Indenture and the Securities; 
 (2)    immediately after giving effect to such
transaction or series of transactions or series of transactions, no Default shall have occurred and be continuing; and 

(3)    the Company or the Surviving Entity delivers to the Trustee an Officers’ Certificate and
Opinion of Counsel, in each case stating that such transaction or series of transactions and a supplemental indenture in connection therewith, if any, complies with this Section 5.01 and that all conditions precedent provided for herein
relating to such transaction have been complied with. 

  
 21 

 The restrictions specified in clauses (2) and (3) above shall not be applicable to: 

(A)    the merger or consolidation of the Company if the Board of Directors of the Company determines in
good faith that the principal purpose of such transaction is to change the state of organization or convert the form of organization of the Company to another form, and any such transaction shall not have as one of its purposes the evasion of the
foregoing limitations; or 
 (B)    the merger of the Company with or into one of its single direct or
indirect wholly-owned subsidiaries organized under the laws of the State of Delaware pursuant to Section 251(g) (or any successor provision) of the General Corporation Law of the State of Delaware; provided that upon the consummation of
such merger the successor entity, directly or indirectly, owns all of the assets and subsidiaries that the Company owned prior to such merger. 

Section 5.02    Successor Substituted. Upon any consolidation or merger, or any sale, conveyance, transfer,
lease or other disposition of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture, the successor Person formed by such consolidation or into which the Company is merged or to
which such sale, conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been
named as the Company herein; provided that the Company shall not be released from its obligation to pay the principal of, premium, if any, or interest on the Securities of each series then outstanding in the case of a lease of all or
substantially all of its property and assets. 
 ARTICLE VI 

EVENTS OF DEFAULT AND REMEDIES 

Section 6.01    Events of Default. Any of the following events shall constitute an “Event of
Default” hereunder with respect to Securities of any series: 
 (a)    failure to pay the principal (or
premium, if any) on such series of Securities when due and payable, whether on the due date thereof or when called for redemption or otherwise; 

(b)    failure to pay interest on such series of Securities when due and payable, and such default continues for 30 days;

 (c)    failure to perform or the breach of any covenant or agreement in this Indenture or such series of Securities
(other than a default specified in clause (a) or (b) of this Section 6.01) that continues for at least 90 consecutive days after the Company is 

  
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given written notice by the Trustee or the Company and the Trustee are given written notice by the Holders of at least 25% in aggregate principal amount of such outstanding series of Securities;

 (d)    the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or the Company’s consent to the entry of an order for relief in an involuntary case under any such law, or the Company’s consent to the appointment of, or taking possession by, a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of the Company’s property, or make any general assignment for the benefit of creditors; 

(e)    an event of default as defined in any mortgage, indenture or instrument securing or evidencing any indebtedness of
the Company or any Significant Subsidiary of the Company for borrowed money resulting in such indebtedness with an outstanding principal amount exceeding $75 million becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable if such acceleration is not rescinded, annulled or waived within 30 days after written notice from the Trustee or Holders of at least 25% of the outstanding principal amount of such series of Securities;
provided that this Event of Default will be remedied, cured or waived without further action upon the part of either the Trustee or any of the Holders if any default giving rise to the acceleration of such other indebtedness is remedied,
cured or waived; provided further that this clause (e) shall not apply to any Excluded Indebtedness of the Company or any of its subsidiaries; or 

(f)    any other Event of Default provided in the Officers’ Certificate, supplemental indenture or Board Resolution
under which such series of Securities is issued or in the Securities of such series. 

Section 6.02    Acceleration. 

If an Event of Default (other than an Event of Default specified in Section 6.01(d)) occurs and is continuing under this Indenture, the
Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of the applicable series then outstanding, by written notice to the Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at
the request of such Holders shall, declare the principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified with respect to such series) of, premium, if any, and
accrued interest on the applicable series of Securities to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. If an Event of Default
specified in Section 6.01(d) occurs, the principal of, premium, if any, and accrued interest on the Securities of each series then outstanding shall automatically become and be immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Securities of the applicable series by written notice to the Company and to the Trustee, may waive all past defaults and rescind and
annul a declaration of 

  
 23 

 
acceleration and its consequences if (x) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the applicable series of Securities
that have become due solely by such declaration of acceleration, have been cured or waived and (y) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 

For all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and
declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all
purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together
with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

Section 6.03    Control by Majority. With respect to the Securities of any series, the Holders of at least a
majority in aggregate principal amount of the outstanding Securities of the applicable series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on
the Trustee; provided that the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to
the rights of Holders of Securities of the applicable series not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Securities of that
series. 
 Section 6.04    Limitation on Suits. A Holder of any Security of any series may not institute any
proceeding, judicial or otherwise, with respect to this Indenture or that series of Securities, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

(2)    the Holders of at least 25% in aggregate principal amount of outstanding Securities of such series
make a written request to the Trustee to pursue the remedy; 
 (3)    such Holder or Holders offer the
Trustee indemnity satisfactory to the Trustee against any costs, liability or expense; 
 (4)    the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

(5)    during such 60-day period, the Holders of a majority in
aggregate principal amount of the outstanding Securities of the applicable series do not give the Trustee a direction that is inconsistent with the request; 

  
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 For purposes of Section 6.03 of this Indenture and this Section 6.04, the Trustee
shall comply with TIA Section 316(a) in making any determination of whether the Holders of the required aggregate principal amount of outstanding Securities of a particular series have concurred in any request or direction of the Trustee to
pursue any remedy available to the Trustee or the Holders with respect to this Indenture or the Securities of that series or otherwise under the law. 

A Holder may not use this Indenture to prejudice the rights of another Holder of Securities of the same series or to obtain a preference or
priority over such other Holder (it being understood that the Trustee does not have any affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.05    Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture,
the right of any Holder of a Security of any series to receive payment of the principal of, premium, if any, or interest on, such Security or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Securities
of such series, shall not be impaired or affected without the consent of the Holder. 

Section 6.06    Collection Suit by Trustee. If an Event of Default in payment of principal, premium or
interest on a Security of any series specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor of
that Security for the whole amount of principal, premium, if any, and accrued interest remaining unpaid, together with interest on overdue principal, premium, if any, and, to the extent that payment of such interest is lawful, interest on overdue
installments of interest, in each case at the rate (or Yield to Maturity, in the case of Original Issue Discount Securities) specified in the Securities of such series, and such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.07    Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07) and the Holders of a series of Securities allowed in any judicial proceedings relative to the Company (or any other obligor of such Securities), its creditors or its property and shall be entitled and empowered to
collect and receive any monies, securities or other property payable or deliverable upon conversion or exchange of the Securities of such series or upon any such claims and to distribute the same, and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder 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 the Holders of such series, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and 

  
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counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein contained shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of
any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities of the applicable series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any such Holder in
any such proceeding. 
 Section 6.08    Priorities. If the Trustee collects any money pursuant to this
Article VI in respect of any series of Securities, it shall pay out the money in the following order: 
 First: to the
Trustee for all amounts due under Section 7.07; 
 Second: to Holders of such Securities in respect of which such money
was collected for amounts then due and unpaid for principal of, premium, if any, and interest on such Securities 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, premium, if any, and interest, respectively; and 

Third: to the Company or any other obligors of such Securities in respect of which such money was collected, as their interests
may appear, or as a court of competent jurisdiction may direct. 
 The Trustee, upon prior written notice to the Company, may fix a record
date and payment date for any payment to Holders of such Securities in respect of which such money was collected pursuant to this Section 6.08. 

Section 6.09    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.09 does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.05, or a suit by Holders of more than 10% in principal amount of the outstanding Securities of any series. 

Section 6.10    Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then, and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and the Holders of such series of Securities shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, Trustee and such
Holders shall continue as though no such proceeding had been instituted. 

  
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 Section 6.11    Rights and Remedies Cumulative. Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Securities in Section 2.05, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.12    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any
Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VI or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of any series of Securities, as the case may be. 

Section 6.13    Waiver of Past Defaults. 

Except as otherwise provided in Sections 6.01, 6.02 and 9.02, the Holders of a majority in principal amount of the outstanding Securities of
any series (voting as one class) may, by notice to the Trustee, on behalf of the Holders of all Securities of such series waive an existing Default and its consequences. Upon such waiver, the Default will cease to exist, and any Event of Default
arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other Default or impair any right consequent thereon. 

ARTICLE VII 
 THE
TRUSTEE 
 Section 7.01    General. 

(a)    The duties and responsibilities of the Trustee are as provided by the TIA and as set forth herein. Whether or not
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article VII. 

(b)    Except during the continuance of an Event of Default, the Trustee need perform only those duties that are
specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee. In case an Event of Default has occurred and is continuing with respect to a series of Securities,
the Trustee shall exercise those rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs. 

  
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 (c)    No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(1)    this subsection shall not be construed to limit the effect of subsection (b) of this
Section 7.01; 
 (2)    the Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of any series, determined as provided in Sections 1.01, 2.06, 6.02 or 6.03, 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 such series; 

(4)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it; 
 (5)    whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 7.01; and 

(6)    the Trustee shall not be responsible for the application of any money by any Paying Agent other than
the Trustee. 
 Section 7.02    Certain Rights of Trustee. Subject to TIA Sections 315(a) through (d): 

(1)    In the absence of bad faith on its part, the Trustee may conclusively rely, and will be protected in
acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee
pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 

  
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 (2)    Any request or direction of the Company mentioned
herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 

(3)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an
Opinion of Counsel conforming to Section 10.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion. 

(4)    The Trustee may act through its attorneys and agents and will not be responsible for the misconduct
or negligence of any agent appointed with due care. 
 (5)    The Trustee will be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses
and liabilities that might be incurred by it in compliance with such request or direction. 
 (6)    The
Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon. 
 (7)    The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer has received written notice thereof at the Corporate Trust Office of the Trustee, and such notice references the Securities of the applicable series and this Indenture. 

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

(9)    The Trustee may request that the Company deliver an Officers’ Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded; and 

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

  
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 Section 7.03    Individual Rights of Trustee. The Trustee,
in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like
rights. However, the Trustee is subject to TIA Sections 310(b) and 311. For purposes of TIA Section 311(b)(4) and (6): 

(a)    “cash transaction” means any transaction in which full payment for goods or securities sold is
made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 

(b)    “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is
made, drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon,
the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of
the creditor relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

Section 7.04    Trustee’s Disclaimer. The Trustee (i) makes no representation as to
the validity or adequacy of this Indenture or the Securities of any series, (ii) is not accountable for the Company’s use or application of the proceeds from the Securities of any series and (iii) is not responsible for any statement
in such Securities other than its certificate of authentication. 
 Section 7.05    Notice of Default. If
any Default occurs and is continuing with respect to a series of Securities and a Responsible Officer of the Trustee has received written notice thereof pursuant to the terms of Section 7.02(7), the Trustee will send notice of the Default to
each Holder of such Securities within 90 days after it occurs, unless the Default has been cured; provided that, except in the case of a default in the payment of the principal of or interest on any Security, the Trustee may withhold the
notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee in good faith determines that withholding the notice is in the interest of the Holders of such Securities. Notice to such
Holders under this Section will be given in the manner and to the extent provided in TIA Section 313(c). 

Section 7.06    Reports by Trustee to Holders. Within 60 days after each May 15, beginning with
May 15, 2013, the Trustee will mail to each Holder, as provided in TIA Section 313(c), a brief report dated as of such May 15, if required by TIA Section 313(a), and file such reports with each stock exchange upon which its
Securities are listed and with the Commission as required by TIA Section 313(d). The Company will promptly notify the Trustee in writing if and when the Securities of any series are listed on any stock exchange and of any delisting thereof.

  
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 Section 7.07    Compensation and Indemnity. 

(a)    The Company will pay the Trustee compensation as agreed upon in writing for its services. The compensation of the
Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable out-of-pocket
expenses, disbursements and advances incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel. 

(b)    The Company will indemnify the Trustee or any predecessor Trustee and their agents for, and hold them harmless
against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it without negligence or willful misconduct on its part arising out of
or in connection with the acceptance or administration of this Indenture and its duties under this Indenture and the Securities, including the costs and expenses of defending itself against any claim (whether asserted by the Company, any Holder or
any other Person) or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture and the Securities. 

(c)    To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the
Securities of each series on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of and interest on particular Securities. 

(d)    To the extent the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 6.01(d), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law. 
 This section shall survive the resignation or removal of the Trustee or the termination of this
Indenture. 
 Section 7.08    Replacement of Trustee. 

(a)    (1) The Trustee may resign at any time upon 30 days written notice with respect to one or more or all series of
Securities by written notice to the Company. 
 (2)    The Holders of a majority in principal amount of
the outstanding Securities of a series may remove the Trustee by 30 days written notice to the Trustee. 

(3)    If the Trustee is no longer eligible under Section 7.10 or in the circumstances described in
TIA Section 310(b), any Holder that satisfies the 

  
 31 

 
requirements of TIA Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to such series of
Securities. 
 (4)    The Company may remove the Trustee with respect to any or all series of Securities
if: (i) the Trustee is no longer eligible under Section 7.10; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee
becomes incapable of acting. 
 (5)    A resignation or removal of the Trustee and appointment of a
successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 

(b)    If the Trustee has been removed by the Holders of a series of Securities, Holders of a majority in principal amount
of the Securities of such series may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the
outstanding Securities of the applicable series may petition any court of competent jurisdiction at the expense of the Company in the case of the Trustee, for the appointment of a successor Trustee with respect to such series. 

(c)    Upon delivery by the successor Trustee with respect to a series of Securities of a written acceptance of its
appointment to the retiring Trustee and to the Company, (i) the retiring Trustee will transfer all property held by it as Trustee of such series to the successor Trustee, subject to the lien provided for in Section 7.07, (ii) the
resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture and the Securities of the applicable series. Upon request of
any successor Trustee, the Company will execute any and all instruments for fully vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the Trustee
and each appointment of a successor Trustee to all Holders of the applicable series, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office. 

(d)    Notwithstanding replacement of the Trustee with respect to a series of Securities pursuant to this Section, the
Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 
 (e)    The
Trustee agrees to give the notices provided for in, and otherwise comply with, TIA Section 310(b). 

Section 7.09    Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all of its corporate trust business 

  
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to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee
with the same effect as if the successor Trustee had been named as the Trustee in this Indenture. 

Section 7.10    Eligibility. This Indenture must always have a Trustee that satisfies the requirements of TIA
Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11    Money Held in Trust. The Trustee will not be liable for interest on any money received by it
except as it may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article VIII. 

ARTICLE VIII 

DEFEASANCE AND DISCHARGE 

Section 8.01    Discharge of Company’s Obligations. 

(a)    Subject to paragraph (b) of this Section 8.01, the Company’s obligations under the Securities of a
series and this Indenture will terminate if: 
 (1)    either: 

(A)    all Securities of such series that have been authenticated and delivered (other than destroyed, lost
or stolen Securities that have been replaced, Securities that are paid pursuant to Section 4.01 and Securities for whose payment money or securities have theretofore been deposited in trust and thereafter repaid to the Company pursuant to
Section 8.05) have been delivered to the Trustee for cancellation and the Company has paid all sums payable under such Indenture with respect to such Securities; or 

(B)    all Securities of such series mature within one year or are to be called for redemption within one
year and the Company has irrevocably deposited with the Trustee, as trust funds in trust solely for the benefit of the Holders, money, U.S. Government Obligations or a combination thereof sufficient, without consideration of any reinvestment of
interest, to pay principal, premium, if any, and accrued interest on such Securities to the date of maturity or redemption and all other sums due and payable under the indenture with respect to such Securities; 

(2)    the Company has delivered irrevocable instructions to the Trustee to apply the deposited money
toward the payment of all sums then due and payable hereunder for such series of Securities when due or on the redemption date, as applicable; and 

  
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 (3)    the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture with respect to such series of Securities have been satisfied.

 (b)    After satisfying the conditions in clause (a)(1)(A) above, only Section 7.07 hereof will survive with
respect to such series of Securities. After satisfying the conditions in clauses (a)(1)(B), (a)(2) and (a)(3) above, only the provisions in Article II relating to certain obligations to register the transfer or exchange of Securities, to replace
stolen, lost or mutilated Securities, to maintain paying agencies and to hold monies for payment in trust, and Sections 4.01, 4.02, 7.07, 7.08 and 8.06 will survive with respect to such series of Securities. In either case, the Company’s rights
under Section 3.01 and any other rights of optional redemption, and Section 8.05 shall survive. Other than as set forth in this clause (b), all other obligations of the Company shall be discharged. 

(c)    After satisfying the conditions described in clause (a) above, the Trustee upon request will acknowledge in
writing the discharge of the Company’s obligations under the applicable series of Securities and this Indenture other than the surviving rights and obligations described in clause (b) above. 

Section 8.02    Legal Defeasance. On the 91st day following the deposit referred to in clause (1), the Company
will be deemed to have paid and will be discharged from any and all obligations in respect of the applicable series of Securities under this Indenture, other than its rights and obligations in Article II relating to certain obligations to register
the transfer or exchange of Securities, to replace stolen, lost or mutilated Securities, to maintain paying agencies and to hold monies for payment in trust, Section 3.01 and any other rights of optional redemption, and Sections 4.01, 4.02,
7.07, 7.08, 8.05 and 8.06, will terminate and be discharged, provided the following conditions have been satisfied: 

(1)    the Company has deposited with the Trustee, in trust, money, the equivalent in U.S. Government
Obligations or a combination thereof that through the payment of interest and principal in respect of the outstanding Securities of such series in accordance with their terms will provide money in an amount sufficient to pay the principal of,
premium, if any, and accrued interest on such outstanding Securities when due of such payments in accordance with the terms of this Indenture and the Securities of such series to maturity or redemption, as the case may be, provided that any
redemption before maturity has been irrevocably provided for under arrangements reasonably satisfactory to the Trustee; 

(2)    the Company has delivered to the Trustee: 

(A)    either (x) an Opinion of Counsel to the effect that the beneficial owners of such Securities
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amount and in the 

  
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same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred, which Opinion of Counsel must be based upon (and accompanied by a copy
of) a ruling of the Internal Revenue Service to the same effect unless there has been a charge in applicable U.S. federal income tax law after the Issue Date such that a ruling is no longer required or (y) a ruling directed to the Trustee
received from the Internal Revenue Service to the same effect as the aforementioned Opinion of Counsel; and 

(B)    an Opinion of Counsel to the effect that the defeasance trust is not required to register as an
investment company under the Investment Company Act of 1940 and, after the passage of 91 days following the deposit, the trust fund will not be subject to the effect of Section 547 of the United States Bankruptcy Code or Section 15 of the
New York Debtor and Creditor Law; 
 (3)    no default with respect to the outstanding Securities of that
series has occurred and is continuing at the time of such deposit after giving effect to the deposit; and 

(4)    immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event
that after the giving of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing with respect to such series of Securities on the date of such deposit or during the period ending on the 91st day after
the date of such deposit, and such deposit shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of
its subsidiaries is bound. 
 Prior to the end of the 91-day period, none of the Company’s
obligations under this Indenture with respect to such series of Securities will be discharged. Thereafter, the Trustee upon request will acknowledge in writing the discharge of the Company’s obligations with respect to such series of Securities
under this Indenture except for the surviving rights and obligations specified above. 

Section 8.03    Covenant Defeasance. The Company shall be released from its respective obligations to comply
with, and shall have no liability in respect of any term, condition or limitation set forth in Sections 4.03 and 4.04 and Article V, and Section 6.01(c) shall no longer constitute an Event of Default with respect to a series of Securities,
provided the following conditions have been satisfied: 
 (i)    the Company has complied with clauses (1),
(2)(B) and (3) of Section 8.02 with respect to such series; and 
 (ii)    the Company has delivered to the
Trustee an Opinion of Counsel to the effect that the beneficial owners of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be

  
 35 

 
subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case if such deposit and defeasance had not occurred. 

Except as specifically stated above, none of the Company’s obligations under this Indenture will be discharged. 

Section 8.04    Application of Trust Money. Subject to Section 8.05, the Trustee will hold in trust the
money or U.S. Government Obligations deposited with it pursuant to Sections 8.01, 8.02 or 8.03, and apply the deposited money and the proceeds from deposited U.S. Government Obligations to the payment of principal of and interest on the Securities
of the applicable series in accordance with such Securities and this Indenture. Such money and U.S. Government Obligations need not be segregated from other funds except to the extent required by law. 

Section 8.05    Repayment to Company. Subject to Sections 7.07, 8.01, 8.02 and 8.03, the Trustee or any Paying
Agent will promptly pay to the Company upon written request any excess money held by the Trustee or any Paying Agent at any time and thereupon be relieved from all liability with respect to such money. The Trustee or any Paying Agent will pay to the
Company upon written request any money held for payment with respect to the Securities of a series that remains unclaimed for two years. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless
applicable law designates another Person, and all liability of the Trustee or such Paying Agent with respect to such money will cease. 

Section 8.06    Reinstatement. If and for so long as the Trustee is unable to apply any money or U.S.
Government Obligations held in trust pursuant to Section 8.01, 8.02 or 8.03 by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture with respect to such series of Securities will be reinstated as though no such deposit in trust had been made. If the Company makes any payment of principal of or interest on any such
Securities because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held in trust. 

ARTICLE IX 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01    Amendments Without Consent of Holders. 

(a)    The Company and the Trustee may amend or supplement this Indenture or the Securities of any series, without notice
to or the consent of any Holder, to : 
 (1)    cure any ambiguity, defect or inconsistency in this
Indenture or any Securities of any series; 

  
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 (2)    provide for the assumption of the Company’s
obligations in the case of a merger or consolidation and the discharge by the Company upon such assumption; 

(3)    comply with any requirements of the Commission in connection with the qualification of this
Indenture under the Trust Indenture Act; 
 (4)    evidence and provide for the acceptance of appointment
hereunder by a successor Trustee; 
 (5)    provide for uncertificated Securities of a series in addition
to or in place of Certificated Securities of such series; 
 (6)    provide for the issuance of
Additional Securities of a series in accordance with this Indenture; 
 (7)    provide for or add or
remove guarantors with respect to the Securities of any series; 
 (8)    secure any series of
Securities; 
 (9)    make any change that would provide any additional rights or benefits to the Holders
of any series of Securities; 
 (10)  establish the form or forms of any series of Securities; 

(11)  conform any provision contained in this Indenture or in any supplement hereto to the description of the
Securities contained in the Company’s final prospectus supplement (under the heading “Description of the Notes,” “Description of Debt Securities” or otherwise) relating to such series of Securities; or 

(12)  make any change that does not materially and adversely affect the rights of any Holder. 

Section 9.02    Amendments with Consent of Holders. 

(a)    Except as otherwise provided in Section 6.05, Section 9.01 or clause (b) below, the Company and the
Trustee may amend this Indenture and the Securities of any series with the consent of the Holders of not less than a majority of the aggregate principal amount of the outstanding Securities of each series affected by the amendment or modification
(voting as one class), and the compliance by the Company with any provision of the Indenture with respect to any series of Securities may be waived by written notice to the Trustee by the Holders of a majority of the aggregate principal amount of
the outstanding Securities of each series affected by the waiver (voting as one class). 

  
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 (b)    Notwithstanding the provisions of clause (a) above, without
the consent of the Holder of each outstanding Security affected thereby, an amendment or waiver may not: 

(1)    reduce the principal amount, or extend the fixed maturity, of the Securities, alter or waive the
optional redemption date or optional redemption prices of any series of Securities; 
 (2)    change the
currency in which principal, any premium or interest is paid; 
 (3)    reduce the percentage in
principal amount outstanding of Securities of any series which must consent to an amendment, supplement or waiver or consent to take any action; 

(4)    impair the right to institute suit for the enforcement of any payment on the Securities; 

(5)    waive a payment default with respect to the Securities; 

(6)    reduce the interest rate or extend the time for payment of interest on the Securities; or 

(7)    adversely affect the ranking of the Securities of any series. 

(c)    It is not necessary for Securityholders of a series to approve the particular form of any proposed amendment,
supplement or waiver, but is sufficient if their consent approves the substance thereof. 
 (d)    An amendment,
supplement or waiver under this Section will become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the outstanding Securities of the applicable series. After an amendment,
supplement or waiver under this Section becomes effective, the Company will send to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will send supplemental indentures to Holders of the
applicable series upon request. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.03    Effect of Consent. 

(a)    After an amendment, supplement or waiver becomes effective, it will bind every Holder of the applicable series of
Securities unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that
has consented to it and every subsequent Holder of a Security that evidences the same debt as the Security of the consenting Holder. 

  
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 (b)    If an amendment, supplement or waiver changes the terms of the
Securities of a series, the Trustee may require the Holder of any Security of such series to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on such Security and return it to the Holder, or
exchange it for a new Security of the applicable series that reflects the changed terms. The Trustee may also place an appropriate notation on any Security of such series thereafter authenticated. However, the effectiveness of the amendment,
supplement or waiver is not affected by any failure to annotate or exchange Securities in this fashion. 

Section 9.04    Trustee’s Rights’ and Obligations. The Trustee is
entitled to receive, and will be fully protected in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel (each conforming to Section 10.04) stating that the execution of any amendment, supplement or waiver
authorized pursuant to this Article IX is authorized or permitted by this Indenture. If the Trustee has received such an Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights
of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture. 

Section 9.05    Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the TIA. 
 ARTICLE X 

MISCELLANEOUS 

Section 10.01    Trust Indenture Act of 1939. This Indenture shall incorporate and be governed by the
provisions of the TIA that are required to be part of and to govern indentures qualified under the TIA. 

Section 10.02    Securityholder Communications; Securityholder Actions. 

(a)    The rights of Holders to communicate with other Holders of a series with respect to this Indenture or the
Securities are as provided by the TIA, and the Company and the Trustee shall comply with the requirements of TIA Sections 312(a) and 312(b). Neither the Company nor the Trustee will be held accountable by reason of any disclosure of information as
to names and addresses of Holders made pursuant to the TIA. 
 (b)     

(1)    Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or
other action provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the
authority of the person executing it, may be proved in any manner that the Trustee deems sufficient. 

  
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 (2)    The Trustee may make reasonable rules for action
by or at a meeting of Holders of a series, which will be binding on all such Holders. 
 (c)    Any act by the Holder of
a Security of any series binds that Holder and every subsequent Holder of a Security that evidences the same debt as the Security of the acting Holder, even if no notation thereof appears on the Security. Subject to paragraph (d) below, a
Holder may revoke an act as to its Securities, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other consequence of the act becomes effective. 

(d)    The Company may, but is not obligated to, fix a record date (which need not be within the time limits otherwise
prescribed by TIA Section 316(c)) for the purpose of determining the Holders of a series entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default with respect to a
series of Securities, only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of such Event of Default. If a record date is fixed, those Persons that were Holders
of such Securities at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for more than 90 days
after the applicable record date. 
 Section 10.03    Notices. 

(a)    Any notice or communication to the Company will be deemed given if in writing (i) when delivered in person or
(ii) five days after mailing when mailed by first class mail, or (iii) when sent by electronic communication (including e-mail), when such transmission is sent. Any notice to the Trustee will be
effective only upon receipt. In each case the notice or communication should be addressed as follows: 
 if to the Company: 

 

					
		 	E*TRADE Financial Corporation	  	
		 	11 Times Square, 32nd Floor	  	
		 	New York, New York 10036	  	
		
	 if to the Trustee:
	  	
			
		 	  
	  	
		 	  
	  	
		 	  
	  	
		 	  
	  	

 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 

  
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 In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions
or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions
shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or
are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will
be deemed given when sent to the Holder at its address as it appears on the applicable Register or, as to any Global Security registered in the name of the Depositary, as agreed by the Company, the Trustee and the Depositary. Copies of any notice or
communication to a Holder, if given by the Company, will be sent to the Trustee at the same time. Defect in sending a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders of the applicable
series of Securities. 
 Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security
provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or
its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 

(b)    Where this Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in
reliance upon such waivers. 
 Section 10.04    Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take any action under this Indenture, the Company will furnish to the Trustee: 

(1)    an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2)    an Opinion of Counsel stating that all such conditions precedent have been complied with. 

  
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 Section 10.05    Statements Required in Certificate or
Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(1)    a statement that each person signing the certificate or opinion has read the covenant or condition
and the related definitions; 
 (2)    a brief statement as to the nature and scope of the examination or
investigation upon which the statement or opinion contained in the certificate or opinion is based; 

(3)    a statement that, in the opinion of each such person, that person has made such examination or
investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4)    a statement as to whether or not, in the opinion of each such person, such condition or covenant has
been complied with, provided that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 

Section 10.06    Payment Date Other Than a Business Day. Except as provided pursuant to Section 2.01 and
Section 2.02 pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, each in accordance with Section 2.02, if any payment with respect to a payment of any
principal of, premium, if any, interest or the redemption price pursuant to any right of optional redemption on any Security (including any payment to be made on any date fixed for redemption or purchase of any Security) is due on a day which is not
a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period. 

Section 10.07    Governing Law. This Indenture and the Securities shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 10.08    No Adverse Interpretation of Other
Agreements. This Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture. 

Section 10.09    Successors. All agreements of the Company in this Indenture and the Securities of each
applicable series will bind its successors. All agreements of the Trustee in this Indenture will bind its successor. 

Section 10.10    Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 

  
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 Section 10.11    Separability. In case any provision in this
Indenture or in the Securities of any series is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture or such series of Securities will not in any way be affected or impaired
thereby. 
 Section 10.12    Table of Contents and Headings. The Table of Contents and headings of the
Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and in no way modify or restrict any of the terms and provisions of this Indenture. 

Section 10.13    No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders. No
director, officer, employee, incorporator, member or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect of, or by reason of,
such obligations. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

Section 10.14    Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 10.15    Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 10.16    Submission of Jurisdiction. The Company hereby irrevocably submits to the jurisdiction of any
New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this
Indenture and the Securities, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. 

Section 10.17    Tax Matters. The Company hereby covenants with the Trustee that it will provide the Trustee
with sufficient information so as to enable the Trustee to determine whether any payments to be made by it pursuant to the Indenture are withholdable payments as defined in section 1473(1) of the US Internal Revenue Code of

  
 43 

 
1986 (the Code) or otherwise defined in Sections 1471 through 1474 of the Code (and any regulations or agreements thereunder or official interpretation thereof) or any intergovernmental agreement
between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement). 

ARTICLE XI 

SUBORDINATION OF SECURITIES 

Section 11.01    Agreement of Subordination. The Company covenants and agrees, and each holder of Securities
issued hereunder by his acceptance thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article XI; and each Securityholder, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions. 
 The payment of the principal of, premium, if any, and interest on all Securities
issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter
incurred. 
 The provisions of this Article XI define the subordination of the Securities, as obligations of the Company, with respect to
Senior Indebtedness of the Company, as defined for the Company. 
 No provision of this Article XI shall prevent the occurrence of any
default or Event of Default hereunder. 
 Section 11.02    Payments to Securityholders. In the
event and during the continuation of any default in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness of the Company continuing beyond the period of grace, if any, specified in the instrument or lease
evidencing such Senior Indebtedness of the Company, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment shall be made by the Company with respect to the principal of, or premium, if any, or
interest on the Securities, except payments made pursuant to Article VIII hereof from monies deposited with the Trustee pursuant thereto prior to the happening of such default. 

Upon any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
to creditors upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts
due or to become due upon all Senior Indebtedness of the Company shall first be paid in full, or payment thereof provided for in money in accordance with its terms, before any payment is made on account of the principal (and premium, if any) or
interest on the Securities (except payments made pursuant to Article VIII hereof from monies deposited with the Trustee pursuant thereto prior to the happening of such dissolution, winding-up, liquidation or
reorganization); and upon any such dissolution or 

  
 44 

 
winding-up or liquidation or reorganization any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to which the holders of the Securities or the Trustee would be entitled, except for the provisions of this Article XI, shall (except as aforesaid) be paid by the Company or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution, or by the holders of the Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Indebtedness of the Company (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness of the Company held by such holders, as calculated by the Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which
any instruments evidencing any Senior Indebtedness of the Company may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness of the Company in full, in money or money’s worth, after
giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of the Company, before any payment or distribution is made to the holders of the Securities or to the Trustee. 

In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, prohibited by the foregoing, shall be received by the Trustee or the holders of the Securities before all Senior Indebtedness of the Company is paid in full, or provision is made for such payment in money in accordance
with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness of the Company or their representative or representatives, or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing any Senior Indebtedness of the Company may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior
Indebtedness of the Company remaining unpaid to the extent necessary to pay all Senior Indebtedness of the Company in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of
such Senior Indebtedness. 
 For purposes of this Article XI, the words, “cash, property or securities” shall not be deemed to
include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided
in this Article XI with respect to the Securities to the payment of all Senior Indebtedness of the Company which may at the time be outstanding; provided that (i) the Senior Indebtedness of the Company is assumed by the new corporation, if any,
resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness of the Company (other than leases) and of leases which are assumed are not, without the consent of such holders, altered by
such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety,
or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article V hereof shall 

  
 45 

 
not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 11.02 if such other corporation shall, as a
part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article V hereof. Nothing in this Section 11.02 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07. 

Section 11.03    Subrogation of Securities. Subject to the payment in full of all Senior Indebtedness
of the Company, the rights of the holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness of the Company to receive payments or distributions of cash, property or securities of the Company applicable to the
Senior Indebtedness of the Company until the principal of (and premium, if any) and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness
of the Company of any cash, property or securities to which the holders of the Securities or the Trustee would be entitled except for the provisions of this Article XI to or for the benefit of the holders of Senior Indebtedness of the Company by
holders of the Securities or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the Company, and the holders of the Securities, be deemed to be a payment by the Company to or on account of the
Senior Indebtedness of the Company. It is understood that the provisions of this Article XI are and are intended solely for the purpose of defining the relative rights of the holders of the Securities, on the one hand, and the holders of the Senior
Indebtedness of the Company, on the other hand. 
 Nothing contained in this Article XI or elsewhere in this Indenture or in the Securities
is intended to or shall impair, as between the Company, its creditors other than the holders of its Senior Indebtedness, and the holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of
the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of the
Securities and creditors of the Company other than the holders of its Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Security from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture, subject to the rights, if any, under this Article XI of the holders of Senior Indebtedness of the Company in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 

Upon any payment or distribution of assets of the Company referred to in this Article XI, the Trustee, subject to the provisions of
Section 7.01, and the holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or
reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the holders of the Securities, for the
purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article XI. 
  

  
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 Section 11.04    Authorization by
Securityholders. Each holder of a Security by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this
Article XI appoints the Trustee his attorney-in-fact for any and all such purposes. 

Section 11.05    Notice to Trustee. The Company shall give promptly written notice to a Responsible
Officer of the Trustee of any fact known to the Company which would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article XI. Notwithstanding the provisions of this
Article XI or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to
the provisions of this Article XI, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of the Trustee from the Company or a holder or holders of Senior Indebtedness or from
any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 7.01, shall be entitled in all respects to assume that no such facts exist; provided that if on a date not fewer than
three Business Days prior to the date upon which by the terms hereof any such monies may become payable for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Security) the
Trustee shall not have received, with respect to such monies, the notice provided for in this Section 11.05, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies
and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date. Notwithstanding anything to the contrary hereinbefore set forth,
nothing shall prevent any payment by the Company or the Trustee to the Securityholders of monies in connection with a redemption of Securities if (i) notice of such redemption has been given pursuant to Article III or Sections 8.01, 8.02 or
8.03 hereof prior to the receipt by the Trustee of written notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before the redemption date. 

The Trustee conclusively shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder
of Senior Indebtedness of the Company (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness of the Company or a trustee on behalf of any such holder or holders. In the event that the
Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of the Company to participate in any payment or distribution pursuant to this Article XI, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of the Company held by such Person, the extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under this Article XI, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to
receive such payment. 

  
 47 

 Section 11.06    Trustee’s Relation to Senior
Indebtedness. The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article XI in respect of any Senior Indebtedness of the Company at any time held by it, to the same extent as any other holder of
Senior Indebtedness of the Company and nothing elsewhere in this Indenture shall deprive the Trustee of any of its rights as such holder. 

With respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants
and obligations as are specifically set forth in this Article XI, and no implied covenants or obligations with respect to the holders of Senior Indebtedness of the Company shall be read into this Indenture against the Trustee. The Trustee shall not
be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Company and the Trustee shall not be liable to any holder of Senior Indebtedness of the Company if it shall pay over or deliver to holders of Securities, the Company or
any other Person money or assets to which any holder of Senior Indebtedness of the Company shall be entitled by virtue of this Article XI or otherwise. 

Section 11.07    No Impairment of Subordination. No right of any present or future holder of any Senior
Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. 

Section 11.08    Rights of Trustee. Nothing in this Article XI shall apply to claims of or payments to, the
Trustee pursuant to Section 7.07. 

  
 48 

 SIGNATURES 

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

 

			
	 E*TRADE FINANCIAL CORPORATION,

as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as Trustee

		
	 By:
	 	
		 	  

Name:

		 	 Title:

 [Signature Page to Indenture] 

 EXHIBIT A 

DTC LEGEND 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 

Exhibit A-1Exhibit

Exhibit 10.14

Avista Corporation
Executive Deferral Plan
(2005 Component)
As Amended and Restated Effective January 1, 2016

Avista Corporation
Executive Deferral Plan
(2005 Component)

	
				
	TABLE OF CONTENTS

	 
	 
	 
	Page

	PURPOSE
	1

	ARTICLE 1. DEFINITIONS
	1

	ARTICLE 2. SELECTION, ENROLLMENT, ELIGIBILITY
	6

	 
	2.1
	Selection by Committee
	6

	 
	2.2
	Enrollment Requirements
	6

	 
	2.3
	Eligibility; Commencement of Participation
	6

	 
	2.4
	Eligibility; Suspension of Participation
	7

	ARTICLE 3. DEFERRAL COMMITMENTS/EMPLOYER MATCHING/CREDITING/TAXES
	7

	 
	3.1
	Minimum Deferrals
	7

	 
	3.2
	Maximum Deferrals
	7

	 
	3.3
	Election to Defer
	7

	 
	3.4
	Withholding of Annual Deferral Amounts
	8

	 
	3.5
	Annual Employer Matching Amounts
	8

	 
	3.6
	Vesting
	8

	 
	3.7
	Crediting/Debiting of Account Balances
	8

	 
	3.8
	FICA and Other Taxes
	10

	 
	3.9
	Distributions
	10

	ARTICLE 4. PAYOUT AT A SPECIFIED TIME
	10

	 
	4.1
	Payout at a Specified Time
	10

	 
	4.2
	Other Benefits Take Precedence Over Payout at a Specified Time
	11

	ARTICLE 5. BENEFIT AT TERMINATION OF EMPLOYMENT
	11

	 
	5.1
	Benefit At Termination of Employment
	11

	 
	5.2
	Payment of Termination Benefit
	11

	 
	5.3
	Death Prior to Complete Payment of Termination Benefit
	12

	ARTICLE 6. PRE-TERMINATION SURVIVOR BENEFIT
	12

	 
	6.1
	Pre-Termination Survivor Benefit
	12

	 
	6.2
	Payment of Pre-Termination Survivor Benefit
	12

	ARTICLE 7. BENEFICIARY DESIGNATION
	12

	 
	7.1
	Beneficiary
	13

	 
	7.2
	Beneficiary Designation; Change; Spousal Consent
	13

	 
	7.3
	Acknowledgment
	13

	 
	7.4
	No Beneficiary Designation
	13

	 
	7.5
	Doubt as to Beneficiary
	13

	 
	7.6
	Discharge of Obligations
	13

	ARTICLE 8. TERMINATION, AMENDMENT OR MODIFICATION
	13

	 
	8.1
	Termination
	13

	 
	8.2
	Amendment
	14

	 
	8.3
	Effect of Payment
	14

	ARTICLE 9. ADMINISTRATION
	14

-i-

Avista Corporation
Executive Deferral Plan
(2005 Component)

	
				
	 
	9.1
	Duties
	14

	 
	9.2
	Administration Upon Change In Control
	14

	 
	9.3
	Agents
	15

	 
	9.4
	Binding Effect of Decisions
	15

	 
	9.5
	Indemnity of Committee
	15

	 
	9.6
	Employer Information
	15

	ARTICLE 10. OTHER BENEFITS AND AGREEMENTS
	15

	ARTICLE 11. CLAIMS PROCEDURES
	16

	 
	11.1
	Presentation of Claim
	16

	 
	11.2
	Notification of Decision
	16

	 
	11.3
	Review of a Denied Claim
	16

	 
	11.4
	Decision on Review
	16

	 
	11.5
	Legal Action
	17

	ARTICLE 12. TRUST
	17

	 
	12.1
	Establishment of the Trust
	17

	 
	12.2
	Interrelationship of the Plan and the Trust
	17

	 
	12.3
	Distributions From the Trust
	17

	ARTICLE 13. MISCELLANEOUS
	17

	 
	13.1
	Status of Plan
	17

	 
	13.2
	Unsecured General Creditor
	18

	 
	13.3
	Employer's Liability
	18

	 
	13.4
	Nonassignability
	18

	 
	13.5
	Not a Contract of Employment
	18

	 
	13.6
	Furnishing Information
	18

	 
	13.7
	Terms
	18

	 
	13.8
	Captions
	19

	 
	13.9
	Governing Law
	19

	 
	13.10
	Notice
	19

	 
	13.11
	Successors
	19

	 
	13.12
	Spouse's Interest
	19

	 
	13.13
	Validity
	19

	 
	13.14
	Incompetent
	19

	 
	13.15
	Payment On Earlier Payment Date
	20

-ii-

AVISTA CORPORATION
EXECUTIVE DEFERRAL PLAN
(2005 Component)
As Amended and Restated
Effective January 1, 2016

Purpose
The purpose of this Plan, as amended and restated effective January 1, 2016, is to provide specified benefits to a select group of management and highly compensated Employees who contribute materially to the continued growth, development and future business success of Avista Corporation, a Washington corporation, and its affiliates, if any, that sponsor this Plan.  This Plan is a component of the Avista Corporation Executive Deferral Plan and shall be unfunded for tax purposes and for purposes of Title I of ERISA.

ARTICLE 1. 
DEFINITIONS
For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings:
		
	1.1
	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the Employer equal to the sum of (i) the Deferral Account balance and (ii) the Employer Matching Account balance.  The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

		
	1.2
	“Annual Bonus” shall mean any compensation, in addition to Base Annual Salary relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W‐2 for such calendar year, payable to a Participant as an Employee under any Employer's annual bonus and cash incentive plans, excluding stock options.

		
	1.3
	“Annual Deferral Amount” shall mean that portion of a Participant's Base Annual Salary and/or Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year.  In the event of a Participant's death or other Separation from Service prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

		
	1.4
	“Annual Employer Matching Amount” for any one Plan Year shall be the amount determined in accordance with Section 3.5.

		
	1.5
	“Annual Installment Method” shall be an annual installment form of payment over the number of years selected by the Participant in accordance with this Plan, calculated as follows with respect to Annual Deferral Amounts deferred on or prior to December 31, 2014:  (a) during the Plan Year in which such payments begin, each payment shall equal the Account Balance to be distributed under the Annual Installment Method divided by the total number of installment payments to be made; and (b) during the remaining benefit payment period, the amount of each installment to be paid during each such subsequent Plan Year shall equal the remaining Account Balance as of December 31 of the prior year divided by the number of installment payments to be made in and after such 

-1-

subsequent Plan Year.  With respect to Annual Deferral Amounts deferred on or after January 1, 2015, the “Annual Installment Method” shall be calculated as follows: the amount of each installment shall equal the Account Balance to be distributed under the Annual Installment Method, determined as of the business day immediately preceding the date of the annual installment payment, divided by the total number of installment payments to be made in and after such subsequent Plan Year, with payment to be made on the 15th day of the month (or as soon as reasonably possible following such date, but no later than 90 days thereafter).  Notwithstanding the foregoing, the final installment shall be the Participant's Account Balance as of the date of payment.
		
	1.6
	“Base Annual Salary” shall mean the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W‐2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non‐qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant's gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

		
	1.7
	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 7, that are entitled to receive benefits under this Plan upon the death of a Participant.

		
	1.8
	“Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

		
	1.9
	“Board” shall mean the board of directors of the Company.

		
	1.10
	“Change of Control” shall mean:

		
	(a)
	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this Section 1.10; or

		
	(b)
	Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual 

-2-

becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors, or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
		
	(c)
	Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, twenty percent (20%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

		
	(d)
	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

		
	1.11
	“Claimant” shall have the meaning set forth in Section 11.1.

		
	1.12
	“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.

		
	1.13
	“Committee” shall mean the committee described in Article 9 and known as the Benefit Plans Administrative Committee.

		
	1.14
	“Company” shall mean Avista Corporation, a Washington corporation, and any business which assumes the obligations of the Company hereunder.  

		
	1.15
	“Deferral Account” shall mean (i) the sum of all of a Participant's Annual Deferral Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral Account.

-3-

		
	1.16
	“Disability” shall mean that a Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees.

		
	1.17
	“Distribution Election Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to elect the form and timing of distributions to the Participant under the Plan.

		
	1.18
	 “Employee” shall mean an employee of the Employer who is:  (i) an executive officer of the Employer who assumed such position prior to February 4, 2011 or a director of the Employer; and (ii) an active member of the Funded Pension Plan.  

		
	1.19
	“Employer(s)” shall mean the Company and/or any other Related Employer (now in existence or hereafter formed or acquired) that participates in the Plan with respect to its Employees.

		
	1.20
	“Employer Matching Account” shall mean (i) the sum of all of a Participant's Annual Employer Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Employer Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Employer Matching Account.

		
	1.21
	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

		
	1.22
	“401(k) Plan” shall be The Investment and Employee Stock Ownership Plan of Avista Corporation, as amended from time to time.  

		
	1.23
	“Monthly Installment Method” shall be a monthly installment form of payment over the number of months selected by the Participant in accordance with this Plan, calculated as follows with respect to Annual Deferral Amounts deferred on or prior to December 31, 2014:  (a) during the Plan Year in which such payments begin, each payment shall equal the Account Balance to be distributed under the Monthly Installment Method divided by the total number of installment payments to be made; and (b) during the remaining benefit payment period, the amount of each installment to be paid during each such subsequent Plan Year shall equal the remaining Account Balance as of December 31 of the immediately preceding Plan Year divided by the number of installment payments to be made in and after such subsequent Plan Year.  With respect to Annual Deferral Amounts deferred on or after January 1, 2015, “Monthly Installment Method” shall be calculated as follows: the amount of each installment shall equal the Account Balance to be distributed under the Monthly Installment Method, determined as of the business day immediately preceding the date of the monthly installment payment, divided by the total number of installment payments to be made in and after such subsequent Plan Year, with each payment to be made on the 15th day of the month (or as soon as reasonably possible following such date, but no later than 90 days thereafter).  Notwithstanding the foregoing, the final installment shall be the Participant's Account Balance as of the date of payment.

-4-

		
	1.24
	“Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs a deferral election form, (iv) whose signed deferral election form is accepted by the Committee, (v) who commences participation in the Plan, and (vi) whose deferral election form has not terminated.  A spouse or former spouse of a Participant shall not be treated as a Participant in the Plan or have an account balance under the Plan, even if he or she has an interest in the Participant's benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce.

		
	1.25
	“Payout at a Specified Time” shall mean the payout set forth in Section 4.1.

		
	1.26
	“Plan” shall mean the Company’s Executive Deferral Plan (2005 Component), which shall be evidenced by this document and by each Participant’s deferral election form, as they may be amended from time to time.  The Plan is a component of the Avista Corporation Executive Deferral Plan and governs deferrals under such plan that are made with respect to Base Annual Salary and Annual Bonuses that are earned by an Employee on and after on January 1, 2005.

		
	1.27
	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through the last day of December of the same calendar year.

		
	1.28
	“Pre-Termination Survivor Benefit” shall mean the benefit set forth in Article 6.

		
	1.29
	“Related Employer” shall mean a corporation which is a member of the same controlled group of corporations (as defined in Code Section 414(b)) as the Company and a trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with the Company.  

		
	1.30
	“Separation from Service” shall mean that an Employee has died, retired or otherwise has incurred a termination of employment.  An Employee will not incur a Separation from Service while he is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right to reemployment under an applicable statute or contract.  A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Employee will return to perform services.  Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Employee to be unable to perform the duties of his position of employment or any substantially similar position of employment, a 29 month period of absence is substituted for such six month period.

“Termination of employment” means that it is reasonably anticipated based on the facts and circumstances that an Employee will perform no further services after a certain date or that the level of bona fide services he would perform after such date would permanently decrease to no more than 20 percent of the average level of bona fide services performed over the immediately preceding 36 month period (or the full period of services if the Employee has been providing services for less than 36 months).  An Employee shall incur a Separation from Service when the level of bona fide services performed decreases to a level equal to 20 percent or less of the average level of services performed by him during the immediately preceding 36 month period.  
		
	1.31
	“Stock” shall mean Avista Corporation common stock, zero par value, or any other equity securities of the Company designated by the Committee.

-5-

		
	1.32
	“Survivor Benefit Payment Election Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to elect the form of payment to his or her Beneficiary in the event of his or her death under Article 6.

		
	1.33
	“Termination Benefit” shall mean the benefit set forth in Article 5.

		
	1.34
	“Trust” shall mean one or more trusts established pursuant to that certain Master Trust Agreement, effective as of March 1, 2000 between the Company and the trustee named therein, as amended from time to time.

		
	1.35
	“Years of Service” shall mean the total number of full years in which a Participant has been employed by one or more Employers.  For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee's date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date.  Any partial year of employment shall not be counted.

ARTICLE 2. 
SELECTION, ENROLLMENT, ELIGIBILITY

		
	2.1
	Selection by Committee.

Participation in the Plan shall be limited to a select group of management and highly compensated Employees of the Employers, as determined by the Committee in its sole discretion.  From that group, the Committee shall select, in its sole discretion, Employees to participate in the Plan.  

		
	2.2
	Enrollment Requirements.

As a condition to participation, each selected Employee shall complete, execute and return to the Committee a deferral election form, a Distribution Election Form and a Beneficiary Designation Form, all within 30 days after he or she is selected to participate in the Plan.  An Employee may not elect to participate in the Plan within the 30 day period described above if on the date he or she becomes eligible to participate he or she already participates in another non-qualified elective “account balance plan” of the Employer (as such term is defined in Treasury Regulation Section 1.409A-1(c)(2)(i)(A), other than a plan described in Treasury Regulation Sections 1.409A-1(c)(2)(i)(D), (E), (F), (G) or (H) relating to separation pay plans, rights to in-kind benefits or reimbursements, split dollar life insurance arrangements, modified foreign earned income, and stock rights).  In such case, the Employee may enroll in the Plan for the next following Plan Year.  In addition, the Committee shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.  

		
	2.3
	Eligibility; Commencement of Participation.

Provided an Employee selected to participate in the Plan has met all enrollment requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee within the specified time period, that Employee shall commence participation in the Plan on the first day of the month following the month in which the Employee completes all enrollment requirements.  If an Employee fails to meet all such requirements within the period required, in accordance with Section 2.2, that Employee shall not be eligible to participate in the Plan until the first day of the Plan Year following the delivery to and acceptance by the Committee of the required documents.

-6-

		
	2.4
	Eligibility; Suspension of Participation.

In the event that an Employee who is a Participant is no longer an Employee, he shall no longer be eligible to participate and make deferrals to the Plan, but may be eligible to participate in the Company’s Executive Deferral Plan (2011 Component or 2016 Component) in accordance with its terms.  

ARTICLE 3. 
DEFERRAL COMMITMENTS/EMPLOYER MATCHING/CREDITING/TAXES

		
	3.1
	Minimum Deferrals.

Prior to each Plan Year, a Participant may elect to defer, as his or her Annual Deferral Amount, Base Annual Salary and/or Annual Bonus in the following minimum amounts for each deferral elected:
	
		
	Deferral
	Minimum Amount

	Base Annual Salary
	$2,000

	Annual Bonus
	$2,000

If an election is made for less than stated minimum amounts, or if no election is made, the amount deferred shall be zero.

		
	3.2
	Maximum Deferrals.

For each Plan Year, a Participant may elect to defer, as his or her Annual Deferral Amount, Base Annual Salary and/or Annual Bonus up to the following maximum percentages for each deferral elected:
	
		
	Deferral
	Maximum Amount

	Base Annual Salary
	75%

	Annual Bonus
	100%

Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year, the maximum Annual Deferral Amount, with respect to Base Annual Salary and Annual Bonus shall be limited to the amount of compensation paid for services to be performed subsequent to the date the Participant submits a deferral election to the Committee for acceptance.

		
	3.3
	Election to Defer.

		
	(a)
	First Plan Year.  In connection with a Participant's commencement of participation in the Plan, the Participant shall make an irrevocable deferral election for the Plan Year in which the Participant commences participation in the Plan.  For the election to be valid, the election must be completed in writing and signed by the Participant, timely delivered to the Committee (in accordance with Section 2.2 above) and accepted by the Committee.  In the case of compensation that is earned based upon a specified performance period (for example, an Annual Bonus), where a Distribution Election Form is submitted in the first year of eligibility but after the beginning of the service period, the Distribution Election Form will apply to the portion of the compensation equal to the total amount of the compensation for the service period multiplied by the ratio of the number of days remaining in the performance 

-7-

period after the Distribution Election Form is submitted over the total number of days in the performance period.  
		
	(b)
	Subsequent Plan Years.  For each succeeding Plan Year, an irrevocable deferral election for that Plan Year, shall be made by timely delivering to the Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year for which the election is made, a new election.  If no such election is timely delivered for a Plan Year, the Annual Deferral Amount shall be zero for that Plan Year.

		
	3.4
	Withholding of Annual Deferral Amounts.

For each Plan Year, the Base Annual Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Base Annual Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Base Annual Salary.  The Annual Bonus portion of the Annual Deferral Amount shall be withheld at the time the Annual Bonus is or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself.

		
	3.5
	Annual Employer Matching Amount.

A Participant's Annual Employer Matching Amount for any Plan Year shall be equal to 75% (or such other percentage used by the Participant’s Employer to determine his matching contribution under the 401(k) Plan) of the Participant's Annual Deferral Amount for the immediately prior Plan Year, up to an amount that does not exceed 6% of the Participant’s Base Annual Salary for the prior Plan Year, reduced by the amount of any matching contributions made to the 401(k) Plan on his or her behalf for such prior Plan Year of the 401(k) Plan, assuming that the Participant had contributed the maximum amount permitted to the 401(k) Plan under the provisions of Code Sections 402(g) and 401(a)(17).  If a Participant is not employed by an Employer as of the last business day of a Plan Year, the Annual Employer Matching Amount for such Plan Year shall be zero.  

		
	3.6
	Vesting.

A Participant shall at all times be 100% vested in his or her Deferral Account and Employer Matching Account.

		
	3.7
	Crediting/Debiting of Account Balances. 

In accordance with, and subject to, the rules and procedures that are established from time to time by the Committee, in its sole discretion, amounts shall be credited or debited to a Participant's Account Balance in accordance with the following rules:
		
	(a)
	Election of Measurement Funds.  A Participant, in connection with his or her initial deferral election in accordance with Section 3.3(a) above, shall elect one or more Measurement Fund(s) (as described in Section 3.7(c) below) to be used to determine the additional amounts to be credited to his or her Account Balance for the first day in which the Participant commences participation in the Plan and continuing thereafter for each subsequent day in which the Participant participates in the Plan, unless changed in accordance with the next sentence.  Commencing with the first business day that follows the Participant's commencement of participation in the Plan and continuing thereafter for each subsequent business day in which the Participant participates in the Plan, the Participant may (but is not required to) elect, in the form and manner that is accepted by the Committee, to add or delete one or more Measurement Fund(s) to be used to determine the additional amounts to 

-8-

be credited to his or her Account Balance, or to change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund.  If an election is made in accordance with the previous sentence, it shall apply to the next business day and continue thereafter for each subsequent day in which the Participant participates in the Plan, unless changed in accordance with the previous sentence.
		
	(b)
	Proportionate Allocation.  In making any election described in Section 3.7(a) above, the Participant shall specify in increments of one percentage point (1%), the percentage of his or her Account Balance to be allocated to a Measurement Fund (as if the Participant was making an investment in that Measurement Fund with that portion of his or her Account Balance).

		
	(c)
	Measurement Funds.  The Participant may elect one or more measurement funds, based on certain mutual funds (the “Measurement Funds”) listed on Exhibit 1 hereof, incorporated herein by this reference, for the purpose of crediting additional amounts to his or her Account Balance; provided, however, that the Committee must always select as a Measurement Fund the Company Stock Fund (described as a mutual fund 100% invested in Stock, with all dividends deemed invested in additional shares of Stock.  As necessary, the Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund; provided, however, that the Committee may never discontinue or delete the Company Stock Fund.  Each such action will take effect as of the first day of the calendar quarter that follows by thirty (30) days the day on which the Committee gives Participants advance written notice of such change.

		
	(d)
	Crediting or Debiting Method.  The performance of each elected Measurement Fund (either positive or negative) will be determined by the Committee, in its reasonable discretion, based on the performance of the Measurement Funds themselves.  A Participant's Account Balance shall be credited or debited on a daily basis based on the performance of each Measurement Fund selected by the Participant, as determined by the Committee in its sole discretion, as though (i) a Participant's Account Balance were invested in the Measurement Fund(s) selected by the Participant, in the percentages applicable to such day, as of the close of business on such date; (ii) the portion of the Annual Deferral Amount that was actually deferred during any day were invested in the Measurement Fund(s) selected by the Participant, in the percentages applicable to such day, no later than the close of business on the business day after the day on which such amounts are actually deferred from the Participant's Base Annual Salary through reductions in his or her payroll, at the closing price on such date; and (iii) any distribution made to a Participant that decreases such Participant's Account Balance ceased being invested in the Measurement Fund(s), in the percentages applicable to such day, no earlier than one business day prior to the distribution, at the closing price on such date.  The Participant's Annual Employer Matching Amount shall be credited to his or her Employer Matching Account as of the close of business on the last business day of the Plan Year to which it relates.  

		
	(e)
	No Actual Investment.  Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant's election of any such Measurement Fund, the allocation to his or her Account Balance thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant's Account Balance shall not be considered or construed in 

-9-

any manner as an actual investment of his or her Account Balance in any such Measurement Fund.  In the event that the Company or the Trustee (as that term is defined in the Trust), in its own discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves.  Without limiting the foregoing, a Participant's Account Balance shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Employer or the Trust; the Participant shall at all times remain an unsecured creditor of the Employer.

		
	3.8
	FICA and Other Taxes.

		
	(a)
	Annual Deferral Amounts.  Unless otherwise previously withheld, for each Plan Year in which an Annual Deferral Amount is being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s Base Annual Salary and Bonus that is not being deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes on such Annual Deferral Amount.  If necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 3.8.

		
	(b)
	Employer Matching Amounts.  When a participant becomes vested in a portion of his or her Employer Matching Account, the Participant’s Employer(s) shall withhold from the Participant’s Base Annual Salary and/or Bonus that is not deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes.  If necessary, the Committee may reduce the vested portion of the Participant’s Employer Matching Account in order to comply with this Section 3.8.  

		
	3.9
	Distributions.

The Participant’s Employer(s), or the trustee of the Trust, shall withhold from any payments made to a Participant under this Plan all federal and state income, employment and other taxes required to be withheld by the Employer(s), or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer(s) and the trustee of the Trust.  

ARTICLE 4. 
PAYOUT AT A SPECIFIED TIME

		
	4.1
	Payout at a Specified Time.

		
	(a)
	Distribution Election.  A Participant in connection with his or her commencement of participation in the Plan shall irrevocably elect in a Distribution Election Form to receive a future “Payout at a Specified Time” of his or her Account Balance from the Plan.  The Payout at a Specified Time shall be made or commenced at the time elected by the Participant and shall be distributed in a lump sum or pursuant to a Monthly Installment Method of 60, 120 or 180 months or an Annual Installment Method of five, ten or fifteen years, as elected by the Participant.  The Participant shall make such elections when he or she submits his or her first irrevocable deferral election as described in Section 3.3(a).  If a Participant does not make any such form of payment election with respect to the Payout at a Specified Time, then such benefit shall be paid in a lump sum.

		
	(b)
	Delay or Change of Distribution.  A Participant may amend his or her Distribution Election Form to delay a Payout at a Specified Time or to change the form of payment by submitting 

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a new Distribution Election Form in accordance with the Committee’s rules and procedures, provided that:  (i) the amended Distribution Election Form is submitted at least one year prior to the date on which the first payment of the Payout at a Specified Time would have otherwise become payable; and (ii) the amended Distribution Election Form will result in a delay of the Participant's receipt of such benefit by at least five additional years.

		
	4.2
	Other Benefits Take Precedence Over Payout at a Specified Time.

Should an event occur that triggers a benefit under Article 5 or 6, an Account Balance that is subject to a Payout at a Specified Time election under Section 4.1 shall not be paid at the time elected by the Participant under Section 4.1 but shall be paid at the time set forth under the other applicable Article.

ARTICLE 5. 
BENEFIT AT TERMINATION OF EMPLOYMENT

		
	5.1
	Benefit At Termination of Employment.

A Participant who experiences a Separation from Service for reasons other than death shall receive, as a Termination Benefit, his or her Account Balance unless the Participant’s Account Balance is subject to a Payout at a Specified Time election that requires payments to be made or commenced prior to the Participant’s Separation from Service.

		
	5.2
	Payment of Termination Benefit.

A Participant in connection with his or her commencement of participation in the Plan, may elect on a Distribution Election Form to receive a Termination Benefit in a lump sum or pursuant to a Monthly Installment Method of 60, 120 or 180 months or an Annual Installment Method of five, ten or fifteen years.  The Participant shall elect the payment form when he or she submits his or her first irrevocable deferral election as described in Section 3.3(a).  If a Participant does not make any election with respect to the payment of the Termination Benefit, then such benefit shall be paid in a lump sum.  Termination Benefits shall commence or be paid as soon as reasonably practicable following the date of the Separation from Service, but in no event later than 90 days from such date.  
Notwithstanding the foregoing, no payment of a Termination Benefit to a Participant who is a “specified person” shall be paid or commence prior to a date that is six (6) months after the date of his or her Separation from Service.  If the Termination Benefit of a Participant who is a specified person is to be paid in a lump sum, payment will occur as soon as reasonably as reasonably practicable after the expiration of the six (6) month delay, but in no event later than 90 days from such date.  If the Termination Benefit of a Participant who is a specified person is to be paid in installments, then (a) with respect to Annual Deferral Amounts deferred on or before December 31, 2014, the first payment following the six (6) month delay will be made in the seventh month after the Separation from Service and will include a lump sum payment of any installment payments (including accumulated earnings) that would have been made, but for the delay of six (6) months, and the installment payments will continue thereafter as elected on the Participant’s Distribution Election Form; and (b) with respect to Annual Deferral Amounts deferred on or after January 1, 2015, all payments will be delayed by six (6) months, such that they commence in the seventh calendar month after the Separation from Service.  In no event will Termination Benefits payable to a Participant who is a specified employee commence or be paid later than 90 days from the date on which the six (6) month delay after his or her Separation from Service expires.  A Participant is a “specified 

-11-

person” if he is a key employee under Code Sections 416(i)(1)(A)(i), (ii) or (iii) at any time during the 12 month period ending on a “specified employee identification date.”  If the Participant is a key employee on such a date, he will be treated as a key employee for the entire 12 month period beginning on the “specified employee effective date.”  For purposes of this Section 5.2, the “specified employee identification date” is December 31 and the “specified employee effective date” is the following April 1. 
A Participant may amend his or her Distribution Election Form to change the payment form by submitting a new Distribution Election Form in accordance with the Committee’s rules and procedures, provided that:  (i) unless the Participant’s Separation from Service is due to Disability, the amended Distribution Election Form is submitted at least one year prior to the date on which such benefit would have otherwise become payable; and (ii) the amended Distribution Election Form will result in a delay of the Participant's receipt of such benefit by at least five additional years.

		
	5.3
	Death Prior to Complete Payment of Termination Benefit.

If a Participant dies after his or her Termination Benefit commences, but before it is paid in full, the Participant's unpaid Termination Benefit payments shall continue and shall be paid to the Participant's Beneficiary over the remaining number of years and in the same amounts as that benefit would have been paid to the Participant had the Participant survived.

ARTICLE 6. 
PRE-TERMINATION SURVIVOR BENEFIT

		
	6.1
	Pre-Termination Survivor Benefit.

The Participant's Beneficiary shall receive a Pre-Termination Survivor Benefit equal to the Participant's Account Balance if the Participant dies before he or she commences receiving his or her Termination Benefit.  

		
	6.2
	Payment of Pre-Termination Survivor Benefit.

A Participant, in connection with his or her commencement of participation in the Plan, shall elect on a Survivor Benefit Payment Election Form whether the Pre-Termination Survivor Benefit shall be received by his or her Beneficiary in a lump sum or pursuant to a Monthly Installment Method of 60, 120 or 180 months or Annual Installment Method of five, ten or fifteen years.  The Participant shall elect the payment form when he or she submits his or her first irrevocable deferral election as described in Section 3.3(a).  If a Participant does not make any election with respect to the payment of the Pre-Termination Survivor Benefit, then such benefit shall be paid in a lump sum.  The lump sum payment shall be made, or installment payments shall commence, as soon as reasonably practicable following the Participant’s death, but in no event later than 90 days from such date.  A Participant may amend his or her Survivor Benefit Payment Election Form to change the payment form of a Pre-Termination Survivor Benefit by submitting a new Survivor Benefit Payment Election Form in accordance with the Committee’s rules and procedures, provided that the amended Survivor Benefit Payment Election Form is not effective for 12 months after it is submitted.  

ARTICLE 7. 
BENEFICIARY DESIGNATION

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	7.1
	Beneficiary.

Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant.  The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates.

		
	7.2
	Beneficiary Designation; Change; Spousal Consent.

A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its designated agent.  A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee's rules and procedures, as in effect from time to time.  If the Participant names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that Participant's spouse and returned to the Committee.  Upon the acceptance by the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled.  The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

		
	7.3
	Acknowledgment.

No designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Committee or its designated agent.

		
	7.4
	No Beneficiary Designation.

If a Participant fails to designate a Beneficiary as provided in Sections 8.1, 8.2 and 8.3 above or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant's benefits, then the Participant's designated Beneficiary shall be deemed to be his or her surviving spouse.  If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant's estate.

		
	7.5
	Doubt as to Beneficiary.

If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the Participant's Employer to withhold such payments until this matter is resolved to the Committee's satisfaction.

		
	7.6
	Discharge of Obligations.

The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the Committee from all further obligations under this Plan with respect to the Participant, and that Participant's deferral election shall terminate upon such full payment of benefits.

ARTICLE 8. 
TERMINATION, AMENDMENT OR MODIFICATION

		
	8.1
	Termination.

Although each Employer anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that any Employer will continue the Plan or will not terminate the Plan at any 

-13-

time in the future.  Accordingly, each Employer reserves the right to discontinue its sponsorship of the Plan and/or to terminate the Plan at any time with respect to any or all of its participating Employees, by action of its governing body.  In addition, the Compensation and Organization Committee of the Company may terminate the Plan with respect to any Employer.  Upon the termination of the Plan with respect to any Employer, the deferral elections of the affected Participants who are employed by that Employer shall terminate and their Account Balances, determined as if they had experienced a Separation from Service for reasons other than death on the date of Plan termination, shall be paid to the Participants in a lump sum as soon as reasonably practicable following the Plan termination in accordance with Code Section 409A.  The termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled to the payment of any benefits under the Plan as of the date of termination.

		
	8.2
	Amendment.

Any Employer may, at any time, amend or modify the Plan in whole or in part with respect to that Employer by the action of its board of directors.  In addition, the Compensation and Organization Committee of the Company may amend the Plan with respect to any Employer.  Provided, however, that:  (i) no amendment or modification shall be effective to decrease or restrict the value of a Participant's Account Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Separation from Service for reasons other than death as of the effective date of the amendment or modification, and (ii) no amendment or modification of this Section 8.2 or Section 9.2 of the Plan shall be effective.  The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification.

		
	8.3
	Effect of Payment.

The full payment of the applicable benefit under Articles 4, 5, or 6 of the Plan shall completely discharge all obligations to a Participant and his or her designated Beneficiaries under this Plan and the Participant's deferral election shall terminate.

ARTICLE 9. 
ADMINISTRATION

		
	9.1
	Duties.

Except as otherwise provided in this Article 9, this Plan shall be administered by the Administrator.  The Administrator shall also have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan.  When making a determination or calculation, the Administrator shall be entitled to rely on information furnished by a Participant or the Employer. For purposes of this Plan, the Committee shall be the “Administrator” at all times prior to the occurrence of a Change in Control.  

		
	9.2
	Administration Upon Change In Control.

Upon and after the occurrence of a Change in Control, the “Administrator” shall be an independent third party selected by the Trustee and approved by the individual who, immediately prior to such event, was the Company’s Chief Executive Officer or, if not so identified, the Company’s highest ranking officer (the “Ex-CEO”).  The Administrator shall have the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation of the 

-14-

Plan and Trust including, but not limited to benefit entitlement determinations.  Upon and after the occurrence of a Change in Control, the Company must:  (1) pay all reasonable administrative expenses and fees of the Administrator; (2) indemnify the Administrator against any costs, expenses and liabilities including, without limitation, attorney’s fees and expenses arising in connection with the performance of the Administrator hereunder, except with respect to matters resulting from the gross negligence or willful misconduct of the Administrator or its employees or agents; and (3) supply full and timely information to the Administrator or all matters relating to the Plan, the Trust, the Participants and their Beneficiaries, the Account Balances of the Participants, the date of circumstances of the Disability, death or other Separation from Service of the Participants, and such other pertinent information as the Administrator may reasonably require.  Upon and after a Change in Control, the Administrator may be terminated (and a replacement appointed) by the Trustee only with the approval of the Ex-CEO.  Upon and after a Change in Control, the Administrator may not be terminated by the Company.

		
	9.3
	Agents.

In the administration of this Plan, the Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to any Employer.

		
	9.4
	Binding Effect of Decisions.

Subject to Article 11 below, the decision or action of the Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.

		
	9.5
	Indemnity of Committee.

All Employers shall indemnify and hold harmless the members of the Committee, and any Employee to whom the duties of the Committee may be delegated, and the Committee against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee, any of its members, any such Employee.

		
	9.6
	Employer Information.

To enable the Committee and/or Administrator to perform its functions, the Company and each Employer shall supply full and timely information to the Committee and/or Administrator, as the case may be, on all matters relating to the compensation of its Participants, the date and circumstances of the death or other Separation from Service of its Participants, and such other pertinent information as the Committee and/or Administrator may reasonably require.

ARTICLE 10. 
OTHER BENEFITS AND AGREEMENTS
The benefits provided for a Participant and Participant's Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant's Employer.  The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

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ARTICLE 11. 
CLAIMS PROCEDURES

		
	11.1
	Presentation of Claim.

Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Administrator a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan.  If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant.  All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred.  The claim must state with particularity the determination desired by the Claimant.

		
	11.2
	Notification of Decision.

The Administrator shall consider a Claimant's claim within a reasonable time, and shall notify the Claimant in writing:
		
	(a)
	that the Claimant's requested determination has been made, and that the claim has been allowed in full; or

		
	(b)
	that the Administrator has reached a conclusion contrary, in whole or in part, to the Claimant's requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

		
	(i)
	the specific reason(s) for the denial of the claim, or any part of it;

		
	(ii)
	specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

		
	(iii)
	a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

		
	(iv)
	an explanation of the claim review procedure set forth in Section 11.3 below.

		
	11.3
	Review of a Denied Claim.

Within 60 days after receiving a notice from the Administrator that a claim has been denied, in whole or in part, a Claimant (or the Claimant's duly authorized representative) may file with the Administrator a written request for a review of the denial of the claim.  Thereafter, but not later than 30 days after the review procedure began, the Claimant (or the Claimant's duly authorized representative):
		
	(a)
	may review pertinent documents;

		
	(b)
	may submit written comments or other documents; and/or

		
	(c)
	may request a hearing, which the Administrator, in its sole discretion, may grant.

		
	11.4
	Decision on Review.

The Administrator shall render its decision on review promptly, and not later than 60 days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Administrator’s decision must be rendered 

-16-

within 120 days after such date.  Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:
		
	(a)
	specific reasons for the decision;

		
	(b)
	specific reference(s) to the pertinent Plan provisions upon which the decision was based; and

		
	(c)
	such other matters as the Committee deems relevant.

		
	11.5
	Legal Action.

A Claimant's compliance with the foregoing provisions of this Article 11 is a mandatory prerequisite to a Claimant's right to commence any legal action with respect to any claim for benefits under this Plan.

ARTICLE 12. 
TRUST

		
	12.1
	Establishment of the Trust.

The Company shall establish the Trust, and each Employer shall at least annually transfer over to the Trust such assets as the Employer determines, in its sole discretion, are necessary to provide, on a present value basis, for its respective future liabilities created with respect to the Annual Deferral Amounts and Annual Employer Matching Amounts for such Employer's Participants for all periods prior to the transfer, as well as any debits and credits to the Participants' Account Balances for all periods prior to the transfer, taking into consideration the value of the assets in the trust at the time of the transfer.

		
	12.2
	Interrelationship of the Plan and the Trust.

The provisions of the Plan and the Participant’s deferral elections and Distribution Election Form shall govern the rights of a Participant to receive distributions pursuant to the Plan.  The provisions of the Trust shall govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust.  Each Employer shall at all times remain liable to carry out its obligations under the Plan.

		
	12.3
	Distributions From the Trust.

Each Employer's obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer's obligations under this Plan.

ARTICLE 13. 
MISCELLANEOUS

		
	13.1
	Status of Plan.

The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employee” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1).  The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent.

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	13.2
	Unsecured General Creditor.

Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer.  For purposes of the payment of benefits under this Plan, any and all of an Employer's assets shall be, and remain, the general, unpledged unrestricted assets of the Employer.  An Employer's obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

		
	13.3
	Employer's Liability.

An Employer's liability for the payment of benefits shall be determined only by the Plan and the Participant’s deferral elections and Distribution Election Form.  An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her deferral elections and Distribution Election Form.

		
	13.4
	Nonassignability.

Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant's or any other person's bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

		
	13.5
	Not a Contract of Employment.

The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any Employer and the Participant.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless expressly provided in a written employment agreement.  Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer as an Employee or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

		
	13.6
	Furnishing Information.

A Participant or his or her Beneficiary will cooperate with the Administrator by furnishing any and all information requested by the Administrator and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Administrator may deem necessary.

		
	13.7
	Terms.

Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.

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	13.8
	Captions.

The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

		
	13.9
	Governing Law.

Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Washington without regard to its conflicts of laws principles.

		
	13.10
	Notice.

Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:
	
	
	BPAC
c/o Vice President – Human Resources

	Avista Corporation

	1411 East Mission

	Spokane, Washington  99220

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.
Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant.

		
	13.11
	Successors.

The provisions of this Plan shall bind and inure to the benefit of the Participant's Employer and its successors and assigns and the Participant and the Participant's designated Beneficiaries.

		
	13.12
	Spouse's Interest.

The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse's will, nor shall such interest pass under the laws of intestate succession.

		
	13.13
	Validity.

In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein.

		
	13.14
	Incompetent.

If the Administrator determines in its discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person's property, the Administrator may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person.  The Administrator may require proof of minority, incompetence, incapacity or guardianship, as it may 

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deem appropriate prior to distribution of the benefit.  Any payment of a benefit shall be a payment for the account of the Participant and the Participant's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

		
	13.15
	Payment On Earlier Payment Date.

Payment(s) under the Plan may be made or commenced earlier than the payment date specified in Articles 4 through 6, as applicable, in order to fulfill a domestic relations order (as defined in Code Section 414(p)(1)(B)), to pay Federal Insurance Contributions Act (FICA) taxes imposed under Code Sections 3101, 3121(a) and 3121(v)(2), as applicable, to pay income tax at source on wages imposed under Code Section 3401 (or the corresponding withholding provisions of applicable state, local or foreign tax laws) as a result of the payment of FICA taxes, to pay the additional income tax at source on wages attributable to the pyramiding Code Section 3401 wages and taxes, or to pay an amount that is required to be included in income as a result of a failure of the Plan to comply with the requirements of Code Section 409A.
IN WITNESS WHEREOF, the Company has executed this Plan document as of this ________ day of __________________________, 2015.

Avista Corporation

By:    __________________________________
Title:    __________________________________

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