Document:

Third Supplemental Indenture

 Exhibit 4.1 
 EXECUTION VERSION 
 AK Steel Corporation 

as the Company 
 AK Steel Holding Corporation 
 as the Parent Guarantor 

and 

U.S. Bank National Association, 
 as Trustee 
 Third Supplemental Indenture 

Dated as of November 20, 2012 
 5.00% Exchangeable Senior Notes due 2019 
  

 
  

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	SCOPE OF SUPPLEMENTAL INDENTURE	  
	 Section 1.01.
	 	 Scope
	  	 	2	  
	
	ARTICLE 2	  
	DEFINITIONS	  
			
	 Section 2.01.
	 	 Definitions and Other Provisions of General Application
	  	 	2	  
	 Section 2.02.
	 	 References to Interest
	  	 	10	  
	
	ARTICLE 3	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE
OF NOTES	  
			
	 Section 3.01.
	 	 Designation and Amount
	  	 	11	  
	 Section 3.02.
	 	 Form of Notes
	  	 	11	  
	 Section 3.03.
	 	 Date and Denomination of Notes; Payments of Interest; Defaulted Interest
	  	 	12	  
	 Section 3.04.
	 	 Exchange and Registration of Transfer of Notes; Depositary
	  	 	12	  
	 Section 3.05.
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	13	  
	 Section 3.06.
	 	 Cancellation of Notes Paid, Exchanged, Etc
	  	 	14	  
	 Section 3.07.
	 	 Additional Notes; Repurchases
	  	 	14	  
	
	ARTICLE 4	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 4.01.
	 	 Applicability of Article 10 of the Base Indenture
	  	 	15	  
	 Section 4.02.
	 	 Satisfaction and Discharge
	  	 	15	  
	 Section 4.03.
	 	 Provisions as to Paying Agent
	  	 	15	  
	
	ARTICLE 5	  
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	 Section 5.01.
	 	 Payment of Principal and Interest
	  	 	15	  
	 Section 5.02.
	 	 Consolidation and Merger
	  	 	16	  
	 Section 5.03.
	 	 Reports by the Company
	  	 	16	  
	 Section 5.04.
	 	 Statements as to Defaults
	  	 	16	  
	 Section 5.05.
	 	 Further Instruments and Acts
	  	 	16	  
	 Section 5.06.
	 	 Applicability of Section 4.05 of the Base Indenture
	  	 	16	  

  
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	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01.
	 	 Amendments to Base Indenture Events of Default
	  	 	17	  
	 Section 6.02.
	 	 Additional Events of Default
	  	 	17	  
	 Section 6.03.
	 	 Waiver of Past Defaults
	  	 	17	  
	 Section 6.04.
	 	 Additional Interest
	  	 	17	  
	 Section 6.05.
	 	 Application of Monies Collected by Trustee
	  	 	18	  
	 Section 6.06.
	 	 Rights of Holders to Receive Payment
	  	 	18	  
	 Section 6.07.
	 	 Collection Suit by Trustee
	  	 	18	  
	 Section 6.08.
	 	 Notice of Defaults
	  	 	18	  
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	  
			
	 Section 7.01.
	 	 Compensation and Indemnity
	  	 	18	  
	
	ARTICLE 8	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 8.01.
	 	 Applicability of Article 11, Section 11.01 and Section 11.02 of the Base Indenture
	  	 	19	  
	 Section 8.02.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	19	  
	 Section 8.03.
	 	 Supplemental Indentures with Consent of Holders
	  	 	19	  
	
	ARTICLE 9	  
	PARENT GUARANTEE OF NOTES	  
			
	 Section 9.01.
	 	 Applicability of Article 12 of the Base Indenture
	  	 	19	  
	
	ARTICLE 10	  
	EXCHANGE OF NOTES	  
			
	 Section 10.01.
	 	 Exchange Privilege
	  	 	20	  
	 Section 10.02.
	 	 Exchange Procedure; Settlement Upon Exchange
	  	 	22	  
	 Section 10.03.
	 	 Increased Exchange Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental
Changes
	  	 	25	  
	 Section 10.04.
	 	 Adjustment of Exchange Rate
	  	 	27	  
	 Section 10.05.
	 	 Adjustments of Prices
	  	 	35	  
	 Section 10.06.
	 	 Shares to Be Fully Paid
	  	 	35	  
	 Section 10.07.
	 	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
	  	 	36	  
	 Section 10.08.
	 	 Certain Covenants
	  	 	37	  
	 Section 10.09.
	 	 Responsibility of Trustee
	  	 	38	  
	 Section 10.10.
	 	 Notice to Holders Prior to Certain Actions
	  	 	38	  
	 Section 10.11.
	 	 Stockholder Rights Plans
	  	 	39	  

  
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	ARTICLE 11	  
	REPURCHASE OF NOTES AT OPTION OF
HOLDERS	  
			
	 Section 11.01.
	 	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	39	  
	 Section 11.02.
	 	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	42	  
	 Section 11.03.
	 	 Deposit of Fundamental Change Repurchase Price
	  	 	42	  
	 Section 11.04.
	 	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	  	 	43	  
	
	ARTICLE 12	  
	NO REDEMPTION	  
			
	 Section 12.01.
	 	 No Redemption; Applicability of Article 3 of the Base Indenture
	  	 	43	  
	
	ARTICLE 13	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 13.01.
	 	 Trust Indenture Act of 1939
	  	 	44	  
	 Section 13.02.
	 	 Governing Law
	  	 	44	  
	 Section 13.03.
	 	 Duplicate Originals
	  	 	44	  
	 Section 13.04.
	 	 Separability
	  	 	44	  
	 Section 13.05.
	 	 Ratification
	  	 	44	  
	 Section 13.06.
	 	 Effectiveness
	  	 	44	  
	 Section 13.07.
	 	 Successors
	  	 	44	  
	 Section 13.08.
	 	 Trustee’s Disclaimer
	  	 	44	  
	 Section 13.09.
	 	 No Security Interest Created
	  	 	44	  
	 Section 13.10.
	 	 Calculations
	  	 	45	  
	 Section 13.11.
	 	 Payment Date Other Than a Business Day
	  	 	45	  
	
	EXHIBIT	  
	 Exhibit A
	 	 Form of Note
	  	 	A-1	  

  
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 THIRD SUPPLEMENTAL INDENTURE 

THIRD SUPPLEMENTAL INDENTURE dated as of November 20, 2012 among AK Steel Corporation, a Delaware corporation (the
“Company”), AK Steel Holding Corporation, a Delaware corporation, as Parent Guarantor (“Parent Guarantor” or “AK Holding”), and U.S. Bank National Association, a national banking association, as
trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company, the Parent Guarantor and the Trustee executed and delivered an Indenture, dated as of May 11, 2010 (the
“Base Indenture” and as supplemented by this Third Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of its senior debentures, notes or other evidences of
indebtedness (the “Securities”); 
 WHEREAS, Sections 2.01, 2.03 and 11.01 of the Base Indenture provide
that the Company and the Parent Guarantor, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture, without the consent of any Holders, to,
among other things, establish the form or terms of Securities of any series as permitted by the Base Indenture; 

WHEREAS, for its lawful corporate purposes, the Company and the Parent Guarantor have duly authorized the issuance of the
Company’s 5.00% Exchangeable Senior Notes due 2019 (the “Notes”), initially in an aggregate Principal amount not to exceed $150,000,000 (as increased by an amount equal to the aggregate Principal amount of any additional Notes
purchased by the Underwriters pursuant to the exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued
and delivered, the Company and the Parent Guarantor have duly authorized the execution and delivery of this Third Supplemental Indenture; and 
 WHEREAS, the Company desires to issue and sell $150,000,000 (as increased by an amount equal to the aggregate Principal amount of any additional Notes purchased by the Underwriters pursuant to the
exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement) aggregate Principal amount of the Notes as of the date hereof; 
 WHEREAS, the Company desires to establish the form and terms of the Notes; 

WHEREAS, all things necessary to make this Third Supplemental Indenture a legal and binding supplement to the Base Indenture in
accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Form of Note, the
certificate of authentication to be borne by each Note, the Form of Notice of Exchange and the Form of Fundamental Change Repurchase Notice to be borne by the Notes are to be substantially in the forms hereinafter provided; 

 WHEREAS, the Company and the Parent Guarantor have complied with all conditions
precedent provided for in the Base Indenture relating to this Third Supplemental Indenture; and 
 WHEREAS, the Company
has requested that the Trustee execute and deliver this Third Supplemental Indenture. 
 NOW, THEREFORE: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company, the Parent
Guarantor and the Trustee covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 

ARTICLE 1 

SCOPE OF SUPPLEMENTAL INDENTURE 

Section 1.01. Scope. This Third Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of
the Indenture and shall be read together with the Base Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by this Third Supplemental Indenture, the terms and provisions of the Base Indenture
shall remain in full force and effect. Notwithstanding the foregoing, this Third Supplemental Indenture shall only apply to the Notes. For all purposes under the Base Indenture, the Notes shall constitute a single series of Securities. 

ARTICLE 2 

DEFINITIONS 
 Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this Third Supplemental Indenture unless otherwise specified herein: 

(a) all terms used in this Third Supplemental Indenture which are not otherwise defined herein shall have the meanings they are given in
the Base Indenture; 
 (b) the provisions of general application stated in Section 1.04 of the Base Indenture shall apply
to this Third Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Third Supplemental Indenture
as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this Third Supplemental Indenture; 
 (c) Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following additional defined terms in their appropriate alphabetical positions
and deleting any defined terms therein that are also defined in this Section 2.01; 
 “Additional
Interest” means all amounts, if any, payable pursuant to Section 6.04. 

  
 2 

 “Additional Shares” shall have the meaning specified in
Section 10.03(a). 
 “Agent” has the meaning set forth in the Base Indenture, except that it shall include
the Exchange Agent. 
 “Base Indenture” shall have the meaning specified in the first paragraph of the recitals
of this Third Supplemental Indenture. 
 “Bid Solicitation Agent” means initially the Company or another Person
appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 10.01(b)(i). 

“Board of Directors” means, of any Person, the board of directors of such Person or a committee of such board duly
authorized to act for it hereunder. 
 “Cash Percentage” shall have the meaning specified in
Section 10.02(a)(i). 
 “Clause A Distribution” shall have the meaning specified in Section 10.04(c).

 “Clause B Distribution” shall have the meaning specified in Section 10.04(c). 

“Clause C Distribution” shall have the meaning specified in Section 10.04(c). 

“close of business” means 5:00 p.m. (New York City time). 

“Closing Date” means November 20, 2012. 
 “Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not
a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. 

“Common Stock” means the common stock of AK Holding, par value $0.01 per share, at the date of the Indenture, subject to
Section 10.07. 
 “Company Order” means a written order of the Company evidenced by an Officers’
Certificate. 
 “Continuing Director” means a director who either was a member of the Board of Directors of AK
Holding on the Closing Date or who becomes a member of the Board of Directors of AK Holding subsequent to that date and whose election, appointment or nomination for election by the stockholders of AK Holding is duly approved by a majority of the
continuing directors on the Board of Directors of AK Holding at the time of such approval, either by a specific vote or by approval of the proxy statement issued by AK Holding on behalf of the entire Board of Directors of AK Holding in which such
individual is named as nominee for director. Solely for purposes of this definition, the phrase “or a committee of such board duly authorized to act for it hereunder” of the definition of Board of Directors shall be disregarded.

  
 3 

 “Corporate Trust Office” means the principal office of the Trustee at which
at any time its corporate trust business shall be administered, which office at the date hereof is located at 100 Wall Street, Suite 1600, New York, NY 10005, Mail Station: EX-NY-WALL, or such other address as the Trustee may designate from time to
time by notice to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). The
definition of “Corporate Trust Office” in the Base Indenture shall not apply to the Notes, and, solely for purposes of the Notes, references to “Corporate Trust Office” in the Base Indenture shall be deemed instead to be
references to “Corporate Trust Office” (as such term is defined in this Third Supplemental Indenture). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Registered Global
Securities, or any successor entity thereto. 
 “Daily Exchange Value” means, for each of the 20 consecutive
Trading Days during the Observation Period, 5% of the product of (a) the Exchange Rate on such Trading Day and (b) the Daily VWAP on such Trading Day. 
 “Daily Net Settlement Amount” means, for each of the 20 consecutive Trading Days during the relevant Observation Period: 

(a) if the Company does not elect a Cash Percentage as set forth herein, a number of shares of Common Stock equal to
(i) the difference between the Daily Exchange Value and $50, divided by (ii) the Daily VWAP for such Trading Day; 
 (b) if the Company elects a Cash Percentage of 100% as set forth herein, cash in an amount equal to the difference between the Daily Exchange Value and $50; or 

(c) if the Company elects a Cash Percentage of less than 100% as set forth herein, (i) cash equal to the product of
(x) the difference between the Daily Exchange Value and $50 and (y) the Cash Percentage and (ii) a number of shares of Common Stock equal to the product of (x)(A) the difference between the Daily Exchange Value and $50, divided
by (B) the Daily VWAP for such Trading Day and (y) 100% minus the Cash Percentage. 
 “Daily
Settlement Amount,” for each of the 20 consecutive Trading Days during the Observation Period, shall consist of: 
 (a) cash in an amount equal to the lesser of (i) $50 and (ii) the Daily Exchange Value on such Trading Day; and 

(b) if the Daily Exchange Value on such Trading Day exceeds $50, the Daily Net Settlement Amount. 

“Daily VWAP” means, for each of the 20 consecutive Trading Days during the applicable Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “AKS <equity> AQR” (or its equivalent 

  
 4 

 
successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if
such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for
this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

“defaulted interest” means, solely for purposes of the Notes, any amounts on any Note (including, without limitation,
the Fundamental Change Repurchase Price, Principal and interest) that are payable but are not punctually paid or duly provided for. The definition of “defaulted interest” in the Base Indenture shall not apply to the Notes, and, solely for
purposes of the Notes, references to “defaulted interest” in the Base Indenture shall be deemed instead to be references to “defaulted interest” (as such term is defined in this Third Supplemental Indenture). 

“Distributed Property” shall have the meaning specified in Section 10.04(c). 

“Effective Date” shall have the meaning specified in Section 10.03(c), except that, as used in Section 10.04,
“Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination. 

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the issuance or distribution in question, from AK Holding or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as
determined by such exchange or market. 
 “Exchange Agent” shall have the meaning specified in
Section 2.05 of the Base Indenture, as amended by Section 3.04(f). 
 “Exchange Date” shall have the
meaning specified in Section 10.02(c). 
 “Exchange Obligation” shall have the meaning specified in
Section 10.01(a). 
 “Exchange Price” means as of any date, $1,000, divided by the Exchange Rate as
of such date. 
 “Exchange Rate” shall have the meaning specified in Section 10.01(a). 

“Form of Fundamental Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice”
attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 
 “Form of Notice of Exchange”
shall mean the “Form of Notice of Exchange” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A. 

  
 5 

 “Fundamental Change” shall be deemed to have occurred at the time after the
Notes are originally issued if any of the following occurs: 
 (a) a “person” or “group”
within the meaning of Section 13(d) of the Exchange Act, other than AK Holding, its Subsidiaries and the employee benefit plans of AK Holding and its Subsidiaries, has become the direct or indirect “beneficial owner,” as defined in
Rule 13d-3 under the Exchange Act, of the Common Equity of AK Holding representing more than 50% of the voting power of such Common Equity; 
 (b) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination) as a result of which the Common Stock
would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of AK Holding pursuant to which the Common Stock will be converted into cash, securities or other
property; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of AK Holding and its Subsidiaries, taken as a whole, to any Person other than one of AK
Holding’s Subsidiaries; provided, however, that a transaction described in clause (B) in which the holders of all classes of AK Holding’s Common Equity immediately prior to such transaction own, directly or indirectly, more
than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction
shall not be a Fundamental Change pursuant to this clause (b); 
 (c) Continuing Directors cease to constitute at
least a majority of the Board of Directors of AK Holding; 
 (d) the stockholders of AK Holding approve any plan
or proposal for the liquidation or dissolution of the Company or AK Holding, as applicable; or 
 (e) the Common
Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors); 

provided, however, that a transaction or transactions described in clause (b) above shall not constitute a Fundamental Change, if at
least 90% of the consideration received or to be received by the common stockholders of AK Holding, excluding cash payments for fractional shares, in connection with such transaction or transactions consists of shares of common stock that are listed
or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or
transactions and as a result of such transaction or transactions the Notes become exchangeable for such consideration, excluding cash payments for fractional shares (subject to the provisions of Section 10.02(a)). 

“Fundamental Change Company Notice” shall have the meaning specified in Section 11.01(c). 

  
 6 

 “Fundamental Change Repurchase Date” shall have the meaning specified in
Section 11.01(a). 
 “Fundamental Change Repurchase Notice” shall have the meaning specified in
Section 11.01(b)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 11.01(a). 
 “Indenture” shall have the meaning specified in the first paragraph of the recitals
of this Third Supplemental Indenture. 
 “Interest Payment Date” means each May 15 and November 15 of
each year, beginning on May 15, 2013. 
 “Last Reported Sale Price” of the Common Stock on any date means
the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite
transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the
“Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so
quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking
firms selected by the Company for this purpose. 
 “Make-Whole Fundamental Change” means any transaction or
event that constitutes a Fundamental Change (as defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof).

 “Market Disruption Event” means (a) a failure by the primary U.S. national or regional securities
exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for
the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or
otherwise) in the Common Stock or in any options, contracts or future contracts relating to the Common Stock. 

“Maturity Date” means November 15, 2019. 
 “Measurement Period” shall have the meaning specified in Section 10.01(b)(i). 
 “Merger Event” shall have the meaning specified in Section 10.07(a). 

  
 7 

 “Note” or “Notes” shall have the meaning specified in the
third paragraph of the recitals of the Indenture. 
 “Notice of Exchange” shall have the meaning specified in
Section 10.02(b). 
 “Observation Period” with respect to any Note surrendered for exchange means:
(i) if the relevant Exchange Date occurs prior to August 15, 2019, the 20 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Exchange Date; and (ii) if the relevant Exchange
Date occurs on or after August 15, 2019, the 20 consecutive Trading Days beginning on, and including, the 22nd Scheduled Trading Day immediately preceding the Maturity Date. 

“open of business” means 9:00 a.m. (New York City time). 

“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 2.09 of the Base
Indenture, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under the Indenture, except: 
 (a) Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Notes, or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other
than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); 
 (c) Notes that have been paid pursuant to Section 3.05 or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of
Section 3.05 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 
 (d) Notes exchanged pursuant to Article 10 and required to be cancelled pursuant to Section 3.06; and 
 (e) Notes repurchased by the Company pursuant to the penultimate sentence of Section 3.07. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 3.05 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it
replaces. 
 “Principal” of a Note means the principal amount of (including the Fundamental Change Repurchase
Price, if any) such Note. The definition of “Principal” in the Base Indenture shall not apply to the Notes, and, solely for purposes of the Notes, references to “Principal” in the Base Indenture shall be deemed instead to be
references to “Principal” (as such term is defined in this Third Supplemental Indenture). 

  
 8 

 “Prospectus Supplement” means the preliminary prospectus supplement dated
November 13, 2012, as supplemented by the pricing term sheet dated November 14, 2012, relating to the offering and sale of the Notes. 
 “Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive
any cash, securities or other property or in which the Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock
(or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors of AK Holding, by statute, by contract or otherwise). Solely for purposes of the Notes, references to the
“record date” in the Base Indenture shall be deemed instead to be references to the “Regular Record Date” (as such term is defined in this Third Supplemental Indenture). 

“Reference Property” shall have the meaning specified in Section 10.07(a). 

“Regular Record Date,” with respect to any Interest Payment Date, shall mean the May 1 or November 1 (whether
or not such day is a Business Day) immediately preceding the applicable May 15 or November 15 Interest Payment Date, respectively. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the Common Stock is listed or
admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 
 “Settlement Notice” has the meaning specified in Section 10.02(a)(i). 
 “Spin-Off” shall have the meaning specified in Section 10.04(c). 
 “Stock Price” shall have the meaning specified in Section 10.03(c). 
 “Third Supplemental Indenture” means this instrument as originally executed or, if amended, supplemented as herein provided, as so amended or supplemented. 

“Trading Day” means a day on which (i) trading in the Common Stock (or other security for which a closing sale
price must be determined) generally occurs on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on
which the Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such
other security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other security) is not so
listed or traded, “Trading Day” means a Business Day; and provided, further, that for 

  
 9 

 
purposes of determining amounts due upon exchange only, “Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock
generally occurs on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the
Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for
trading, “Trading Day” means a Business Day. 
 “Trading Price” per $1,000 Principal amount of
the Notes on any date of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for $5 million Principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination
date from three independent nationally recognized securities dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the
average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5 million Principal
amount of Notes from a nationally recognized securities dealer on any determination date, then the Trading Price per $1,000 Principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported
Sale Price of the Common Stock and the Exchange Rate. 
 “Trigger Event” shall have the meaning specified in
Section 10.04(c). 
 “Underwriters” means Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC,
Citigroup Global Markets, Inc., Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporate, Barclays Capital Inc. and PNC Capital Markets LLC. 

“Underwriting Agreement” means that certain Underwriting Agreement, dated as of November 14, 2012, among the
Company, AK Holding and the Underwriters. 
 “unit of Reference Property” shall have the meaning specified in
Section 10.07(a). 
 “Valuation Period” shall have the meaning specified in Section 10.04(c).

 Section 2.02. References to Interest. Unless the context otherwise requires, any reference to interest on, or in
respect of, any Note in the Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to Section 6.04. Unless the context otherwise requires, any express mention of
Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not made. 

  
 10 

 ARTICLE 3 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 3.01. Designation and Amount. The Notes shall be designated as the “5.00% Exchangeable Senior Notes due
2019.” The aggregate Principal amount of Notes that may be authenticated and delivered under the Indenture is initially limited to $150,000,000 (as increased by an amount equal to the aggregate Principal amount of any additional Notes purchased
by the Underwriters pursuant to the exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement), subject to Section 3.07 and except for Notes authenticated and delivered upon registration or transfer of, or
in exchange for, or in lieu of other Notes pursuant to Section 2.07, Section 2.08, Section 2.10 and Section 11.04 of the Base Indenture and (as amended, if applicable, by) Section 3.04, Section 3.05, Section 10.02
and Section 11.03 of this Third Supplemental Indenture. 
 Section 3.02. Form of Notes. (a) The Notes and
the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a
part of the Indenture. To the extent applicable, the Company, the Parent Guarantor and the Trustee, by their execution and delivery of the Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Any Registered Global Security may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not
inconsistent with the provisions of the Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities
exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes
are subject. 
 Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or
endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of the Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special
limitations or restrictions to which any particular Notes are subject. 
 Each Registered Global Security shall represent such
Principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate Principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate Principal amount of
outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, cancellations, transfers or exchanges permitted hereby. Any endorsement of the Registered Global Security to reflect the amount of any
increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with the
Indenture. Payment of Principal of, and accrued and unpaid interest on, 

  
 11 

 
the Registered Global Security shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided
for herein. 
 (b) Section 2.14 of the Base Indenture shall not apply to the Notes. 

Section 3.03. Date and Denomination of Notes; Payments of Interest; Defaulted Interest. (a) The Notes shall be issuable
in registered form without coupons in denominations of $1,000 Principal amount and integral multiples thereof. Any references in the Base Indenture to Unregistered Securities or coupons shall be disregarded for purposes of the Notes. Each Note shall
be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial
months, on the basis of actual days elapsed over a 30-day month. 
 (b) The Person in whose name any Note (or its Predecessor
Note) is registered on the Security Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be payable at
the office or agency of the Company maintained by the Company for such purposes in the Borough of Manhattan, The City of New York, which shall initially be the Corporate Trust Office. The Company shall pay interest (i) on any definitive
Registered Securities (A) to Holders holding definitive Registered Securities having an aggregate Principal amount of $5.0 million or less, by check mailed to the Holders of these Notes at their address as it appears in the Security Register
and (B) to Holders holding definitive Registered Securities having an aggregate Principal amount of more than $5.0 million, either by check mailed to such Holders or, upon application by such Holder to the Registrar not later than the relevant
Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary or
(ii) on any Registered Global Security by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
 (c) Solely for purposes of the Notes, Section 2.13 of the Base Indenture is hereby amended by inserting the phrase “or Principal” immediately following the word “interest” in the
first line thereof. 
 Section 3.04. Exchange and Registration of Transfer of Notes; Depositary.
(a) Notwithstanding the provisions of Section 2.07 of the Base Indenture, none of the Company, the Trustee or the Registrar shall be required to exchange Notes for other Notes or register a transfer of (i) any Notes surrendered for
exchange in accordance with Article 10 for cash and shares of Common Stock, if any, or, if a portion of any Note is surrendered for exchange for cash and shares of Common Stock, if any, such portion thereof surrendered for exchange in accordance
with Article 10 or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 11. 
 (b) Solely for purposes of the Notes, the fifth paragraph of Section 2.07 of the Base Indenture is hereby deleted in its entirety and replaced with the following: “No service charge shall be
imposed by the Company, the Trustee, the Registrar, any co-Registrar or the Paying 

  
 12 

 
Agent for any exchange of Notes for other Notes or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue
or transfer tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or
registration of transfer.”. 
 (c) Any Note or Common Stock delivered upon the exchange of a Note that is repurchased or
owned by any Affiliate of the Company may not be resold by such Affiliate unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such
Note or Common Stock, as the case may be, no longer being a “restricted security” (as defined under Rule 144 under the Securities Act). The Company shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee
for cancellation in accordance with Section 3.06. 
 (d) For the avoidance of doubt, the final paragraph of
Section 2.07 of the Base Indenture shall not apply to the Notes. 
 (e) The Depositary shall be a clearing agency
registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to each Registered Global Security. Initially, each Registered Global Security shall be issued to the Depositary,
registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co. 
 (f) Solely for purposes of the Notes, Section 2.05 of the Base Indenture is hereby amended by (i) inserting the phrase “, an office or agency where Securities may be presented for exchange
in accordance with Article 10 of this Third Supplemental Indenture (the “Exchange Agent”)” immediately following the parenthetical in the second line of the first paragraph thereof and (ii) inserting a new paragraph
immediately following the third paragraph thereof as follows: “The Company initially appoints the Trustee as Exchange Agent. The Company may have one or more additional Exchange Agents with respect to any series of Securities. If the Company
fails to maintain an Exchange Agent, the Trustee shall act as such. The Company or any Affiliate of the Company may act as Exchange Agent; provided that neither the Company nor an Affiliate of the Company shall act as Exchange Agent in
connection with the discharge of the Indenture under Article 4 of the Third Supplemental Indenture.” 

Section 3.05. Mutilated, Destroyed, Lost or Stolen Notes. Solely for purposes of the Notes, the third and fourth paragraphs
of Section 2.08 of the Base Indenture are hereby deleted in their entirety and replaced with the following: “In case any Note that has matured or is about to mature or has been surrendered for required repurchase or is about to be
exchanged in accordance with Article 10 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or exchange or authorize the exchange of
the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or exchange shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such
security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the
Company, the Trustee and, if applicable, 

  
 13 

 
any Paying Agent or Exchange Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. No service charge shall be imposed by the Company,
the Trustee, the Registrar, any co-Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in
connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen.” 

Section 3.06. Cancellation of Notes Paid, Exchanged, Etc. (a) Section 2.11 of the Base Indenture shall not apply to
the Notes. Instead, the cancellation provisions set forth in this Section 3.06 shall, with respect to the Notes, supersede in its entirety Section 2.11 of the Base Indenture, and all references in the Base Indenture to cancellation
provisions therein shall, with respect to the Notes, be deemed to be references to the cancellation provisions set forth in this Section 3.06. 
 (b) The Company shall cause all Notes surrendered for the purpose of payment, repurchase, registration of transfer or exchange, or exchange into cash and shares of Common Stock, if any, if surrendered to
any Person other than the Trustee (including any of the Company’s Agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be
authenticated in exchange thereof except as expressly permitted by any of the provisions of the Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a
certificate of such disposition to the Company, at the Company’s written request in a Company Order. 

Section 3.07. Additional Notes; Repurchases. The Company may, without the consent of the Holders and notwithstanding
Section 3.01, reopen the Indenture and issue additional Notes hereunder with the same terms and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate Principal amount; provided that if any such
additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number. Prior to the issuance of any such additional Notes, the Company shall deliver
to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 13.04 of the Base Indenture, as the
Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether
by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives. The Company shall cause any Notes so repurchased (other
than Notes repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 3.06. 

  
 14 

 ARTICLE 4 
 SATISFACTION AND DISCHARGE 

Section 4.01. Applicability of Article 10 of the Base Indenture. Sections 10.01, 10.02, 10.05, 10.06, 10.07, 10.08, 10.09 and
10.10 of the Base Indenture shall not apply to the Notes. Instead, the satisfaction and discharge provisions set forth in this Article 4 shall, with respect to the Notes, supersede in their entirety Sections 10.01, 10.02, 10.05, 10.06, 10.07, 10.08,
10.09 and 10.10 of the Base Indenture, and all references in the Base Indenture to such Sections and satisfaction and discharge provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 4
and the satisfaction and discharge provisions set forth in this Article 4. 
 Section 4.02. Satisfaction and
Discharge. This Third Supplemental Indenture and the Base Indenture with respect to the Notes shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 2.08 of the Base Indenture and (y) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 10.04 of the Base Indenture) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders, as applicable,
after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase Date, upon exchange or otherwise, cash or cash and shares of Common Stock, if any (solely to satisfy the Company’s Exchange Obligation,
if applicable), sufficient to pay all of the outstanding Notes and all other sums due and payable under the Indenture by the Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Third Supplemental Indenture, the obligations of
the Company to the Trustee under Section 8.07 of the Base Indenture shall survive. 
 Section 4.03. Provisions as
to Paying Agent. Solely for purposes of the Notes, Sections 10.03 and 10.04 of the Base Indenture are hereby amended by inserting the phrase “and shares of Common Stock” after each instance of the word “moneys” therein.

 ARTICLE 5 
 PARTICULAR COVENANTS OF THE COMPANY 
 Section 5.01. Payment of Principal and Interest. (a) Section 4.01 of the Base Indenture shall not apply to the Notes. 

(b) The Company covenants and agrees that it will cause to be paid the Principal of, and accrued and unpaid interest on, each of the
Notes at the places, at the respective times and in the manner provided herein and in the Notes. 

  
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 Section 5.02. Consolidation and Merger. Neither the Company nor AK Holding will
enter into or consummate any transaction or series of related transactions if, as a result of such transaction or transactions (i) the obligor on the Notes is not AK Holding (if the Notes are then exchangeable for cash and shares of Common
Stock, if any) or a wholly owned Subsidiary of AK Holding fully and unconditionally guarantees the Notes or (ii) the obligor on the Notes is not the issuer of the Reference Property underlying the Notes (if the Notes are then exchangeable for
cash and Reference Property, if any). 
 Section 5.03. Reports by the Company. (a) Section 6.03 of the
Base Indenture shall not apply to the Notes. 
 (b) Whether or not the Company is then required to file reports with the
Commission, the Company shall file with the Commission all such reports and other information as the Company would be required to file with the Commission pursuant to Section 13(a) or 15(d) under the Exchange Act if the Company were subject
thereto within the time periods specified by the Commission’s rules and regulations. The Company shall supply to the Trustee and to each Holder who so requests or shall supply to the Trustee for forwarding to each such Holder, without cost to
such Holder, copies of such reports and other information. The Company shall be deemed to have complied with this covenant to the extent that AK Holding files all reports and other information required to be filed with the Commission by
Section 13(a) or 15(d) under the Exchange Act relating to AK Holding and its consolidated Subsidiaries, including the Company. 
 (c) Delivery of the reports and documents described in subsection (b) to the Trustee or to any Holder is for informational purposes only, and the Trustee’s or such Holder’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
conclusively rely on an Officers’ Certificate). 
 Section 5.04. Statements as to Defaults. The Company shall
deliver to the Trustee, as soon as possible, and in any event within 30 days after the Company becomes aware of the occurrence of any Event of Default or Default, an Officers’ Certificate setting forth the details of such Event of Default or
Default, its status and the action that the Company is taking or proposing to take in respect thereof. 
 Section 5.05.
Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of the
Indenture. 
 Section 5.06. Applicability of Section 4.05 of the Base Indenture. Section 4.05 of the Base
Indenture shall not apply to the Notes. 

  
 16 

 ARTICLE 6 
 DEFAULTS AND REMEDIES 

Section 6.01. Amendments to Base Indenture Events of Default. (a) Solely for purposes of the Notes, clause (a) of
Section 7.01 of the Base Indenture is hereby amended by deleting the phrase “redemption or mandatory repurchase, including as a sinking fund installment, or otherwise” therein and inserting in lieu thereof the phrase “upon any
required repurchase (whether by the Company or a third-party acquirer) or otherwise”. 
 (b) Solely for purposes of the
Notes, clause (c) of Section 7.01 of the Base Indenture is hereby amended by inserting immediately prior to the end of the parenthetical beginning in the first line thereof the phrase “and clauses (a) and (b) of
Section 6.02 of the Third Supplemental Indenture”. 
 Section 6.02. Additional Events of Default. In
addition to the Events of Default set forth in Article 7 of the Base Indenture (as amended hereby), the following events shall be “Events of Default” with respect to the Notes: 

(a) failure by the Company to comply with its obligation to exchange the Notes in accordance with the Indenture upon exercise of a
Holder’s exchange right; and 
 (b) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 11.01(c) or notice of a specified corporate event in accordance with Section 10.01(b)(ii) or Section 10.01(b)(iii), in each case when due. 
 Section 6.03. Waiver of Past Defaults. Solely for purposes of the Notes, clause (a) of Section 7.04 of the Base Indenture is hereby deleted in its entirety and inserting in lieu
thereof the clause “(a) all existing Events of Default, other than nonpayment of Principal of, premium, if any, and interest on any Security and the consideration due upon exchange as specified in clauses (a) and (b) of
Section 7.01 of the Base Indenture and Section 6.02(a) of the Third Supplemental Indenture that have become due solely by such declaration of acceleration have been cured or waived and”. 

Section 6.04. Additional Interest. Notwithstanding anything in the Indenture or in the Notes to the contrary, to the extent
the Company elects, the sole remedy for Event of Default relating to (i) the Company’s failure to file with the Trustee pursuant to Section 314(a)(1) of the Trust Indenture Act any documents or reports that AK Holding is required to
file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or (ii) the Company’s failure to comply with its obligations as set forth in Section 5.03(b) shall after the occurrence of such an Event of Default
consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the Principal amount of the Notes outstanding for each day during the 60-day period on which such Event of Default is continuing
beginning on, and including, the date on which such an Event of Default first occurs. If the Company so elects, such Additional Interest shall be payable in the same manner and on the same dates as regular interest on the Notes. On the 61st day
after such Event of Default (if the Event of Default relating to the Company’s failure to file is not cured or waived prior to such 61st day), the Notes will be subject to acceleration as provided in Section 7.02 of the Base Indenture. In
the event the 

  
 17 

 
Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.04 or the Company elected to make such payment but does not pay the
Additional Interest when due, the Notes shall be subject to acceleration as provided in Section 7.02 of the Base Indenture. 
 In order to elect to pay Additional Interest as the sole remedy during the first 60 days after the occurrence of any Event of Default described in the immediately preceding paragraph, the Company must
notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 60-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in
Section 7.02 of the Base Indenture. 
 Section 6.05. Application of Monies Collected by Trustee.
Section 7.10 of the Base Indenture is hereby amended by (x) inserting the phrase “and any cash due upon exchange of” immediately following the phrase “to the payment of interest on” in the first line of the second
indented paragraph thereof and (y) inserting the phrase “and cash due upon exchange, as the case may be,” immediately following the phrase “installments of such interest” in the second line of the second indented paragraph
thereof. 
 Section 6.06. Rights of Holders to Receive Payment. Solely for purposes of the Notes, Section 7.07
of the Base Indenture is hereby amended by inserting the phrase “or the consideration due upon exchange of such Holder’s Security” immediately following the phrase “on such Holder’s Security” in the second line thereof.

 Section 6.07. Collection Suit by Trustee. Solely for purposes of the Notes, Section 7.08 of the Base
Indenture is hereby amended by (x) inserting the phrase “or Section 6.02(a) of the Third Supplemental Indenture” immediately following the words “Section 7.01” in the second line thereof and (y) inserting the
phrase “and any consideration due upon exchange of” immediately prior to the comma following the word “on” in the fourth line thereof. 
 Section 6.08. Notice of Defaults. Solely for purposes of the Notes, Section 8.05 of the Base Indenture is hereby amended by inserting the phrase “or the consideration due upon
exchange of any Security,” immediately following the phrase “or interest on any Security,” beginning in the in the fifth line thereof. 
 ARTICLE 7 
 CONCERNING THE TRUSTEE

 Section 7.01. Compensation and Indemnity. Solely for purposes of the Notes, Section 8.07 of the Base
Indenture is hereby amended by inserting the phrase “the consideration due upon exchange of” immediately prior to the word “and” in the second line of the third paragraph thereof. 

  
 18 

 ARTICLE 8 
 SUPPLEMENTAL INDENTURES 
 Section 8.01.
Applicability of Article 11, Section 11.01 and Section 11.02 of the Base Indenture. References in the Base Indenture to any supplemental indenture authorized under Article 11, Section 11.01 or Section 11.02, as the case may
be, of the Base Indenture shall be deemed to include any supplemental indenture authorized under Article 8, Section 8.02 or Section 8.03, as the case may be, of this Third Supplemental Indenture. 

Section 8.02. Supplemental Indentures Without Consent of Holders. Section 11.01(g) of the Base Indenture shall not apply
to the Notes. Solely for purposes of the Notes, in addition to the amendments or supplements authorized under Section 11.01 of the Base Indenture (other than Section 11.01(g) of the Base Indenture as described above), the Company and the
Trustee may amend or supplement the Indenture or the Notes without notice to or the consent of any Holder: 
 (a) to add
guarantees with respect to the Notes; 
 (b) to secure the Notes; or 

(c) to add to the covenants or Events of Defaults of the Company for the benefit of the Holders or surrender any right or power conferred
upon the Company. 
 Section 8.03. Supplemental Indentures with Consent of Holders. Solely for purposes of the
Notes, in addition to, and notwithstanding, the provisions set forth in Section 11.02 of the Base Indenture, without the consent of each Holder affected thereby, an amendment or waiver, including a waiver pursuant to Section 7.04 of the
Base Indenture, may not: 
 (a) make any change that adversely affects the exchange rights of any Notes; or 

(b) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise. 
 ARTICLE 9 
 PARENT GUARANTEE OF
NOTES 
 Section 9.01. Applicability of Article 12 of the Base Indenture. Article 12 of the Base
Indenture shall apply to the Notes; provided that all references therein to “payment” or “amount payable” (or words or phrases of similar import) shall, for the avoidance of doubt, include the delivery of any consideration
due upon any exchange of Notes hereunder as provided in Article 10. 

  
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 ARTICLE 10 
 EXCHANGE OF NOTES 

Section 10.01. Exchange Privilege. (a) Subject to and upon compliance with the provisions of this Article 10, each
Holder of a Note shall have the right, at such Holder’s option, to exchange all or any portion (if the portion to be exchanged is $1,000 Principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the
conditions described in Section 10.01(b), at any time prior to the close of business on the Business Day immediately preceding August 15, 2019 under the circumstances and during the periods set forth in Section 10.01(b), and
(ii) irrespective of the conditions described in Section 10.01(b), during the period from, and including, August 15, 2019 to the close of business on the Business Day immediately preceding the Maturity Date, in each case, at an
initial exchange rate of 185.1852 shares of Common Stock (subject to adjustment as provided in this Article 10, the “Exchange Rate”) per $1,000 Principal amount of Notes (subject to the settlement provisions of Section 10.02,
the “Exchange Obligation”). 
 (b) (i) Prior to the close of business on the Business Day immediately preceding
August 15, 2019, the Notes may be surrendered for exchange during the five Business Day period immediately after any five consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 Principal
amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock
and the Exchange Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in the Indenture. The Company shall provide written
notice to the Bid Solicitation Agent (if other than the Company) of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact information for
each. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 Principal amount of Notes unless the Company has requested such determination, and the Company shall have no obligation
to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000
Principal amount of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Exchange Rate, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine,
or if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 Principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000
Principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Exchange Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct
the Bid Solicitation Agent to determine the Trading Price per $1,000 Principal amount of Notes when obligated as provided in the preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent
fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such determination when obligated as provided in the preceding sentence, then, in either case, the Trading Price per $1,000
Principal 

  
 20 

 
amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Exchange Rate on each Trading Day of such failure. If the Trading
Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Exchange Agent (if other than the Trustee). If, at any time after the Trading Price condition set forth above has been met, the Trading Price
per $1,000 Principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the applicable Exchange Rate, the Company shall so notify the Holders of the Notes, the Trustee and the
Exchange Agent (if other than the Trustee). 
 (ii) If, prior to the close of business on the Business Day
immediately preceding August 15, 2019, AK Holding elects to: 
 (A) issue to all or substantially all
holders of the Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share
that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or 

(B) distribute to all or substantially all holders of the Common Stock its assets, debt securities or rights to purchase
securities of AK Holding, which distribution has a per share value, as reasonably determined by AK Holding’s Board of Directors, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day preceding the date of
announcement for such distribution, 
 then, in either case, the Company shall notify all Holders of the Notes, the Trustee and the Exchange
Agent (if other than the Trustee) at least 30 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, the Notes may be surrendered for exchange at any time until the earlier of
(1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place, even if the Notes
are not otherwise exchangeable at such time. No Holder may exercise this right to exchange if the Holder otherwise may participate, at the same time and upon the same terms as holders of Common Stock and solely as a result of holding the Notes, in
the issuance or distribution described above without having to exchange their Notes as if they held a number of shares of Common Stock equal to the Exchange Rate, multiplied by the Principal amount (expressed in thousands) of Notes held by
such Holder. 
 (iii) If a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental
Change occurs prior to the close of business on the Business Day immediately preceding August 15, 2019, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 11.01, or if AK Holding
is a party to a transaction that would constitute a consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of its assets, pursuant to which the Common Stock would be converted into cash, securities or other
assets, the Notes may be 

  
 21 

 
surrendered for exchange at any time from or after the date that is 30 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the Business Day after the
Company gives notice of such transaction) until 35 Trading Days after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The Company
shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee) (i) as promptly as practicable following the date AK Holding publicly announces such transaction but in no event less than 30 Scheduled Trading Days prior to
the anticipated effective date of such transaction or (ii) if the Company does not have knowledge of such transaction at least 30 Scheduled Trading Days prior to the anticipated effective date of such transaction, within one Business Day of the
date upon which the Company receives notice, or otherwise becomes aware, of such transaction, but in no event later than the actual effective date of such transaction. 

(iv) Prior to the close of business on the Business Day immediately preceding August 15, 2019, all or a portion of
the Notes may be surrendered for exchange during any calendar quarter commencing after the calendar quarter ending on March 31, 2013 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20
Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Exchange Price on each applicable Trading
Day. The Company shall determine at the beginning of each calendar quarter commencing after March 31, 2013 whether the Notes may be surrendered for exchange in accordance with this clause (iv) and shall notify the Trustee if the Notes
become exchangeable in accordance with this clause (iv). 
 Section 10.02. Exchange Procedure; Settlement Upon
Exchange. 
 (a) Except as provided in Section 10.03(b) and Section 10.07(a), upon exchange of any Note, on the
third Business Day immediately following the last Trading Day of the relevant Observation Period, the Company shall pay or deliver, as the case may be, to the exchanging Holder, in respect of each $1,000 Principal amount of Notes being exchanged, a
“Settlement Amount” equal to the sum of the Daily Settlement Amounts for each of the 20 Trading Days during the applicable Observation Period for such Note, together with cash, if applicable, in lieu of any fractional share of
Common Stock in accordance with subsection (j) of this Section 10.02. 
 (i) All exchanges occurring on
or after August 15, 2019 shall be settled using the same forms and amounts of consideration. Except for any exchanges that occur on or after August 15, 2019, the Company shall use the same forms and amounts of consideration for all
exchanges occurring on the same Exchange Date, but the Company shall not have any obligation to use the same forms and amounts with respect to exchanges that occur on different Exchange Dates. If, in respect of any Exchange Date (or the period
described in the third immediately succeeding set of parentheses, as the case may be), the Company elects to settle all or a portion of its Exchange Obligation in excess of the Principal portion of the Notes being exchanged in cash in respect of
such Exchange Date (or such period, as the case may be), the Company shall inform exchanging Holders through the Trustee of such election (the “Settlement Notice”) no 

  
 22 

 
later than the close of business on the Trading Day immediately following the related Exchange Date (or, in the case of any exchanges occurring on or after August 15, 2019 and prior to the
close of business on the Business Day immediately preceding the Maturity Date, no later than August 15, 2019) and the Company shall indicate in such Settlement Notice the percentage of each share of Common Stock deliverable upon exchange in
excess of the Principal portion of the Notes being exchanged that will be paid in cash (the “Cash Percentage”). If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence,
the Company shall no longer have the right to elect a Cash Percentage and the Company shall settle its Exchange Obligation by paying cash in respect of the Principal portion of the exchanged Notes and delivering shares of Common Stock in respect of
the remainder, if any, of its Exchange Obligation in excess of the aggregate Principal portion of the Notes being exchanged as set forth herein. 
 (ii) The Daily Settlement Amounts (if applicable), the Daily Net Settlement Amounts (if applicable) and the Daily Exchange Values (if applicable) shall be determined by the Company promptly following the
last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts, the Daily Net Settlement Amounts or the Daily Exchange Values, as the case may be, and the amount of cash payable in lieu of the delivery of any
fractional share, the Company shall notify the Trustee and the Exchange Agent (if other than the Trustee) of the Daily Settlement Amounts, the Daily Net Settlement Amounts or the Daily Exchange Values, as the case may be, and the amount of cash
payable in lieu of the delivery of fractional shares of Common Stock. The Trustee and the Exchange Agent (if other than the Trustee) shall have no responsibility for any such determination. 

(b) Subject to Section 10.02(e), before any Holder of a Note shall be entitled to exchange a Note as set forth above, such Holder
shall (i) in the case of a Registered Global Security, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not
entitled as set forth in Section 10.02(h) and (ii) in the case of a definitive Registered Security (1) complete, manually sign and deliver an irrevocable notice to the Exchange Agent as set forth in the Form of Notice of Exchange (or
a facsimile thereof) (a “Notice of Exchange”) at the office of the Exchange Agent and state in writing therein the Principal amount of Notes to be exchanged and the name or names (with addresses) in which such Holder wishes the
certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Exchange Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate
endorsement and transfer documents), at the office of the Exchange Agent, (3) if required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the next Interest Payment Date
to which such Holder is not entitled as set forth in Section 10.02(h). The Trustee (and if different, the Exchange Agent) shall notify the Company of any exchange pursuant to this Article 10 on the Exchange Date for such exchange. No Notice of
Exchange with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and not validly withdrawn such Fundamental Change Repurchase
Notice in accordance with Section 11.02. 

  
 23 

 If more than one Note shall be surrendered for exchange at one time by the same Holder, the
Exchange Obligation with respect to such Notes shall be computed on the basis of the aggregate Principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c) A Note shall be deemed to have been exchanged immediately prior to the close of business on the date (the “Exchange
Date”) that the Holder has complied with the requirements set forth in subsection (b) above. If any shares of Common Stock are due to exchanging Holders, the Company shall cause to be issued and deliver to the Exchange Agent or to such
Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Exchange
Obligation. 
 (d) In case any Note shall be surrendered for partial exchange, the Company shall execute and the Trustee shall
authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate Principal amount equal to the unexchanged portion of the surrendered Note, without payment
of any service charge by the exchanging Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a
result of the name of the Holder of the new Notes issued upon such exchange being different from the name of the Holder of the old Notes surrendered for such exchange. 
 (e) If a Holder submits a Note for exchange, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue of any shares of Common Stock upon exchange, unless the tax is
due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Exchange Agent may refuse to deliver the certificates representing the shares of Common Stock
being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence. 

(f) Except as provided in Section 10.04, no adjustment shall be made for dividends on any shares of Common Stock delivered upon the
exchange of any Note as provided in this Article 10. 
 (g) Upon the exchange of an interest in a Registered Global Security,
the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Registered Global Security as to the reduction in the Principal amount represented thereby. The Company shall notify the Trustee in writing of any exchange
of Notes effected through any Exchange Agent other than the Trustee. 
 (h) Upon exchange, a Holder shall not receive any
separate cash payment for accrued and unpaid interest, if any, except as set forth below. The Company’s settlement of the Exchange Obligation shall be deemed to satisfy in full its obligation to pay the Principal amount of the Note and accrued
and unpaid interest, if any, to, but not including, the relevant Exchange Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Exchange Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Upon an 

  
 24 

 
exchange of Notes, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such exchange. Notwithstanding the foregoing, if Notes are exchanged after the close of
business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the exchange.
Notes surrendered for exchange during the period from the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on
the Notes so exchanged; provided that no such payment shall be required (1) for exchanges following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase
Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; or (3) to the extent of any defaulted interest, if any defaulted interest exists at the time of exchange
with respect to such Note. 
 (i) The Person in whose name the certificate for any shares of Common Stock delivered upon
exchange is registered shall be treated as a stockholder of record as of the close of business on the last Trading Day of the related Observation Period. Upon an exchange of Notes, such Person shall no longer be a Holder of such Notes surrendered
for exchange. 
 (j) The Company shall not deliver any fractional shares of Common Stock upon exchange of the Notes and shall
instead pay cash in lieu of delivering any fractional shares of Common Stock deliverable upon exchange based on the Daily VWAP on the Last Trading Day of the applicable Observation Period. For each Note surrendered for exchange, the full number of
shares of Common Stock that shall be delivered upon exchange thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the applicable Observation Period and any fractional shares of Common Stock remaining after such
computation shall be paid in cash. 
 Section 10.03. Increased Exchange Rate Applicable to Certain Notes Surrendered in
Connection with Make-Whole Fundamental Changes. (a) If a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to exchange its Notes in connection with such Make-Whole Fundamental Change, the Company shall,
under the circumstances described below, increase the Exchange Rate for the Notes so surrendered for exchange by a number of additional shares of Common Stock (the “Additional Shares”), as described below. An exchange of Notes shall
be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Exchange is received by the Exchange Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up
to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of
the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change). 

(b) Upon surrender of Notes for exchange in connection with a Make-Whole Fundamental Change pursuant to Section 10.01(b)(iii), the
Company shall pay or deliver, as the case may be, the consideration due in respect of such exchanged Notes in accordance with Section 10.02 based on the Conversion Rate as increased to reflect the Additional Shares pursuant to the table below;
provided, however, that if, at the effective time of a Make-Whole 

  
 25 

 
Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any
exchange of Notes following the Effective Date of such Make-Whole Fundamental Change, the Exchange Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 Principal
amount of exchanged Notes equal to the Exchange Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Exchange Obligation shall be paid to Holders in cash on the third Business Day following
the Exchange Date. The Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date no later than five Business Days after such Effective Date.

 (c) The number of Additional Shares, if any, by which the Exchange Rate shall be increased shall be determined by reference
to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of the
Common Stock in the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately
preceding the Effective Date of the Make-Whole Fundamental Change. AK Holding’s Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Exchange Rate that
becomes effective, or any event requiring an adjustment to the Exchange Rate where the Ex-Dividend Date of the event occurs, during such five consecutive Trading Day period. 
 (d) The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Exchange Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall
equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator
of which is the Exchange Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Exchange Rate as set forth in Section 10.04. 

  
 26 

 (e) The following table sets forth the number of Additional Shares of Common Stock to be
received per $1,000 Principal amount of Notes pursuant to this Section 10.03 for each Stock Price and Effective Date set forth below: 
  

																																													
	 	 	Stock Price	 
	 Effective Date
	 	$4.00	 	 	$4.50	 	 	$5.00	 	 	$6.00	 	 	$7.00	 	 	$8.00	 	 	$10.00	 	 	$12.50	 	 	$15.00	 	 	$17.50	 	 	$20.00	 
	 November 20, 2012
	 	 	64.8148	  	 	 	55.9939	  	 	 	45.5778	  	 	 	31.6005	  	 	 	22.7261	  	 	 	16.6496	  	 	 	9.1770	  	 	 	4.3243	  	 	 	1.8419	  	 	 	0.5601	  	 	 	0.0271	  
	 November 15, 2013
	 	 	64.8148	  	 	 	55.9939	  	 	 	45.5778	  	 	 	31.5118	  	 	 	22.4591	  	 	 	16.3212	  	 	 	8.8646	  	 	 	4.0997	  	 	 	1.7001	  	 	 	0.4839	  	 	 	0.0133	  
	 November 15, 2014
	 	 	64.8148	  	 	 	55.9939	  	 	 	45.4378	  	 	 	30.9488	  	 	 	21.7622	  	 	 	15.6202	  	 	 	8.2903	  	 	 	3.7179	  	 	 	1.4699	  	 	 	0.3645	  	 	 	0.0032	  
	 November 15, 2015
	 	 	64.8148	  	 	 	55.6064	  	 	 	44.6006	  	 	 	29.7186	  	 	 	20.4798	  	 	 	14.4269	  	 	 	7.3903	  	 	 	3.1541	  	 	 	1.1435	  	 	 	0.2077	  	 	 	0.0000	  
	 November 15, 2016
	 	 	64.8148	  	 	 	54.2930	  	 	 	42.7562	  	 	 	27.4993	  	 	 	18.3344	  	 	 	12.5236	  	 	 	6.0529	  	 	 	2.3794	  	 	 	0.7333	  	 	 	0.0555	  	 	 	0.0000	  
	 November 15, 2017
	 	 	64.8148	  	 	 	51.3337	  	 	 	39.1392	  	 	 	23.5951	  	 	 	14.7894	  	 	 	9.5374	  	 	 	4.1431	  	 	 	1.3890	  	 	 	0.2716	  	 	 	0.0000	  	 	 	0.0000	  
	 November 15, 2018
	 	 	64.8148	  	 	 	45.8535	  	 	 	32.4996	  	 	 	16.7306	  	 	 	8.9718	  	 	 	5.0309	  	 	 	1.7458	  	 	 	0.4014	  	 	 	0.0007	  	 	 	0.0000	  	 	 	0.0000	  
	 November 15, 2019
	 	 	64.8148	  	 	 	37.0370	  	 	 	14.8148	  	 	 	0.0000	  	 	 	0.0000	  	 	 	0.0000	  	 	 	0.0000	  	 	 	0.0000	  	 	 	0.0000	  	 	 	0.0000	  	 	 	0.0000	  

 The exact Stock Prices and Effective Dates may not be set forth in the table above, in which case:

 (i) if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two
Effective Dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as
applicable, based on a 365-day year; 
 (ii) if the Stock Price is greater than $20.00 per share (subject to
adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Exchange Rate; and 

(iii) if the Stock Price is less than $4.00 per share (subject to adjustment in the same manner as the Stock Prices set
forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Exchange Rate. 
 Notwithstanding the foregoing, in no event shall the Exchange Rate per $1,000 Principal amount of Notes exceed 250.0000, subject to adjustment in the same manner as the Exchange Rate pursuant to
Section 10.04. 
 (f) Nothing in this Section 10.03 shall prevent an adjustment to the Exchange Rate pursuant to
Section 10.04 in respect of a Make-Whole Fundamental Change. 
 Section 10.04. Adjustment of Exchange Rate. The
Exchange Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Exchange Rate if Holders of the Notes participate (other than in the case of a
share split or share combination), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 10.04, without having to exchange their
Notes, as if they held a number of shares of Common Stock equal to the Exchange Rate, multiplied by the Principal amount (expressed in thousands) of Notes held by such Holder. 

  
 27 

 (a) If AK Holding exclusively issues shares of Common
Stock as a dividend or distribution on shares of the Common Stock, or if AK Holding effects a share split or share combination, the Exchange Rate shall be adjusted based on the following formula: 

 
 

 
 where, 
  

					
	ER0	 	=	  	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on
the Effective Date of such share split or share combination, as applicable;
			
	ER’	 	=	  	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date;
			
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date; and
			
	OS’	 	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this Section 10.04(a) shall become effective immediately after the open of business on the
Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type described in this
Section 10.04(a) is declared but not so paid or made, the Exchange Rate shall be immediately readjusted, effective as of the date the Board of Directors of AK Holding determines not to pay such dividend or distribution, to the Exchange Rate
that would then be in effect if such dividend or distribution had not been declared. 
 (b) If AK Holding issues to all or
substantially all holders of the Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a
price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance,
the Exchange Rate shall be increased based on the following formula: 
  
 

 
 where, 
  

					
	ER0	 	=	  	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	ER’	 	=	  	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date;

  
 28 

					
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	 	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	 	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale
Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this Section 10.04(b) shall be made successively whenever any such rights, options or
warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or
warrants, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of
Common Stock actually delivered. If such rights, options or warrants are not so issued, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred. 

For purposes of this Section 10.04(b) and for the purpose of Section 10.01(b)(ii)(A), in determining whether any rights,
options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by AK Holding for such rights,
options or warrants and any amount payable on exercise or exchange thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors of AK Holding. 

(c) If AK Holding distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property or rights, options or
warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 10.04(a) or
Section 10.04(b), (ii) dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to Section 10.04(d), and (iii) Spin-Offs as to which the provisions set forth below in this
Section 10.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities of AK Holding, the “Distributed
Property”), then the Exchange Rate shall be increased based on the following formula: 
  
 

 
 where, 
  

					
	ER0	 	=	  	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such
distribution;

  
 29 

					
	ER’	 	=	  	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	 	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
Ex-Dividend Date for such distribution; and
			
	FMV	 	=	  	the fair market value (as determined by the Board of Directors of AK Holding) of the Distributed Property with respect to each outstanding share of the Common Stock on the
Ex-Dividend Date for such distribution.

 Any increase made under the portion of this Section 10.04(c) above shall become effective
immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect if such distribution had not
been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing
increase, each Holder of a Note shall receive, in respect of each $1,000 Principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount of Distributed Property such
Holder would have received if such Holder owned a number of shares of Common Stock equal to the Exchange Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Directors of AK Holding determines the “FMV” (as defined
above) of any distribution for purposes of this Section 10.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the
Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

With respect to an adjustment pursuant to this Section 10.04(c) where there has been a payment of a dividend or other distribution
on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S.
national securities exchange (a “Spin-Off”), the Exchange Rate shall be increased based on the following formula: 
  

 
 where, 
  

					
	ER0	 	=	  	the Exchange Rate in effect immediately prior to the end of the Valuation Period;
			
	ER’	 	=	  	the Exchange Rate in effect immediately after the end of the Valuation Period;

  
 30 

					
	FMV0	 	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common
Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 2.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day
period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
			
	MP0	 	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The adjustment to the Exchange Rate under the preceding paragraph shall occur on the last Trading Day of the Valuation
Period; provided that in respect of any exchange during the Valuation Period, references in the portion of this Section 10.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading
Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Exchange Date in determining the Exchange Rate. 

For purposes of this Section 10.04(c) (and subject in all respect to Section 10.11), rights, options or warrants distributed by
AK Holding to all holders of the Common Stock entitling them to subscribe for or purchase shares of AK Holding’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until
the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future
issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 10.04(c) (and no adjustment to the Exchange Rate under this Section 10.04(c) will be required) until the occurrence of the earliest
Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Exchange Rate shall be made under this Section 10.04(c). If any such right, option or
warrant, including any such existing rights, options or warrants distributed prior to the date of the Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights
(in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options
or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Exchange Rate under
this Section 10.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Exchange
Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Exchange Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as
though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to 

  
 31 

 
such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and
(2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Exchange Rate shall be readjusted as if such rights, options and warrants had not been issued.

 For purposes of Section 10.04(a), Section 10.04(b) and this Section 10.04(c), any dividend or distribution to
which this Section 10.04(c) is applicable that also includes one or both of: 
 (A) a dividend or distribution of shares of
Common Stock to which Section 10.04(a) is applicable (the “Clause A Distribution”); or 
 (B) a dividend
or distribution of rights, options or warrants to which Section 10.04(b) is applicable (the “Clause B Distribution”), 

then (1) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or
distribution to which this Section 10.04(c) is applicable (the “Clause C Distribution”) and any Exchange Rate adjustment required by this Section 10.04(c) with respect to such Clause C Distribution shall then be made, and
(2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Exchange Rate adjustment required by Section 10.04(a) and Section 10.04(b) with respect thereto shall then
be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of
Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the meaning of
Section 10.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 10.04(b). 
 (d) If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the Exchange Rate shall be adjusted based on the following formula: 

 
 

 
 where, 
  

					
	ER0	 	=	  	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	ER’	 	=	  	the Exchange Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	 	=	  	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	 	=	  	the amount in cash per share AK Holding distributes to all or substantially all holders of the Common Stock.

  
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 Any increase pursuant to this Section 10.04(d) shall become effective immediately
after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Exchange Rate shall be decreased, effective as of the date the Board of Directors of AK Holding determines not
to make or pay such dividend or distribution, to be the Exchange Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing
increase, each Holder of a Note shall receive, for each $1,000 Principal amount of Notes, at the same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned
a number of shares of Common Stock equal to the Exchange Rate on the Ex-Dividend Date for such cash dividend or distribution. 

(e) If AK Holding or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock, to the extent
that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be
made pursuant to such tender or exchange offer, the Exchange Rate shall be increased based on the following formula: 
  

 
 where, 
  

					
	ER0	 	=	  	the Exchange Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such
tender or exchange offer expires;
			
	ER’	 	=	  	the Exchange Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such
tender or exchange offer expires;
			
	AC	 	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors of AK Holding) paid or payable for shares of Common Stock purchased in such
tender or exchange offer;
			
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of
Common Stock accepted for purchase or exchange in such tender or exchange offer);
			
	OS’	 	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common
Stock accepted for purchase or exchange in such tender or exchange offer); and
			
	SP’	 	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date
such tender or exchange offer expires.

  
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 The adjustment to the Exchange Rate under this Section 10.04(e) shall occur at the close of business on
the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that in respect of any exchange within the 10 Trading Days immediately following, and
including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references in this Section 10.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed
between the date that such tender or exchange offer expires and the Exchange Date in determining the Exchange Rate. 
 (f)
Except as stated herein, the Company shall not adjust the Exchange Rate for the issuance of shares of the Common Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common
Stock or such convertible or exchangeable securities. 
 (g) In addition to those adjustments required by clauses (a), (b), (c),
(d) and (e) of this Section 10.04, and to the extent permitted by applicable law and subject to the applicable rules of The New York Stock Exchange, the Company from time to time may increase the Exchange Rate by any amount for a
period of at least 20 Business Days if the Company’s Board of Directors determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of
The New York Stock Exchange, the Company may (but is not required to) increase the Exchange Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or distribution of
shares (or rights to acquire shares) or similar event. Whenever the Exchange Rate is increased pursuant to either of the preceding two sentences, the Company shall mail to the Holder of each Note at its last address appearing on the Security
Register a notice of the increase at least 15 days prior to the date the increased Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and the period during which it will be in effect. 

(h) Notwithstanding anything to the contrary in this Article 10, the Exchange Rate shall not be adjusted: 

(i) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment
of dividends or interest payable on the securities of AK Holding and the investment of additional optional amounts in shares of Common Stock under any plan; 
 (ii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed
by AK Holding or any of its Subsidiaries; 

  
 34 

 (iii) upon the issuance of any shares of the Common Stock pursuant to any
option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued; 

(iv) solely for a change in the par value of the Common Stock; or 

(v) for accrued and unpaid interest, if any. 
 (i) All calculations and other determinations under this Article 10 shall be made by the Company (or by the Board of Directors of AK Holding, if so specified) and shall be made to the nearest one-ten
thousandth (1/10,000) of a share. 
 (j) Whenever the Exchange Rate is adjusted as herein provided, the Company shall
promptly file with the Trustee (and the Exchange Agent if not the Trustee) an Officers’ Certificate setting forth the Exchange Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and
until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Exchange Rate and may assume without inquiry that the last Exchange Rate of
which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each adjustment becomes
effective and shall mail such notice of such adjustment of the Exchange Rate to each Holder at its last address appearing on the Security Register of the Indenture. Failure to deliver such notice shall not affect the legality or validity of any such
adjustment. 
 (k) For purposes of this Section 10.04, the number of shares of Common Stock at any time outstanding shall
not include shares held in the treasury of AK Holding so long as AK Holding does not pay any dividend or make any distribution on shares of Common Stock held in its treasury, but shall include shares issuable in respect of scrip certificates issued
in lieu of fractions of shares of Common Stock. 
 Section 10.05. Adjustments of Prices. Whenever any provision of
the Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Exchange Values or the Daily Settlement Amounts over a span of multiple days (including an Observation Period and the period for determining
the Stock Price for purposes of a Make-Whole Fundamental Change), AK Holding’s Board of Directors shall make appropriate adjustments to each to account for any adjustment to the Exchange Rate that becomes effective, or any event requiring an
adjustment to the Exchange Rate where the Ex-Dividend Date of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Exchange Values or the Daily Settlement Amounts are to be calculated.

 Section 10.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of AK
Holding’s authorized but unissued shares or shares held in treasury, a number of shares of Common Stock equal to the Conversion Rate multiplied by the aggregate Principal amount of Notes presented for exchange (expressed in thousands and
assuming that at the time of computation of such number of shares, all such Notes would be exchanged by a single Holder). 

  
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 Section 10.07. Effect of Recapitalizations, Reclassifications and Changes of the
Common Stock. 
 (a) In the case of: 

(i) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination), 
 (ii) any consolidation, merger or combination involving AK Holding, 

(iii) any sale, lease or other transfer to a third party of the consolidated assets of AK Holding and its Subsidiaries
substantially as an entirety or 
 (iv) any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets
(including cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to exchange each $1,000 Principal amount of Notes shall be changed into a right to
exchange such Principal amount of Notes for the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Exchange
Rate immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property”, with each “unit of Reference Property” meaning the kind and amount of Reference Property that a
holder of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a
supplemental indenture permitted under Section 11.01(h) of the Base Indenture providing for such change in the right to exchange each $1,000 Principal amount of Notes; provided, however, that at and after the effective time of the
Merger Event the Exchange Obligation shall be calculated and settlement in accordance with Section 10.02 shall apply such that (A) the amount otherwise payable in cash upon exchange of the Notes as set forth under Section 10.02 shall
continue to be payable in cash, (B) the Company shall continue to have the right to elect to determine the form of consideration to be paid or delivered, as the case may be, in respect of the remainder, if any, of the Exchange Obligation in
excess of the Principal amount of the Notes being exchanged as set forth under Section 10.02, (C) the number of shares of Common Stock, if any, otherwise deliverable upon exchange of the Notes in accordance with Section 10.02 shall
instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have received in such Merger Event and (D) the Daily VWAP shall be calculated based on the value of a unit of
Reference Property. 
 If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right to receive
more than a single type of consideration (determined based in part upon any form of stockholder election), then (i) the Reference Property for which the Notes will be exchangeable shall be deemed to be the weighted average of the types and
amounts of consideration received by the holders of Common Stock that affirmatively make such an election, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall

  
 36 

 
refer to the consideration referred to in clause (i) attributable to one share of Common Stock. If the holders receive only cash in such Merger Event, then for all exchanges that occur after
the effective date of such Merger Event (x) the consideration due upon exchange of each $1,000 Principal amount of Notes shall be solely cash in an amount equal to the Exchange Rate in effect on the Exchange Date (as may be increased by any
Additional Shares pursuant to Section 10.03), multiplied by the price paid per share of Common Stock in such Merger Event and (y) the Company shall satisfy the Exchange Obligation by paying cash to exchanging Holders on the third
Business Day immediately following the Exchange Date. The Company shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 

Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments
that shall be as nearly equivalent as is possible to the adjustments provided for in this Article 10. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any
combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions
to protect the interests of the Holders of the Notes as the Company’s Board of Directors shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in Article 11.

 (b) In the event the Company shall execute a supplemental indenture pursuant to subsection (a) of this
Section 10.07, the Company shall promptly deliver to the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property
after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. The Company shall cause notice of the execution of such
supplemental indenture to be mailed to each Holder, at its address appearing on the Security Register provided for in the Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture. 
 (c) The Company shall not become a party to any Merger Event unless its terms are consistent
with this Section 10.07. None of the foregoing provisions shall affect the right of a holder of Notes to exchange its Notes into cash and shares of Common Stock, if any, as set forth in Section 10.01 and Section 10.02 prior to the
effective date of such Merger Event. 
 (d) The above provisions of this Section shall similarly apply to successive Merger
Events. 
 Section 10.08. Certain Covenants. (a) The Company covenants that all shares of Common Stock
delivered upon exchange of Notes will be fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue and delivery thereof. 
 (b) The Company covenants that, if any shares of Common Stock to be provided for the purpose of exchange of Notes hereunder require registration with or approval of any

  
 37 

 
governmental authority under any federal or state law before such shares may be validly issued and delivered upon exchange, the Company will, to the extent then permitted by the rules and
interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c) The Company further
covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation system the Company will cause AK Holding to list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, any Common Stock deliverable upon exchange of the Notes. 
 Section 10.09.
Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at any time be under any duty or responsibility to any Holder to determine the Exchange Rate (or any adjustment thereto) or whether any facts exist that may require
any adjustment (including any increase) of the Exchange Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be
employed, in making the same. The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time
be issued or delivered upon the exchange of any Note; and the Trustee and any other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any Exchange Agent shall be responsible for any failure of AK Holding to issue
or of the Company to transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of exchange or to comply with any of the duties, responsibilities or
covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent shall be under any responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 10.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the exchange of their Notes after any event referred to
in such Section 10.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 8.02 of the Base Indenture, may accept (without any independent investigation) as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither
the Trustee nor the Exchange Agent shall be responsible for determining whether any event contemplated by Section 10.01(b) has occurred that makes the Notes eligible for exchange or no longer eligible therefor until the Company has delivered to
the Trustee and the Exchange Agent the notices referred to in Section 10.01(b) with respect to the commencement or termination of such exchange rights, on which notices the Trustee and the Exchange Agent may conclusively rely, and the Company
agrees to deliver such notices to the Trustee and the Exchange Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 10.01(b). 

Section 10.10. Notice to Holders Prior to Certain Actions. In case of any: 

(a) action by AK Holding or one of its Subsidiaries (including the Company) that would require an adjustment in the Exchange Rate
pursuant to Section 10.04 or Section 10.11; 

  
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 (b) Merger Event; or 

(c) voluntary or involuntary dissolution, liquidation or winding-up of AK Holding or any of its Subsidiaries (including the Company);

 then, in each case (unless notice of such event is otherwise required pursuant to another provision of the Indenture), the Company shall
cause to be filed with the Trustee and the Exchange Agent (if other than the Trustee) and to be mailed to each Holder at its address appearing on the Security Register, as promptly as possible but in any event at least 20 days prior to the
applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by AK Holding or one of its Subsidiaries (including the Company) or, if a record is not to be taken, the date
as of which the holders of Common Stock of record are to be determined for the purposes of such action by AK Holding or one of its Subsidiaries (including the Company), or (ii) the date on which such Merger Event, dissolution, liquidation or
winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event,
dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by AK Holding or one of its Subsidiaries (including the Company), Merger Event, dissolution,
liquidation or winding-up. 
 Section 10.11. Stockholder Rights Plans. To the extent that AK Holding has a rights
plan in effect upon exchange of the Notes, each share of Common Stock, if any, issued upon such exchange shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such
exchange shall bear such legends, if any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. However, if, prior to any exchange, the rights have separated from the shares
of Common Stock in accordance with the provisions of the applicable stockholder rights plan so that the Holders would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon exchange of the Notes, the Exchange Rate
shall be adjusted at the time of separation as if AK Holding distributed to all or substantially all holders of the Common Stock Distributed Property as provided in Section 10.04(c), subject to readjustment in the event of the expiration,
termination or redemption of such rights. 
 ARTICLE 11 
 REPURCHASE OF NOTES AT OPTION OF HOLDERS 

Section 11.01. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any
time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of
the Principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls
after a 

  
 39 

 
Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid
interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the Principal amount of Notes to be repurchased pursuant to this Article 11. 

(b) Repurchases of Notes under this Section 11.01 shall be made, at the option of the Holder thereof, upon: 

(i) delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase
Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are definitive Registered Securities, or in compliance with the Depositary’s procedures for surrendering interests in
Registered Global Securities, if the Notes are Registered Global Securities, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and 

(ii) delivery of the Notes, if the Notes are definitive Registered Securities, to the Paying Agent at any time after
delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Registered Global Securities, in
compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 
 The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall state: 
 (i) in the case of definitive Registered Securities, the certificate numbers of the Notes to be delivered for repurchase; 

(ii) the portion of the Principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof;
and 
 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the
Notes and the Indenture; 
 provided, however, that if the Notes are Registered Global Securities, the Fundamental Change
Repurchase Notice must comply with appropriate Depositary procedures. 
 Notwithstanding anything herein to the contrary, any
Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 11.01 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of
business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 11.02. 

  
 40 

 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof. 
 (c) On or before the 20th calendar day after the occurrence
of the effective date of a Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company
Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case of definitive Registered Securities, such notice shall be by first
class mail or, in the case of Registered Global Securities, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Simultaneously with providing such notice, the Company shall publish a notice containing the
information set forth in the Fundamental Change Company Notice on the Company’s website or through such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify: 

(i) the events causing the Fundamental Change; 

(ii) the date of the Fundamental Change; 

(iii) the last date on which a Holder may exercise the repurchase right pursuant to this Article 11; 

(iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

(vi) the name and address of the Paying Agent and the Exchange Agent, if applicable; 

(vii) if applicable, the Exchange Rate and any adjustments to the Exchange Rate; 

(viii) that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be
exchanged only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the Indenture; 
 (ix) the procedures that Holders must follow to require the Company to repurchase their Notes. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes
pursuant to this Section 11.01. 
 At the Company’s request, the Trustee shall give such notice in the Company’s
name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

  
 41 

 (d) Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at
the option of the Holders upon a Fundamental Change if the Principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by
the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any definitive Registered Securities held by it during the acceleration of the
Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with
the procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 11.02. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be
withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 11.02 at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date, specifying: 
 (i) the Principal amount of the
Notes with respect to which such notice of withdrawal is being submitted, 
 (ii) if definitive Registered
Securities have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted, and 
 (iii) the Principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion must be in Principal amounts of $1,000 or an integral multiple of
$1,000; 
 provided, however, that if the Notes are Registered Global Securities, the notice must comply with appropriate
procedures of the Depositary. 
 Section 11.03. Deposit of Fundamental Change Repurchase Price. (a) The Company
will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.06 of the Base Indenture) on or prior to 11:00
a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by
the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be
made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 11.01) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other
Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 11.01 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Security Register;
provided, however, that payments to the Depositary shall be made by wire transfer of immediately 

  
 42 

 
available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess
of the Fundamental Change Repurchase Price. 
 (b) If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase
Date, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect to the Notes
that have been properly surrendered for repurchase and not validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or
the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price). 

(c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 11.01, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in Principal amount to the unrepurchased portion of the Note surrendered. 
 Section 11.04. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required: 

(a) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act; 

(b) file a Schedule TO or any successor or similar schedule; and 

(c) otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;

 in each case, so as to permit the rights and obligations under this Article 11 to be exercised in the time and in the manner specified in
this Article 11. 
 ARTICLE 12 
 NO REDEMPTION 
 Section 12.01. No
Redemption; Applicability of Article 3 of the Base Indenture. Article 3 of the Base Indenture shall not apply to the Notes. The Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the
Notes. 

  
 43 

 ARTICLE 13 
 MISCELLANEOUS PROVISIONS 
 Section 13.01.
Trust Indenture Act of 1939. This Third Supplemental Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act.

 Section 13.02. Governing Law. The laws of the State of New York shall govern this Third Supplemental Indenture
and the Notes. 
 Section 13.03. Duplicate Originals. The parties may sign any number of copies of this Third
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 13.04. Separability. In case any provision in this Third Supplemental Indenture or the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 13.05. Ratification. The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture and this Third
Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted by law.
The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Third Supplemental
Indenture. 
 Section 13.06. Effectiveness. The provisions of this Third Supplemental Indenture shall become
effective as of the date hereof. 
 Section 13.07. Successors. All agreements of the Company and the Parent
Guarantor in this Third Supplemental Indenture shall bind their successors. All agreements of the Trustee in this Third Supplemental Indenture shall bind its successors. 
 Section 13.08. Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the Parent Guarantor and the Trustee assumes no responsibility for
their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture, the Notes, any Guarantee or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Company and the Parent Guarantor. 
 Section 13.09. No Security Interest
Created. Nothing in this Third Supplemental Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in
effect, in any jurisdiction. 

  
 44 

 Section 13.10. Calculations. Except as otherwise provided herein, the Company
shall be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, accrued interest payable on the Notes and the
Exchange Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its
calculations to each of the Trustee and the Exchange Agent, and each of the Trustee and Exchange Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward
the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company. 
 Section 13.11. Payment Date Other Than a Business Day. (a) Section 13.07 of the Base Indenture shall not apply to the Notes. 

(b) In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Exchange Date or Maturity Date is not a Business
Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay.

 [Remainder of page intentionally left blank] 

  
 45 

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

			
	 AK STEEL CORPORATION,
 as the Company

		
	By:	 	 /s/ Roger K. Newport

		 	Name: Roger K. Newport
		 	Title:   Vice President – Finance and CFO
	
	 AK STEEL HOLDING CORPORATION,
 as Parent Guarantor

		
	By:	 	 /s/ Roger K. Newport

		 	Name: Roger K. Newport
		 	Title:   Vice President – Finance and CFO
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Bill Sicking

		 	Name: William E. Sicking
		 	Title:   Vice President & Trust Officer

 [Signature Page to Third Supplemental Indenture – Exchangeable Notes] 

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE] 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR CEDE & CO. IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 [THIS NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. TRANSFERS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 

  
 A-1

 AK Steel Corporation 
 5.00% Exchangeable Senior Note due 2019 
  

			
	No. [    ]	  	[Initially]1 $[        ]

 CUSIP No. 001546 AP5 
 AK STEEL CORPORATION, a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,” which term includes any successor corporation or other
entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2 [    ]3, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached
hereto]4 [of
$[        ]]5,
which amount, taken together with the Principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $150,000,000 in aggregate at any time (or $172,500,000 if the Underwriters exercise their option to purchase
additional Notes in full as set forth in the Underwriting Agreement), in accordance with the rules and procedures of the Depositary, on November 15, 2019, and interest thereon as set forth below. 

This Note shall bear interest at the rate of 5.00% per year from November 20, 2012, or from the most recent date to which
interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until November 15, 2019. Interest is payable semi-annually in arrears on each May 15 and November 15, commencing on May 15, 2013,
to Holders of record at the close of business on the preceding May 1 and November 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 6.04 of the within-mentioned
Third Supplemental Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to Section 6.04, and
any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 

Any defaulted interest shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under
applicable law, from, and including, the relevant payment date to, but excluding, the date on which such defaulted interest shall have been paid by the Company in accordance with Section 2.13 of the Base Indenture. 

The Company shall pay the Principal of and interest on this Note, so long as such Note is a Registered Global Security, in immediately
available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the Principal of any Notes (other than Notes

  

	1 	Include if a Registered Global Security. 

	2 	Include if a Registered Global Security. 

	3 	Include if a definitive Registered Security. 

	4 	Include if a Registered Global Security. 

	5 	 Include if a definitive Registered Security. 

  
 A-2

 
that are Registered Global Securities) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Registrar in
respect of the Notes and its agency in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment or for registration of transfer. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to exchange this Note into cash
and shares of Common Stock, if any, on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed
manually or by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of
page intentionally left blank] 

  
 A-3

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

			
	AK STEEL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture. 

Dated: November 20, 2012 
  

			
	 U.S. BANK NATIONAL ASSOCIATION

as the Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-4

 [FORM OF REVERSE OF NOTE] 

AK Steel Corporation 
 5.00% Exchangeable Senior Note due 2019 
 This Note is one of a duly authorized
issue of Notes of the Company, designated as its 5.00% Exchangeable Senior Notes due 2019 (the “Notes”), limited to the aggregate Principal amount of $150,000,000 (as increased by an amount equal to the aggregate Principal amount of
any additional Notes purchased by the Underwriters pursuant to the exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement) all issued or to be issued under and pursuant to a Third Supplemental Indenture
dated as of November 20, 2012 (the “Third Supplemental Indenture”), between the Company and U.S. Bank National Association (the “Trustee”), which amends and supplements the Senior Indenture dated as of
May 11, 2010 between the Company and the Trustee (the “Base Indenture” and, as amended and supplemented by the Third Supplemental Indenture and from time to time with respect to the Notes, the “Indenture”).
Reference is hereby made to the Indenture for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Parent Guarantor and the Holders of the Notes. 

In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the Principal of, and interest on, all
Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate Principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions
and certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will
make all payments and deliveries in respect of the Fundamental Change Repurchase Price and the Principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of
the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 
 The Company may, without the consent of the Holders, reopen the Indenture and issue additional Notes with the same terms and with the same CUSIP number as the Notes initially issued thereunder in an
unlimited aggregate Principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued thereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number.

 The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the
Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate Principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental
indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate Principal amount of the Notes at the time
outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

  
 A-5

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the Principal of, accrued and unpaid interest on, and the consideration due upon exchange of, this Note at the place, at the
respective times, at the rate and in the lawful money herein prescribed. 
 The Notes are issuable in registered form without
coupons in denominations of $1,000 Principal amount and integral multiples thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be
exchanged for a like aggregate Principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that
may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 

The Notes are not subject to redemption through the operation of any sinking fund or otherwise. 

The Notes are fully and unconditionally guaranteed by the Parent Guarantor. 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase
for cash all of such Holder’s Notes or any portion thereof (in Principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price. 

Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the
occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to exchange any Notes or portion thereof that is $1,000 or an integral multiple
thereof, into cash and shares of Common Stock, if any, at the Exchange Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 
 Terms used in this Note and defined in the Indenture are used herein as therein defined. 

  
 A-6

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations: 

TEN COM = as tenants in common 
 UNIF GIFT MIN
ACT = Uniform Gifts to Minors Act 
 CUST = Custodian 
 TEN ENT = as tenants by the entireties 
 JT TEN = joint tenants with right of survivorship and not
as tenants in common 
 Additional abbreviations may also be used though not in the above list. 

  
 A-7

 SCHEDULE A6 
 SCHEDULE OF EXCHANGES OF NOTES 
 AK Steel Corporation 

5.00% Exchangeable Senior Notes due 2019 
 The initial Principal amount of this Registered Global Security is ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000). The following increases or decreases in this Registered Global Security have been made:

  

									
	 Date of exchange
	  	Amount of
decrease in
Principal amount
of this Registered
Global Security	  	Amount of
increase in
Principal amount
of this Registered
Global Security	  	Principal amount
of this Registered
Global Security
following such
decrease
or
increase	  	Signature of
authorized
signatory of
Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	6 	Include if a Registered Global Security. 

  
 A-8

 ATTACHMENT 1 
 [FORM OF NOTICE OF EXCHANGE] 
 To: AK Steel Corporation 

The undersigned registered owner of this Note hereby exercises the option to exchange this Note, or the portion hereof (that is $1,000
Principal amount or an integral multiple thereof) below designated, into cash and shares of Common Stock, if any, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common
Stock issuable and deliverable upon such exchange, together with any cash for any fractional share, and any Notes representing any unexchanged Principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name
has been indicated below. If any shares of Common Stock or any portion of this Note not exchanged are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer
taxes, if any in accordance with Section 10.02(d) and Section 10.02(e) of the Third Supplemental Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. 

 

							
	Dated:	 	  
	 		 	  

				
		 		 		 	  

		 		 		 	Signature(s)

  

					
	  
	 		 	
	Signature Guarantee	 		 	
			
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.	 		 	

  
 1 

					
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:	 		 	
			
	  
	 		 	
	 (Name)
	 		 	
			
	  
	 		 	
	 (Street Address)
	 		 	
			
	  
	 		 	
	 (City, State and Zip Code)
	 		 	
	 Please print name and address
	 		 	
		 		 	Principal amount to be exchanged (if less than all): $        ,000
			
		 		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or
any change whatever.
			
		 		 	  

		 		 	 Social Security or Other Taxpayer
 Identification Number

  
 2 

 ATTACHMENT 2 
 [FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
 To: AK Steel Corporation 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from AK Steel Corporation (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance
with Section 11.01 of the Third Supplemental Indenture referred to in this Note (1) the entire Principal amount of this Note, or the portion thereof (that is $1,000 Principal amount or an integral multiple thereof) below designated, and
(2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such
Fundamental Change Repurchase Date. 
 In the case of definitive Registered Securities, the certificate numbers of the Notes to
be repurchased are as set forth below: 
  

							
	Dated:	 	  
	 		 	
				
		 		 		 	  

		 		 		 	Signature(s)
				
		 		 		 	  

		 		 		 	 Social Security or Other Taxpayer
 Identification Number

				
		 		 		 	Principal amount to be repaid (if less than all): $        ,000
				
		 		 		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or
any change whatever

  
 1Indenture

 Exhibit 4.2 
 EXECUTION VERSION 
  

 
 AK STEEL
COMPANY 
 as Issuer 
 AK STEEL HOLDING COMPANY 
 the Parent Guarantor party hereto

 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee 
 and 

U.S. BANK NATIONAL ASSOCIATION 
 as Collateral Agent 
  

 
 Indenture

 Dated as of November 20, 2012 

 
  

8.750% 

Senior Secured Notes 
 Due 2018 
  

 

 CROSS-REFERENCE TABLE 

 

									
	 TIA Sections
	  	  	  	 Indenture Sections

					
	§	 	310	 	(a)	  		  	7.10
		 		 	(b)	  		  	7.08
	§	 	311	 		  		  	7.03
	§	 	312	 		  		  	12.02
	§	 	313	 		  		  	7.06
	§	 	314	 	(a)	  		  	4.09
		 		 	(b)	  		  	11.06
		 		 	(c)	  		  	12.04
		 		 	(d)	  		  	11.06
		 		 	(e)	  		  	12.05
	§	 	315	 	(a)	  		  	7.01, 7.02
		 		 	(b)	  		  	7.02, 7.05
		 		 	(c)	  		  	7.01
		 		 	(d)	  		  	7.02
		 		 	(e)	  		  	6.12, 7.02
	§	 	316	 	(a)	  		  	2.05, 6.02, 6.04, 6.05
		 		 	(b)	  		  	6.04, 6.06
		 		 	(c)	  		  	12.02
	§	 	317	 	(a) (1)	  		  	6.08
		 		 	(a) (2)	  		  	6.09
		 		 	(b)	  		  	2.03
	§	 	318	 		  		  	12.01

  
 i 

 RECITALS 
  

							
	 ARTICLE 1
 DEFINITIONS AND INCORPORATION BY REFERENCE
	   

  

			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	 Section 1.02.
	 	 Rules of Construction
	  	 	16	  
	
	ARTICLE 2	  
	THE NOTES	  
			
	 Section 2.01.
	 	 Form, Dating and Denominations; Legends
	  	 	17	  
	 Section 2.02.
	 	 Execution and Authentication; Exchange Notes; Additional Notes
	  	 	18	  
	 Section 2.03.
	 	 Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust
	  	 	19	  
	 Section 2.04.
	 	 Replacement Notes
	  	 	20	  
	 Section 2.05.
	 	 Outstanding Notes
	  	 	20	  
	 Section 2.06.
	 	 Temporary Notes
	  	 	21	  
	 Section 2.07.
	 	 Cancellation
	  	 	21	  
	 Section 2.08.
	 	 CUSIP and CINS Numbers
	  	 	21	  
	 Section 2.09.
	 	 Registration, Transfer and Exchange
	  	 	21	  
	 Section 2.10.
	 	 Restrictions on Transfer and Exchange
	  	 	24	  
	
	ARTICLE 3	  
	REDEMPTION; OFFER TO PURCHASE	  
			
	 Section 3.01.
	 	 Optional Redemption
	  	 	26	  
	 Section 3.02.
	 	 Redemption with Proceeds of Sales of Common Stock
	  	 	26	  
	 Section 3.03.
	 	 Method and Effect of Redemption
	  	 	27	  
	 Section 3.04.
	 	 Offer to Purchase
	  	 	28	  
	
	ARTICLE 4	  
	COVENANTS	  
			
	 Section 4.01.
	 	 Payment of Notes
	  	 	29	  
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	30	  
	 Section 4.03.
	 	 Existence
	  	 	30	  
	 Section 4.04.
	 	 Payment of Taxes and other Claims
	  	 	30	  
	 Section 4.05.
	 	 Maintenance of Properties and Insurance
	  	 	30	  
	 Section 4.06.
	 	 Limitation on Liens
	  	 	31	  
	 Section 4.07.
	 	 Limitation on Subsidiary Debt
	  	 	33	  
	 Section 4.08.
	 	 Limitation On Sale and Leaseback Transactions
	  	 	34	  
	 Section 4.09.
	 	 Limitation on Notes Collateral Asset Sales
	  	 	35	  
	 Section 4.10.
	 	 Restriction on Activities of the Parent Guarantor
	  	 	36	  
	 Section 4.11.
	 	 SEC Reports and Reports to Holders
	  	 	36	  
	 Section 4.12.
	 	 Repurchase of Notes Upon a Change of Control
	  	 	37	  
	 Section 4.13.
	 	 Certificate to Trustee
	  	 	37	  
	 Section 4.14.
	 	 No Impairment of Security Interests
	  	 	38	  

  
 ii 

							
	ARTICLE 5	  
	CONSOLIDATION, MERGER OR SALE OF ASSETS	  
			
	 Section 5.01.
	 	 Consolidation, Merger or Sale of Assets by the Company
	  	 	38	  
	
	ARTICLE 6	  
	DEFAULT AND REMEDIES	  
			
	 Section 6.01.
	 	 Events of Default
	  	 	39	  
	 Section 6.02.
	 	 Acceleration
	  	 	40	  
	 Section 6.03.
	 	 Other Remedies
	  	 	41	  
	 Section 6.04.
	 	 Waiver of Past Defaults
	  	 	41	  
	 Section 6.05.
	 	 Control by Majority
	  	 	41	  
	 Section 6.06.
	 	 Limitation on Suits
	  	 	41	  
	 Section 6.07.
	 	 Rights of Holders to Receive Payment
	  	 	42	  
	 Section 6.08.
	 	 Collection Suit by Trustee
	  	 	42	  
	 Section 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	42	  
	 Section 6.10.
	 	 Priorities
	  	 	43	  
	 Section 6.11.
	 	 Restoration of Rights and Remedies
	  	 	43	  
	 Section 6.12.
	 	 Undertaking for Costs
	  	 	43	  
	 Section 6.13.
	 	 Rights and Remedies Cumulative
	  	 	43	  
	 Section 6.14.
	 	 Delay or Omission Not Waiver
	  	 	43	  
	
	ARTICLE 7	  
	THE TRUSTEE	  
			
	 Section 7.01.
	 	 General
	  	 	44	  
	 Section 7.02.
	 	 Certain Rights of Trustee
	  	 	44	  
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	46	  
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	46	  
	 Section 7.05.
	 	 Notice of Default
	  	 	46	  
	 Section 7.06.
	 	 Reports by Trustee to Holders
	  	 	46	  
	 Section 7.07.
	 	 Compensation and Indemnity
	  	 	46	  
	 Section 7.08.
	 	 Replacement of Trustee
	  	 	47	  
	 Section 7.09.
	 	 Successor Trustee by Merger
	  	 	48	  
	 Section 7.10.
	 	 Eligibility
	  	 	48	  
	 Section 7.11.
	 	 Money Held in Trust
	  	 	48	  
	 Section 7.12.
	 	 Preferential Collection of Claims Against the Company
	  	 	48	  
	
	ARTICLE 8	  
	SATISFACTION AND DISCHARGE; DEFEASANCE	  
			
	 Section 8.01.
	 	 Discharge of Company’s Obligations
	  	 	49	  
	 Section 8.02.
	 	 Legal Defeasance
	  	 	50	  
	 Section 8.03.
	 	 Covenant Defeasance
	  	 	51	  
	 Section 8.04.
	 	 Application of Trust Money
	  	 	51	  
	 Section 8.05.
	 	 Repayment to Company
	  	 	52	  
	 Section 8.06.
	 	 Reinstatement
	  	 	52	  

  
 iii

							
	ARTICLE 9	  
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  
			
	 Section 9.01.
	 	 Amendments Without Consent of Holders
	  	 	52	  
	 Section 9.02.
	 	 Amendments with Consent of Holders
	  	 	53	  
	 Section 9.03.
	 	 Effect of Consent
	  	 	54	  
	 Section 9.04.
	 	 Trustee’s Rights and Obligations
	  	 	55	  
	 Section 9.05.
	 	 Conformity with Trust Indenture Act
	  	 	55	  
	
	ARTICLE 10	  
	GUARANTEES	  
			
	 Section 10.01.
	 	 The Guarantees
	  	 	55	  
	 Section 10.02.
	 	 Guarantee Unconditional
	  	 	55	  
	 Section 10.03.
	 	 Discharge; Reinstatement
	  	 	56	  
	 Section 10.04.
	 	 Waiver by the Guarantors
	  	 	56	  
	 Section 10.05.
	 	 Subrogation and Contribution
	  	 	56	  
	 Section 10.06.
	 	 Stay of Acceleration
	  	 	56	  
	 Section 10.07.
	 	 Limitation on Amount of Guarantee
	  	 	56	  
	 Section 10.08.
	 	 Execution and Delivery of Guarantee
	  	 	57	  
	 Section 10.09.
	 	 Release of Guarantee
	  	 	57	  
	
	ARTICLE 11	  
	SECURITY ARRANGEMENTS	  
			
	 Section 11.01.
	 	 Collateral Agent
	  	 	57	  
	 Section 11.02.
	 	 Security
	  	 	58	  
	 Section 11.03.
	 	 Authorization of Actions to be Taken
	  	 	60	  
	 Section 11.04.
	 	 Determinations Relating to Notes Collateral
	  	 	61	  
	 Section 11.05.
	 	 Release of Liens
	  	 	61	  
	 Section 11.06.
	 	 Filing, Recording and Opinions
	  	 	63	  
	 Section 11.07.
	 	 Purchaser Protected
	  	 	64	  
	 Section 11.08.
	 	 Powers Exercisable by Receiver or Trustee
	  	 	64	  
	
	ARTICLE 12	  
	MISCELLANEOUS	  
			
	 Section 12.01.
	 	 Trust Indenture Act of 1939
	  	 	64	  
	 Section 12.02.
	 	 Noteholder Communications; Noteholder Actions
	  	 	64	  
	 Section 12.03.
	 	 Notices
	  	 	65	  
	 Section 12.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	66	  
	 Section 12.05.
	 	 Statements Required in Certificate or Opinion
	  	 	66	  
	 Section 12.06.
	 	 Payment Date Other Than a Business Day
	  	 	67	  
	 Section 12.07.
	 	 Governing Law
	  	 	67	  
	 Section 12.08.
	 	 No Adverse Interpretation of Other Agreements
	  	 	67	  
	 Section 12.09.
	 	 Successors
	  	 	67	  

  
 iv 

							
	 Section 12.10.
	 	 Duplicate Originals
	  	 	67	  
	 Section 12.11.
	 	 Separability
	  	 	67	  
	 Section 12.12.
	 	 Table of Contents and Headings
	  	 	67	  
	 Section 12.13.
	 	 No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders
	  	 	68	  

  
 v 

			
	EXHIBITS	  	
	EXHIBIT A	  	Form of Note
	EXHIBIT B	  	Form of Supplemental Indenture
	EXHIBIT C	  	Restricted Legend
	EXHIBIT D	  	Regulation S Legend
	EXHIBIT E	  	DTC Legend
	EXHIBIT F	  	Regulation S Certificate
	EXHIBIT G	  	Rule 144A Certificate
	EXHIBIT H	  	Institutional Accredited Investor Certificate

  
 vi 

 INDENTURE, dated as of November 20, 2012, among AK Steel Corporation, a Delaware
corporation, as the Company, AK Steel Holding Corporation, a Delaware corporation, as the Parent Guarantor, U.S. Bank National Association, as Trustee, and U.S. Bank National Association, as Collateral Agent. 

RECITALS 

The Company has duly authorized the execution and delivery of the Indenture to provide for the issuance of up to $350,000,000 aggregate
principal amount of the Company’s 8.750% Senior Secured Notes Due 2018, and, if and when issued, any Additional Notes, together with any Exchange Notes issued therefor as provided herein (the “Notes”). All things necessary to
make the Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes (in the case of the Additional Notes, when duly authorized), when executed by the
Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter provided. 
 In addition, the Parent Guarantor party hereto has duly authorized the execution and delivery of the Indenture as guarantor of the Notes. All things necessary to make the Indenture a valid agreement of
the Parent Guarantor, in accordance with its terms, have been done, and the Parent Guarantor has done all things necessary to make the Note Guarantee, when the Notes are executed by the Company and authenticated and delivered by the Trustee and duly
issued by the Company, the valid obligations of the Parent Guarantor as hereinafter provided. 
 This Indenture is subject to,
and will be governed by, the provisions of the Trust Indenture Act that are required to be a part of and govern indentures qualified under the Trust Indenture Act. 
 THIS INDENTURE WITNESSETH 
 For and in consideration of the premises and
the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 

“ABL Collateral” means (a) all inventory (as defined in the New York UCC), (b) all receivables (meaning, all
accounts (as defined in the New York UCC) owned by AK Steel and all other rights, titles or interests that, in accordance with GAAP, would be included in receivables on its balance sheet (including any such account and/or rights, titles or interests
that might be characterized as chattel paper, documents, instruments or general intangibles under the UCC in any jurisdiction), in each case arising from the sale, 

 
lease, exchange or other disposition of inventory, and all of AK Steel’s rights to any goods, services or other property related to any of the foregoing and all collateral security and
supporting obligations of any kind given by any Person with respect to any of the foregoing), (c) all contracts for sale, lease, exchange or other disposition of inventory, whether or not performed and whether or not subject to termination upon
a contingency or at the option of any party thereto, (d) all documents (as defined in the UCC) covering inventory, (e) each deposit account (as defined in the Credit Agreement)(excluding the Concentration Account, as defined in the Credit
Agreement) in which proceeds of inventory or receivables or ABL Collateral are deposited, (f) all trademarks, servicemarks, trade names and similar intangible property owned or used by AK Steel in its business, together with the goodwill of the
business symbolized thereby and all rights relating thereto, provided that the rights of the agent under the Credit Agreement, on behalf of the lenders under the Credit Agreement, shall be limited to the use of such collateral to manufacture
process and sell the inventory, (g) all books and records (including customer lists, credit files, computer programs, printouts and other computer materials and records) of AK Steel pertaining to any of the collateral, and (h) all other
proceeds of the collateral described in the foregoing clauses (a) through (g). 
 “Additional Interest”
means additional interest owed to the Holders pursuant to a Registration Rights Agreement. 
 “Additional
Notes” means any Notes issued under the Indenture in addition to the Original Notes, including any Exchange Notes issued in exchange for such Additional Notes, having the same terms in all respects as the Original Notes, or in all respects
except with respect to interest paid or payable on or prior to the first interest payment date after the issuance of such Additional Notes. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”) with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means any Registrar, Paying Agent or Authenticating Agent. 

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

“Applicable Premium” means, with respect to any Note on any redemption date, the greater of (1) 1.0% of the
principal amount of such Note; and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of such Note on December 15, 2015 (as stated in the table set forth in Section 3.01(a)),
plus (ii) all required interest payments due on such Note through December 15, 2015 (excluding accrued but unpaid interest, if any, to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption
date plus 50 basis points; over (b) the then outstanding principal amount of such Note. 

  
 2 

 “Attributable Debt,” in respect of any Sale and Leaseback Transaction,
means, as of the time of determination, the total obligation (discounted to present value at the rate per annum equal to the discount rate which would be applicable to a capital lease obligation with like term in accordance with GAAP) of the lessee
for rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the initial
term of the lease included in such Sale and Leaseback Transaction. 
 “Authenticating Agent” refers to a Person
engaged to authenticate the Notes in the stead of the Trustee. 
 “bankruptcy default” has the meaning assigned
to such term in Section 6.01. 
 “Bank Obligations” means all Indebtedness under the Credit Agreement, and
all Obligations in respect thereof. 
 “Board of Directors” means the board of directors of the Parent
Guarantor or the Company, as applicable. 
 “Board Resolution” means a resolution duly adopted by the Board of
Directors which is certified by the Secretary or an Assistant Secretary of the Parent Guarantor or the Company, as applicable and remains in full force and effect as of the date of its certification. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or in the
city where the Corporate Trust Office of the Trustee is located are authorized by law to close. 
 “Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Issue Date or issued
thereafter, including, without limitation, all common stock and preferred stock but excluding any convertible or exchangeable debt securities. 
 “Cash Equivalents” means 
 (1) U.S. dollars, or
money in other currencies received in the ordinary course of the Company’s business, 
 (2) U.S. Government
Obligations or certificates representing an ownership interest in U.S. Government Obligations with maturities not exceeding one year from the date of acquisition, 

(3) (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one year or less from the
date of acquisition, (iii) bankers’ acceptances with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of
the United States or any state thereof having capital, surplus and undivided profits in excess of $500 million whose short-term debt is rated “A-2” or higher by S&P or “P-2” or higher by Moody’s, 

  
 3 

 (4) repurchase obligations with a term of not more than seven days for
underlying securities of the type described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above, 

(5) commercial paper rated at least P-1 by Moody’s or A-1 by S&P and maturing within one year after the date of
acquisition, and 
 (6) money market funds at least 95% of the assets of which consist of investments of the type described in
clauses (1) through (5). 
 “Certificated Note” means a Note in registered individual form without
interest coupons. 
 “Change of Control” means such time as: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act);

 (2) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the
Exchange Act) becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) (“Beneficial Owner”) of more than 50% of the total voting power of the Voting Stock of the Parent Guarantor on a fully
diluted basis; 
 (3) the adoption of a plan relating to the liquidation or dissolution of the Parent Guarantor
or the Company; 
 (4) individuals who on the Issue Date constitute the Board of Directors (together with any new
directors whose election by the Board of Directors or whose nomination by the Board of Directors for election by the Parent Guarantor’s stockholders was approved by a vote of a majority of the members of the Board of Directors then in office
who either were members of the Board of Directors on the Issue Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of the Board of Directors then in office;

 (5) the Parent Guarantor or the Company consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into the Parent Guarantor or the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Parent Guarantor or the Company, as the case may be, or such other Person
is converted into or exchanged for cash, securities or other property, other than any such transaction where (A) the Voting Stock of the Parent Guarantor or the Company outstanding immediately prior to such transaction is converted into or
exchanged for Voting Stock of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) and
(B) immediately after such transaction, no “person” or “group” (as such terms are 

  
 4 

 
used in Sections 13(d) and 14(d) of the Exchange Act) becomes, directly or indirectly, the Beneficial Owner of 50% or more of the voting power of the Voting Stock of the surviving or transferee
Person; or 
 (6) the Parent Guarantor fails to own 100% of the Capital Stock of the Company; provided,
however, that it shall not be deemed a Change of Control if the Parent Guarantor merges into the Company, except that in such case, the Company shall be substituted for the Parent Guarantor for purposes of this definition of “Change of
Control,” and this clause (6) shall no longer be applicable. 
 “Change of Control Repurchase Event”
means the occurrence of both a Change of Control and a Ratings Event. 
 “Code” means the Internal Revenue Code
of 1986. 
 “Collateral Agent” means U.S. Bank National Association in its capacity as the collateral agent,
together with its permitted successors and assigns. 
 “Collateral Trust Agreement” means the collateral trust
agreement among the Company, the other grantors party thereto, the Trustee and the Collateral Agent. 

“Commission” means the Securities and Exchange Commission. 

“Company” means the party named as such in the first paragraph of the Indenture or any successor obligor under the
Indenture and the Notes pursuant to Article 5. 
 “Consolidated Net Tangible Assets” means the total assets of
the Parent Guarantor and its Subsidiaries after deducting therefrom all intangible assets, current liabilities (excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months
after the time as of which the amount thereof is being computed) and minority interests, if any, in any assets of the Subsidiaries, all as would be set forth on the most recently available quarterly or annual consolidated balance sheet of the Parent
Guarantor and its Subsidiaries, prepared in conformity with GAAP. 
 “Corporate Trust Office” means the office
of the Trustee at which the corporate trust business of the Trustee is principally administered, which at the date of the Indenture is located at U.S. Bank National Association, 425 Walnut Street, CN-OH-06CT, Cincinnati, OH 45202, Telecopy:
(513) 632-5511, Attention: Corporate Trust/Vice President. 
 “Credit Agreement” means the loan and
security agreement dated as of April 28, 2011, among the Company, the lenders party thereto and Bank of America, N.A., as agent, together with any related documents, as such agreement may be amended, modified, supplemented, extended, renewed,
refinanced or replaced or substituted from time to time. 
 “Default” means any event that is, or after notice
or passage of time or both would be, an Event of Default. 

  
 5 

 “Depositary” means the depositary of each Global Note, which will initially
be DTC. 
 “DTC” means The Depository Trust Company, a New York corporation, and its successors. 

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

“Equity Interests” means all Capital Stock and all warrants or options with respect to, or other rights to purchase,
Capital Stock, but excluding Indebtedness convertible into equity. 
 “Event of Default” has the meaning
assigned to such term in Section 6.01. 
 “Excess Proceeds” has the meaning assigned to such term in
Section 4.09. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Exchange Notes” means the Notes of the Company issued pursuant to the Indenture in exchange for, and in an aggregate
principal amount equal to, the Initial Notes or any Initial Additional Notes in compliance with the terms of a Registration Rights Agreement and containing terms substantially identical to the Initial Notes or any Initial Additional Notes (except
that (i) such Exchange Notes will be registered under the Securities Act and will not be subject to transfer restrictions or bear the Restricted Legend, and (ii) the provisions relating to Additional Interest will be eliminated).

 “Exchange Offer” means an offer by the Company to the Holders of the Initial Notes or any Initial Additional
Notes to exchange outstanding Notes for Exchange Notes, as provided for in a Registration Rights Agreement. 
 “Exchange
Offer Registration Statement” means the Exchange Offer Registration Statement as defined in a Registration Rights Agreement. 
 “Excluded Property” means: 
 (i) all of the Company’s and
any Subsidiary Guarantors’ right, title and interest in any leasehold interest in any real property (whether held on the Issue Date or acquired following the Issue Date); 
 (ii) any lease, permit, license, contract, property rights or agreement to which the Company or any Subsidiary Guarantor is a party or any of its rights or interests thereunder, or any assets owned by the
Company or any Subsidiary Guarantor subject to any such lease, permit, license, contract, property rights or agreement, if and for so long as the grant of such security interest shall constitute or result in (a) the abandonment, invalidation or
unenforceability of any right, title or interest of the Company or any Subsidiary Guarantor therein or (b) in a breach or termination pursuant to the terms of, or a default under, any such lease, permit, license, contract, property rights or
agreement that is not rendered unenforceable or otherwise deemed ineffective by the UCC or any other applicable law; 

  
 6 

 (iii) fixed or capital assets owned by the Company or any Subsidiary Guarantor that are
subject to a Lien described in Section 4.06(a)(5) if the contractual obligation pursuant to which such Lien is granted (or in the document providing for such capital lease) prohibits the creation of any other Lien on such fixed or capital
assets; and 
 (iv) any property or assets, the pledge of which would require governmental consent, approval, license or
authorization (in each case, only to the extent such requirement is not rendered ineffective by any applicable law, including the UCC); 

provided, however, that Excluded Property shall not include any proceeds, substitutions or replacements of any Excluded Property referred to in
clauses (i) through (iv) that constitute Notes Collateral (unless such proceeds, substitutions or replacements would themselves constitute Excluded Property referred to in clauses (i) through (iv)). 

“Foreign Subsidiary” means any Subsidiary that is not organized or existing under the laws of the United States, any
state thereof, the District of Columbia, or any territory thereof. 
 “Funded Debt” means all Indebtedness
having a maturity of more than 12 months from the date as of which the determination is made or having a maturity of 12 months or less but by its terms being renewable or extendable beyond 12 months from such date at the option of the borrower, but
excluding any such Indebtedness owed to the Parent Guarantor or a Subsidiary of the Parent Guarantor. 
 “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 the Indenture. 

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

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment
of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless such purchase arrangements are on arm’s-length terms and
are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term
“Guarantee” used as a verb has a corresponding meaning. 

  
 7 

 “Guarantor” means the Parent Guarantor and each Subsidiary that executes a
supplemental indenture in the form of Exhibit B to this Indenture providing for the guarantee of the payment of the Notes, or any successor obligor, in each case unless and until such Guarantor is released from its Note Guarantee pursuant to this
Indenture. 
 “Holder” or “Noteholder” means each holder of the Notes. 

“IAI Global Note” means a Global Note resold to Institutional Accredited Investors bearing the Restricted Legend.

 “Indebtedness” means indebtedness for borrowed money. 

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

“Initial Additional Notes” means Additional Notes issued in an offering not registered under the Securities Act and any
Notes issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor. 
 “Initial
Notes” means the Notes issued on the Issue Date and any Notes issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor. 
 “Initial Purchasers” means the initial purchasers party to a purchase agreement with the Company relating to the sale of the Initial Notes or any Initial Additional Notes by the Company.

 “Institutional Accredited Investor” means an institutional “accredited investor” (as defined) in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Institutional Accredited Investor
Certificate” means a certificate substantially in the form of Exhibit H hereto. 
 “interest”, in
respect of the Notes, unless the context otherwise requires, refers to interest and Additional Interest, if any. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor Rating
Categories of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor Rating Categories of S&P) and the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected
by the Company. 
 “Issue Date” means the date on which the Original Notes are originally issued under the
Indenture. 
 “Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge,
hypothecation, assignment, security interest, lien, encumbrance, or any 

  
 8 

 
other security arrangement of any kind or nature whatsoever on or with respect to such property or assets (including any conditional sale or other title retention agreement having substantially
the same economic effect as any of the foregoing). 
 “Moody’s” means Moody’s Investors Service, Inc.
or its successors. 
 “Mortgage” means a mortgage, deed of trust, assignment of leases and rents or other
security document in form and substance reasonably satisfactory to the Collateral Agent (taking into account all relevant circumstances, including customary industry practice for mining financings to the extent applicable) in each case creating a
Lien (to the extent feasible) on real property and improvements thereto in favor of the Collateral Agent (or a sub-agent appointed pursuant to the Collateral Trust Agreement) for the benefit of the Holders of the Notes and all holders of future
Parity Lien Obligations and with such changes in the form thereof as the Collateral Agent shall reasonably request for the purpose of conforming to local practice for similar instruments in the jurisdiction where such real property is located.

 “Net Cash Proceeds” means, with respect to any Notes Collateral Asset Sale, the proceeds of such Notes
Collateral Asset Sale in the form of cash (including (i) payments in respect of deferred payment obligations to the extent corresponding to, principal, but not interest, when received in the form of cash, and (ii) proceeds from the
conversion of other consideration received when converted to cash), net of 
  

	 	(1)	brokerage commissions and other fees and expenses related to such Notes Collateral Asset Sale, including fees and expenses of counsel, accountants and investment
bankers; 

  

	 	(2)	provisions for taxes payable by the Company, the Parent Guarantor or their Restricted Subsidiaries as a result of such Notes Collateral Asset Sale taking into account
the consolidated results of operations of the Company, the Parent Guarantor and their Restricted Subsidiaries; and 

  

	 	(3)	appropriate amounts to be provided as a reserve against liabilities associated with such Notes Collateral Asset Sale, including pension and other post-employment
benefit liabilities, liabilities related to environmental matters and indemnification obligations associated with such Notes Collateral Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against the
reserved amount to be deemed a receipt of cash. 

 “Non-U.S. Person” means a person that is not a
U.S. person, as defined in Regulation S. 
 “Note Guarantee” means a Guarantee of the obligations of the
Company under the Indenture and the Notes by a Guarantor. 
 “Notes” has the meaning assigned to such term in
the Recitals. 

  
 9 

 “Notes Collateral” means the real property, plant and equipment that are
owned or hereafter acquired by the Company or any Subsidiary Guarantor, and proceeds thereof, but excluding Excluded Property. 

“Notes Collateral Asset Sale” means any sale, lease, transfer or other disposition of any Notes Collateral outside the
ordinary course of business by the Company or any Subsidiary Guarantor, including by means of a merger, consolidation or similar transaction (each of the above referred to as a “disposition”), provided that the following are not
included in the definition of “Notes Collateral Asset Sale”: 
 (1) a disposition to the Company or any
Subsidiary Guarantor; 
 (2) the disposition by the Company or any Subsidiary Guarantor of damaged, worn out or
obsolete assets; 
 (3) a transaction covered by Article 5 or that constitutes a Change of Control; 

(4) the granting of a Lien, other than in connection with a Sale and Leaseback Transaction, if the Lien is granted in
compliance with Section 4.06; 
 (5) the surrender or waiver of contract rights in connection with a
settlement of claims by the Company, the Parent Guarantor or any Restricted Subsidiary; 
 (6) the transfer of
property subject to casualty or condemnation proceedings (including in lieu thereof) upon the receipt of the net cash proceeds thereof; provided that such net cash proceeds are deemed to be Net Cash Proceeds and are applied in accordance with
Section 4.09; 
 (7) the sale and leaseback of any assets within 90 days of the acquisition thereof;
provided that any Lien incurred in connection therewith is permitted pursuant to Section 4.06(a)(5) and Section 4.08; 
 (8) the sale of assets by the Company or any Subsidiary Guarantor upon the foreclosure of a Lien; and 
 (9) any disposition in a transaction or series of related transactions of assets with a fair market value of less than $5.0 million. 

“Obligations” means, with respect to any Indebtedness, all obligations (whether in existence on the Issue Date or
arising afterwards, absolute or contingent, direct or indirect) for or in respect of principal (when due upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium,
interest, penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Indebtedness, including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or reorganization
or similar case or proceeding at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation whether or not the claim for such interest is allowed as a claim in such case or
proceeding. 

  
 10 

 “Offer to Purchase” has the meaning assigned to such term in
Section 3.04. 
 “Officer” means the chairman of the Board of Directors, the president or chief executive
officer, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary. 
 “Officers’ Certificate” means a certificate signed in the name of the Company (i) by the chairman of the Board of Directors, the president or chief executive officer or a vice
president and (ii) by the chief financial officer, the treasurer or any assistant treasurer or the secretary or any assistant secretary. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and
include (except as otherwise expressly provided in this Indenture) the statements provided in Section 12.04, if applicable; provided that if an Officers’ Certificate is required under the Indenture to be provided by the
Parent Guarantor, the term “Company” in this definition shall be replaced in each case by the term “Parent Guarantor.” 
 “Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S containing the legend set forth in Exhibit D, to the extent required by Regulation
S. 
 “Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or
counsel to the Company or the Parent Guarantor, satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements provided in Section 12.04, if and to the
extent required thereby. 
 “Original Notes” means the Initial Notes and any Exchange Notes issued in exchange
therefor. 
 “Parent Guarantor” means AK Steel Holding Corporation or any successor obligor under the Indenture
and the Notes pursuant to Article 5. 
 “Parity Lien Obligations” means Indebtedness secured by Liens on the
Notes Collateral on a pari passu basis pursuant to the Security Agreement and the Collateral Trust Agreement. 

“Paying Agent” refers to a Person engaged to perform the obligations of the Trustee in respect of payments made or funds
held hereunder in respect of the Notes. 
 “Permitted Business” means any of the businesses in which the
Company, the Parent Guarantor and the Restricted Subsidiaries are engaged on the Issue Date and any business reasonably related, incidental, complementary or ancillary thereto or that is a reasonable extension, development or expansion thereof.

 “Person” means any individual, corporation, limited liability company, partnership, joint venture, trust,
unincorporated organization or government or any agency or political subdivision thereof. 

  
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 “principal” of any Debt means the principal amount of such Debt, (or if
such Debt was issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates, any premium then payable on
such Debt. 
 “Principal Property” means any domestic blast furnace or steel producing facility, or casters
that are part of a plant that includes such a facility, in each case located in the United States, having a net book value in excess of 1% of Consolidated Net Tangible Assets at the time of determination. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if either of Moody’s or S&P ceases
to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-l(e)(2)(vi)(F) under
the Exchange Act, selected by the Company (as certified by a resolution of the board of directors of the Company) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Rating Category” means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D
(or equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or
Moody’s used by another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+ and – for S&P; 1, 2 and 3 for Moody’s; or the equivalent
gradations for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB- to B+, will constitute a decrease of one gradation). 

“Rating Date” means the date that is 60 days prior to the earlier of (i) a Change of Control or (ii) public
notice of the occurrence of a Change of Control or of the intention by the Company or the Parent Guarantor, as applicable, to effect a Change of Control. 
 “Ratings Event” means the occurrence of the events described in (a) or (b) of this definition on, or within 60 days after the earlier of, (i) the occurrence of a Change of
Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Company or the Parent Guarantor, as applicable, to effect a Change of Control (which period shall be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the Rating Agencies): (a) if the Notes are rated by both Rating Agencies on the Rating Date as Investment Grade, the rating of the Notes shall be reduced so that the
Notes are rated below Investment Grade by both Rating Agencies, or (b) if the Notes are rated below Investment Grade by at least one Rating Agency, the ratings of the Notes by both Rating Agencies shall be decreased by one or more gradations
(including gradations within Rating Categories, as well as between Rating Categories) and the Notes are then rated below Investment Grade by both Rating Agencies. 

  
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 Notwithstanding the foregoing, a Ratings Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating
Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Ratings Event). 

“Receivables Facility” means one or more receivables financing facilities, as amended, supplemented, modified, extended,
renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Company or any of its Restricted
Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Company or any of its Restricted Subsidiaries sells their accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables
Subsidiary that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables
Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more Receivables Facilities or other activities reasonably related thereto. 

“Register” has the meaning assigned to such term in Section 2.09. 

“Registrar” means a Person engaged to maintain the Register. 

“Registration Rights Agreement” means (i) that certain registration rights agreement entered into on the Issue Date
among the Company, the Parent Guarantor and the Initial Purchasers of the Initial Notes and (ii) with respect to any Additional Initial Notes, any registration rights agreements between the Company and the Initial Purchasers party thereto
relating to rights given by the Company to the purchasers of Additional Initial Notes to register such Additional Initial Notes or exchange them for Additional Notes registered under the Securities Act. 

“Regular Record Date” for the interest payable on any Interest Payment Date means the May 15 or November 15
(whether or not a Business Day) next preceding such Interest Payment Date. 
 “Regulation S” means Regulation S
under the Securities Act. 
 “Regulation S Legend” means the legend set forth in Exhibit D. 

“Regulation S Certificate” means a certificate substantially in the form of Exhibit F hereto. 

  
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 “Restricted Legend” means the legend set forth in Exhibit C. 

“Restricted Period” means the relevant 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit G hereto or (ii) a
written certification addressed to the Company and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it
exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the
exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not
to request such information. 
 “S&P” means Standard & Poor Financial Services LLC, a subsidiary
of The McGraw-Hill Companies, Inc. or its successor. 
 “Sale and Leaseback Transaction” means any arrangement
with any Person providing for the leasing to the Company or any Subsidiary of the Company of any Principal Property, which Principal Property has been or is to be sold or transferred by the Company or any Subsidiary of the Company to such Person.

 “Securities Act” means the Securities Act of 1933. 

“Security Agreement” means the security agreement among the Company, the other grantors party thereto and the Collateral
Agent dated as of the Issue Date. 
 “Security Documents” means (i) the Collateral Trust Agreement and
(ii) the security documents granting a security interest in any assets of any Person to secure the Obligations under the Notes and the Note Guarantee as each may be amended, restated, supplemented or otherwise modified from time to time. On the
Issue Date, the Security Documents shall include (i) the Collateral Trust Agreement, (ii) the Security Agreement, (iii) the Blocked Account Control Agreement between the Company, the Collateral Agent and U.S. Bank National
Association, as depositary bank and (iv) Mortgages over certain of the properties of the Company in Ashland, KY; Coshocton, OH; Mansfield, OH; Middletown, OH; Zanesville, OH; Rockport, IN; and Butler, PA (which Mortgages may be delivered
subsequent to the Issue Date as provided in Section 11.02). 
 “Shelf Registration Statement” means the
Shelf Registration Statement as defined in a Registration Rights Agreement. 

  
 14 

 “Significant Subsidiary” means (a) any Restricted Subsidiary of the
Parent Guarantor that, at the time of determination would be a significant subsidiary of the Parent Guarantor pursuant to Rule 1-02 of Regulation S-X as in effect on the Issue Date or (b) any group of Restricted Subsidiaries that, taken
together, would be a “Significant Subsidiary” under clause (a) above. 
 “Stated Maturity” means
(i) with respect to any Debt, the date specified as the fixed date on which the final installment of principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Debt, the
date specified as the fixed date on which such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for
payment. 
 “Subordinated Indebtedness” means any Indebtedness of the Company, the Parent Guarantor or any
Guarantor that is subordinated in right of payment to the Notes or the Note Guarantee, as applicable, pursuant to a written agreement to that effect. 
 “Subsidiary” means with respect to any specified Person, any corporation of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power for the
election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is, or other entity of
which at least a majority of the common equity interests are, at the time directly or indirectly owned by that Person, or by one or more other Subsidiaries of that Person, or by that Person and one or more other Subsidiaries of that Person.

 “Subsidiary Guarantor” means each Subsidiary that Guarantees the Notes under the Indenture. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to December 1, 2015; provided that if the period from the redemption date
to December 1, 2015 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means the party named as such in the first paragraph of the Indenture or any successor trustee under the
Indenture pursuant to Article 7. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

 “U.S. Global Note” means a Global Note that bears the Restricted Legend representing Notes issued and sold
pursuant to Rule 144A. 

  
 15 

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

“Unrestricted Subsidiary” means (i) any Foreign Subsidiary, (ii) any Receivables Subsidiary and (iii) any
Subsidiary of the Parent Guarantor created after the Issue Date, at least 10% of the Voting Stock of which is owned by Persons other than the Parent Guarantor or a Subsidiary thereof; provided that (a) such Subsidiary does not engage in
the business of the Company as conducted on the Issue Date (but shall engage in any extension thereof or activities incidental or related thereto) and (b) in the event (1) any such Subsidiary Guarantees Indebtedness of the Company in an
aggregate amount in excess of $50 million or (2) the Company or any of its Subsidiaries (other than an Unrestricted Subsidiary) contributes or otherwise transfers (other than a sale for fair market value) any Principal Property (including
shares of stock of a Subsidiary that owns the Principal Property) or the proceeds of any sale of Principal Property to such Subsidiary, in either case such Subsidiary shall cease to be an Unrestricted Subsidiary. 

“Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors, managers or other voting members of the governing body of such Person. 
 Section 1.02.
Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided, 

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

(2) “herein,” “hereof” and other words of similar import refer to the Indenture as a whole and not to
any particular Section, Article or other subdivision; 
 (3) all references to Sections or Articles or Exhibits
refer to Sections or Articles or Exhibits of or to the Indenture unless otherwise indicated; 

  
 16 

 (4) references to agreements or instruments, or to statutes or regulations,
are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); 
 (5) in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions the Company may classify such transaction as it, in its sole discretion,
determines; 
 (6) “or” is not exclusive; 

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

(8) “will” and “shall” shall be interpreted to express commands; 

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

(10) “including” means including without limitation. 

ARTICLE 2 

THE NOTES 
 Section 2.01. Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The
terms and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of the Indenture. The Notes may have notations, legends or endorsements required by law, rules of or agreements with
national securities exchanges to which the Company is subject, or usage. Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof.

 (b) (1) Except as otherwise provided in paragraph (c), Section 2.10(b)(3), (b)(5), or (c) or
Section 2.09(b)(4), each Initial Note or Initial Additional Note will bear the Restricted Legend. 
 (2)
Each Global Note, whether or not an Original Note or Additional Note, will bear the DTC Legend. 
 (3) Initial
Notes resold to Institutional Accredited Investors will be in the form of an IAI Global Note. 
 (4) Exchange
Notes will be issued, subject to Section 2.09(b), in the form of one or more Global Notes. 
 (5) Initial
Notes and Initial Additional Notes offered and sold in reliance on any exception under the Securities Act other than Regulation S and Rule 144A will be issued, and upon the request of the Company to the Trustee, Initial Notes offered and sold in
reliance on Rule 144A may be issued, in the form of Certificated Notes. 

  
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 (c) (1) If the Company determines (upon the advice of counsel and such other
certifications and evidence as the Company may reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information and that the Restricted
Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, or 

(2) after an Initial Note or any Initial Additional Note is 

(x) sold pursuant to an effective registration statement under the Securities Act, pursuant to a Registration Rights
Agreement or otherwise, or (y) is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer, 
 the Company may
instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the
Trustee will comply with such instruction. 
 (d) By its acceptance of any Note bearing the Restricted Legend (or any beneficial
interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and
agrees that it will transfer such Note (and any such beneficial interest) only in accordance with the Indenture and such legend. 
 Section 2.02. Execution and Authentication; Exchange Notes; Additional Notes. (a) An Officer shall execute the Notes for the Company by facsimile or manual signature in the name and on
behalf of the Company. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid. 
 (b) A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature conclusive evidence that the Note has been authenticated under the
Indenture. 
 (c) At any time and from time to time after the execution and delivery of the Indenture, the Company may deliver
Notes executed by the Company to the Trustee for authentication. The Trustee will authenticate and deliver 
 (i)
Initial Notes for original issue in the aggregate principal amount not to exceed $350,000,000, 
 (ii) Initial
Additional Notes from time to time for original issue in aggregate principal amounts specified by the Company, and 
 (iii) Exchange Notes from time to time for issue in exchange for a like principal amount of Initial Notes or Initial Additional Notes 

  
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 after the following conditions have been met: 

(1) Receipt by the Trustee of an Officers’ Certificate specifying 

(A) the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, 

(B) whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes, 

(C) in the case of Initial Additional Notes, that the issuance of such Notes does not contravene any provision of Article
4, 
 (D) whether the Notes are to be issued as one or more Global Notes or Certificated Notes, and 

(E) other information the Company may determine to include or the Trustee may reasonably request. 

(2) Additional Notes that are not fungible for U.S. federal income tax purposes with the Original Notes shall be issued
under a separate CUSIP number and shall be treated as a separate class for purposes of transfer and exchange. 

(3) In the case of Exchange Notes, effectiveness of an Exchange Offer Registration Statement and consummation of the
exchange offer thereunder (and receipt by the Trustee of an Officers’ Certificate to that effect), Initial Notes or Initial Additional Notes exchanged for Exchange Notes will be cancelled by the Trustee. 

(4) The Original Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture,
other than as specified in Section 2.02(c)(2), and shall vote together as one class on all matters with respect to the Notes. 
 Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Company may appoint one or more Registrars and one or more Paying Agents, and
the Trustee may appoint an Authenticating Agent, in which case each reference in the Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be references to the Agent. The Company may
act as Registrar or (except for purposes of Article 8) Paying Agent. In each case the Company and the Trustee will enter into an appropriate agreement with the Agent implementing the provisions of the Indenture relating to the obligations of the
Trustee to be performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying Agent. 

  
 19 

 (b) The Company will require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify the Trustee of any default by the Company in
making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written
request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee.

 Section 2.04. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if a Holder claims that its
Note has been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an
additional obligation of the Company and entitled to the benefits of the Indenture. If required by the Trustee or the Company, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the
Company and the Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has
become or is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. 
 Section 2.05. Outstanding Notes. (a) Notes outstanding at any time are all Notes that have been authenticated by the Trustee except for 

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

(2) any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive
proof satisfactory to them that the replaced Note is held by a bona fide purchaser; and 
 (3) on or after
the Stated Maturity or any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company or an
Affiliate of the Company) holds money sufficient to pay all amounts due on such date. 
 (b) A Note does not cease to be
outstanding because the Company or one of its Affiliates holds the Note, provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder, Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding, (it being understood that in determining whether the Trustee is protected
in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which the Trustee knows to be so owned will 

  
 20 

 
be so disregarded). Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so
to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. 
 Section 2.06.
Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and the Trustee will authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions,
substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for the purpose
pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Notes the Company will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive
Notes of authorized denominations. Until so exchanged, the temporary Notes will be entitled to the same benefits under the Indenture as definitive Notes. 
 Section 2.07. Cancellation. The Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will forward to the Trustee any Notes surrendered to
it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Company.
Certification of the destruction of all cancelled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation. 

Section 2.08. CUSIP and CINS Numbers. The Company in issuing the Notes may use “CUSIP” and “CINS”
numbers, and the Trustee will use CUSIP numbers or CINS numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee of any change in the CUSIP or CINS numbers. 

Section 2.09. Registration, Transfer and Exchange. (a) The Notes will be issued in registered form only, without
coupons, and the Company shall cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and exchanges of the Notes. 

  
 21 

 (b) (1) Each Global Note will be registered in the name of the
Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend. 

(2) Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not
a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.09(b)(4) and (2) transfers of portions
thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of
the Depositary and in compliance with this Section and Section 2.10. 
 (3) Agent Members will have no
rights under the Indenture with respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such
Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note
through an Agent Member) to take any action which a Holder is entitled to take under the Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the
exercise of the rights of a holder of any security. 
 (4) If (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received
a request from the Depositary, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the
owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will
not bear the Restricted Legend. If such Note bears the Restricted Legend, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend. 
 (c) Each Certificated Note will be registered in the name of the holder thereof or its nominee. 
 (d) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by
presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied 

  
 22 

 
by any certification, opinion or other document required by Section 2.10. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting
the same in the register maintained by the Trustee for the purpose; provided that 
 (x) no transfer or
exchange will be effective until it is registered in such register and 
 (y) the Trustee will not be required
(i) to issue, register the transfer of or exchange any Note for a period of 15 days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected
for redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to
occur after a Regular Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration
of any transfer, the Company, the Trustee and their agents will treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the
contrary. 
 From time to time the Company will execute and the Trustee will authenticate additional Notes as necessary in order
to permit the registration of a transfer or exchange in accordance with this Section. 
 No service charge will be imposed in
connection with any transfer or exchange of any Note, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar
governmental charge payable upon exchange pursuant to subsection (b)(4)). 
 (e) (1) Global Note to
Global Note. If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or
exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery
in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly,
will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 

(2) Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a
Certificated Note, the Trustee will (x)

  
 23 

 
record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized
denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable.

 (3) Certificated Note to Global Note. If a Certificated Note is transferred or exchanged for a
beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the
event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount
equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 
 (4) Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being
transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer)
or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the
canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered
in the name of the Holder thereof. 
 Section 2.10. Restrictions on Transfer and Exchange. (a) The transfer or
exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the
Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence. 
 (b) Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set
forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C below. 

 

					
	A	 	B	 	C
	 U.S. Global Note
	 	U.S. Global Note	 	(1)
	 U.S. Global Note
	 	Offshore Global Note	 	(2)
	 U.S. Global Note
	 	Certificated Note	 	(3)

  
 24 

					
	A	 	B	 	C
	 Offshore Global Note
	 	U.S. Global Note	 	(4)
	 Offshore Global Note
	 	Offshore Global Note	 	(1)
	 Offshore Global Note
	 	Certificated Note	 	(5)
	 Certificated Note
	 	U.S. Global Note	 	(4)
	 Certificated Note
	 	Offshore Global Note	 	(2)
	 Certificated Note
	 	Certificated Note	 	(3)

 (1) No certification is required. 

(2) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed
Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. 

(3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly
completed Rule 144A Certificate, (y) a duly completed Regulation S Certificate or (z) a duly completed Institutional Accredited Investor Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Company
may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested
transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and
a duly completed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a
Certificated Note that does not bear the Restricted Legend. 
 (4) The Person requesting the transfer or exchange
must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate. 
 (5) If the
requested transfer is during the Restricted Period, the Person requesting the transfer must deliver or cause to be delivered to the Trustee (x) a duly completed Rule 144A Certificate or (y) a duly completed Institutional Accredited
Investor Certificate and/or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer is being made in compliance with the Securities Act and any
applicable securities laws of any state of the United States. 

  
 25 

 (c) No certification is required in connection with any transfer or exchange of any Note (or
a beneficial interest therein) 
 (1) after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a
successor provision) without the need for current public information; provided that the Company has provided the Trustee with an Officer’s Certificate to that effect, and the Company may require from any Person requesting a transfer or
exchange in reliance upon this clause (1) an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate; or 

(2)(x) sold pursuant to an effective registration statement, pursuant to the Registration Rights Agreement or otherwise or
(y) which is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer. 
 Any Certificated Note
delivered in reliance upon this paragraph will not bear the Restricted Legend. 
 (d) The Trustee will retain copies of all
certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written
notice to the Trustee. 
 ARTICLE 3 
 REDEMPTION; OFFER TO PURCHASE 
 Section 3.01. Optional Redemption. (a) At any time on or after December 1, 2015, the Company may redeem the Notes, in whole or in part, at a redemption price equal to the percentage
of principal amount set forth below plus accrued and unpaid interest to the redemption date, if redeemed during the twelve-month period commencing on December 1 of the years indicated below: 

 

					
	 12-month period commencing in Year
	  	Percentage	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

 (b) At any time prior to December 1, 2015, the Company may redeem the Notes, in whole or in part, at
a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest to the redemption date. 
 Section 3.02. Redemption with Proceeds of Sales of Common Stock. At any time prior to December 1, 2015, the Company may redeem up to 35% of the principal amount of the Notes (including
any Additional Notes) with the net cash proceeds of one or more sales of the Parent Guarantor’s common stock (to the extent proceeds are contributed to the Company as equity) at a redemption price (expressed as a percentage of principal amount)
of 108.750%, plus accrued and unpaid interest to the redemption date; provided 

  
 26 

 
that at least 65% of the aggregate principal amount of Notes originally issued on the Issue Date remains outstanding after each such redemption and notice of any such redemption is mailed
within 60 days of each such sale of common stock. 
 Section 3.03. Method and Effect of Redemption. (a) If the
Company elects to redeem Notes, it must notify the Trustee of the redemption date and the principal amount of Notes to be redeemed by delivering an Officers’ Certificate at least 60 days before the redemption date (unless a shorter period is
satisfactory to the Trustee). If less than all of the Notes are being redeemed, subject to DTC procedures, the Trustee will select the Notes to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on
which the Notes are listed, or, if the Notes are not listed on a national securities exchange, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate. No Note of $2,000 in principal amount or less
shall be redeemed in part. The Trustee will notify the Company promptly of the Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by the Company or at the Company’s request, by the Trustee in the name and
at the expense of the Company, to Holders whose Notes are to be redeemed at least 30 days but not more than 60 days before the redemption date (except in connection with satisfaction and discharge or defeasance under this Indenture). 

(b) The notice of redemption will identify the Notes to be redeemed and will include or state the following: 

(1) the redemption date; 
 (2) the redemption price, including the portion thereof representing any accrued interest; 
 (3) the place or places where Notes are to be surrendered for redemption; 
 (4) Notes called for redemption must be so surrendered in order to collect the redemption price; 
 (5) on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest on Notes called for redemption will cease to accrue on and after the redemption
date; 
 (6) if any Note is to be redeemed in part only, the portion of the principal amount to be redeemed;

 (7) if any Note is redeemed in part, on and after the redemption date, upon surrender of such Note, new Notes
equal in principal amount to the unredeemed portion will be issued; and 
 (8) if any Note contains a CUSIP or
CINS number, no representation is being made as to the correctness of the CUSIP or CINS number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers
printed on the Notes. 
 (c) Once notice of redemption is sent to the Holders, Notes called for redemption become due and
payable at the redemption price on the redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the redemption price. Commencing on the redemption date, Notes redeemed will cease to accrue
interest. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. 

  
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 Section 3.04. Offer to Purchase. (a) An “Offer to
Purchase” means an offer to purchase Notes by the Company from the Holders commenced by mailing a notice to the Trustee and each Holder stating: 
 (1) that all Notes validly tendered will be accepted for payment on a pro rata basis; 
 (2) the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the “Payment Date”);

 (3) that any Note not tendered will continue to accrue interest pursuant to its terms; 

(4) that, unless the Company defaults in the payment of the purchase price, any Note accepted for payment pursuant to the
Offer to Purchase shall cease to accrue interest on and after the Payment Date; 
 (5) that Holders electing to
have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note, together with the form entitled “Option of the Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the Business Day immediately preceding the Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a
telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

The Company will notify the Trustee at least 15 days (or such shorter period as is acceptable to the Trustee) prior to sending the offer to Holders of
its obligation to make an Offer to Purchase, and the offer will be sent by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

  
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 (b) On the Payment Date, the Company shall (a) accept for payment on a pro rata basis
Notes or portions thereof tendered pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so accepted; and (c) deliver, or cause to be delivered, to
the Trustee all Notes or portions thereof so accepted together with an Officers’ Certificate specifying the Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail to the Holders of Notes so accepted
payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered; provided that each Note purchased
and each new Note issued shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. The Trustee
shall act as the Paying Agent for an Offer to Purchase. 
 (c) The Company will comply with Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable. in the event that the Company is required to repurchase Notes pursuant to an Offer to Purchase. 

ARTICLE 4 

COVENANTS 
 Section 4.01. Payment of Notes. (a) The Company agrees to pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and the Indenture. Not later
than 11:00 A.M. (New York City time) on the due date of any principal of or interest on any Notes, or any redemption or purchase price of the Notes, the Company will deposit with the Trustee (or Paying Agent) money in immediately available funds
sufficient to pay such amounts, provided that if the Company or any Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate and hold in a separate trust fund for the benefit of the Holders a sum of
money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in the Indenture. In each case the Company will promptly notify the Trustee of its compliance with this paragraph. 

(b) An installment of principal or interest will be considered paid on the date due if the Trustee (or Paying Agent, other than the
Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will be considered
paid on the due date only if paid to the Holders. 
 (c) The Company agrees to pay interest on overdue principal and overdue
installments of interest at the rate per annum specified in the Notes. 
 (d) Payments in respect of the Notes represented by
the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make all payments by wire transfer of immediately
available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address. 

  
 29 

 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the
United States of America, an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may
be served. The Company hereby initially designates the office of U.S. Bank National Association, as such office or agency of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of
such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the address of the Trustee set forth in Section 12.03. 
 The Company may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of
its obligation to maintain an office or agency in the United States of America for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 Section 4.03. Existence. The Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence in accordance with its organizational documents and its material rights, licenses and franchises, provided that the Company is not required to preserve any such right, license or
franchise if the maintenance or preservation thereof is no longer desirable in the conduct of the business of the Company; and provided further that this Section does not prohibit any transaction otherwise permitted by Section 4.09 or
Article 5. 
 Section 4.04. Payment of Taxes and other Claims. The Company will pay or discharge, and cause each of
its Subsidiaries to pay or discharge before the same become delinquent (i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or its income or profits or property, and (ii) all
material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of the Company or any Subsidiary, other than any such tax, assessment, charge or claim the amount, applicability or validity of
which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established. 

Section 4.05. Maintenance of Properties and Insurance. (a) The Company will cause all properties used or useful in the
conduct of its business or the business of any of its Restricted Subsidiaries that constitute Notes Collateral to be maintained and kept in good condition, repair and working order as in the judgment of the Company may be necessary so that the
business of the Company and its Restricted Subsidiaries may be properly and advantageously conducted at all times; provided that nothing in this Section 

  
 30 

 
prevents the Company or any Restricted Subsidiary from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal
is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole. 
 (b) The Company will provide or cause to be provided, for itself and its Restricted Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds customarily insured
against by corporations similarly situated and owning like properties, including, but not limited to, products liability insurance and public liability insurance, with reputable insurers, in such amounts, with such deductibles and by such methods as
are customary for corporations similarly situated in the industry in which the Company and its Restricted Subsidiaries are then conducting business. 
 Section 4.06. Limitation on Liens. (a) The Parent Guarantor will not, and will not permit any of its Subsidiaries to, create, incur, issue, assume or Guarantee any Indebtedness secured by
a Lien upon (x) any Notes Collateral, (y) any Principal Property of the Company or any Principal Property of a Subsidiary of the Company or (z) any shares of stock or other equity interests or Indebtedness of any Subsidiary of the
Company that owns a Principal Property (whether such Principal Property, shares of stock or other equity interests or Indebtedness is now existing or owned or hereafter created or acquired) or any shares of stock or other equity interests or
Indebtedness of the Company, except, in the case of any assets not constituting Notes Collateral, if the Notes are secured equally and ratably with, or at the Parent Guarantor’s option, prior to such Indebtedness, so long as such Indebtedness
shall be so secured. The foregoing restriction shall not apply to, and there shall be excluded from Indebtedness in any computation under such restriction, Indebtedness secured by: 

(1) Liens on any property or assets existing at the time of the acquisition thereof by the Company or any of its
Subsidiaries and not incurred in contemplation of such acquisition; 
 (2) Liens on property or assets of a
Person existing at the time such Person is merged into or consolidated with the Company or any of its Subsidiaries or at the time of a sale, lease or other disposition of the properties and assets of such Person (or a division thereof) as an
entirety or substantially as an entirety to the Company or any of its Subsidiaries; provided that any such Lien does not extend to any Principal Property owned by the Company or any of its Subsidiaries immediately prior to such merger,
consolidation, sale, lease or disposition and not incurred in contemplation of such acquisition; 
 (3) Liens on
property or assets of a Person existing at the time such Person becomes a Subsidiary of the Company and not incurred in contemplation of such acquisition; 
 (4) Liens in favor of the Company or any Subsidiary Guarantor; 

(5) Liens on property or assets (including shares of Capital Stock or Indebtedness of any Subsidiary formed to acquire,
construct, develop or improve such property) to 

  
 31 

 
secure all or part of the cost of acquisition, construction, development or improvement of such property, or to secure Indebtedness incurred to provide funds for any such purpose; provided
that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained no later than 360 days after the later of (a) the completion of the acquisition, construction, development or improvement of such
property or assets or (b) the placing in operation of such property or assets; 
 (6) Liens in favor of the
United States of America or any State thereof, or any department, agency or instrumentality or political subdivision thereof, to secure partial, progress, advance or other payments; 

(7) Liens in favor of the Notes (other than Additional Notes) and the Note Guarantees; and 

(8) Liens existing on the date of the Indenture or any extension, renewal, replacement or refunding of any Indebtedness
secured by a Lien existing on the date of the Indenture or referred to in clauses (1), (2), (3), (5) or (7); provided that any such extension, renewal, replacement or refunding of such Indebtedness shall be created within 360 days of
repaying the Indebtedness secured by the Lien referred to in clauses (1), (2), (3), (5) or (7) and the principal amount of the Indebtedness secured thereby and not otherwise authorized by clauses (1), (2), (3), (5) or (7) shall
not exceed the principal amount of Indebtedness plus any premium or fee or accrued and unpaid interest payable in connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension, renewal, replacement
or refunding. 
 (b) Notwithstanding the restrictions described in (a) above, the Parent Guarantor and any of its
Subsidiaries may create, incur, issue, assume or Guarantee Indebtedness secured by Liens if at the time of such creation, incurrence, issuance, assumption or Guarantee, after giving effect thereto and to the retirement of any Indebtedness which is
concurrently being retired, the aggregate amount of all such Indebtedness secured by Liens which would otherwise be subject to such restrictions (other than any Indebtedness secured by Liens permitted as described in clauses (1) through
(8) of the immediately preceding paragraph) plus the aggregate amount (without duplication) of (x) all Non-Guarantor Subsidiary Debt (other than Non-Guarantor Subsidiary Debt described in clauses (1) through (5) of
Section 4.07(a)) and (y) all Attributable Debt of the Company and any of its Subsidiaries in respect of Sale and Leaseback Transactions (with the exception of such transactions which are permitted under clauses (1) through (4) of
Section 4.08 does not exceed an amount equal to (x) 15% of Consolidated Net Tangible Assets less (y) the aggregate principal amount of the Original Notes outstanding at such time and the amount of any Indebtedness incurred to extend,
renew, replace or refund such Original Notes secured by Liens pursuant to Section 4.06(a)(8). 
 (c) In addition, the
Parent Guarantor will not, and will not permit any of its Subsidiaries to create, incur, issue, assume or Guarantee any Indebtedness secured by a Lien on the ABL Collateral that is subordinated or junior to the Liens on the ABL

  
 32 

 
Collateral securing the Bank Obligations, unless the Notes are secured by such ABL Collateral equally and ratably with, or at the Company’s option, prior to such Indebtedness. 

Section 4.07. Limitation on Subsidiary Debt. (a) the Company will not permit any of its Restricted Subsidiaries that is
not a Guarantor to create, assume, incur, Guarantee or otherwise become liable for or suffer to exist any Indebtedness (any Indebtedness of a non-Guarantor Subsidiary of the Company, “Non-Guarantor Subsidiary Debt”), without
Guaranteeing the payment of the principal of, premium, if any, and interest on the Notes on an unsubordinated basis. The foregoing restriction shall not apply to, and there shall be excluded from Indebtedness in any computation under such
restriction, Non-Guarantor Subsidiary Debt constituting: 
 (1) Indebtedness of a Person existing at the time
such Person is merged into or consolidated with any Restricted Subsidiary of the Company or at the time of a sale, lease or other disposition of the properties and assets of such Person (or a division thereof) as an entirety or substantially as an
entirety to any Restricted Subsidiary of the Company and is assumed by such Restricted Subsidiary; provided that any Indebtedness was not incurred in contemplation thereof and is not Guaranteed by any other Subsidiary of the Company;

 (2) Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company;
provided that any Indebtedness was not incurred in contemplation thereof; 
 (3) Indebtedness owed to the
Company or any Guarantor; 
 (4) Indebtedness outstanding on the date of the Indenture or any extension, renewal,
replacement or refunding of any Indebtedness existing on the date of the Indenture or referred to in clauses (1), (2) or (3); provided that any such extension, renewal, replacement or refunding of such Indebtedness shall be created
within 360 days of repaying the Indebtedness referred to in this clause or clauses (1), (2) or (3) above and the principal amount of the Indebtedness shall not exceed the principal amount of Indebtedness plus any premium or fee payable in
connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension, renewal, replacement or refunding; and 
 (5) Indebtedness in respect of a Receivables Facility. 
 (b) Notwithstanding the
restrictions described in clause (a) above, the Company and any of its Restricted Subsidiaries may create, incur, issue, assume or Guarantee Non-Guarantor Subsidiary Debt, without Guaranteeing the Notes, if at the time of such creation,
incurrence, issuance, assumption or Guarantee, after giving effect thereto and to the retirement of any Indebtedness which is concurrently being retired, the aggregate amount of all such Non-Guarantor Subsidiary Debt which would otherwise be subject
to such restrictions (other than Non-Guarantor Subsidiary Debt which is described in clauses (1) through (5) of clause (a) above) plus the aggregate amount (without duplication) of (x) all Indebtedness secured by Liens (not
including any such 

  
 33 

 
Indebtedness secured by Liens described in clauses (1) through (8) of Section 4.06(a)) and (y) all Attributable Debt of the Company and any of its Subsidiaries in respect of Sale
and Leaseback Transactions (with the exception of such transactions which are permitted under clauses (1) through (4) of Section 4.08) does not exceed an amount equal to (x) 15% of Consolidated Net Tangible Assets less
(y) the aggregate principal amount of the Original Notes outstanding at such time and the amount of any Indebtedness incurred to extend, renew, replace or refund such Original Notes secured by Liens pursuant to Section 4.06(a)(8).

 Section 4.08. Limitation On Sale and Leaseback Transactions. The Company will not, and will not permit any of its
Subsidiaries to, enter into any Sale and Leaseback Transaction unless: 
 (1) the Sale and Leaseback Transaction
is solely with the Company or any of its Subsidiaries; 
 (2) the lease is for a period not in excess of 24
months, including renewals; 
 (3) the Company or such Subsidiary would (at the time of entering into such
arrangement) be entitled as described in clauses (1) through (8) of Section 4.06(a) to create, incur, issue, assume or guarantee Indebtedness secured by a Lien on such property or assets in the amount of the Attributable Debt arising
from such Sale and Leaseback Transaction; 
 (4) the Company or such Subsidiary, within 360 days after the sale
of property or assets in connection with such Sale and Leaseback Transaction is completed, applies an amount equal to the greater of (A) the net proceeds of the sale of such Principal Property or (B) the fair market value of such Principal
Property to (i) the retirement of Notes, other Funded Debt of the Company ranking on a parity with the Notes or Funded Debt of a Subsidiary of the Company or (ii) the purchase of property or assets used or useful in its business or to the
retirement of long-term indebtedness; or 
 (5) the Attributable Debt of the Company and its Subsidiary in
respect of such Sale and Leaseback Transaction and all other Sale and Leaseback Transactions entered into after the Issue Date (other than any such Sale and Leaseback Transaction as would be permitted as described in clauses (1) through
(4) of this sentence), plus the aggregate principal amount (without duplication) of (x) Indebtedness secured by Liens then outstanding (not including any such Indebtedness secured by Liens described in clauses (1) through (8) of
Section 4.06(a)) which do not equally and ratably secure the Notes (or secure Notes on a basis that is prior to other Indebtedness secured thereby) and (y) Non-Guarantor Subsidiary Debt (with the exception of Non-Guarantor Subsidiary Debt which
is described in clauses (1) through (5) of Section 4.07(a)), would not exceed an amount equal to (x) 15% of Consolidated Net Tangible Assets less (y) the aggregate principal amount of the Original Notes outstanding at such time
and the amount of any Indebtedness incurred to extend, renew, replace or refund such Original Notes secured by Liens pursuant to Section 4.06(a)(8). 

  
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 Section 4.09. Limitation on Notes Collateral Asset Sales. (a) The Parent
Guarantor will not, and will not permit any Restricted Subsidiary to, make any Notes Collateral Asset Sale unless the following conditions are met: 
 (1) The Notes Collateral Asset Sale is for at least fair market value (such fair market value to be determined on the date of contractually agreeing to such asset sale), as determined in good faith by the
Board of Directors. 
 (2) At least 75% of the consideration consists of cash or Cash Equivalents or assets
described in clause (3) below of the type constituting Notes Collateral received at closing; provided, however, the non-cash consideration received is pledged as Notes Collateral under the Security Documents substantially
simultaneously with such sale, in accordance with the requirements set forth in the Indenture. For purposes of this clause (2), (a) the assumption by the purchaser of Indebtedness or other obligations (other than Subordinated Indebtedness) of
the Company or a Guarantor pursuant to a customary novation agreement and (b) instruments or securities received from the purchaser that are promptly, but in any event within 30 days of the closing, converted by the Company or a Guarantor to
cash, to the extent of the cash actually so received, shall be considered cash received at closing). 
 (3)
Within 365 days after the receipt of any Net Cash Proceeds from a Notes Collateral Asset Sale, the Net Cash Proceeds may be used (x) to acquire all or substantially all of the assets of a Permitted Business or a majority of the Voting Stock of
another Person that thereupon becomes a Restricted Subsidiary engaged in a Permitted Business, (y) to make capital expenditures or otherwise acquire long-term assets that are to be used in a Permitted Business; provided that any assets
acquired pursuant to subclauses (x) or (y) of a type constituting Notes Collateral are pledged as Notes Collateral under the Security Documents substantially simultaneously with such acquisition in accordance with the requirements of the
Indenture, or (z) to repay Parity Lien Obligations; provided that if the Company shall so reduce Parity Lien Obligations pursuant to this clause (3), the Company will equally and ratably reduce Obligations under the Notes as provided
under Section 3.01 through open market purchases (provided that such purchases are at or above 100% of the principal amount thereof) and/or by making an Offer to Purchase to all Holders of Notes at a purchase price equal to 100% of the
principal amount thereof, plus accrued interest to but excluding the date of purchase. 
 (4) The Net Cash
Proceeds of a Notes Collateral Asset Sale not applied pursuant to clause (3) above within 365 days of the Notes Collateral Asset Sale constitute “Excess Proceeds.” Excess Proceeds of less than $15.0 million will be carried
forward and accumulated. When accumulated Excess Proceeds equals or exceeds such amount, the Parent Guarantor must, within 30 days, make an Offer to Purchase Notes having a principal amount equal to 

 

	 	(A)	accumulated Excess Proceeds, multiplied by 

  

	 	(B)	 a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes and (y) the denominator of which is equal to
the outstanding principal amount of the Notes and all 

  
 35 

	 	
Parity Lien Obligations similarly required to be repaid, redeemed or tendered for in connection with the Notes Collateral Asset Sale, 

rounded down to the nearest $1,000. The purchase price for the Notes will be 100% of the principal amount plus accrued interest to but
excluding the date of purchase. If the Offer to Purchase is for less than all of the aggregate principal amount of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn
pursuant to the offer, the Parent Guarantor will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased;
provided, that no Notes of $2,000 or less may be purchased in part. Upon completion of the Offer to Purchase, Excess Proceeds will be reset at zero, and any Excess Proceeds remaining after consummation of the Offer to Purchase may be used for
any purpose not otherwise prohibited by the Indenture. 
 (b) The Company and the Subsidiary Guarantors shall deposit in a
segregated cash collateral account (the “Collateral Proceeds Account”): (1) cash proceeds from any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) of Notes Collateral
having an aggregate fair market value of more than $5.0 million, (2) any cash proceeds in excess of $5.0 million of any Notes Collateral taken by eminent domain, expropriation or other similar governmental taking and (3) cash proceeds in
excess of $5.0 million of insurance upon any part of the Notes Collateral. The Collateral Proceeds Account shall be established under the control of the Collateral Agent such that it will have a perfected security interest in the account for the
benefit of the Trustee, the Holders and the holders of other Parity Lien Obligations. Proceeds of the Collateral Proceeds Account may only be released to the Company or the applicable Guarantor for use as permitted by paragraphs (3) or
(4) of Section 4.09(a). 
 Section 4.10. Restriction on Activities of the Parent Guarantor. The Parent
Guarantor (a) shall not engage in any activities or hold any assets other than (i) the issuance of Capital Stock, (ii) holding 100% of the Capital Stock of the Company and debt securities of the Company that were held by the Parent
Guarantor at the date of the Indenture and (iii) those activities incidental to maintaining its status as a public company, and (b) will not incur any liabilities other than liabilities relating to its Guarantee of the Notes, its Guarantee
of any other debt of the Company, any other Indebtedness it may incur and any other obligations or liabilities incidental to holding 100% of the Capital Stock of the Company and its liabilities incidental to its status as a public company;
provided, however, that for purposes of this covenant only, the term “liabilities” shall not include any liability for the declaration and payment of dividends on any Capital Stock of the Parent Guarantor; and provided
further that if the Parent Guarantor merges with or into the Company, this covenant shall no longer be applicable. 

Section 4.11. SEC Reports and Reports to Holders. (a) Whether or not the Company is then required to file reports with
the SEC, the Company shall file with the SEC all such reports and other information as it would be required to file with the SEC by Section 13(a) or 15(d) under the Exchange Act if it were subject thereto within the

  
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time periods specified by the SEC’s rules and regulations. The Company shall supply the Trustee and each Holder who so requests or shall supply to the Trustee for forwarding to each such
Holder, without cost to such Holder, copies of such reports and other information. The Company shall be deemed to have complied with this Section 4.11 to the extent that the Parent Guarantor files all reports and other information required to
be filed with the SEC by Section 13(a) or 15(d) under the Exchange Act relating to the Parent Guarantor and its consolidated subsidiaries, including the Company. 
 (b) For so long as any of the Notes remain outstanding and constitute “restricted securities” under Rule 144, the Company will furnish to the Holders of the Notes and prospective investors, upon
their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (c) All
obligors on the Notes will comply with Section 314(a) of the Trust Indenture Act. 
 (d) Delivery of these reports and
information to the Trustee is for informational purposes only and the Trustee’s receipt of them will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.12. Repurchase of Notes Upon a Change of Control. (a) The Company shall commence, not later than 30 days following a Change of Control Repurchase Event, and consummate an Offer
to Purchase all Notes then outstanding at a purchase price equal to 101% of their principal amount plus accrued interest to the Payment Date; provided, that the Company will not be obligated to make an Offer to Purchase upon the occurrence of
a Change of Control Repurchase Event if a third party makes an offer to purchase the Notes in the manner, at the times and price, and otherwise in compliance with the requirements of the Indenture applicable to an Offer to Purchase for a Change of
Control Repurchase Event, and purchases all Notes validly tendered and not withdrawn in such offer to purchase. 
 (b)
Notwithstanding anything to the contrary in this Indenture, an Offer to Purchase made upon the occurrence of a Change of Control Repurchase Event may be made in advance of a Change of Control, conditional upon such Change of Control Repurchase
Event, if a definitive agreement is in place for the Change of Control at the time of making the Offer to Purchase pursuant to the Change of Control Repurchase Event. 
 Section 4.13. Certificate to Trustee. (a) The Company will furnish to the Trustee annually, on or before a date not more than 90 days after the end of its fiscal year (which, on the date
hereof, is a calendar year), a brief certificate which certificate shall comply with the requirements of the Trust Indenture Act (but which need not contain the statements required by Section 12.04) from its principal executive, financial or
accounting officer certifying that (i) a review has been conducted of the activities of the Company, its Subsidiaries and the Parent Guarantor and their respective performance 

  
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under the Indenture and (ii) the Company and the Parent Guarantor have fulfilled all obligations under the Indenture (such compliance to be determined without regard to any period of grace
or requirement of notice provided under this Indenture) or specifying each such Default or Defaults and the nature and status thereof. 
 (b) The Company will deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of a Default, an Officers’ Certificate setting forth
the details of the Default, and the action which the Company proposes to take with respect thereto. 
 Section 4.14. No
Impairment of Security Interests. Neither the Company nor any of its Restricted Subsidiaries will be permitted to take any action, or knowingly omit to take any action, which action or omission could reasonably be expected to have the result of
materially impairing the security interest with respect to the Notes Collateral for the benefit of the Trustee and the Noteholders. 
 ARTICLE 5 
 CONSOLIDATION, MERGER OR
SALE OF ASSETS 
 Section 5.01. Consolidation, Merger or Sale of Assets by
the Company. (a) Neither the Company nor the Parent Guarantor will consolidate with, merge with or into, directly or indirectly, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets
(as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person, or permit any Person to merge with or into it, unless: 

 

	 	(1)	it shall be the continuing Person, or the Person (if other than it) formed by such consolidation or into which it is merged or that acquired or leased such property and
assets (the “Surviving Person”), shall be a corporation organized and validly existing under the laws of the United States of America or any jurisdiction thereof, and shall expressly assume, by a supplemental indenture or other
instrument, executed and delivered to the Trustee, all of its obligations under the Indenture, the Notes, the Registration Rights Agreement and the Security Documents; 

 

	 	(2)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and 

 

	 	(3)	it delivers to the Trustee an Officers’ Certificate and Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental
indenture or other instrument complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with. 

(b) The Parent Guarantor may merge with or into the Company pursuant to the provisions described above. In addition, notwithstanding the
foregoing, the Company or the Parent Guarantor may transfer its property or assets to a Guarantor. 
 (c) The Surviving Person
will succeed to, and except in the case of a lease be substituted for, the Company or the Parent Guarantor, as applicable, under the Indenture and the Notes. 

  
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 ARTICLE 6 
 DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. The following are “Events of Default” with respect to the Notes: 

(a) the Company defaults in the payment of principal of (or premium, if any, on) any Note when the same becomes due and
payable at maturity, upon acceleration, redemption or otherwise; 
 (b) the Company defaults in the payment of
interest (including Additional Interest) on any Note when the same becomes due and payable, and such default continues for a period of 30 days; 
 (c) the Company defaults in the performance of or breaches any other covenant or agreement in the Indenture applicable to the Notes or under the Notes (other than a default specified in clause (a) or
(b) above) and such default or breach continues for a period of 90 consecutive days (or, in the case of a default in the performance of or breach of Section 4.11, such default or breach continues for a period of 120 consecutive days) after
written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; 
 (d)
there occurs with respect to any issue or issues of Indebtedness of the Parent Guarantor, the Company or any Significant Subsidiary having an outstanding principal amount of $75 million or more in the aggregate for all such issues of all such
Persons, whether such Indebtedness now exists or shall hereafter be created, (I) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has
not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or (II) the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment
shall not have been made, waived or extended within 30 days of such payment default; 
 (e) any final judgment or
order (not covered by insurance) for the payment of money in excess of $75 million in the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be
rendered against the Parent Guarantor, the Company or any Significant Subsidiary and shall not be paid or discharged, and there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate
amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $75 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall
not be in effect; 

  
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 (f) a court having jurisdiction in the premises enters a decree or order for
(A) relief in respect of the Parent Guarantor, the Company or any Significant Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Parent Guarantor, the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent Guarantor, the Company or any
Significant Subsidiary or (C) the winding-up or liquidation of the affairs of the Parent Guarantor, the Company or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; 
 (g) the Parent Guarantor, the Company or any Significant Subsidiary (A) commences a
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Parent Guarantor, the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent
Guarantor, the Company or any Significant Subsidiary or (C) effects any general assignment for the benefit of creditors; 
 (h) any Guarantor repudiates its obligations under its Note Guarantee or, except as permitted by the Indenture, any Note Guarantee is determined to be unenforceable or invalid or shall for any reason
cease to be in full force and effect; or 
 (i) with respect to Notes Collateral having a fair market value of
$75 million, the Liens created by the Security Documents shall at any time not constitute a valid and perfected Lien on such Notes Collateral (to the extent perfection by filing, registration, recordation or possession is required by the Indenture
or the Security Documents), or, except for expiration in accordance with its terms or amendment, modification, waiver, termination or release in accordance with the terms of the Indenture, any of the Security Documents shall for whatever reason be
terminated or cease to be in full force and effect, if in either case, such default continues for a period of 30 consecutive days after notice, or the enforceability thereof shall be contested by the Company or any Subsidiary Guarantor. 

Section 6.02. Acceleration. (a) If an Event of Default (other than an Event of Default specified in clause (f) or
(g) of Section 6.01 that occurs with respect to the Company) occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the
Company (and to the Trustee if such notice is given by the Holders), may declare the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable, and upon any such declaration of acceleration, such principal
of, premium, if any, and accrued interest shall be immediately due and payable. 
 (b) In the event of a declaration of
acceleration because an Event of Default set forth in clause (d) of Section 6.01 has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default

  
 40 

 
triggering such Event of Default pursuant to clause (d) of Section 6.01 shall be remedied or cured by the Parent Guarantor, the Company or the relevant Significant Subsidiary or waived
by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. 
 (c) If
an Event of Default specified in clause (f) or (g) of Section 6.01 occurs with respect to the Company, the principal of, premium, if any, and accrued interest on the Notes then outstanding shall automatically become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee, may waive all past
defaults and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by
such declaration of acceleration, have been cured or waived and (y) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 
 Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at
law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or the Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or
does not produce any of them in the proceeding. 
 Section 6.04. Waiver of Past Defaults. Except as otherwise
provided in Sections 6.02, 6.07 and 9.02, the Holders of a majority in principal amount of the outstanding Notes may, by notice to the Trustee, waive all past Defaults and rescind and annul a declaration of acceleration and its consequences. Upon
such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured for every purpose under this Indenture, but no such waiver will extend to any subsequent or other Default or impair any right
consequent thereon. 
 Section 6.05. Control by Majority. The Holders of at least a majority in aggregate principal
amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law or the Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such
direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
 Section 6.06. Limitation on Suits. A Holder may not pursue any remedy with respect to the Indenture or the Notes unless: 

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

  
 41 

 (2) the Holders of at least 25% in aggregate principal amount of outstanding
Notes make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer the Trustee
indemnity satisfactory to the Trustee against any costs, liability or expense; 
 (4) the Trustee does not comply
with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (5) during such
60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder. 

Section 6.07. Rights of Holders to Receive Payment. Notwithstanding anything to the contrary, the right of a Holder of a Note
to receive payment of principal of, premium, if any or interest on such Note on or after the Stated Maturity thereof, or to bring suit for the enforcement of any such payment on or after such respective dates, may not be impaired or affected without
the consent of that Holder. 
 Section 6.08. Collection Suit by Trustee. If an Event of Default in payment of
principal or interest specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount of principal and accrued interest
remaining unpaid, together with interest on overdue principal and overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee hereunder. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee may file 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 compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the Holders allowed in any judicial proceedings relating to the Company or
any Guarantor or their respective creditors or property, and is entitled and empowered to collect, receive and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such
claims. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder.
Nothing in the Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 6.10. Priorities. If the Trustee collects any money pursuant to this
Article (including any proceeds distributed to it upon the exercise of any remedies under the Security Documents), it shall pay out the money in the following order: 

First: to the Trustee for all amounts due hereunder; 

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

Third: to the Company or as a court of competent jurisdiction may direct. 

The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Section. 
 Section 6.11. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a
proceeding to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the
proceeding, the Company, any Guarantors, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, any Guarantors, the Trustee and the Holders
will continue as though no such proceeding had been instituted. 
 Section 6.12. Undertaking for Costs. In any suit
for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking
to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section does not apply to a suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in principal amount of the outstanding Notes.

 Section 6.13. Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the
Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy. 

Section 6.14. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or
remedy accruing upon any Event of 

  
 43 

 
Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 ARTICLE 7 
 THE TRUSTEE 

Section 7.01. General. (a) The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act and
as set forth herein. Whether or not expressly so provided, every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article. 

(b) Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in
the Indenture and no others, and no implied covenants or obligations will be read into the Indenture against the Trustee. In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested in it by
the Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No provision of the Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct. 

Section 7.02. Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d): 

(1) In the absence of bad faith on its part, the Trustee may rely, and will be protected in acting or refraining from
acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision
hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). The Trustee, in its
discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 
 (2) Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel conforming to Section 12.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on
the certificate or opinion. 

  
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 (3) The Trustee may act through its attorneys and agents and will not be
responsible for the misconduct or negligence of any agent appointed with due care. 
 (4) The Trustee will be
under no obligation to exercise any of the rights or powers vested in it by the Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses
and liabilities that might be incurred by it in compliance with such request or direction. 
 (5) The Trustee
will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with
Section 6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under the Indenture. 

(6) 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 in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (7) No provision of the Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its
rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (8)
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be
evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company. 

(9) Prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’ Certificate, Opinion of Counsel, Board Resolution, statement, instrument, opinion, report, notice, request, consent,
order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing to do so by the Holders of not less than a majority in aggregate principal amount of the Notes then outstanding; provided
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding. 

  
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 Section 7.03. Individual Rights of Trustee. The Trustee, in its individual or
any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is
subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6): 
 (a) “cash transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in
checks or other orders drawn upon banks or bankers and payable upon demand; and 
 (b) “self-liquidating
paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise
and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security,
provided the security is received by the Trustee simultaneously with the creation of the creditor relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

Section 7.04. Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of the
Indenture or the Notes, (ii) is not accountable for the Company’s use or application of the proceeds from the Notes and (iii) is not responsible for any statement in the Notes other than its certificate of authentication. 

Section 7.05. Notice of Default. If any Default occurs and is continuing and is known to the Trustee, the Trustee will send
notice of the Default to each Holder within 90 days after it occurs, unless the Default has been cured; provided that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the
notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee in good faith determines that withholding the notice is in the interest of the Holders. Notice to Holders under this Section
will be given in the manner and to the extent provided in Trust Indenture Act Section 313(c). 
 Section 7.06.
Reports by Trustee to Holders. Within 60 days after each May 15, beginning with May 15, 2013, the Trustee will mail to each Holder, as provided in Trust Indenture Act Section 313(c), a brief report dated as of such May 15,
if required by Trust Indenture Act Section 313(a), and file such reports with each stock exchange upon which its Notes are listed and with the Commission as required by Trust Indenture Act Section 313(d). 

Section 7.07. Compensation and Indemnity. (a) The Company will pay the Trustee compensation as agreed upon in writing
for its services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The 

  
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Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, including the reasonable compensation and
expenses of the Trustee’s agents and counsel. 
 (b) The Company will indemnify the Trustee for, and hold it harmless
against, any loss or liability or expense incurred by it without negligence or bad faith on its part arising out of or in connection with the acceptance or administration of the Indenture and its duties under the Indenture and the Notes, including
the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under the Indenture and
the Notes. 
 (c) To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the
Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest on particular Notes. 

Section 7.08. Replacement of Trustee. (a) (1) The Trustee may resign at any time by written notice to the Company.

 (2) The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by written
notice to the Trustee. 
 (3) If the Trustee is no longer eligible under Section 7.10 or in the
circumstances described in Trust Indenture Act Section 310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee. 
 (4) The Company may remove the Trustee if: (i) the Trustee is no
longer eligible under Section 7.10; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting.

 A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 (b) If the Trustee has been removed by the Holders, Holders of a
majority in principal amount of the Notes may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly
appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the
outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
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 (c) Upon delivery by the successor Trustee of a written acceptance of its appointment to the
retiring Trustee and to the Company, (i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, (ii) the resignation or removal of the retiring
Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under the Indenture. Upon request of any successor Trustee, the Company will execute any and all instruments for fully and
vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders, and include in the
notice the name of the successor Trustee and the address of its Corporate Trust Office. 
 (d) Notwithstanding replacement of
the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 
 (e) The Trustee agrees to give the notices provided for in, and otherwise comply with, Trust Indenture Act Section 310(b). 
 Section 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as
the Trustee in the Indenture. 
 Section 7.10. Eligibility. The Indenture must always have a Trustee that satisfies
the requirements of Trust Indenture Act Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11. Money Held in Trust. The Trustee will not be liable for interest on any money received by it except as it may
agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8. 

Section 7.12. Preferential Collection of Claims Against the Company. The Trustee shall comply with Section 311(a) of the
Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent
included therein. 

  
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 ARTICLE 8 
 SATISFACTION AND DISCHARGE; DEFEASANCE 
 Section 8.01. Discharge of Company’s Obligations. (a) Subject to paragraph (b), the Company’s obligations under the Notes and the Indenture, and each Guarantor’s
obligations under its Note Guarantee, will terminate if: 
 (1) all Notes previously authenticated and delivered
(other than (i) destroyed, lost or stolen Notes that have been replaced or (ii) Notes that are paid pursuant to Section 4.01 or (iii) Notes for whose payment money or U.S. Government Obligations have been held in trust and then
repaid to the Company pursuant to Section 8.05) have been delivered to the Trustee for cancellation and the Company has paid all sums payable by it hereunder; or 

(2) (A) the Notes mature within one year, or all of them are to be called for redemption within one year under
arrangements satisfactory to the Trustee for giving the notice of redemption, 
 (B) the Company has deposited
with the Trustee, in trust, money and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient without consideration of any
reinvestment of such principal and interest, as certified by the chief financial officer of the Company in a written certification delivered to the Trustee, to pay the principal of, premium, if any, and accrued interest on the Notes (i) on the
Stated Maturity of such payments in accordance with the terms of the Indenture and the Notes or (ii) on any earlier redemption date pursuant to the terms of the Indenture and the Notes; provided that the Company has provided the Trustee
with irrevocable instructions to redeem all of the outstanding Notes on such redemption date, 
 (C) no Default
has occurred and is continuing on the date of the deposit, 
 (D) immediately after giving effect to such
deposit on a pro forma basis, no Event of Default, or event that after the giving of notice or lapse of time or both would become an Event of Default and such deposit, shall have occurred and be continuing and such deposit will not result in a
breach or violation of, or constitute a default under any other material agreement or instrument to which the Company is a party or by which it is bound, and 
 (E) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and
discharge of the Indenture have been complied with. 
 (b) After satisfying the conditions in clause (1), only the
Company’s obligations under Section 7.07 will survive. After satisfying the conditions in clause (2), only the Company’s obligations in Article 2 and Sections 4.01, 4.02, 7.07, 7.08, 8.05 and

  
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8.06 will survive. In either case, the Trustee upon request will acknowledge in writing the discharge of the Company’s obligations under the Notes and the Indenture other than the surviving
obligations. 
 Section 8.02. Legal Defeasance. The Company will be deemed to have paid and will be discharged from
its obligations in respect of the Notes and the Indenture, other than its obligations in Article 2 and Sections 4.01, 4.02, 7.07, 7.08, 8.05 and 8.06, and each Guarantor’s obligations under its Note Guarantee will terminate, provided the
following conditions have been satisfied: 
 (A) The Company has deposited with the Trustee, in trust, money
and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient without consideration of any reinvestment of such principal and
interest, as certified by the chief financial officer of the Company in a written certification delivered to the Trustee, to pay the principal of, premium, if any, and accrued interest on the Notes (i) on the Stated Maturity of such payments in
accordance with the terms of the Indenture and the Notes or (ii) on any earlier redemption date pursuant to the terms of the Indenture and the Notes; provided that the Company has provided the Trustee with irrevocable instructions to
redeem all of the outstanding Notes on such redemption date. 
 (B) The Company has delivered to the Trustee

 (1) either (x) an Opinion of Counsel to the effect that the Holders will not recognize income, gain or
loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case which must be based upon (and
accompanied by a copy of) a ruling of the Internal Revenue Service to the same effect unless there has been a change in applicable federal income tax law after the Issue Date such that a ruling is no longer required or (y) a ruling directed to
the Trustee received from the Internal Revenue Service to the same effect as the Opinion of Counsel described in clause (x), and 
 (2) an Opinion of Counsel to the effect that the creation of the defeasance trust does not violate the Investment Company Act of 1940. 

(C) Immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the
giving of notice or lapse of time or both would become an Event of Default, and such deposit shall not result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound. 

  
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 (D) If the Notes are listed on a national securities exchange, the Company
has delivered to the Trustee an Opinion of Counsel to the effect that the deposit and defeasance will not cause the Notes to be delisted. 
 (E) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance have
been complied with. 
 The Trustee upon request will acknowledge in writing the discharge of the Company’s obligations
under the Notes and the Indenture except for the surviving obligations specified above. 
 Section 8.03. Covenant
Defeasance. The Company’s obligations set forth in Section 4.06 through Section 4.11 and Section 4.12, and clauses (c), (d), (e), (h) and (i) of Section 6.01 shall be deemed not to be Events of Default,
provided the following conditions have been satisfied: 
 (1) The Company has complied with clauses (A),
(B)(2), (C), (D) and (E) of Section 8.02; and 
 (2) the Company has delivered to the Trustee an
Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the
same times as would otherwise have been the case. 
 In the event the Company exercises its option under Section 8.03 and
the Notes are declared due and payable because of an occurrence of an Event of Default, and the amount of money and/or U.S. Government Obligations on deposit with the Trustee is sufficient to pay amounts due on the Notes at the Stated Maturity but
is not sufficient to pay amounts due on the Notes at the time of the acceleration resulting from such Event of Default, the Company will remain liable for such payments and any Note Guarantees with respect to such payments will remain in effect.

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

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

  
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 Section 8.05. Repayment to Company. Subject to Sections 7.07, 8.01, 8.02 and
8.03, the Trustee will promptly pay to the Company upon request any excess money held by the Trustee at any time and thereupon be relieved from all liability with respect to such money. The Trustee will pay to the Company upon request any money held
for payment with respect to the Notes that remains unclaimed for two years. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless applicable law designates another Person, and all liability
of the Trustee with respect to such money will cease. 
 Section 8.06. Reinstatement. If and for so long as the
Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section 8.01, 8.02 or 8.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company’s obligations under the Indenture and the Notes will be reinstated as though no such deposit in trust had been made. If the Company makes any payment of principal of or interest
on any Notes because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held in trust. 

ARTICLE 9 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01. Amendments Without Consent of Holders. (a) The Company and the Trustee may amend or supplement the
Indenture, the Notes or the Security Documents without notice to or the consent of any Noteholder 
 (1) to cure
any ambiguity, defect or inconsistency in the Indenture or the Notes, provided that such amendments shall not adversely affect the interests of Holders in any material respect; 

(2) to comply with Article 5; 
 (3) to comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act or in order to maintain such qualification; 

(4) to evidence and provide for the acceptance of an appointment hereunder by a successor Trustee; 

(5) to provide for the issuance of Additional Notes; 

(6) make any change that, in the good faith opinion of the board of directors of the Company, does not materially and
adversely affect the rights of any Holder under the Indenture or the Security Documents; 
 (7) to conform any
provision to the “Description of Notes” in the offering memorandum pursuant to which the Initial Notes were offered; or 
 (8) to provide for any Guarantee of the Notes, to secure the Notes or any Guarantee of the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of or Lien securing the
Notes when such release, termination or discharge is permitted by the Indenture. 
 (b) The Security Documents may be amended
without any Holder’s consent to add additional secured creditors holding other Parity Lien Obligations so long as such Obligations (and the Liens securing them) are not prohibited by the Indenture. 

  
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 Section 9.02. Amendments with Consent of Holders. (a) Except as otherwise
provided in Sections 6.02, 6.04 and 6.07 or paragraph (b), the Company and the Trustee may modify, amend or waive the Indenture, the Notes or the Security Documents with the written consent of the Holders of not less than a majority in principal
amount of the outstanding Notes. 
 (b) Notwithstanding the provisions of paragraph (a), without the consent of each Holder
affected, an amendment or waiver may not 
 (1) change the Stated Maturity of the principal of, or any
installment of interest on, any Note, 
 (2) reduce the principal amount of, or premium, if any, or interest on,
any Note, 
 (3) change the optional redemption dates or optional redemption prices of the Notes from that stated
in Section 3.01, 
 (4) change the place or currency of payment of principal of, or premium, if any, or
interest on, any Note, 
 (5) impair the right to institute suit for the enforcement of any payment on or after
the Stated Maturity (or, in the case of a redemption, on or after the redemption date) of any Note, 
 (6) waive
a default in the payment of principal of, premium, if any, or interest on the Notes, 
 (7) modify any of the
provisions of this Section 9.02 requiring the consent of a requisite number of Holders, except to increase any percentage requiring consent or to provide that certain other provisions of the Indenture cannot be modified or waived without the
consent of the Holder of each outstanding Note, 
 (8) release any Guarantor from its Note Guarantee, except as
provided in the Indenture, 
 (9) amend, change or modify the obligation of the Company to make and consummate an
Offer to Purchase under Section 4.12 after a Change of Control Repurchase Event has occurred, including, in each case, amending, changing or modifying any definition relating thereto, 

  
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 (10) reduce the percentage or aggregate principal amount of outstanding
Notes the consent of whose Holders is necessary for waiver of compliance with provisions of the Indenture or for waiver of defaults, 
 (11) modify or change any provision of the Indenture affecting the ranking of the Notes or any Note Guarantee in a manner adverse to any Holder, or 

(12) make any change in the provisions of the Security Documents dealing with the application of the proceeds of Notes
Collateral from the Lien under the Indenture and the Security Documents with respect to the Notes that would adversely affect the Holders. 
 (c) Without the consent of the Holders of at least two-thirds in aggregate principal amount of the Notes then outstanding, no amendment or waiver may release from the Lien of the Indenture and the
Security Documents all or substantially all of the Notes Collateral. 
 (d) It is not necessary for Noteholders to approve the
particular form of any proposed amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof. 
 (e) An amendment, supplement or waiver under this Section will become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the
outstanding Notes. After an amendment, supplement or waiver under this Section becomes effective, the Company will send to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will send
supplemental indentures to Holders upon request. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.03. Effect of Consent. (a) After an amendment, supplement or waiver becomes effective, it will bind every
Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has
consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. 
 (b)
If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or
exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on any Note thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to
annotate or exchange Notes in this fashion. 

  
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 Section 9.04. Trustee’s Rights and Obligations. The Trustee is entitled to
receive, and will be fully protected in relying upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article is authorized or permitted by the Indenture. If the Trustee has
received such an Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver
that affects the Trustee’s own rights, duties or immunities under the Indenture. 
 Section 9.05. Conformity with
Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
 ARTICLE 10 
 GUARANTEES 

Section 10.01. The Guarantees. Subject to the provisions of this Article, each Guarantor hereby irrevocably and
unconditionally guarantees, jointly and severally, on a senior basis, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an Offer to Purchase or acceleration, or otherwise) of the principal of, premium,
if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under the Indenture. Upon failure by the Company to pay punctually any such amount, each Guarantor
shall forthwith on demand pay the amount not so paid at the place and in the manner specified in the Indenture. 

Section 10.02. Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and absolute and,
without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by 

(1) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under
the Indenture or any Note, by operation of law or otherwise; 
 (2) any modification or amendment of or
supplement to the Indenture or any Note; 
 (3) any change in the corporate existence, structure or ownership of
the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in the Indenture or any Note; 

(4) the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the
Trustee or any other Person, whether in connection with the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

  
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 (5) any invalidity or unenforceability relating to or against the Company
for any reason of the Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under the
Indenture; or 
 (6) any other act or omission to act or delay of any kind by the Company, the Trustee or any
other Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

Section 10.03. Discharge; Reinstatement. Each Guarantor’s obligations hereunder will remain in full force and effect
until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of the principal of, premium, if any, or interest on any Note or
any other amount payable by the Company under the Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with
respect to such payment will be reinstated as though such payment had been due but not made at such time. 
 Section 10.04.
Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the
Company or any other Person. 
 Section 10.05. Subrogation and Contribution. Upon making any payment with respect to
any obligation of the Company under this Article, the Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect to such obligation, provided that the Guarantor may not enforce either any
right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid.

 Section 10.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company
under the Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of the Indenture are nonetheless payable by the Guarantors hereunder
forthwith on demand by the Trustee or the Holders. 
 Section 10.07. Limitation on Amount of Guarantee.
Notwithstanding anything to the contrary in this Article, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a
fraudulent conveyance under applicable fraudulent conveyance 

  
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provisions of the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that
the obligations of each Guarantor under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States
Bankruptcy Code or any comparable provision of state law. 
 Section 10.08. Execution and Delivery of Guarantee. The
execution by the Parent Guarantor of this Indenture, and the execution by each Subsidiary Guarantor of a supplemental indenture in the form of Exhibit B hereto, evidences the Note Guarantee of such Guarantor, whether or not the person signing
as an officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of
each Guarantor. 
 Section 10.09. Release of Guarantee. The Note Guarantee of a Subsidiary Guarantor will terminate
upon 
 (1) the release or discharge (other than a discharge through payment thereon) of the Indebtedness of such
Subsidiary that resulted in the obligation to Guarantee the Notes, 
 (2) the disposition of capital stock in
compliance with this Indenture of such Subsidiary such that it is no longer a Subsidiary, 
 (3) upon defeasance
or satisfaction and discharge of the Notes, as provided in Article 8, 
 (4) if the Guarantee was not required by
the terms of the Indenture, at any time; provided that after giving effect to such release, the Company would be in compliance with Section 4.07. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee will execute any documents reasonably required in order to
evidence the release of the Guarantor from its obligations under its Note Guarantee. 
 ARTICLE 11 

SECURITY ARRANGEMENTS 
 Section 11.01. Collateral Agent. (a) The Notes Collateral will be pledged pursuant to the Security Documents to the Collateral Agent, on behalf of the holders of the Notes and all holders
of future Parity Lien Obligations. Each Holder, by its acceptance of any Notes and the Note Guarantees, consents and agrees to the terms of the Security Documents as the same may be in effect or as may be amended from time to time in accordance with
their terms and authorizes and directs the Collateral Agent and the Trustee, as applicable, to enter into and perform their respective obligations and 

  
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exercise their respective rights under the Security Documents in accordance therewith, to bind the Holders on the terms set forth in the Security Documents, and to execute any and all documents,
amendments, waivers, consents, releases or other instruments required or authorized to be executed by it pursuant to the terms thereof. 
 (b) Subject in all respects to the terms of the Collateral Trust Agreement and the other Security Documents, the Collateral Agent will hold (directly or through co-trustees or agents), and will be
entitled to enforce on behalf of the Holders of Notes and the holders of all other Parity Lien Obligations, all Liens on the Notes Collateral. 
 (c) The Collateral Agent is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or appropriate. 

(d) In acting as Collateral Agent or Co-Collateral Agent, the Collateral Agent and each Co-Collateral Agent may rely upon and enforce
each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article 7 hereof. 
 (e) At all
times when the Trustee is not itself the Collateral Agent, the Company will deliver to the Trustee copies of all Security Documents delivered to the Collateral Agent and copies of all documents delivered to the Collateral Agent pursuant to this
Indenture and the Security Documents. 
 (f) The Collateral Agent may resign or may be removed in accordance with the provisions
set forth in the Collateral Trust Agreement. 
 (g) This Section 11.01 and the provisions of each Security Document are
subject to the terms, conditions and benefits set forth in the Collateral Trust Agreement. 
 Section 11.02. Security.
(a) In order to secure the Obligations of the Company under this Indenture and the Notes, the Company and the Collateral Agent have entered into simultaneously with the execution of this Indenture each Security Document referred to in the
last sentence of the definition thereof, in each case together with evidence (which shall be delivered by the Company to the Trustee) that all other documents and instruments, including Uniform Commercial Code financing statements and all other
actions required by law or the terms of the Security Documents to be filed, registered or recorded to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent required by the Security Documents, shall
have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document. In the case of all real
property, the Company shall also deliver (the following, collectively, “Mortgage Deliverables”) (i) a policy or policies of lender’s title insurance in an amount equal to the lesser of (x) the fair market value of the
real property subject to the Mortgage and (y) the aggregate principal amount of the Notes and any Parity Lien Obligations, proportionally allocated to the real property subject to the Mortgage (which amount of title insurance the Company shall
increase, if applicable, upon the issuance of any Additional Notes or Parity Lien Obligations but in no event shall the Company be required to increase such amount in excess of the fair market value

  
 58 

 
of such property), as is customarily determined for transactions of a similar nature, paid for by the Company, issued by a nationally recognized title insurance company, insuring the Lien of each
Mortgage as a valid first Lien on the mortgaged property described therein, free of any other Liens except Liens permitted by the terms of this Indenture and the applicable Security Documents, together with coinsurance, reinsurance and such
endorsements to such policy or policies as are customary, (ii) a survey of the property subject to any such Mortgage (such surveys, collectively, the “Surveys”) certified to the Company, Collateral Agent and the title company,
meeting minimum standard detail requirements for ALTA/ACSM Land Title Surveys and dated (or redated) not earlier than three months prior to the date of delivery thereof by a land surveyor duly registered and licensed in the state in which such real
property is located, (iii) an Opinion of Counsel of the type specified in Section 11.02(b) with respect to any such Mortgage, (iv) evidence of insurance required to be maintained pursuant to the Mortgages and this Indenture, and
(v) flood hazard determination certificates and, if required, notices to the record owner of any improvements in a special flood hazard area, together with evidence of acceptable flood insurance coverage. Notwithstanding the foregoing, if the
Company is unable to provide a Mortgage on any real property or any applicable Mortgage Deliverables on the Issue Date, the Company need not provide such Mortgage and Mortgage Deliverables on such date, but shall use commercially reasonable efforts
to do so as promptly as practicable and in any event within 120 days from such date. 
 (b) From and after the Issue Date, if
(1) any real property, plant or equipment (other than Excluded Property) is acquired by the Company or a Subsidiary Guarantor that is not automatically subject to a perfected security interest under the Security Documents, (2) any real
property, plant or equipment which was Excluded Property ceases to be Excluded Property, or (3) any Subsidiary becomes a Subsidiary Guarantor, then the Company or such Subsidiary Guarantor will, as soon as reasonably practical after such
property’s acquisition or it no longer being Excluded Property or such Subsidiary becoming a Guarantor, provide security over such property (or, in the case of a new Subsidiary Guarantor, provide security over all of its assets constituting
Notes Collateral except Excluded Property) in favor of the Collateral Agent and deliver any required supplement to the Security Agreement and any required Mortgages necessary to grant security interests in such property, and, in the case of real
property, Mortgage Deliverables. Any security interest provided pursuant to this Section 11.02(b) that requires execution of new Security Documents by a new Guarantor or of a new Mortgage shall be accompanied by such Opinions of Counsel as to
the enforceability of such Security Documents and the validity and perfection of the Liens on such property as is customarily given by counsel in the relevant jurisdiction, in form and substance customary for such jurisdiction and with customary
qualifications and exceptions. 
 (c) The Company and the Guarantors shall comply with all covenants and agreements contained in
the Security Documents. 
 (d) Each Holder, by accepting a Note, agrees to all of the terms and provisions of the Security
Documents, as the same may be amended from time to time pursuant to the provisions of this Indenture and the Security Documents. 

  
 59 

 (e) The Company and each Guarantor shall execute any and all further documents, financing
statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, modifications to or amendments and restatements of Mortgages and other documents and recordings
of Liens in stock registries), to the extent required under the Security Documents, to ensure that the Liens of the Security Documents on the Notes Collateral remain perfected with the priority set forth by the Security Documents, all at the
reasonable expense of the Company and Guarantors and provide to the Collateral Agent and the Trustee, from time to time upon reasonable request, evidence reasonably satisfactory to the Collateral Agent and the Trustee as to the perfection and
priority of the Liens created or intended to be created by the Security Documents. 
 (f) Upon request of the Collateral Agent
at any time after an Event of Default has occurred and is continuing, the Company will, and will cause the Subsidiary Guarantors to, (i) permit the Collateral Agent or any advisor, auditor, consultant, attorney or representative acting for the
Collateral Agent, upon reasonable notice to the Company and during normal business hours, to visit and inspect any of the property of the Company and the Subsidiary Guarantors, to review, make extracts from and copy the books and records of the
Company and the Subsidiary Guarantors relating to any such property, and to discuss any matter pertaining to any such property with the officers and employees of the Company and the Subsidiary Guarantors, and (ii) deliver to the Collateral
Agent such reports, including valuations, relating to any such property or any Lien thereon as the Collateral Agent may reasonably request. 
 (g) The Company will bear and pay all reasonable, documented, out-of-pocket legal expenses, collateral audit and valuation costs, filing fees, insurance premiums and other reasonable costs associated with
the performance of the obligations of the Company and the Subsidiary Guarantors of the Company set forth in this Section 11.02 and also will pay, or promptly reimburse the Trustee and Collateral Agent for, all reasonable, documented,
out-of-pocket costs and expenses incurred by the Trustee or Collateral Agent in connection therewith, including all reasonable, documented, out-of-pocket fees and charges of any advisors, auditors, consultants, representatives or any one law firm
(except to the extent local counsel may be reasonably required due to the jurisdiction in which any part of the Notes Collateral is located) acting for the Trustee or for the Collateral Agent. 

(h) Notwithstanding the foregoing, the Company and any Subsidiary Guarantor shall not be required to provide Mortgages on real property
(including improvements thereon) with a greater of book and fair market value of less than $10.0 million and vehicles. 

Section 11.03. Authorization of Actions to be Taken. (a) The Collateral Agent and the Trustee are authorized and
empowered to enter into the Security Documents and to receive on behalf of the Holders, any funds collected or distributed under the Security Documents to which the Collateral Agent or Trustee is a party and to make further distributions of such
funds to the Holders of Notes according to the provisions of this Indenture. 
 (b) Subject to the Collateral Trust Agreement
and Article 7, unless inconsistent with applicable law or the other Security Documents, the Collateral Agent is authorized and empowered if an Event of Default has occurred and is continuing to institute and maintain such suits and proceedings as
are necessary to protect or enforce the Liens on the Notes Collateral or the other rights under the Security Documents to which the Collateral Agent is a party. 

  
 60 

 Section 11.04. Determinations Relating to Notes Collateral. Except for any
consent, approval or action by the Collateral Agent in the ordinary course of the performance of the Collateral Agent’s duties under this Indenture or the Security Documents, in the event (i) the Collateral Agent shall receive any written
request from the Company, a Guarantor or the Trustee under any Security Document for consent or approval with respect to any matter or thing relating to any Notes Collateral or the Company’s or such Guarantor’s obligations with respect
thereto, (ii) there shall be due to or from the Trustee or the Collateral Agent under the provisions of any Security Document any material performance or the delivery of any material instrument or (iii) the Collateral Agent shall become
aware of any nonperformance by the Company or a Guarantor of any covenant or any breach of any representation or warranty of the Company or such Guarantor set forth in any Security Document, then, in each such event, the Collateral Agent shall be
entitled to hire experts, consultants, agents and attorneys to advise the Collateral Agent on the manner in which the Collateral Agent should respond to such request or render any requested performance or respond to such nonperformance or breach.
The Collateral Agent shall be fully protected in the taking of any action recommended or approved by any such expert, consultant, agent or attorney or agreed to by the Holders of a majority in principal amount of the outstanding Notes. 

Section 11.05. Release of Liens. (a) The Liens on the Notes Collateral securing the Notes and the Note Guarantees will
be automatically released: 
 (i) upon payment in full of principal, interest and all other Obligations on the
Notes or satisfaction and discharge of this Indenture or defeasance (including covenant defeasance of the Notes); 
 (ii) [reserved]; 
 (iii) upon release of a Note Guarantee (with
respect to the Liens securing such Note Guarantee granted by such Subsidiary Guarantor); 
 (iv) in connection
with any disposition of Notes Collateral to any Person other than the Company or any Subsidiary Guarantor (but excluding any transaction subject to Article 5 where the recipient becomes an obligor) that is permitted by this Indenture (with respect
to the Lien on such Notes Collateral); 
 (iv) in whole or in part, with the consent of the Holders of the
requisite percentage of Notes in accordance with the provisions of Article 9; and 
 (v) with respect to any
portion of the Notes Collateral, if such portion becomes Excluded Property. 

  
 61 

 Each of the releases described in clauses (i), (iii) and (iv) shall be effected by
the Collateral Agent without the consent of the Holders or any action on the part of the Trustee. Upon compliance by the Company with the conditions precedent required by this Indenture, the Trustee or the Collateral Agent shall promptly cause the
applicable Notes Collateral to be released and re-conveyed to the Company. 
 The Trustee and the Collateral Agent will,
promptly upon the request of the Company, do all reasonable things, presently or in the future, to effect and evidence the release of the security interests and liens upon the satisfaction of the conditions for such release described herein.

 (b) At the request of the Company or the applicable Subsidiary Guarantor, as the case may be: 

(1) if any part of the Notes Collateral is subject to any Lien permitted under Section 4.06 that is senior to the
Liens securing the Notes Collateral as a matter of law, the Collateral Agent will be authorized to execute any document evidencing such subordination; and 
 (2) if any part of the Notes Collateral is secured by a Lien of the type described in Section 4.06(a)(5), and the terms of the Lien prohibit the existence of a junior Lien on the applicable property,
the Collateral Agent will be authorized to release the Lien on such Notes Collateral and execute any document evidencing such release; provided, that immediately upon the ineffectiveness, lapse or termination of any such restriction, the
Company or the applicable Guarantor, as the case may be, will take all necessary actions in order to secure the Notes Collateral subject to such permitted Lien in the same manner upon which it was secured prior to the imposition of such permitted
Lien. 
 (c) Upon delivery to the Collateral Agent of an Officer’s Certificate requesting execution of an instrument
confirming the release of the Liens pursuant to Section 11.05(a), accompanied by: 
 (1) an Opinion of
Counsel confirming that such release is permitted by Section 11.05(a); 
 (2) all instruments requested by
the Company to effectuate or confirm such release; and 
 (3) such other certificates and documents as the
Collateral Agent may reasonably request to confirm the matters set forth in Section 11.05(a), 
 the Collateral Agent is hereby authorized
to, and shall, if such instruments and confirmation are reasonably satisfactory to the Collateral Agent, promptly execute and deliver such instruments. 
 (d) All instruments effectuating or confirming any release of any Liens will have the effect solely of releasing such Liens as to the Notes Collateral described therein, on customary terms and without any
recourse, representation, warranty or liability whatsoever. 

  
 62 

 (e) The Company will bear and pay all reasonable costs and expenses associated with any
release or subordination of Liens pursuant to this Section 11.04, including all reasonable fees and disbursements of any attorneys or representatives acting for the Trustee or for the Collateral Agent. 

(f) Any release of Notes Collateral in accordance with the provisions of this Indenture and the Security Documents will not be deemed to
impair the security under this Indenture, and any engineer or appraiser may rely on this Section 11.05(f) in delivering a certificate requesting release so long as all other provisions of this Indenture and the Trust Indenture Act with respect
to such release have been complied with. 
 (g) At any time when a Default or Event of Default has occurred and is continuing
and the maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee (if not then the Collateral Agent) has delivered a notice of acceleration to the Collateral Agent, no release of Notes Collateral pursuant to
the provisions of this Indenture or the Security Documents will be effective as against the Holders. 
 Section 11.06.
Filing, Recording and Opinions. (a) To the extent applicable, the Company will comply with Section 314(d) of the Trust Indenture Act, relating to the release of property and to the substitution therefor of any property to be pledged
as collateral for the Notes. Any certificate or opinion required by Section 314(d) of the Trust Indenture Act may be made by an officer of the Company except in cases where Section 314(d) requires that such certificate or opinion be made
by an independent engineer, appraiser or other expert. Notwithstanding anything to the contrary herein, the Company and the Subsidiary Guarantors will not be required to comply with all or any portion of Section 314(d) of the Trust Indenture
Act if they determine, in good faith based on advice of outside counsel, that under the terms of that section and/or any interpretation or guidance as to the meaning thereof of the Commission and its staff, including “no action” letters or
exemptive orders, all or any portion of Section 314(d) of the Trust Indenture Act is inapplicable to the released Notes Collateral. 
 (b) If any Notes Collateral is released in accordance with this Indenture or any Security Document at a time when the Trustee is not itself also the Collateral Agent and if the Company has delivered the
certificates and documents required by the Security Documents and Section 11.05, the Trustee will determine whether it has received all documentation required by Section 314(d) of the Trust Indenture Act in connection with such release
and, based on such determination and the Opinion of Counsel delivered pursuant to Section 11.05, will, upon request, deliver a certificate to the Collateral Agent setting forth such determination. 

(c) The Company will deliver to the Trustee within 120 days after the end of each fiscal year, the Opinion of Counsel required pursuant
to Section 314(b)(2) of the Trust Indenture Act. 

  
 63 

 Section 11.07. Purchaser Protected. In no event shall any purchaser in good
faith of any property purported to be released hereunder be bound to ascertain the authority of the Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for
the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by this Article 11 to be sold be under any
obligation to ascertain or inquire into the authority of the Company or the applicable Guarantor to make any such sale or other transfer. 
 Section 11.08. Powers Exercisable by Receiver or Trustee. In case the Notes Collateral shall be in the possession of a receiver or trustee, lawfully appointed pursuant to the terms of this
Indenture and the Collateral Trust Agreement and the other Security Documents, the powers conferred in this Article 11 upon the Company or a Guarantor with respect to the release, sale or other disposition of such property may be exercised by such
receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or a Guarantor or of any officer or officers thereof required by the provisions of this Article 11; and
if the Trustee shall be in the possession of the Notes Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee. 
 ARTICLE 12 
 MISCELLANEOUS 

Section 12.01. Trust Indenture Act of 1939. The Indenture shall incorporate and be governed by the provisions of the Trust
Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 

Section 12.02. Noteholder Communications; Noteholder Actions. (a) The rights of Holders to communicate with other
Holders with respect to the Indenture or the Notes are as provided by the Trust Indenture Act, and the Company and the Trustee shall comply with the requirements of Trust Indenture Act Sections 312(a) and 312(b). Neither the Company nor the Trustee
will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 (b) (1) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an
“act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee
deems sufficient. 
 (2) The Trustee may make reasonable rules for action by or at a meeting of Holders, which
will be binding on all the Holders. 

  
 64 

 (c) Any act by the Holder of any Note binds that Holder and every subsequent Holder of a
Note that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation
before the date the amendment or waiver or other consequence of the act becomes effective. 
 (d) The Company may, but is not
obligated to, fix a record date (which need not be within the time limits otherwise prescribed by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any
other regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a
record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid
or effective for more than 90 days after the record date. 
 Section 12.03. Notices. (a) Any notice or
communication to the Company will be deemed given if in writing (i) when delivered in person or (ii) five days after mailing when mailed by first class mail, or (iii) when sent by facsimile transmission, with transmission confirmed.
Notices or communications to a Guarantor will be deemed given if given to the Company. Any notice to the Trustee will be effective only upon receipt. In each case the notice or communication should be addressed as follows: 

if to the Company: 
 AK Steel Corporation 
 9227 Centre Pointe Drive 

West Chester, OH 45069 
 Telecopy: (513) 425-5580 
 Attention: General Counsel 

if to the Parent Guarantor: 
 AK Steel Holding Corporation 
 9227 Centre Pointe Drive 

West Chester, OH 45069 
 Telecopy: (513) 425-5580 
 Attention: General Counsel 

with a copy to: 
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 

New York, NY 10153 
 Attention: Todd Chandler, Esq. 
 if to the Trustee: 

U.S. Bank National Association 
 425 Walnut Street 
 CN-OH-06CT 

Cincinnati, OH 45202 
 Telecopy: (513) 632-5511 
 Attention: Corporate Trust/Vice President

  
 65 

 if to the Collateral Agent: 

U.S. Bank National Association 
 425 Walnut Street 
 CN-OH-06CT 

Cincinnati, OH 45202 
 Telecopy: (513) 632-5511 
 Attention: Corporate Trust/Vice President

 The Company, the Parent Guarantor, the Trustee or the Collateral Agent by notice to the other may designate additional or different addresses
for subsequent notices or communications. 
 (b) Except as otherwise expressly provided with respect to published notices, any
notice or communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the
Trustee and DTC. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with
respect to other Holders. 
 (c) Where the Indenture provides for notice, the notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any
action taken in reliance upon such waivers. 
 Section 12.04. Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company to the Trustee to take any action under the Indenture, the Company will furnish to the Trustee: 
 (1) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied with; and

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

Section 12.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a
condition or covenant provided for in the Indenture must include: 
 (1) a statement that each person signing the
certificate or opinion has read the covenant or condition and the related definitions; 

  
 66 

 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statement or opinion contained in the certificate or opinion is based; 
 (3) a
statement that, in the opinion of each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (4) a statement as to whether or not, in the opinion of each such person, such condition or covenant has
been complied with, provided that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 
 Section 12.06. Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made
on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date,
and no interest will accrue for the intervening period. 
 Section 12.07. Governing Law. The Indenture, including
any Note Guarantees, and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law. 
 Section 12.08. No Adverse Interpretation of Other Agreements. The Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the
Company, and no such indenture or loan or debt agreement may be used to interpret the Indenture. 
 Section 12.09.
Successors. All agreements of the Company or any Guarantor in the Indenture and the Notes will bind its successors. All agreements of the Trustee in the Indenture will bind its successor. 

Section 12.10. Duplicate Originals. The parties may sign any number of copies of the Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 Section 12.11. Separability. In case any
provision in the 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 12.12. Table of Contents and Headings. The Table of Contents, Cross-Reference Table and headings of the Articles and
Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part of the Indenture and in no way modify or restrict any of the terms and provisions of the Indenture. 

  
 67 

 Section 12.13. No Liability of Directors, Officers, Employees, Incorporators,
Members and Stockholders. No director, officer, employee, incorporator, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or such Guarantor under the Notes, any Note
Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations. 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. 

  
 68 

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

 

					
	 AK Steel Corporation

as the Company

		
	By:	 	 /s/ Roger K. Newport

		 	Name:	 	Roger K. Newport
		 	Title:	 	Vice President – Finance and CFO
	
	 AK Steel Holding Corporation
 as Parent Guarantor

		
	By:	 	 /s/ Roger K. Newport

		 	Name:	 	Roger K. Newport
		 	Title:	 	Vice President – Finance and CFO
	
	 U.S. Bank National Association
 as Trustee

		
	By:	 	 /s/ Bill Sicking

		 	Name:	 	William E. Sicking
		 	Title:	 	Vice President & Trust Officer
	
	 U.S. Bank National Association
 as Collateral Agent

		
	By:	 	 /s/ Bill Sicking

		 	Name:	 	 William E. Sicking

		 	Title:	 	Vice President & Trust Officer

 [Signature Page to Indenture] 

 EXHIBIT A 
 [FACE OF NOTE] 
 AK Steel Corporation 

8.750% Senior Secured Note Due 2018 
  

			
		  	CUSIP                     
		
	No.     	  	$                    

 AK Steel Corporation, a Delaware corporation (the “Company”, which term includes any
successor under the Indenture hereinafter referred to), for value received, promises to pay to                     , or its registered assigns, the
principal sum of              DOLLARS ($        ) or such other amount as indicated on the Schedule of Exchange of Notes attached hereto on
December 1, 2018. 
 Initial Interest Rate: 8.750% per annum. 

Interest Payment Dates: June 1 and December 1, commencing June 1, 2013. 

Regular Record Dates: May 15 and November 15. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this place. 

  
 A-1

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officers. 
  

							
	Date:	 		 	AK Steel Corporation
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-2

 (Form of Trustee’s Certificate of Authentication) 

This is one of the 8.750% Senior Secured Notes Due 2018 described in the Indenture referred to in this Note. 

 

			
	U.S. Bank National Association, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-3

 [REVERSE SIDE OF NOTE] 

AK Steel Corporation 
 8.750%
Senior Secured Note Due 2018 
  

	1.	Principal and Interest. 

The Company promises to pay the principal of this Note on December 1, 2018. 

The Company promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the face of this
Note, at the rate of 8.750% per annum [(subject to adjustment as provided below)]1. 
 Interest will be payable semiannually (to the holders of record of the Notes
at the close of business on the May 15 or November 15 immediately preceding the interest payment date) on each interest payment date, commencing June 1, 2013. 
 [The Holder of this Note is entitled to the benefits of the Registration Rights Agreement, dated November 20, 2012, between the Company, the Parent Guarantor and the Representatives of the initial
purchasers of the Notes named therein (the “Registration Rights Agreement”). In the event of any Registration Default (as defined in the Registration Rights Agreement), the interest rate on this Note will increase by a rate of
0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed
1.00% per annum.]2 

Interest on this Note will accrue from the most recent date to which interest has been paid on this Note [or the Note surrendered in
exchange for this Note]3 (or, if there is no existing
default in the payment of interest and if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date) or, if no interest has been paid, from the Issue Date. Interest will be computed
in the basis of a 360-day year of twelve 30-day months. 
 The Company will pay interest on overdue principal, premium, if any,
and interest, in each case at a rate per annum of 8.750%. Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the 15th
day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets forth
the special record date, the payment date and the amount of interest to be paid. 
  

	1 	Include only for Initial Note or Initial Additional Note. 

	2 	Include only for Initial Note or Initial Additional Note. 

	3 	Include only for Exchange Note. 

  
 A-1

	2.	Indentures; Note Guarantee. 

 This is one of the Notes issued under an Indenture dated as of November 20, 2012 (as amended from time to time, the “Indenture”), among the Company, the Parent Guarantor, U.S. Bank
National Association, as Trustee and U.S. Bank National Association, as Collateral Agent. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by
applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. 
 The Notes are senior secured obligations of the Company. The Indenture limits the original aggregate principal amount of the Notes to $350,000,000, but Additional Notes may be issued pursuant to the
Indenture, and the originally issued Notes and all such Additional Notes vote together for all purposes as a single class. This Note is guaranteed as set forth in the Indenture. 

 

	3.	Redemption and Repurchase; Discharge Prior to Redemption or Maturity. 

 This Note is subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to this
Note. 
 If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding
principal of, premium, if any, and accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain
provisions of the Indenture. 
  

	4.	Registered Form; Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in
accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain
periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note. 
  

	5.	Defaults and Remedies. 

If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the Notes may declare all the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or
the Notes except as provided in the Indenture. 

  
 A-2

 
The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then
outstanding may direct the Trustee in its exercise of remedies. 
  

	6.	Amendment and Waiver. 

Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a
majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency
if such amendment or supplement does not adversely affect the interests of the Holders in any material respect. 
  

	7.	Authentication. 

 This
Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note. 
  

	8.	Governing Law. 

 This Note
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law. 
  

	9.	Abbreviations. 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and
U/G/M/A/ (= Uniform Gifts to Minors Act). 
 The Company will furnish a copy of the Indenture to any Holder upon written request
and without charge. 

  
 A-3

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

 

	
	Insert Taxpayer Identification No.
	
	  

	
	  

	Please print or typewrite name and address including zip code of assignee
	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	  

 attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

  
 A-4

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Note the undersigned confirms that such transfer is made without utilizing any general
solicitation or general advertising and further as follows: 
 Check One 

 ̈ (1) This Note is being transferred to a “qualified institutional buyer” in compliance with
Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit G to the Indenture is being furnished herewith. 

 ̈ (2) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from
registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit F to the Indenture is being furnished herewith. 

or 
  ̈ (3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the
Indenture. 
 If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any
Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied. 
  

									
	Date:	 	  
	 		 		 	
				
		 		 		 	  

		 		 		 	Seller
					
		 		 		 	By	 	  

			
		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without
alteration or any change whatsoever.

  
 A-5

			
	Signature Guarantee:4	 	  

  

			
	By	 	  

	To be executed by an executive officer

  

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

  
 A-6

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have all of this Note purchased by the Company pursuant to Section 4.09 or Section 4.12 of the Indenture, check
the box: 9 
 If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.09 or
Section 4.12 of the Indenture, state the amount (in original principal amount) below: 

$        . 
  

			
	Date:	 	  

 

			
	Your Signature:	 	  

(Sign exactly as your name appears on the other side of this Note) 
  

			
	Signature Guarantee:1	 	  

  

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

  
 A-7

 SCHEDULE OF EXCHANGES OF NOTES1 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease
in 
principal
amount
of this Global
Note	  	Amount of
increase
in 
principal
amount
of this Global
Note	  	Principal
amount of
this 
Global
Note
following such
decrease (or
increase)	  	Signature of
authorized
officer
of
Trustee
		  		  		  		  	
		  		  		  		  	

  

	1 	For Global Notes 

  
 A-8

 EXHIBIT B 
 SUPPLEMENTAL INDENTURE 
 dated as of
            ,          

among 
 AK STEEL
CORPORATION, 
 [The Guarantor(s) Party Hereto] 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Collateral Agent 

 
  

8.750% 
 Senior
Secured Notes due 
 2018 

  
 B-1

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of             ,         , among AK Steel Corporation, a Delaware corporation (the “Company”), [insert each Guarantor executing
this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”), U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National Association, as collateral agent (the
“Collateral Agent”). 
 RECITALS 

WHEREAS, the Company, the Guarantors party thereto, the Trustee and the Collateral Agent entered into the Indenture, dated as of
November 20, 2012 (the “Indenture”), relating to the Company’s 8.750% Senior Secured Notes due 2018 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances a Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary shall unconditionally
Guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

AGREEMENT 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to
this Supplemental Indenture hereby agree as follows: 
 Section 1. Capitalized terms used herein and not otherwise defined
herein are used as defined in the Indenture. 
 Section 2. Each Undersigned, by its execution of this Supplemental
Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 

Section 3. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York
without regard to principles of conflicts of law. 
 Section 4. Neither the Company nor the Undersigned shall be required
to make a notation on the Note to reflect the Note Guarantee or any release, termination or discharge thereof. 

Section 5. This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same
instrument. 

  
 B-2

 Section 6. This Supplemental Indenture is an amendment supplemental to the Indenture
and the Indenture and this Supplemental Indenture will henceforth be read together. 

  
 B-3

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

					
	AK Steel Corporation, as the Company
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[GUARANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	U.S. Bank National Association, as Trustee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	U.S. Bank National Association, as Collateral Agent
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 B-4

 EXHIBIT C 
 RESTRICTED LEGEND 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES
TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO
THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO
THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 

  
 C-1

 EXHIBIT D 
 REGULATION S LEGEND 
 THE SECURITIES COVERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED AND SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (I) AS PART OF YOUR DISTRIBUTION AT ANY TIME OR (II)
OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE DATE THE SECURITIES WERE FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE UPON REGULATION S AND THE CLOSING DATE, EXCEPT IN EITHER CASE IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT (OR IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO ACCREDITED INVESTORS IN TRANSACTIONS THAT ARE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT), AND IN CONNECTION WITH ANY SUBSEQUENT SALE BY YOU OF THE SECURITIES
COVERED HEREBY IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT DURING THE PERIOD REFERRED TO ABOVE TO ANY DISTRIBUTOR, DEALER OR PERSON RECEIVING A SELLING CONCESSION, FEE OR OTHER REMUNERATION, YOU MUST DELIVER A NOTICE TO SUBSTANTIALLY THE
FOREGOING EFFECT. TERMS USED ABOVE HAVE THE MEANINGS ASSIGNED TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

  
 D-1

 EXHIBIT E 
 DTC LEGEND 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 [TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.] 

  
 E-1

 EXHIBIT F 
 Regulation S Certificate 

            ,
         
 U.S. Bank National Association 
 425 Walnut Street 
 CN-OH-06CT 
 Cincinnati, OH 45202 
 Telecopy: (513) 632-5511 

Attention: Corporate Trust/Vice President 
  

	 	Re:	AK Steel Corporation 

	 	 	8.750% Senior Secured 

	 	 	Notes due 2018 (the “Notes”) 

	 	 	Issued under the Indenture (the “Indenture”) dated as 

	 	 	as of November 20, 2012 relating to the
Notes                         

 Ladies and Gentlemen: 
 Terms are used in this Certificate as used in Regulation S
(“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein. 
 [CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈  A.	This Certificate relates to our proposed transfer of $         principal amount of Notes issued under the Indenture. We hereby
certify as follows: 

  

	 	1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S.
person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer
and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens abroad. 

  

	 	2.	Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated, the buyer was
outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities
market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States. 

  
 F-1

	 	3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States with respect to the Notes.

  

	 	4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

 

	 	5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the
Restricted Period (as defined in the Indenture), or we are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule
904(b) of Regulation S. 

  

	 	 ̈  B.	This Certificate relates to our proposed exchange of $         principal amount of Notes issued under the Indenture for an equal
principal amount of Notes to be held by us. We hereby certify as follows: 

  

	 	1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of
“U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3);
and we were not a member of an identifiable group of U.S. citizens abroad. 

  

	 	2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States
or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States. 

 

	 	3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  
 F-2

 You and the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

  
 F-3

 EXHIBIT G 
 Rule 144A Certificate 

            ,         

 U.S. Bank National Association 
 425
Walnut Street 
 CN-OH-06CT 

Cincinnati, OH 45202 
 Telecopy:
(513) 632-5511 
 Attention: Corporate Trust/Vice President 

 

	 	Re:	AK Steel Corporation 

	 	 	8.750% Senior Secured 

	 	 	Notes due 2018 (the “Notes”) 

	 	 	Issued under the Indenture (the “Indenture”) dated as 

	 	 	as of November 20, 2012 relating to the
Notes                         

 Ladies and Gentlemen: 
 TO BE COMPLETED BY PURCHASER IF (1) ABOVE IS CHECKED.

 This Certificate relates to: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈  A.	Our proposed purchase of $         principal amount of Notes issued under the Indenture. 

 

	 	 ̈  B.	Our proposed exchange of $         principal amount of Notes issued under the Indenture for an equal principal amount of Notes
to be held by us. 

 We and, if applicable, each account for which we are acting in the aggregate owned and
invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of             , 20    , which is a date
on or since close of our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in
reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule
144A(d)(4) or have determined not to request such information. 

  
 G-1

 You and the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

  
 G-2

 EXHIBIT H 
 Institutional Accredited Investor Certificate 
 U.S. Bank National Association 

425 Walnut Street 
 CN-OH-06CT 

Cincinnati, OH 45202 
 Telecopy:
(513) 632-5511 
 Attention: Corporate Trust/Vice President 

 

	 	Re:	AK Steel Corporation 

	 	 	8.750% Senior Secured 

	 	 	Notes due 2018 (the “Notes”) 

	 	 	Issued under the Indenture (the “Indenture”) dated as 

	 	 	as of November 20, 2012 relating to the
Notes                         

 Ladies and Gentlemen: 
 This Certificate relates to: 

[CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈  A.	Our proposed purchase of $         principal amount of Notes issued under the Indenture. 

 

	 	 ̈  B.	Our proposed exchange of $         principal amount of Notes issued under the Indenture for an equal principal amount of Notes
to be held by us. 

 We hereby confirm that: 

 

	 	1.	We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended
(the “Securities Act”) (an “Institutional Accredited Investor”). 

  

	 	2.	Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole
investment discretion. 

  

	 	3.	We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and
any accounts for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Notes. 

  

	 	4.	 We are not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of
any State of the United States or any other applicable jurisdiction; 

  
 H-1

	 	
provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their control.

  

	 	5.	We acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within the United States or to or for the
benefit of U.S. persons except as set forth below. 

  

	 	6.	The principal amount of Notes to which this Certificate relates is at least equal to $250,000. 

We agree for the benefit of the Company, on our own behalf and on behalf of each account for which we are acting, that such Notes may be
offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Company, (b) pursuant to a registration statement which has
become effective under the Securities Act, (c) to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities Act,
(e) in a principal amount of not less than $250,000, to an Institutional Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of which may be obtained from the Trustee)
relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act.

 Prior to the registration of any transfer in accordance with (c) or (d) above, we acknowledge that a duly completed
and signed certificate (the form of which may be obtained from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above, we acknowledge that the Company reserves the right
to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities Act and applicable state securities laws.
We acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act. 
 We understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and the Trustee that
the foregoing restrictions on transfer have been complied with. We further understand that the Notes acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting the substance of the
preceding paragraph. We further agree to provide to any person acquiring any of the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein and that certificates representing the Notes will bear a legend
to that effect. 

  
 H-2

 We agree to notify you promptly in writing if any of our acknowledgments, representations or
agreements herein ceases to be accurate and complete. 
 We represent to you that we have full power to make the foregoing
acknowledgments, representations and agreements on our own behalf and on behalf of any account for which we are acting. 
 You
and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters
covered hereby. 
  

			
	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

  
 H-3

 Upon transfer, the Notes would be registered in the name of the new beneficial owner as
follows: 
  

			
	By:	 	  

		
	Date:	 	  

			
		
	Taxpayer ID number:	 	  

  
 H-4

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