Document:

EX-4.4

 Exhibit 4.4 
  

 
  

STIFEL FINANCIAL CORP. 
 as
Issuer 
  
  

FORM OF INDENTURE 
 Dated as of
[                    ] 
  

 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 Debt Securities

  
  

 

 CROSS-REFERENCE TABLE* 

 

			
	Trust Indenture Act Section	  	Indenture Section
		
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	7.10
	 (b)
	  	7.10
	 (c)
	  	Not Applicable
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	Not Applicable
	 312(a)
	  	2.06
	 (b)
	  	11.03
	 (c)
	  	11.03
	 313(a)
	  	7.06
	 (b)(1)
	  	Not Applicable
	 (b)(2)
	  	7.06; 7.07
	 (c)
	  	7.06; 11.02
	 (d)
	  	7.06
	 314(a)
	  	4.02; 4.03; 11.02; 11.05
	 (b)
	  	Not Applicable
	 (c)(1)
	  	11.04
	 (c)(2)
	  	11.04
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	11.05
	 (f)
	  	Not Applicable
	 315(a)
	  	7.01
	 (b)
	  	7.05; 11.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316(a)
	  	6.05
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	Not Applicable
	 (b)
	  	6.07
	 (c)
	  	2.13
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.05
	 318(a)
	  	11.01

  

	*	Note: This Cross-Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1
	  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Other Definitions	  	 	4	  
	 Section 1.03
	  	Incorporation by Reference of Trust Indenture Act	  	 	5	  
	 Section 1.04
	  	Rules of Construction	  	 	5	  
		
	 ARTICLE 2
	  	THE NOTES	  
			
	 Section 2.01
	  	Amount Unlimited; Issuable in Series	  	 	6	  
	 Section 2.02
	  	Establishment of Terms of Series of Notes	  	 	6	  
	 Section 2.03
	  	Execution and Authentication	  	 	8	  
	 Section 2.04
	  	Registrar and Paying Agent; Depositary	  	 	9	  
	 Section 2.05
	  	Paying Agent to Hold Money in Trust	  	 	10	  
	 Section 2.06
	  	Holder Lists	  	 	10	  
	 Section 2.07
	  	Transfer and Exchange	  	 	10	  
	 Section 2.08
	  	Replacement Notes	  	 	11	  
	 Section 2.09
	  	Outstanding Notes	  	 	11	  
	 Section 2.10
	  	Treasury Notes	  	 	12	  
	 Section 2.11
	  	Temporary Notes	  	 	12	  
	 Section 2.12
	  	Cancellation	  	 	12	  
	 Section 2.13
	  	Defaulted Interest	  	 	12	  
	 Section 2.14
	  	Global Notes	  	 	12	  
	 Section 2.15
	  	CUSIP Numbers	  	 	14	  
		
	 ARTICLE 3
	  	REDEMPTION	  
			
	 Section 3.01
	  	Notices to Trustee	  	 	14	  
	 Section 3.02
	  	Selection of Notes to Be Redeemed	  	 	14	  
	 Section 3.03
	  	Notice of Redemption	  	 	15	  
	 Section 3.04
	  	Effect of Notice of Redemption	  	 	16	  
	 Section 3.05
	  	Deposit of Redemption Price	  	 	16	  
	 Section 3.06
	  	Notes Redeemed in Part	  	 	16	  
		
	 ARTICLE 4
	  	COVENANTS	  
			
	 Section 4.01
	  	Payment of Notes	  	 	16	  
	 Section 4.02
	  	Reports	  	 	16	  
	 Section 4.03
	  	Compliance Certificate	  	 	17	  
	 Section 4.04
	  	Taxes	  	 	17	  
	 Section 4.05
	  	Stay, Extension and Usury Laws	  	 	17	  
	 Section 4.06
	  	Corporate Existence	  	 	18	  
		
	 ARTICLE 5
	  	SUCCESSORS	  
			
	 Section 5.01
	  	Merger, Consolidation, or Sale of Assets	  	 	18	  
	 Section 5.02
	  	Successor Corporation Substituted	  	 	19	  
		
	 ARTICLE 6
	  	DEFAULTS AND REMEDIES	  
			
	 Section 6.01
	  	Events of Default	  	 	19	  
	 Section 6.02
	  	Acceleration	  	 	21	  
	 Section 6.03
	  	Other Remedies	  	 	21	  
	 Section 6.04
	  	Waiver of Past Defaults	  	 	21	  
	 Section 6.05
	  	Control by Majority	  	 	21	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.06
	  	Limitation on Suits	  	 	22	  
	 Section 6.07
	  	Rights of Holders of Notes to Receive Payment	  	 	22	  
	 Section 6.08
	  	Collection Suit by Trustee	  	 	22	  
	 Section 6.09
	  	Trustee May File Proofs of Claim	  	 	22	  
	 Section 6.10
	  	Priorities	  	 	23	  
	 Section 6.11
	  	Undertaking for Costs	  	 	23	  
	 Section 6.12
	  	Remedies Cumulative	  	 	23	  
			
	 ARTICLE 7
	  	TRUSTEE	  			
			
	 Section 7.01
	  	Duties of Trustee	  	 	24	  
	 Section 7.02
	  	Rights of Trustee	  	 	25	  
	 Section 7.03
	  	Individual Rights of Trustee	  	 	26	  
	 Section 7.04
	  	Trustee’s Disclaimer	  	 	26	  
	 Section 7.05
	  	Notice of Defaults	  	 	27	  
	 Section 7.06
	  	Reports by Trustee to Holders of the Notes	  	 	27	  
	 Section 7.07
	  	Compensation and Indemnity	  	 	27	  
	 Section 7.08
	  	Replacement of Trustee	  	 	28	  
	 Section 7.09
	  	Successor Trustee by Merger, etc	  	 	29	  
	 Section 7.10
	  	Eligibility; Disqualification	  	 	29	  
	 Section 7.11
	  	Preferential Collection of Claims Against the Issuer	  	 	29	  
			
	 ARTICLE 8
	  	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 Section 8.01
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	29	  
	 Section 8.02
	  	Legal Defeasance and Discharge	  	 	30	  
	 Section 8.03
	  	Covenant Defeasance	  	 	30	  
	 Section 8.04
	  	Conditions to Legal or Covenant Defeasance	  	 	31	  
	 Section 8.05
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	32	  
	 Section 8.06
	  	Repayment to Issuer	  	 	32	  
	 Section 8.07
	  	Reinstatement	  	 	32	  
			
	 ARTICLE 9
	  	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	 Section 9.01
	  	Without Consent of Holders of Notes	  	 	33	  
	 Section 9.02
	  	With Consent of Holders of Notes	  	 	34	  
	 Section 9.03
	  	Compliance with Trust Indenture Act	  	 	36	  
	 Section 9.04
	  	Revocation and Effect of Consents	  	 	36	  
	 Section 9.05
	  	Notation on or Exchange of Notes	  	 	36	  
	 Section 9.06
	  	Trustee to Sign Amendments, etc	  	 	36	  
			
	 ARTICLE 10
	  	SATISFACTION AND DISCHARGE	  			
			
	 Section 10.01
	  	Satisfaction and Discharge	  	 	36	  
	 Section 10.02
	  	Application of Trust Money	  	 	38	  
	 Section 10.03
	  	Reinstatement	  	 	38	  
			
	 ARTICLE 11
	  	MISCELLANEOUS	  			
			
	 Section 11.01
	  	Trust Indenture Act Controls	  	 	38	  
	 Section 11.02
	  	Notices	  	 	38	  
	 Section 11.03
	  	Communication by Holders of Notes with Other Holders of Notes	  	 	39	  
	 Section 11.04
	  	Certificate and Opinion as to Conditions Precedent	  	 	39	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 11.05
	  	Statements Required in Certificate or Opinion	  	 	40	  
	 Section 11.06
	  	Rules by Trustee and Agents	  	 	40	  
	 Section 11.07
	  	No Personal Liability	  	 	40	  
	 Section 11.08
	  	Governing Law; Waiver of Jury Trial	  	 	40	  
	 Section 11.09
	  	No Adverse Interpretation of Other Agreements	  	 	41	  
	 Section 11.10
	  	Successors	  	 	41	  
	 Section 11.11
	  	Severability	  	 	41	  
	 Section 11.12
	  	Counterpart Originals	  	 	41	  
	 Section 11.13
	  	Table of Contents, Headings, etc	  	 	41	  

  
 iii 

 INDENTURE dated as of
[                    ], by and between Stifel Financial Corp., a Delaware corporation (the “Issuer”) and U.S. Bank National
Association, a national banking association, as trustee (the “Trustee”). 
 The Issuer has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Notes”), as herein provided, up to such principal
amount as may from time to time be authorized in or pursuant to one or more resolutions of its Board of Directors or by supplemental indentures or Officer’s Certificates. 

The Issuer and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of
the Notes: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 Section 1.01 Definitions. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying Agent or
additional paying agent. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors. 
 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors or other governing body of the general
partner of the partnership; 
 (3) with respect to a limited liability company, the board of directors or other governing
body, and in the absence of the same, the manager or board of managers or the managing member or members or any controlling committee thereof; and 

(4) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Board Resolution” means a copy of a resolution certified by an Officer of the Issuer to have been duly adopted by its Board
of Directors or pursuant to authorization by its Board of Directors and to be in full force and effect on the date of the certificate (and delivered to the Trustee, if appropriate). 

“Business Day” means any day other than a Legal Holiday. 

 “Capital Stock” means: 

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

(2) in the case of an association or business entity that is not a corporation, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability
company, partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock. 
 “Corporate Trust Office of the
Trustee” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered or which the Trustee may otherwise designate, which office at the date hereof is located at the address
of the Trustee specified in Section 11.02 hereof, or such other address as to which the Trustee may give notice to the Issuer. 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Depositary” means, unless otherwise provided in a Board Resolution, a supplemental indenture or an Officer’s
Certificate with respect to the Notes of any Series issuable or issued in whole or in part in the form of one or more Global Notes, the Person specified in Section 2.04 hereof as the Depositary with respect to such Notes, and any and all
successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Discount Note” means any Note that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “GAAP” means
generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date of this Indenture. 

“Global Note” or “Global Notes” means a Note or Notes, as the case may be, in the form established pursuant
to Section 2.02 evidencing all or part of a Series of Notes, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

  
 2 

 “Government Securities” means securities which are (i) direct obligations
of the United States of America for the payment of which its full faith and credit is pledged or (ii) 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, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such Government Securities or a specific payment of interest on or principal of any such Government Securities 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 Government Securities evidenced by such depository receipt. 
 “Holder” means a Person in whose name a Note is
registered. 
 “Indebtedness” of any person as of any date means, without duplication, all indebtedness of such person in
respect of borrowed money, including all interest, fees and expenses owed in respect thereto (whether or not the recourse of the lender is to the whole of the assets of such person or only to a portion thereof), or evidenced by bonds, notes,
debentures or similar instruments. 
 “Indenture” means this Indenture as amended or supplemented from time to time and
shall include the form and terms of particular Series of Notes established as contemplated hereunder. 
 “Issuer” has the
meaning assigned to it in the preamble to this Indenture until a successor thereto duly assumes the obligations upon the Notes and under this Indenture, and thereafter means such successor. The foregoing sentence will likewise apply to any
subsequent such successor or successors. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at an applicable place of payment are authorized or required by law, regulation or executive order to close. 

“Maturity,” when used with respect to any Note or installment of principal thereof, means the date on which the principal of
such Note or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. 

“Officer” means, with respect to the Issuer, the Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary, or any Vice-President of the Issuer. 

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer that meets the requirements of
Section 11.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 11.05 hereof. The counsel may be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the Trustee. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 

  
 3 

 “Responsible Officer,” when used with respect to the Trustee, means any officer
within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject or who has direct responsibility for the administration thereof. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Series” or “Series of Notes” means each series of debentures, notes or other debt instruments of the Issuer
created pursuant to Sections 2.01 and 2.02 hereof. 
 “Significant Subsidiary” means any direct or indirect Subsidiary
of the Issuer that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X under the Securities Act. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the final payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture. 

“Subsidiary” means, with respect to any specified Person: 

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

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb), and the rules and
regulations promulgated thereunder, as in effect on the date of this Indenture, except as provided in Section 11.01. 

“Trustee” has the meaning assigned to it in the preamble to this Indenture, until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means the successor serving hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Notes of any Series shall mean the Trustee with
respect to Notes of that Series. 

  
 4 

 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined
in
Section	 
	 “Authentication Order”
	  	 	2.03	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.04	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Member”
	  	 	2.14	  
	 “Paying Agent”
	  	 	2.04	  
	 “Payment Default”
	  	 	6.01	  
	 “Proceeding”
	  	 	6.09	  
	 “Registrar”
	  	 	2.04	  

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the 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: 

“commission” means the SEC; 

“indenture securities” means the Notes; 

“indenture security holder” means a Holder; 

“indenture to be qualified” means this Indenture; 

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

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and are not otherwise defined herein have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

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

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

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

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

(6) provisions apply to successive events and transactions; and 

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

  
 5 

 ARTICLE 2 

THE NOTES 
 Section 2.01 Amount Unlimited;
Issuable in Series. 
 The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.
The Notes may be issued in one or more Series. All Notes of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant
to the authority granted under a Board Resolution. In the case of Notes of a Series to be issued from time to time, the Board Resolution, supplemental indenture or Officer’s Certificate may provide for the method by which specified terms (such
as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Notes may differ between Series in respect of any matters. 

Section 2.02 Establishment of Terms of Series of Notes. 

At or prior to the issuance of any Notes within a Series, the following shall be established (as to the Series generally, in the case of
Section 2.02(a), and either as to such Notes within the Series or as to the Series generally, in the case of Sections 2.02(b) through 2.02(u)) by a Board Resolution, a supplemental indenture or an Officer’s Certificate: 

(a) the title of the Series (which shall distinguish the Notes of that particular Series from the Notes of any other Series and which may be
part of a Series of Notes previously issued); 
 (b) the price or prices (expressed as a percentage of the principal amount thereof) at
which the Notes of the Series will be issued; 
 (c) any limit upon the aggregate principal amount of the Notes of the Series which may be
authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the Series pursuant to Section 2.07, Section 2.08,
Section 2.11, Section 3.06 or Section 9.05); 
 (d) the date or dates on which the principal of the Notes of the Series is
payable; 
 (e) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Notes of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date
or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

(f) the place or places where the principal of and interest, if any, on the Notes of the Series shall be payable, or the method of such
payment, if by wire transfer, mail or other means; 
 (g) (i) if other than in U.S. dollars, the currency in which a Note is denominated,
which may include any foreign currency or any composite of two or more currencies, and (ii) the currency or currencies in which payments on the Notes of the Series are payable, if other than the currency in which the Note is denominated; 

  
 6 

 (h) if applicable, the period or periods within which, the price or prices at which and the terms
and conditions upon which the Notes of the Series may be redeemed, purchased or repaid, in whole or in part, at the option of the Issuer; 

(i) the obligation, if any, of the Issuer to redeem, purchase or repay the Notes of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof upon the happening of any event and the period or periods within which, the price or prices at which and the terms and conditions upon which Notes of the Series shall be redeemed, purchased or repaid,
in whole or in part, pursuant to such obligation; 
 (j) the dates, if any, on which and the price or prices at which the Notes of the
Series will be repurchased by the Issuer at the option of the Holders thereof and other detailed terms and conditions of such repurchase obligations; 

(k) if other than denominations of $2,000 and any integral multiples of $1,000 in excess of $2,000, the denominations in which the Notes of
the Series shall be issuable; 
 (l) whether the Notes will be issuable as Global Notes, the terms and conditions, if any, upon which such
Global Note may be exchanged in whole or in part for other individual Notes of such Series in definitive registered form, the Depositary for such Global Note and the form of any legend or legends to be borne by any such Global Note in addition to or
in lieu of the legend set forth in Section 2.14(c); 
 (m) if other than the principal amount thereof, the portion of the principal
amount of the Notes of the Series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.02; 

(n) the manner in which the amounts of payment of principal of or interest, if any, on the Notes of the Series will be determined, if such
amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

(o) the guarantors, if any, of the Notes of the Series, and the terms of the guarantees (including provisions relating to seniority,
subordination, and the release of the guarantors), if any, and any additions or changes to permit or facilitate guarantees of such Notes; 

(p) provisions, if any, for the defeasance of Notes of the Series in whole or in part and any addition or change in the provisions related to
satisfaction and discharge; 
 (q) any addition to or change in the Events of Default which applies to any Notes of the Series and any
change in the right of the Trustee or the requisite Holders of such Notes to declare the principal amount thereof due and payable pursuant to Section 6.02; 

(r) any addition to or change in the covenants set forth in Article 4 or 5 (and related defined terms) which applies to Notes of the Series;

 (s) any depositories, interest rate calculation agents or other agents with respect to Notes of such Series if other than those appointed
herein; 
 (t) the provisions relating to any security provided for the Notes of the Series; 

(u) the subordination, if any, of the Notes of the Series pursuant to this Indenture; 

  
 7 

 (v) if and as applicable, the terms and conditions of any right to exchange for or convert Notes
of the Series into shares of common stock, preferred stock or other securities of the Issuer; and 
 (w) any other terms of the Notes of the
Series. 
 All Notes of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of
this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officer’s Certificate referred to above. Unless otherwise provided by a Board Resolution, a supplemental indenture or an Officer’s Certificate
with respect to the Notes of any Series, the Issuer may from time to time, without notice to or the consent of the Holders of the Notes of such Series, create and issue additional Notes of such Series ranking equally with all other Notes of such
Series in all respects (or in all respects other than the payment of interest accruing prior to issue date of such additional Notes). Such additional Notes may be consolidated and form a single Series with the Notes of such Series and have the same
terms as to status, redemption or otherwise as the Notes of such Series. 
 The Notes of each Series shall be in such form as shall be
established by or pursuant to a Board Resolution, supplemental indenture or Officer’s Certificate, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistent herewith, be determined by the officer
executing such Notes, as evidenced by their execution of the Notes. If the form of Notes of any Series is established by action taken pursuant to a Board Resolution or Officer’s Certificate, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Authentication Order contemplated by Section 2.03 for the authentication and delivery of such Notes. 

The definitive Notes may be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the Officer executing such Notes, as evidenced by their execution of such Notes. 
 Section 2.03 Execution and
Authentication. 
 At least one Officer must sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee or other authorized authenticating agent. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall at any time, and from
time to time, authenticate Notes for original issue in the principal amount provided in the Board Resolution, supplemental indenture or Officer’s Certificate, upon receipt by the Trustee of a written order of the Issuer signed by an Officer (an
“Authentication Order”). Such Authentication Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Issuer or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing. Each Note shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture or an Officer’s Certificate. 

The aggregate principal amount of Notes of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for
such Series set forth in the Board Resolution, supplemental indenture or Officer’s Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08. 

  
 8 

 Prior to the issuance of Notes of any Series, the Trustee shall have received and (subject to
Section 7.01) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture or Officer’s Certificate establishing the form of the Notes of that Series or of Notes within that Series and the terms of the
Notes of that Series or of Notes within that Series and (b) an Officer’s Certificate and an Opinion of Counsel complying with Section 11.04. 

The Trustee shall have the right to decline to authenticate and deliver any Notes of such Series (a) if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such
action would expose the Trustee to personal liability to Holders of any then outstanding Series of Notes. 
 The Trustee may appoint an
authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Issuer or an Affiliate of the Issuer. 
 Section 2.04 Registrar and
Paying Agent; Depositary. 
 The Issuer will maintain, with respect to each Series of Notes, at the place or places specified with
respect to such Series pursuant to Section 2.02 an office or agency where Notes of such Series may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where such Notes may be
presented for payment (“Paying Agent”). The Registrar will keep a register of such Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of the Issuer’s Subsidiaries
may act as Paying Agent or Registrar. 
 The Issuer hereby initially appoints The Depository Trust Company, New York, New York
(“DTC”) to act as Depositary with respect to the Global Notes for each Series. 
 The Issuer hereby initially appoints the
Trustee to act as the Registrar and Paying Agent and to act as custodian with respect to the Global Notes for each Series unless another Registrar, Paying Agent or custodian of Global Notes for the Depositary, as the case may be, is appointed prior
to the time Notes of that Series are first issued. 
 The Trustee and the Issuer may treat the Depositary or its nominee as the sole and
exclusive owner of the Notes registered in its name for the purposes of payment of the principal or redemption price of, purchase price of, or interest on the Notes, selecting the Notes or Series to be redeemed, giving any notice permitted or
required to be given to Holders under this Indenture, registering the transfer of Notes, obtaining any consent or other action to be taken by Holders and, except as specifically provided herein, for all other purposes whatsoever; and neither the
Issuer nor the Trustee shall be affected by any notice to the contrary. Neither the Issuer nor the Trustee shall have any responsibility or obligation to any Member, any person claiming a beneficial ownership interest in the Notes under or through
the Depositary or any such Member, or any other person which is not shown on the registration books of the 

  
 9 

 
Registrar or the Trustee as being a Holder, with respect to any of the following: the Notes; or the accuracy of any records maintained by the Depositary or any Member; or the payment by the
Depositary or any Member of any amount in respect of the principal or redemption price of, purchase price of, or interest on, the Notes; or the delivery to any Member or any person claiming a beneficial ownership interest in the Notes of any notice
which is permitted or required to be given to Holders under this Indenture; or the selection by the Depositary or any Member of any person to receive payment in the event of a partial redemption of the Notes; or any consent given or other action
taken by the Depositary as Holder. 
 Section 2.05 Paying Agent to Hold Money in Trust. 

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

Section 2.06 Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders of each Series of Notes and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven Business Days before each interest payment date and at such other
times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of each Series of Notes and the Issuer shall otherwise comply with the requirements
of TIA § 312(a). 
 Section 2.07 Transfer and Exchange. 

Where Notes of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Notes
at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Issuer may require payment by a Holder of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.06 or 9.05). 

Neither the Issuer nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Notes of any Series for the
period beginning at the opening of business 15 days immediately preceding the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at the close of business on the day of such mailing or (b) to register
the transfer of or exchange Notes of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Notes selected, called or being called for redemption in part. 

  
 10 

 Section 2.08 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Issuer or the Trustee receives evidence to its reasonable satisfaction of the
destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note of the same Series if the Trustee’s requirements are met. If required by the Trustee or
the Issuer, security or indemnity must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if
a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the
Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes of such Series duly issued hereunder. 

In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may,
instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this Section 2.08, the Issuer may require the
payment by a Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.09 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof and those described in this Section 2.09 as not outstanding. Except as set forth in Section 2.10 hereof, a
Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to
Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date of Notes of a Series, money sufficient to pay such Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest unless otherwise provided by a Board
Resolution, a supplemental indenture or an Officer’s Certificate with respect to such Series. 
 In determining whether the Holders of
the requisite principal amount of outstanding Notes have given any request, demand, authorization, notice, direction, waiver or consent hereunder, the principal amount of a Discount Note 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. 

  
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 Section 2.10 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes of a Series have concurred in any request, demand, authorization,
notice, direction, waiver or consent, Notes of a Series owned by the Issuer or by any of its Affiliates will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any
such request, demand, authorization, notice, direction, waiver or consent, only Notes of a Series that a Responsible Officer in the Corporate Trust Office of the Trustee actually knows are so owned will be so disregarded. 

Section 2.11 Temporary Notes. 

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

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

Section 2.12 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will promptly cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled
Notes (subject to the record retention requirement of the Exchange Act) or return them to the Issuer. Certification of the destruction of all canceled Notes will be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it
has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.13 Defaulted Interest. 

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

Section 2.14 Global Notes. 

(a) Terms of Securities. A Board Resolution, a supplemental indenture or an Officer’s Certificate shall establish whether the Notes
of a Series shall be issued in whole or in part in the form of one or more Global Notes and the Depositary for such Global Note or Notes. 

  
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 (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in
Section 2.07 of the Indenture and in addition thereto, any Global Note shall be exchangeable pursuant to Section 2.07 of the Indenture for Notes registered in the names of Holders other than the Depositary for such Note or its nominee only
if (i) the Issuer delivers to the Trustee a notice from the Depositary that (A) the Depositary is no longer willing or able to continue as depositary for any Global Note, or (B) the Depositary ceases to be a “clearing
agency” registered under Section 17A of the Exchange Act, and, in either case, the Issuer is unable to locate a qualified successor within 120 days, (ii) the Issuer, at its option, notifies the Trustee in writing that it elects to
cause the issuance of Notes in definitive form under the Indenture, or (iii) there has occurred and is continuing a Default or Event of Default with respect to such Notes. Any Global Note that is exchangeable pursuant to the preceding sentence
shall, upon surrender by the Depositary of such Global Note, be exchangeable for Notes registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Note with like
tenor and terms. Except as provided in this Section 2.14(b), a Global Note may not be transferred except as a whole by the Depositary with respect to such Global Note to a nominee of such Depositary, by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 

(c) Legend. Any Global Note issued hereunder shall bear a legend in substantially the following form: 

“This Note is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or
a nominee of the Depositary. This Note is exchangeable for Notes registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole
by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor
Depositary.” 
 (d) Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to
give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

(e) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Note shall be made to the Holder thereof. 
 (f) Consents, Declaration
and Directions. Members of, or participants in, the Depositary (“Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary or by the Custodian under such Global
Note, and the Depositary may be treated by the Issuer, the Trustee, the Paying Agent and the Registrar and any of their agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Issuer, the Trustee, the Paying Agent or the Registrar or any of their agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its
Members, the operation of customary practices of the Depositary governing the exercise of the rights of an owner of a beneficial interest in any Global Note. The Holder of a Note may grant proxies and otherwise authorize any Person, including
Members and Persons that may hold interests through Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 

  
 13 

 Section 2.15 CUSIP Numbers. 

The Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and
that reliance may be placed only on the other elements of identification printed on the Notes, and any such notice shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any
change in the “CUSIP” numbers of which it becomes aware. 
 ARTICLE 3 

REDEMPTION 
 Section 3.01 Notices to
Trustee. 
 The Issuer may, with respect to any Series of Notes, reserve the right to redeem the Series of Notes or may covenant to
redeem the Series of Notes or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Notes. If a Series of Notes is redeemable and the Issuer wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Notes pursuant to the terms of such Notes, it shall notify the Trustee of the redemption date and the principal amount of Series of Notes to be redeemed. Subject to Section 3.03, the Issuer shall
give the notice at least 30 days before the redemption date (or such shorter notice as may be acceptable to the Trustee in its sole discretion). 

Section 3.02 Selection of Notes to Be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, if less
than all of the Notes of a Series are to be redeemed, the Trustee will select such Notes for redemption except: 
 (1) if
such Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which such Notes are listed; or 

(2) if such Notes are not listed on any national securities exchange, in any manner that the Trustee deems fair and
appropriate, which may include selection pro rata or by lot. 
 The Trustee shall make the selection from Notes of the Series outstanding
not previously called for redemption. 
 In the event of partial redemption, the particular Notes to be redeemed will be selected, unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, not less than 30 days prior to the redemption date (or such shorter period as may be acceptable to the Trustee) by the
Trustee from the outstanding Notes not previously called for redemption. 
 The Trustee will promptly notify the Issuer in writing of the
Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected will be in amounts of $2,000 and integral multiples of $1,000 in excess of
$2,000 or, with respect to Notes of any Series issuable in other denominations pursuant to Section 

  
 14 

 
2.02(k), the minimum principal denomination for each Series and integral multiples thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes
held by such Holder, even if less than $2,000 and/or not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes
called for redemption. 
 Section 3.03 Notice of Redemption. 

(a) Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, at
least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption
notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes of a Series or a satisfaction and discharge of this Indenture with respect to Notes of a Series pursuant to
Articles 8 or 10 hereof. 
 The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price or the manner in which the redemption prices may be calculated; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

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

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

(6) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes and or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (8) that no representation is made as to the correctness or accuracy
of the CUSIP number, if any, listed in such notice or printed on the Notes being redeemed; and 
 (9) any other information
as may be required by the terms of the particular Series of Notes being redeemed. 
 At the Issuer’s request, the Trustee will give the
notice of redemption in the Issuer’s name and at the Issuer’s expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter notice as may be acceptable to
the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, once
notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. Upon surrender to the Paying Agent, such Notes shall be paid
at the redemption price plus accrued interest to the redemption date. 
 Section 3.05 Deposit of Redemption Price. 

On or before 10:00 a.m. Eastern Time on the redemption date, the Issuer will deposit with the Trustee or with the Paying Agent money sufficient
to pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
 If the Issuer complies with the
provisions of the preceding paragraph, on and after the redemption date interest will cease to accrue on the Notes or the portions of Notes of the Series called for redemption. If a Note of a Series is redeemed on or after an interest record date
but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note of a Series called for redemption
is not so paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and, if such Notes
provide for the payment of default interest, to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in such Notes. 

Section 3.06 Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Issuer will issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Issuer a new Note of the same Series equal in principal amount to the unredeemed portion of the Note surrendered. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Notes. 
 The
Issuer covenants and agrees for the benefit of the Holders of each Series of Notes that the Issuer will pay or cause to be paid the principal of, premium, if any, and interest on, the Notes of that Series on the dates and in the manner provided in
such Notes and this Indenture. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on
the next succeeding day that is not a Legal Holiday, and, unless specified with respect to such Series of Notes, no interest shall accrue on such payment for the intervening period. 

Section 4.02 Reports. 
 Unless this
Section 4.02 is otherwise indicated to be inapplicable to the Notes of a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, the Issuer shall deliver

  
 16 

 
to the Trustee, no later than the time such report is required to be filed with the SEC pursuant to the Exchange Act, a copy of each report (or copies of such portions thereof as the SEC may by
rules and regulations prescribe) which the Issuer is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). The Issuer also
shall comply with the other requirements of TIA Section 314(a). For the avoidance of doubt, the Issuer will be deemed to have furnished such reports referred to above to the Trustee and the Holders if the Issuer filed such reports with the SEC
via its Electronic Data Gathering and Retrieval System filing system and such reports are publicly available. 
 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 Issuer’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officer’s Certificate). 

Section 4.03 Compliance Certificate. 

(a) The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer, a brief certificate of the
principal executive officer, principal financial officer or principal accounting officer of the Issuer stating that in the course of performing their duties as officers of the Issuer, a review of the activities of the Issuer and the Issuer’s
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing officers with a view to determining whether the Issuer has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to each such officer signing such certificate, that to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer is
taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited
or if such event has occurred, a description of the event and what action the Issuer is taking or proposes to take with respect thereto. 

(b) So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee, promptly upon any Officer becoming aware of any
Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuer is taking or propose to take with respect thereto; provided, however, that no notice need be delivered
under this Section 4.03(b) if the Default or Event of Default has been cured prior to the time delivery of notice would have otherwise been required. 

Section 4.04 Taxes. 
 The Issuer will
pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment
is not adverse in any material respect to the Holders of the Notes. 
 Section 4.05 Stay, Extension and Usury Laws. 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or 

  
 17 

 
usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law has been enacted. 
 Section 4.06 Corporate Existence. 

Subject to Article 5 hereof, the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(1) its corporate existence, and the corporate, partnership, limited liability company or other existence of each of its
Significant Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Issuer or any such Significant Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Issuer and its Significant Subsidiaries; 

provided, however, that the Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Significant Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes or such action is otherwise permitted by this Indenture. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Merger, Consolidation, or Sale of Assets. 

Unless this Section 5.01 is otherwise indicated to be inapplicable to the Notes of a particular Series by a Board Resolution, a
supplemental indenture or an Officer’s Certificate, the Issuer will not: (i) consolidate or merge with or into another Person; or (ii) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the
properties or assets of the Issuer, in one or more related transactions, to another Person, unless: 
 (1) either: 

(A) the Issuer is the surviving entity; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state of the United States or the District of
Columbia; 
 (2) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which
such sale, assignment, transfer, conveyance, lease or other disposition has been made assumes all the obligations of the Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and 

  
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 (3) immediately after such transaction, no Default or Event of Default exists.

 This Section 5.01 will not apply to a merger of the Issuer with an Affiliate solely for the purpose of reincorporating the Issuer in
another jurisdiction. 
 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially all of the
properties or assets of the Issuer, in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Issuer is merged or to which
such sale, assignment, transfer, conveyance, lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, conveyance, lease or other
disposition, the provisions of this Indenture referring to the “Issuer” shall refer instead to the successor Person and not to the Issuer), and may exercise every right and power of the Issuer under this Indenture with the same effect as
if such successor Person had been named as the Issuer herein; thereafter, the predecessor Person shall be released from all obligations and covenants under this Indenture and the Notes. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01 Events of Default. 

“Event of Default,” wherever used herein with respect to Notes of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officer’s Certificate it is provided that such Series shall not have the benefit of said Event of Default: 

(1) default for 30 days in the payment when due of interest on any Note of that Series; 

(2) default in the payment when due (at Maturity, upon redemption or otherwise) of the principal of, or premium, if any, on,
any Note of that Series; 
 (3) failure by the Issuer to comply with any of the other covenants in this Indenture (other than
a covenant that has been included in this Indenture solely for the benefit of a Series of Notes other than that Series) and such failure continues for the period and after the notice specified below; 

(4) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Issuer, whether such Indebtedness now exists, or is created after the date of this Indenture, if that default 

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

(B) results in the acceleration of such Indebtedness prior to its Stated Maturity, 

  
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and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the Maturity of
which has been so accelerated, aggregates such amount as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s Certificate for a particular Series of Notes; 

(5) the Issuer or any of its Significant Subsidiaries or any group of Subsidiaries of the Issuer that, taken together, would
constitute a Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law 
 (A) commences a voluntary case;

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

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

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

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

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

(A) is for relief against the Issuer or any of its Significant Subsidiaries or any group of Subsidiaries of the Issuer that,
taken together, would constitute a Significant Subsidiary in an involuntary case; 
 (B) appoints a Custodian of the Issuer
or any of its Significant Subsidiaries or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Issuer or any of its Significant Subsidiaries or
any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders the
liquidation of the Issuer or any of Significant Subsidiaries or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary, 

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

(7) any other Event of Default provided with respect to Notes of that Series, which is specified in a Board Resolution, a
supplemental indenture or an Officer’s Certificate, in accordance with Section 2.02(q). 
 A Default under clause (3) shall
not be an Event of Default until the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes of that Series then outstanding voting as a single class notify the Issuer and the Trustee of the Default and the Issuer does not
cure the Default or it is not waived within 60 days after the receipt of the notice. The notice must specify the Default, demand that it be remedied to the extent consistent with law and state that the notice is a “Notice of Default.” 

  
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 Section 6.02 Acceleration. 

In the case of an Event of Default with respect to Notes of any Series at the time outstanding specified in clause (5) or (6) of
Section 6.01 hereof with respect to the Issuer, all outstanding Notes of such Series will become due and payable immediately without further action or notice. If any other Event of Default with respect to Notes of any Series at the time
outstanding occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount (or, if any Notes of that Series are Discount Notes, such portion of the principal amount as may be specified in the terms of such Notes)
of the then outstanding Notes of such Series may declare all such Notes to be due and payable immediately. 
 Upon any such declaration, the
Notes of such Series shall become due and payable immediately. 
 The Holders of a majority in aggregate principal amount of the then
outstanding Notes of such Series by written notice to the Trustee may, on behalf of all of the Holders of such Notes, rescind any declaration or acceleration and its consequences (other than with respect to an Event of Default specified in clauses
(5) or (6) of Section 6.01), if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to such Notes (except nonpayment of principal, premium, if any, or interest that has
become due solely because of the acceleration) have been cured or waived. 
 Section 6.03 Other Remedies. 

If an Event of Default with respect to the Notes of a Series occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal, premium, if any, and interest on such Notes or to enforce the performance of any provision of such Notes or this Indenture as the Trustee shall deem most effectual to protect and enforce the rights of the Holders of such
Notes. 
 The Trustee may maintain a proceeding with respect to the Notes of a Series even if it does not possess any of such Notes or does
not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default with respect to the Notes of a Series shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default with respect to such Notes. All remedies are cumulative to the extent permitted by law. 

Section 6.04 Waiver of Past Defaults. 

Holders of a majority in aggregate principal amount of the then outstanding Notes of a Series by notice to the Trustee may on behalf of the
Holders of all of such Notes waive an existing Default or Event of Default with respect to such Notes and its consequences hereunder, except a continuing Default or Event of Default with respect to such Notes in the payment of the principal of,
premium, if any, or interest on, such Notes. Upon any such waiver, such Default with respect to such Notes shall cease to exist, and any Event of Default with respect to such Notes arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default with respect to such Notes or impair any right with respect to such Notes consequent thereon. 

Section 6.05 Control by Majority. 

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

  
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 Section 6.06 Limitation on Suits. 

A Holder of Notes of a Series may pursue a remedy, judicial or otherwise, with respect to this Indenture or the Notes of such Series only if:

 (1) such Holder has previously given the Trustee written notice that an Event of Default with respect to such Notes is
continuing; 
 (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such Series make a
written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer and, if requested, provide to the
Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and 

(5) during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series
do not give the Trustee a direction inconsistent with such request. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of and premium, if
any, and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. 
 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01 (1) or (2) hereof occurs and is continuing with respect to Notes of a Series,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of and premium, if any, and interest remaining unpaid on, such Notes and, if such Notes provide for
the payment of default interest, interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any liquidation, dissolution, bankruptcy, insolvency,
reorganization, receivership or similar proceeding under Bankruptcy Law, an assignment for the benefit of creditors, any marshalling of assets or liabilities, or winding up or dissolution, not include any transaction permitted by and made in
compliance with Article 5 (each of the foregoing, a “Proceeding”) and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any

  
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such claims, and any Custodian in any Proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable and documented compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to
receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any Proceeding. 

Section 6.10 Priorities. 
 If the
Trustee collects any money with respect to a Series of Notes pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof; 

Second: to Holders of such Notes for amounts due and unpaid on such Notes for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable and documented
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes of any Series. 

Section 6.12 Remedies Cumulative. 

No remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes of any Series is intended to be exclusive of any other
remedy or remedies, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of the Trustee or of any Holder of
the Notes of any Series to exercise any right or power accruing upon any Default or Event of Default shall impair any such 

  
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right or power or shall be construed to be a waiver of any such Default or Event of Default or an acquiescence therein; and every power and remedy given by this Article 6 to the Trustee and to
the Holders of Notes of any Series, respectively, may be exercised from time to time and as often as may be deemed expedient by the Trustee or by the Holders of Notes of such Series, as the case may be. In case the Trustee or any Holder of Notes of
any Series shall have proceeded to enforce any right under this Indenture and the proceedings for the enforcement thereof shall have been discontinued or abandoned because of waiver or for any other reason or shall have been adjudicated adversely to
the Trustee or to such Holder of Notes, then and in every such case the Company, the Trustee and the Holders of the Notes of such Series shall severally and respectively be restored to their former positions and rights hereunder, and thereafter all
rights, remedies and powers of the Trustee and the Holders of the Notes of such Series shall continue as though no such proceedings had been taken, except as to any matters so waived or adjudicated. 

ARTICLE 7  
 TRUSTEE 

Except as the context may otherwise indicate, references to “Trustee” in this Article 7 also include the Trustee when acting in its
capacity as Paying Agent or Registrar. 
 Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default with respect to any Series of Notes: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture with respect to such Notes
and the Trustee need perform only those duties that are specifically set forth in this Indenture with respect to such Notes and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith, willful misconduct or gross negligence on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and
opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) Subject to Section 7.08, the Trustee
may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

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

(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was grossly negligent in ascertaining the pertinent facts; and 

  
 24 

 (3) the Trustee will not be liable with respect to any action it takes or omits
to take with respect to Notes of any Series in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Notes
of such Series. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the
Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request or demand of any Holders, unless the Holders have offered to the
Trustee security and indemnity reasonably satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not be liable
for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 
 (a)
The Trustee may, except in the case of bad faith, willful misconduct or gross negligence conclusively rely upon any document (including, without limitation, an Officer’s Certificate or Opinion of Counsel) believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b)
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered
or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys, agents, receivers and
employees and will not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be
liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized or within the rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not
constitute bad faith, willful misconduct or gross negligence. 
 (e) Unless otherwise specifically provided in this Indenture, any demand,
request, direction or notice from the Issuer will be sufficient if signed by an Officer. 
 (f) The Trustee will be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the losses, liabilities and expenses that
might be incurred by it in compliance with such request or direction. 
 (g) The Trustee shall not be deemed to have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Notes and this Indenture. 

  
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 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each of its directors, officers, agents, custodians, employees and other Persons engaged to act hereunder. This
provision will survive the satisfaction and discharge of this Indenture. 
 (i) Whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may request, and in the absence of bad faith, willful
misconduct or gross negligence on its part, rely upon an Officer’s Certificate and an Opinion of Counsel. 
 (j) The Trustee may
request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to
sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(k) Except for information provided by the Trustee concerning the Trustee, the Trustee shall have no responsibility for any information in any
prospectus or other disclosure material distributed with respect to the Notes, and the Trustee shall have no responsibility for compliance with any state or federal securities laws in connection with the issuance of the Notes, except as expressly
provided in this Indenture. 
 (l) In no event will 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 resulting from such forces; it being understood that the Trustee will use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 7.03
Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the SEC for permission to continue as trustee or resign. 
 Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, it will not be responsible for any loss sustained in connection with any investment of funds made by it in accordance with any terms of this Indenture, and it will not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

  
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 Section 7.05 Notice of Defaults. 

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

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes of a
Series remain outstanding, the Trustee will mail to the Holders of such Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders of Notes of a Series will be mailed by the Trustee to the Issuer and filed
by the Trustee with the SEC and each stock exchange on which such Notes are listed in accordance with TIA § 313(d). The Issuer will promptly notify the Trustee when Notes of any Series are listed on any stock exchange. 

Section 7.07 Compensation and Indemnity. 

(a) The Issuer will pay to the Trustee from time to time compensation for its acceptance of this Indenture and services hereunder which shall
have been agreed to from time to time by the Issuer and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all
reasonable and documented disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable and documented compensation, disbursements and expenses of the
Trustee’s agents and counsel and reasonable and documented costs and expenses of collection. 
 (b) The Issuer will indemnify the
Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the reasonable and documented costs and expenses of
enforcing this Indenture against the Issuer (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer, any Holder or any other Person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its bad faith, willful misconduct or gross negligence. The Trustee will notify the Issuer promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer of its obligations hereunder. The Issuer will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer
will pay the reasonable and documented fees and expenses of such counsel. The Issuer need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Issuer under this Section 7.07 will survive the satisfaction and discharge of this Indenture. 

  
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 (d) To secure the Issuer’s payment obligations in this Section 7.07, the Trustee will
have a lien prior to the Notes of a Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes of such Series. Such lien will survive the satisfaction and discharge
of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(6)
or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

(f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

(g) In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of holders of Notes, each
representing less than a majority in aggregate principal amount of a Series of Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign with respect to the Notes of one or more
Series in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Notes of a Series may remove the Trustee with respect to such
Series by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee with respect to the Notes of one or more Series if: 

(1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a Custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting with respect to its duties under this Indenture. 

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

  
 28 

 (e) If the Trustee with respect to the Notes of a Series, after written request by any Holder of
the applicable Series who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.
Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee with respect to each Series of Notes for which it is acting as Trustee under
this Indenture. The successor Trustee will mail a notice of its succession to Holders of each such Series. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
retiring Trustee hereunder have been paid and subject to the lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof
will continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement. 

Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person,
the successor Person without any further act will be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11 Preferential
Collection of Claims Against the Issuer. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed
in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

ARTICLE 8 
 LEGAL DEFEASANCE
AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

Unless this Section 8.01 is otherwise indicated to be inapplicable to the Notes of a particular Series by a Board Resolution, a
supplemental indenture or an Officer’s Certificate, the Issuer may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have either Section 8.02 or
Section 8.03 hereof be applied to all outstanding Notes of a Series upon compliance with the conditions set forth below in this Article 8. 

  
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 Section 8.02 Legal Defeasance and Discharge. 

Unless this Section 8.02 is otherwise indicated to be inapplicable to the Notes of a particular Series by a Board Resolution, a
supplemental indenture or an Officer’s Certificate, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer will, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes of such Series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For
this purpose, Legal Defeasance means that the Issuer will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes of such Series, which will thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes of such Series and this Indenture (and the
Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes of such Series to receive payments in respect of the principal of or premium, if
any, or interest on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2) the
Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith; and 
 (4)
this Article 8. 
 Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Unless this Section 8.03 is otherwise indicated to be inapplicable to the Notes of a particular Series by a Board Resolution, a
supplemental indenture or an Officer’s Certificate, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer will, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.05 and 4.06 and Section 5.01 hereof as well as any additional covenants for a particular Series of Notes contained in a Board
Resolution, a supplemental indenture or an Officer’s Certificate delivered pursuant to Section 2.02(w) with respect to the outstanding Notes of such Series on and after the date the conditions set forth in Section 8.04 hereof are
satisfied (hereinafter, “Covenant Defeasance”), and the Notes of such Series will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of such Series
(and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes of such Series, the Issuer may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified 

  
 30 

 
above, the remainder of this Indenture and such Notes of such Series will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

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

(1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of such Series, cash in the
currency in which such Notes are denominated, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants, to pay the principal of and premium, if any, and interest on the outstanding Notes of such Series on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether the
Notes of such Series are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in the
case of an election under Section 8.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that: 

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

(B) since the date of this Indenture, there has been a change in the applicable federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes of such
Series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such Legal Defeasance had not occurred; 
 (3) in the case of an election under Section 8.03 hereof, the Issuer must
deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default with respect to Notes of such Series shall have occurred and be continuing on the date of
such deposit; 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute
a default under, any material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; 

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

  
 31 

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

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

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

The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes of such Series.

 Notwithstanding anything in this Article 8 to the contrary, subject to Section 7.07, the Trustee will deliver or pay to the Issuer
from time to time upon the request of the Issuer any money or Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(2) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of or premium,
if any, or interest on any Note of such Series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged
from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as
trustee thereof, will thereupon cease. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Sections 8.02 or 8.03 hereof, as
the case may be, 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, then the Issuer’s obligations under this Indenture
and the Notes of the applicable Series will be revived and reinstated as though no deposit had occurred pursuant to Sections 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Sections 8.02 or 8.03 hereof, as the case may be; provided that if the Issuer 

  
 32 

 
make any payment of principal of or premium, if any, or interest on any Note of such Series following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the
Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 9

 AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate,
notwithstanding Section 9.02 of this Indenture, the Issuer and the Trustee may amend or supplement this Indenture or the Notes of one or more Series without the consent of any Holder of such Notes in a form reasonably satisfactory to the
Trustee: 
 (1) to cure any ambiguity, defect, mistake or inconsistency; 

(2) to comply with Article 5; 

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

(4) to evidence the assumption of the Issuer’s obligations under this Indenture and the Notes, by a successor thereto in
the case of a consolidation or merger or a sale, assignment, transfer, conveyance or other disposition of all or substantially all of the properties or assets of the Issuer, taken as a whole; 

(5) to comply with the provisions of any clearing agency, clearing corporation or clearing system, or the requirements of the
Trustee or the registrar, relating to transfers and exchanges of the Notes pursuant to this Indenture; 
 (6) to make any
change that would provide any additional rights or benefits to the Holders of the Notes of a Series, that would surrender any right, power or option conferred by this Indenture on the Issuer or that does not adversely affect in any material respect
the legal rights of any Holder of such Notes; 
 (7) to comply with requirements of the SEC in order to effect or maintain
the qualification of this Indenture under the TIA; 
 (8) to conform the text of this Indenture (only with respect to such
Series) or any Board Resolution, supplemental indenture or Officer’s Certificate with respect to the Notes of such Series to the description of notes contained in the offering document pursuant to which such Notes were offered; 

(9) to provide for the issuance of and establish the form and terms and conditions of Notes of any Series as permitted by this
Indenture; 
 (10) in the case of subordinated Notes, to make any change in the provisions of this Indenture or any
supplemental indenture relating to subordination that would limit or terminate the benefits available to any holder of senior Indebtedness under such provisions; provided that such change is made in accordance with the provisions of such
senior Indebtedness; 

  
 33 

 (11) to add to, change or eliminate any of the provisions of this Indenture with
respect to Notes of a Series; although no such addition, change or elimination may apply to Notes of a Series created prior to the execution of such amendment and entitled to the benefit of such provision, nor may any such amendment modify the
rights of a Holder of any Note with respect to such provision, unless the amendment becomes effective only when there is no outstanding Note of a Series created prior to such amendment and entitled to the benefit of such provision; 

(12) to secure or provide guarantees of the Issuer’s obligations under the Notes and this Indenture; or 

(13) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of
one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee. 

Upon the request of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer in the execution of such amended or supplemental indenture and make any further appropriate
agreements and stipulations that may be therein contained unless such amended or supplemental indenture directly and adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 Section 9.02 With Consent of Holders of
Notes. 
 (a) Except as provided below in this Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture and
the Notes of a Series with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes of such Series voting as a single class (including, without limitation, consents obtained in connection with a
tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of or premium, if
any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes of such Series voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Sections 2.09 and 2.10
hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request
of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, upon receipt by the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer in the execution of such amended or supplemental indenture and make any further appropriate agreements and
stipulations that may be therein contained unless such amended or supplemental indenture directly and adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

  
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 It is not necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment, supplemental indenture or waiver, but it is sufficient if such consent approves the substance thereof. 

After an amendment, supplemental indenture or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders of
Notes affected thereby a notice briefly describing the amendment, supplemental indenture or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended
or supplemental indenture or waiver. 
 (b) Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officer’s Certificate, without the consent of each Holder of Notes affected (whether in aggregate holding a majority in principal amount of Notes of such Series or not), an amendment, supplemental indenture or waiver may not be
made that, as to any non-consenting Holder of Notes: 
 (1) reduces the percentage of principal amount of outstanding Notes
whose Holders must consent to an amendment, supplemental indenture or waiver; 
 (2) reduces the rate of interest on any
Note; 
 (3) reduces the principal amount of or the premium, if any, on any Note or changes the Stated Maturity of any Note;

 (4) changes the place, manner, timing or currency of payment of principal of, or premium, if any, or interest on, any
Note; 
 (5) makes any change in the provisions of this Indenture relating to seniority or subordination of any Note that
adversely affects the rights of any Holder under such provisions; 
 (6) reduces the principal amount of Discount Notes
payable upon acceleration of the maturity thereof; 
 (7) waives a Default or Event of Default in the payment of the
principal of or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes of any Series by the Holders of at least a majority in principal amount of the outstanding Notes of such Series and a waiver of the payment
default that resulted from such acceleration); 
 (8) makes any change in the provisions of this Indenture relating to
waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of or premium, if any, or interest on the Notes; 

(9) waives a redemption payment with respect to any Note or changes any of the provisions with respect to the redemption of any
Notes; 
 (10) makes any change in the amendment and waiver provisions of this Section 9.02(b); or 

(11) makes any change to the timing of payment of principal or interest on any Notes. 

  
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 Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplemental indenture to this Indenture or the Notes of one or more Series will be set forth in an amended or supplemental
indenture that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplemental indenture or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the
Holder of such Note and every subsequent Holder of such Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on such Note. However, any such Holder of a Note or
subsequent Holder of such Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplemental indenture or waiver becomes effective. An amendment, supplemental indenture or
waiver becomes effective in accordance with its terms and thereafter binds every Holder of each Series affected by such amendment, supplemental indenture or waiver unless it is of the type described in any of clauses (1) through (10) of
Section 9.02(b) (as such Section 9.02(b) may be amended or supplemented from time to time in accordance with this Indenture with respect to one or more Series of Notes), in which the amendment, supplemental indenture or waiver shall bind
each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note. 

Section 9.05 Notation on or Exchange of Notes. 

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

Failure to make the appropriate notation or issue a new Note of that Series will not affect the validity and effect of such amendment,
supplemental indenture or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplemental indenture
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture in the absence of bad faith, gross negligence or willful misconduct, the Trustee will be entitled to receive
and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 11.04 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended
or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10 

SATISFACTION AND DISCHARGE 
 Section 10.01
Satisfaction and Discharge. 
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officer’s Certificate, this Indenture will be discharged and will cease to be of further effect (except as hereinafter provided in this Section 10.01) with respect to the Notes of a Series and the Trustee, at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to all Notes of such Series issued hereunder, when: 

  
 36 

 (1) either: 

(a) all Notes of such Series that have been authenticated, except lost, stolen or destroyed Notes of such Series that have been
replaced or paid and Notes of such Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or 

(b) all Notes of such Series that have not been delivered to the Trustee for cancellation 

1. have become due and payable, 

2. will become due and payable at their Stated Maturity within one year, 

3. are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuer, or 
 4. are deemed paid and discharged pursuant
to Section 8.02 hereof, 
 and the Issuer, in the case of 1, 2 or 3 above, has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders of Notes of such Series, cash in the currency in which such Notes are denominated, Government Securities, or a combination thereof, in such amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Notes not delivered to the Trustee for cancellation, including all principal, premium, if any, and interest (in the case of Notes of such Series that
have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 

(2) the Issuer has paid or caused to be paid all sums payable by it under this Indenture with respect to Notes of such Series;
and 
 (3) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes of such Series at maturity or on the redemption date, as the case may be. 
 In addition, the Issuer must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge of Notes of such Series have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to
clause (1) of this Section 10.01, the provisions of Sections 2.04, 2.07, 2.08, 8.06 and 10.02 hereof and this Section 10.01 will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those
provisions of Article 7 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture with respect to Notes of such Series. 

  
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 Section 10.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof with respect
to the Notes of a Series shall be held in trust and applied by it, in accordance with the provisions of the Notes of such Series and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds
except to the extent required by law. 
 Section 10.03 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 10.01 or
Section 10.02 hereof 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, then the Issuer’s obligations under this
Indenture with respect to Notes of such Series and the Notes of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 or Section 10.02 hereof until such time as the Trustee or such Paying
Agent is permitted to apply all such money in accordance with Section 10.01 or Section 10.02; provided that if the Issuer has made any payment of principal of or premium, if any, or interest on any Notes of such Series following of
the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 11 
 MISCELLANEOUS

 Section 11.01 Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will
control. 
 Section 11.02 Notices. 

Any notice or communication by the Issuer or the Trustee to the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuer: 
 Stifel
Financial Corp. 
 501 North Broadway 

St. Louis, MO 63102 
 Facsimile
No.: (314) 342-2097 
 Attention:
[                        ] 

                 [      
                  ] 

  
 38 

 With a copy to: 

Bryan Cave LLP 
 211 North
Broadway, Suite 3600 
 St. Louis, MO 63102 

Facsimile No.: (314) 259-2020 

Attention: Robert J. Endicott 
  

	 If to the Trustee: 
	U.S. Bank National Association 

 One U.S. Bank Plaza 

St Louis, MO 63101 
 Facsimile
No: (314) 418-1225 
 Attention: Rebekah Foltz 

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

 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder of a Series or any defect in it will not affect its sufficiency with respect to other Holders of that or any other Series. 

If a notice or communication is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
 If the Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the
same time. 
 Section 11.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders of a Series may communicate pursuant to TIA § 312(b) with other Holders of that or any other Series with respect to their
rights under this Indenture or the Notes of that Series or all Series. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 11.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture (other than in connection with the
Authentication Order, dated the date hereof, and delivered to the Trustee in connection with the issuance of the Notes), the Issuer shall furnish to the Trustee: 

(1) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

  
 39 

 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 11.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied;
provided that an Opinion of Counsel can rely as to matters of fact on an Officer’s Certificate or a certificate of a public official. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Section 11.06
Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders of one or more Series.
The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 11.07 No Personal
Liability. 
 No past, present or future director, manager, officer, employee, incorporator, stockholder or member of the Issuer will
have any liability for any obligations of the Issuer under the Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. 
 Section 11.08 Governing Law; Waiver of Jury Trial.

 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES. THE ISSUER AND THE TRUSTEE,
AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL 

  
 40 

 
RIGHTS IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 11.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.10 Successors. 

All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. 
 Section 11.11 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 11.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture and in separate counterparts, each of which will be deemed to be an original and
all of them together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 11.13 Table of Contents, Headings, etc. 

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

[Signatures on following pages] 

  
 41 

 SIGNATURES 

Dated as of [                    ] 

ISSUER: 
  

			
	STIFEL FINANCIAL CORP.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 TRUSTEE: 

 

			
	U.S. BANK NATIONAL ASSOCIATION
		
	 By:
	 	  

	 Name:
	 	Rebekah Foltz
	 Title:
	 	Vice PresidentEX-4.1

 Exhibit 4.1 

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR, SUBJECT TO SECTION 11 HEREOF, AN OPINION OF COUNSEL (WHICH MAY BE
COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 

WARRANT 
 To Purchase Shares of
the Common Stock of 
 CERULEAN PHARMA INC. 

Dated as of January 8, 2015 (the “Effective Date”) 

WHEREAS, Cerulean Pharma Inc., a Delaware corporation (the “Company”), has entered into a Loan and Security Agreement of even
date herewith (as amended and in effect from time to time, the “Loan Agreement”) with Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Warrantholder”), in its capacity as administrative agent,
and the lender parties thereto; 
 WHEREAS, pursuant to the Loan Agreement and as additional consideration to the Warrantholder for, among
other things, its agreements in the Loan Agreement, the Company has agreed to grant to the Warrantholder the right to purchase shares of the Company’s Common Stock (this “Warrant”); 

NOW, THEREFORE, in consideration of the Warrantholder having executed and delivered the Loan Agreement and provided the financial
accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE COMMON STOCK. 

(a) For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the
conditions hereinafter set forth, to subscribe for and purchase, from the Company, up to the number of fully paid and non-assessable shares of Common Stock (as defined below) as determined pursuant to Section 1(b) below, at a purchase price per
share equal to the Exercise Price (as defined below). The number and Exercise Price of such shares are subject to adjustment as provided in Section 8. As used herein, the following terms shall have the following meanings: 

“Charter” means the Company’s Certificate of Incorporation or other constitutional document, as may be
amended and in effect from time to time. 
 “Common Stock” means the Company’s common stock, $0.0001
par value per share, as presently constituted under the Charter, and any class and/or series of Company capital stock for or into which such common stock may be converted or exchanged in a reorganization, recapitalization or similar transaction.

 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Exercise Price” means $6.05, subject to adjustment from time to time in accordance with the
provisions of this Warrant. 
 “Liquid Sale” means the closing of a Merger Event in which the consideration
received by the Company and/or its stockholders, as applicable, consists solely of cash and/or Marketable Securities. 

“Marketable Securities” in connection with a Merger Event means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the
Securities Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by the Warrantholder in connection with the Merger Event were the Warrantholder to exercise this Warrant on or prior
to the closing thereof is then traded on a national securities exchange or over-the-counter market, and (iii) following the closing of such Merger Event, Warrantholder would not be restricted from publicly re-selling all of the issuer’s
shares and/or other securities that would be received by Warrantholder in such Merger Event were Warrantholder to exercise this Warrant in full on or prior to the closing of such Merger Event, except to the extent that any such restriction
(x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Merger Event. 

“Merger Event” means any of the following: (i) a sale, lease or other transfer of all or substantially
all assets of the Company, (ii) any merger or consolidation involving the Company in which the Company is not the surviving entity or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged
for shares of capital stock or other securities or property of another entity and in which the holders of a majority of the outstanding shares of capital stock of the Company immediately prior to such merger or consolidation do not hold a majority
of the surviving entity or other entity immediately following such merger or consolidation, or (iii) any sale by holders of the outstanding voting equity securities of the Company in a single transaction or series of related transactions of
shares constituting a majority of the outstanding combined voting power of the Company. 
 “Purchase Price”
means, with respect to any exercise of this Warrant, an amount equal to the then-effective Exercise Price multiplied by the number of shares of Common Stock as to which this Warrant is then exercised. 

“Rule 144” means Rule 144 of the Securities Act, as amended. 

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

(b) Number of Shares. This Warrant shall be exercisable for 137,521 shares of Common Stock, subject to adjustment from time to time in
accordance with the provisions of this Warrant (the “Initial Shares”); provided, that, in addition to and not in lieu of the Initial Shares, on such date (if any) as a Term C Loan Advance (as defined in the Loan

  
 2 

 
Agreement) shall first be made to the Company in any amount during the Term C Loan Draw Period (as defined in the Loan Agreement), this Warrant automatically shall become exercisable for a number
of additional shares of Common Stock as shall equal (i) $208,000, divided by (ii) the Exercise Price in effect on and as of such date, subject to further adjustment thereafter from time to time in accordance with the provisions of this
Warrant. 
 SECTION 2. TERM OF THE WARRANT. 

The term of this Warrant and the right to purchase Common Stock as granted herein shall commence on the Effective Date and, subject to
Section 8(a) below, shall be exercisable for a period ending upon the fifth (5th) anniversary of the Effective Date. 

SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 

(a) Exercise. The purchase rights set forth in this Warrant are exercisable by the Warrantholder, in whole or in part, at any time, or
from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”),
duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) business days thereafter, the Company shall
issue to the Warrantholder book entry units/shares representing the number of shares of Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of
Exercise”) indicating the number of shares which remain subject to future purchases under this Warrant, if any. 
 The Purchase
Price may be paid at the Warrantholder’s election either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of Common Stock to be exercised under this Warrant, and, if applicable, an amended
Warrant setting forth the remaining number of shares purchasable hereunder, as determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue shares of Common Stock in accordance with
the following formula: 
  

			
		 	 X = Y(A-B)

		 	             A

  

			
	Where:	    	X = the number of shares of Common Stock to be issued to the Warrantholder.
		
		    	Y = the number of shares of Common Stock requested to be exercised under this Warrant (including the number of shares surrendered in payment of the Purchase Price).
		
		    	A = the then-current fair market value of one (1) share of Common Stock at the time of exercise.
		
		    	B = the then-effective Exercise Price.

 For purposes of the above calculation, the current fair market value of shares of Common Stock shall mean with
respect to each share of Common Stock: 
 (i) at all times when the Common Stock shall be traded on a national securities exchange,
inter-dealer quotation system or over-the-counter bulletin board service, the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being determined; 

  
 3 

 (ii) if the exercise is in connection with a Merger Event, the fair market value of a share of
Common Stock shall be deemed to be the per share value received by the holders of the outstanding shares of Common Stock pursuant to such Merger Event as determined in accordance with the definitive transaction documents executed among the parties
in connection therewith; or 
 (iii) in cases other than as described in the foregoing clauses (i) and (ii), the current fair market
value of a share of Common Stock shall be determined in good faith by the Company’s Board of Directors. 
 Upon partial exercise by
either cash or, upon request by the Warrantholder and surrender of all or a portion of this Warrant, Net Issuance, prior to the expiration or earlier termination hereof, the Company shall promptly issue an amended Warrant representing the remaining
number of shares purchasable hereunder. All other terms and conditions of such amended Warrant shall be identical to those contained herein, including, but not limited to the Effective Date hereof. 

(b) Exercise Prior to Expiration. To the extent this Warrant is not previously exercised as to all shares subject hereto, and if the
then-current fair market value of one share of Common Stock is greater than the Exercise Price then in effect, or, in the case of a Liquid Sale, where the value per share of Common Stock (as determined as of the closing of such Liquid Sale in
accordance with the definitive agreements executed by the parties in connection with such Merger Event) to be paid to the holders thereof is greater than the Exercise Price then in effect, this Warrant shall be deemed automatically exercised on a
Net Issuance basis pursuant to Section 3(a) (even if not surrendered) as of immediately before its expiration determined in accordance with Section 2. For purposes of such automatic exercise, the fair market value of one share of Common
Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Warrant or any portion hereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the
Warrantholder of the number of shares of Common Stock if any, the Warrantholder is to receive by reason of such automatic exercise, and to issue a certificate to Warrantholder evidencing such shares. 

SECTION 4. RESERVATION OF SHARES. 

During the term of this Warrant, the Company will at all times have authorized and reserved a sufficient number of shares of its Common Stock
to provide for the exercise of the rights to purchase Common Stock as provided for herein. 
 SECTION 5. NO FRACTIONAL SHARES OR
SCRIP. 
 No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such
fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
 SECTION 6.
NO RIGHTS AS SHAREHOLDER/STOCKHOLDER. 
 Without limitation of any provision hereof, Warrantholder agrees that this Warrant does not
entitle the Warrantholder to any voting rights or other rights as a shareholder/stockholder of the Company prior to the exercise of any of the purchase rights set forth in this Warrant. 

  
 4 

 SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Warrant. Warrantholder’s initial
address, for purposes of such registry, is set forth in Section 12(g) below. Warrantholder may change such address by giving written notice of such changed address to the Company. 

SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Common Stock purchasable hereunder are subject to adjustment from time to time, as follows: 

(a) Merger Event. In connection with a Merger Event that is a Liquid Sale, this Warrant shall, on and after the closing thereof,
automatically and without further action on the part of any party or other person, represent the right to receive the consideration payable on or in respect of all shares of Common Stock that are issuable hereunder as of immediately prior to the
closing of such Merger Event less the Purchase Price for all such shares of Common Stock (such consideration to include both the consideration payable at the closing of such Merger Event and all deferred consideration payable thereafter, if any,
including, but not limited to, payments of amounts deposited at such closing into escrow and payments in the nature of earn-outs, milestone payments or other performance-based payments), and such Merger Event consideration shall be paid to
Warrantholder, in exchange for this Warrant, as and when it is paid to the holders of the outstanding shares of Common Stock. In connection with a Merger Event that is not a Liquid Sale, the Company shall cause the successor or surviving entity to
assume this Warrant and the obligations of the Company hereunder on the closing thereof, and thereafter this Warrant shall be exercisable for the same number and type of securities or other property as the Warrantholder would have received in
consideration for the shares of Common Stock issuable hereunder had it exercised this Warrant in full as of immediately prior to such closing, at an aggregate Exercise Price no greater than the aggregate Exercise Price in effect as of immediately
prior to such closing, and subject to further adjustment from time to time in accordance with the provisions of this Warrant. The provisions of this Section 8(a) shall similarly apply to successive Merger Events. 

(b) Reclassification of Shares. Except for Merger Events subject to Section 8(a), if the Company at any time shall, by
combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes of
securities, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this
Warrant immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other
change. 
 (c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Common Stock,
(i) in the case of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares for which this Warrant is exercisable shall be proportionately increased, or (ii) in the case of a combination, the Exercise
Price shall be proportionately increased and the number of shares for which this Warrant is exercisable shall be proportionately decreased. 

  
 5 

 (d) Dividends. If the Company at any time while this Warrant is outstanding and unexpired
shall: 
 (i) pay a dividend with respect to the outstanding shares of Common Stock payable in additional shares of Common Stock, then the
Exercise Price shall be adjusted, from and after the payment date for such dividend, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which
shall be the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend
or distribution, and the number of shares of Common Stock for which this Warrant is exercisable shall be proportionately increased; or 

(ii) make any other dividend or distribution on or with respect to Common Stock, except any dividend or distribution (A) in cash, or
(B) specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise of this Warrant a proportionate share of any such
distribution as though it were the holder of the Common Stock as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution. 

(e) Notice of Certain Events. If: (i) the Company shall declare any dividend or distribution upon its outstanding Common Stock,
payable in stock, cash, property or other securities (provided that Warrantholder in its capacity as lender under the Loan Agreement consents to such dividend); (ii) the Company shall offer for subscription pro rata to the holders of its Common
Stock any additional shares of stock of any class or other rights; (iii) there shall be any Merger Event; or (iv) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event,
the Company shall give the Warrantholder notice thereof at the same time and in the same manner as it gives notice thereof to the holders of outstanding Common Stock. 

SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Common Stock. The Company covenants and agrees that all shares of Common Stock, if any, that may be issued upon the
exercise of this Warrant will, upon issuance, be validly issued and outstanding, fully paid and non-assessable. The Company further covenants and agrees that the Company will, at all times during the term hereof, have authorized and reserved, free
from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant. If at any time during the term hereof the number of authorized but unissued shares of Common Stock shall not
be sufficient to permit exercise of this Warrant in full, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as
shall be sufficient for such purposes. 
 (b) Due Authority. The execution and delivery by the Company of this Warrant and the
performance of all obligations of the Company hereunder, including the grant to Warrantholder of the right to acquire the shares of Common Stock, have been duly authorized by all necessary corporate action on the part of the Company. This Warrant:
(1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any material law or governmental rule, regulation or order applicable to it; and (3) except as would not reasonably be expected to have a
Material Adverse Effect (as defined in the Loan Agreement), does not and will not contravene 

  
 6 

 
any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is bound. This Warrant constitutes a legal, valid and
binding agreement of the Company, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally (including, without
limitation, fraudulent conveyance laws) and by general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c) Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect
of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Warrant, except for the filing of notices pursuant to Regulation D under
the Securities Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 

(d) [Intentionally Omitted]. 

(e) [Intentionally Omitted]. 

(f) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of the
Common Stock upon exercise of this Warrant will constitute a transaction exempt from (i) the registration requirements of Section 5 of the Securities Act, in reliance upon Section 4(a)(2) thereof, and (ii) the qualification
requirements of the applicable state securities laws. 
 (g) [Intentionally Omitted]. 

(h) Information Rights. At all times (if any) prior to the earlier to occur of (x) the date on which all shares of Common Stock
issued on exercise of this Warrant have been sold, or (y) the expiration or earlier termination of this Warrant, and during which the Company is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act or has failed
to timely filed all such required reports, Warrantholder shall be entitled to the information rights contained in Section 7.1(b) – (f) of the Loan Agreement, and in any such event Section 7.1(b) – (f) of the Loan
Agreement is hereby incorporated into this Warrant by this reference as though fully set forth herein; provided, however, that the Company shall not be required to deliver a Compliance Certificate once all Indebtedness (as defined in the Loan
Agreement) owed by the Company to Warrantholder has been repaid; and provided further, that, in the case of a failure to timely file any such required report, the Company’s only obligation pursuant to this subsection (h) shall be to
provide Warrantholder the information that would have been provided in any such required report that was not so filed. 
 (i) Rule 144
Compliance. The Company shall, at all times prior to the earlier to occur of (x) the date of sale or other disposition by Warrantholder of this Warrant or all shares of Common Stock issued on exercise of this Warrant, or (y) the
expiration or earlier termination of this Warrant if the Warrant has not been exercised in full or in part on such date, use all commercially reasonable efforts to timely file all reports required under the Exchange Act and otherwise timely take all
actions necessary to permit the Warrantholder to sell or otherwise dispose of this Warrant and the shares of Common Stock issued on exercise hereof pursuant to Rule 144 promulgated under the Securities Act as amended and in effect from time to time;
provided that the foregoing shall not apply in the event of a Merger Event following which the successor or surviving entity is not subject to the reporting requirements of the Exchange Act. If the Warrantholder proposes to sell Common Stock
issuable upon the exercise of this Warrant in compliance with Rule 144, then, upon Warrantholder’s written request to the Company, the 

  
 7 

 
Company shall furnish to the Warrantholder, within ten (10) business days after receipt of such request, a written statement confirming the status of the Company’s compliance with the
filing and other requirements set forth in paragraph (c)(1) of Rule 144. 
 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE
WARRANTHOLDER. 
 This Warrant has been entered into by the Company in reliance upon the following representations and covenants of the
Warrantholder: 
 (a) Investment Purpose. This Warrant and the shares issued on exercise hereof will be acquired for investment and
not with a view to the sale or distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption. Warrantholder has not been
organized, reorganized, or recapitalized specifically for the purpose of investing in the Company. 
 (b) Private Issue. The
Warrantholder understands (i) that the Common Stock issuable upon exercise of this Warrant is not, as of the Effective Date, registered under the Securities Act or qualified under applicable state securities laws, and (ii) that the
Company’s reliance on exemption from such registration is predicated on the representations set forth in this Section 10. 
 (c)
Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment in
the Company. 
 (d) Accredited Investor. Warrantholder is an “accredited investor” within the meaning of Rule 501 of
Regulation D promulgated under the Securities Act, as presently in effect (“Regulation D”). 
 (e) No Short Sales.
Warrantholder has not at any time on or prior to the Effective Date engaged in any short sales or equivalent transactions in the Common Stock. Warrantholder agrees that at all times from and after the Effective Date and on or before the expiration
or earlier termination of this Warrant, it shall not engage in any short sales or equivalent transactions in the Common Stock. 
 SECTION
11. TRANSFERS. 
 Subject to compliance with applicable federal and state securities laws, this Warrant and all rights hereunder are
transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Warrant properly endorsed. Each taker and holder of this Warrant, by taking or holding the same, consents and agrees that this
Warrant, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Warrant shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons
dealing with this Warrant as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Warrant. The transfer of this Warrant shall be recorded on the books of the Company upon receipt by the
Company of a notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such
transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. Notwithstanding anything herein or in any legend to the contrary, the Company shall not require an opinion of
counsel in connection with any sale, assignment or other transfer by Warrantholder of this Warrant (or any portion hereof or any interest herein) to an affiliate (as defined in Regulation D) of Warrantholder, provided that such affiliate is an
“accredited investor” as defined in Regulation D. 

  
 8 

 SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Warrant shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Warrant shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where the non-defaulting party will not have an adequate remedy at
law and where damages will not be readily ascertainable. 
 (c) No Impairment of Rights. The Company will not, by amendment of its
Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as
may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 
 (d) Additional Documents.
The Company agrees to supply such other documents as the Warrantholder may from time to time reasonably request. 
 (e) Attorneys’
Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to reasonable attorneys’ fees and expenses and all reasonable costs of proceedings
incurred in enforcing this Warrant. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation reasonable fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery;
(iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions and proceedings of any kind,
including without limitation any activity reasonably taken to collect or enforce any judgment. 
 (f) Severability. In the event any
one or more of the provisions of this Warrant shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a
mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 

  
 9 

 (g) Notices. Except as otherwise provided herein, any notice, demand, request, consent,
approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Warrant or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served,
given, delivered, and received upon the earlier of: (a) personal delivery to the party to be notified, (b) when sent by confirmed telex, electronic transmission or facsimile if sent during normal business hours of the recipient, if not,
then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt, and shall be addressed to the party to be notified as follows: 
 If to Warrantholder:

 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

Legal Department 
 Attention:
Chief Legal Officer and Manuel Henriquez 
 400 Hamilton Avenue, Suite 310 

Palo Alto, California 94301 

Facsimile: 650-473-9194 

Telephone: 650-289-3060 
 Email:
legal@herculestech.com and bjadot@herculestech.com 
 If to the Company: 

CERULEAN PHARMA INC. 

Attention: General Counsel 
 840
Memorial Drive 
 Cambridge, Massachusetts 02139 

Facsimile: 
 Telephone:
617-551-9600 
 Email: acarvajal@ceruleanrx.com 

With a copy to: 
 WilmerHale

 60 State Street 
 Boston,
Massachusetts 02109 
 Attention: Lia Der Marderosian, Esquire 

Facsimile: 617-526-5000 

Telephone: 617-526-6000 
 or to
such other address as each party may designate for itself by like notice. 
 (h) Entire Agreement; Amendments. This Warrant
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements,
whether written or oral, with respect to the subject matter hereof. None of the terms of this Warrant may be amended except by an instrument executed by each of the parties hereto. 

(i) Headings. The various headings in this Warrant are inserted for convenience only and shall not affect the meaning or interpretation
of this Warrant or any provisions hereof. 
 (j) No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Warrant. In the event an ambiguity or question of intent or interpretation arises, this Warrant shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Warrant. 
 (k) No Waiver. No omission or
delay by either party at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the other party at any time designated, shall be a waiver of any such right or remedy
to which such party is entitled, nor shall it in any way affect the right of Warrantholder to enforce such provisions thereafter during the term of this Warrant. 

  
 10 

 (l) Survival. All agreements, representations and warranties contained in this Warrant or
in any document delivered pursuant hereto shall be for the benefit of Warrantholder or the Company, as the case may be, and shall survive the execution and delivery of this Warrant and the expiration or other termination of this Warrant. 

(m) Governing Law. This Warrant shall be governed by, and construed and enforced in accordance with, the laws of the State of New York,
excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 
 (n) Consent to Jurisdiction
and Venue. All judicial proceedings arising in or under or related to this Warrant may be brought in any state or federal court of competent jurisdiction located in the City of New York. By execution and delivery of this Warrant, each party
hereto generally and unconditionally: (a) consents to personal jurisdiction in the City of New York, borough of Manhattan, State of New York; (b) waives any objection as to jurisdiction or venue in City of New York, borough of Manhattan,
State of New York; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Warrant. Service of
process on any party hereto in any action arising out of or relating to this Warrant shall be effective if given in accordance with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth
in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

(o) Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes arising under or in connection with this Warrant be
resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM
(COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY RELATING TO THIS WARRANT. This waiver extends to all such Claims, including Claims that involve
persons or entities other the Company and Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any
equitable or legal relief of any kind, arising out of this Warrant. 
 (p) Arbitration. If the Mutual Waiver of Jury Trial set forth
in Section 12(p) is ineffective or unenforceable, the parties agree that all Claims shall be submitted to binding arbitration in accordance with the commercial arbitration rules of JAMS (the “Rules”), such arbitration to occur before
one arbitrator, which arbitrator shall be a retired New York state judge or a retired Federal court judge. Such proceeding shall be conducted in the City of New York, borough of Manhattan, State of New York, with New York rules of evidence and
discovery applicable to such arbitration. The decision of the arbitrator shall be binding on the parties, and shall be final and nonappealable to the maximum extent permitted by law. Any judgment rendered by the arbitrator may be entered in a court
of competent jurisdiction and enforced by the prevailing party as a final judgment of such court. 
 (q) Pre-arbitration Relief. In
the event Claims are to be resolved by arbitration, either party may seek from a court of competent jurisdiction identified in Section 12(o), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief
enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by binding arbitration. 

  
 11 

 (r) Counterparts. This Warrant and any amendments, waivers, consents or supplements hereto
may be executed in any number of counterparts (including by facsimile or electronic delivery (PDF)), and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts
shall constitute but one and the same instrument. 
 (s) Specific Performance. The parties hereto hereby declare that it is
impossible to measure in money the damages which will accrue to the non-defaulting party by reason of the other party’s failure to perform any of the obligations under this Warrant. If such non-defaulting party institutes any action or
proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that such non-defaulting party has an adequate remedy at law, and such person shall not
offer in any such action or proceeding the claim or defense that such remedy at law exists. 
 (t) Lost, Stolen, Mutilated or Destroyed
Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a
new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed. 
 (u) Legends. To the extent
required by applicable laws, this Warrant and the shares of Common Stock issuable hereunder (and the securities issuable, directly or indirectly, upon conversion of such shares of Common Stock, if any) shall bear a legend substantially in the
following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 [Remainder of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be executed by its officer
thereunto duly authorized as of the Effective Date. 
  

							
	 COMPANY:
	 	CERULEAN PHARMA INC.	  	
				
		 	 By:
	  	 /s/ Christopher Guiffre
	  	
		 	 Name:
	  	 Christopher Guiffre
	  	
		 	 Title:
	  	 Chief Operating Officer
	  	

 [Signature Page to Warrant] 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be executed by its officer thereunto duly
authorized as of the Effective Date. 
  

							
	 WARRANTHOLDER:
	 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 	By:	  	 /s/ Christine Fera
	  	
		 	Name:   Christine Fera	  	
		 	Title:     Director of Contract Originations	  	

 [Signature Page to Warrant] 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	[                                    
    ] 

  

	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of the Common Stock of
[                    ], pursuant to the terms of the Warrant dated the [    ] day of
[            ,         ] (the “Warrant”) between
[                    ] and the Warrantholder, and tenders herewith payment of the Purchase Price in full, together with all applicable
transfer taxes, if any. [NET ISSUANCE: elects pursuant to Section 3(a) of the Warrant to effect a Net Issuance.] 

  

	(2)	Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below. 

 

	
	  

	 (Name)

	  

	 (Address)

  

							
	 WARRANTHOLDER:
	 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 	By:	  	  
	  	
		 	Name:	  	  
	  	
		 	Title:	  	  
	  	

  
 I - 1 

 EXHIBIT II 
  

	1.	ACKNOWLEDGMENT OF EXERCISE 

 The undersigned
[                                        
], hereby acknowledge receipt of the “Notice of Exercise” from Hercules Technology Growth Capital, Inc. to purchase [            ] shares of the Common Stock of
[                    ], pursuant to the terms of the Warrant, and further acknowledges that
[            ] shares remain subject to purchase under the terms of the Warrant. 
  

									
	COMPANY:	  		  	CERULEAN PHARMA INC.	  	
					
		  		  	By:	 	  
	  	
		  		  	Title:	 	  
	  	
		  		  	Date:	 	  
	  	

  
 II - 1 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Warrant execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby transferred and assigned to 
  

	
	                                      
                                         
         
	(Please Print)
	
	whose address
is                                        
                    
	
	                                      
                                         
         
	
	 Dated:
                                         
           

	
	 Holder’s Signature:
                                         
     

	
	 Holder’s Address:  
                                         
     

	
	
                            
                                         
            

	
	Signature Guaranteed:
                                         
                   

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 III - 1

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