Document:

EX-10.2

 Exhibit 10.2 
 PRUDENTIAL FINANCIAL, INC 
 Terms and Conditions of the 

2013 Long-Term Incentive Program for Senior Executives 

  
 1 

 IMPORTANT NOTICE 
 This document is intended to help you understand the main features of the 2013 Long-Term Incentive Program (the Long-Term Program) under the Prudential Financial, Inc. Omnibus Incentive Plan (the
Plan). You should refer to this document only for grants made in 2013, because terms may change from year to year. 
 This
document is not a substitute for the official Plan documents, which govern the operation of the Plan. All terms and conditions of the Long-Term Program and the Plan, including your eligibility and any benefits, will be determined pursuant to, and
are governed by, the provisions of the Plan documents. If there is any discrepancy between the information in this document or in any other materials relating to the Plan and the actual Plan documents, or if there is a conflict between information
discussed by anyone acting on behalf of Prudential and the actual Plan documents, the Plan documents, as interpreted by the Compensation Committee as the Plan administrator in its sole discretion, will always govern. 

Prudential may, in its sole discretion, modify, amend, suspend, or terminate the Plan or the Long-Term Program, or any and all of the policies, programs
and plans described in this document in whole or in part, at any time, without notice to or consent of any Participant to the extent permissible under applicable law. 
 Nothing contained in this document, or in any other materials related to either the Long-Term Program or the Plan, is intended to constitute or create a contract of employment nor shall it constitute or
create the right to remain associated with or in the employ of Prudential for any particular period of time. For US Participants only employment with Prudential is employment-at-will; this means that either you or Prudential may terminate the
employment relationship or association at any time, with or without cause or notice. 

 CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 PART A: General terms and conditions
	  	 	1	  
	 1.
	 	 Purpose
	  	 	1	  
	 2.
	 	 Eligibility and grants
	  	 	1	  
	 3.
	 	 Acceptance of an Award
	  	 	1	  
	 4.
	 	 Taxes
	  	 	1	  
	 5.
	 	 Value of Awards
	  	 	2	  
	 6.
	 	 Covenant not to solicit; other terms and restrictions
	  	 	2	  
	 7.
	 	 Compliance with Applicable Laws
	  	 	4	  
	 8.
	 	 Investment representation
	  	 	4	  
	 9.
	 	 Governing law
	  	 	4	  
	 10.
	 	 Electronic delivery and acceptance
	  	 	4	  
	 11.
	 	 No rights as a shareholder
	  	 	5	  
	 12.
	 	 Section 409A
	  	 	5	  
	 13.
	 	 Other terms
	  	 	5	  
	 PART B: Terms and conditions applicable to Restricted Stock Units
	  	 	6	  
	 1.
	 	 Restricted Period
	  	 	6	  
	 2.
	 	 Settlement of Restricted Stock Units
	  	 	6	  
	 3.
	 	 Vesting or forfeiture of Restricted Stock Units following termination of Employment in specific circumstances
	  	 	6	  
	 4.
	 	 Section 409A
	  	 	8	  
	 5.
	 	 Dividend Equivalents
	  	 	8	  
	 PART C: Terms and conditions applicable to Options
	  	 	10	  
	 1.
	 	 Vesting and exercise
	  	 	10	  
	 2.
	 	 Exercise of Options
	  	 	10	  
	 3.
	 	 Option term
	  	 	10	  
	 4.
	 	 Exercise or forfeiture of Options following termination of Employment in specific circumstances
	  	 	10	  
	 PART D: Terms and conditions applicable to Performance Shares and Performance Units under the Long-Term
Performance Program, a sub-program of the Long-Term Incentive Program
	  	 	13	  
	 1.
	 	 Performance Cycle
	  	 	13	  
	 2.
	 	 Settlement of Performance Shares and Performance Units
	  	 	13	  
	 3.
	 	 Earnout: Performance Goals
	  	 	13	  
	 4.
	 	 Vesting or forfeiture of Performance Shares and Performance Units following termination of Employment in specific
circumstances
	  	 	14	  
	 5.
	 	 Section 409A
	  	 	16	  
	 6.
	 	 Dividend Equivalents
	  	 	17	  
	 PART E: Terms and conditions applicable to Book Value Units under the Book Value Performance Program, a
sub-program of the Long-Term Incentive Program
	  	 	18	  
	 1.
	 	 Book Value Units
	  	 	18	  
	 2.
	 	 Vesting Period
	  	 	18	  
	 3.
	 	 Settlement of Book Value Units
	  	 	18	  
	 4.
	 	 Vesting or forfeiture of Book Value Units following termination of Employment in specific circumstances
	  	 	18	  
	 5.
	 	 Forfeiture
	  	 	21	  
	 6.
	 	 Section 409A
	  	 	21	  
	 7.
	 	 No Dividend Equivalents
	  	 	21	  

							
	 Schedule
	  			
	 1.
	 	 Definitions
	  	 	22	  
	 2.
	 	 Country specific variations
	  	 	25	  
	 3.
	 	 Form for declining an Award
	  	 	27	  

 Prudential Financial, Inc. 2013 Long-Term Incentive Program 

This document contains the principal terms and conditions applicable to Awards granted to employees under the Prudential Financial, Inc. Omnibus
Incentive Plan (the Plan) for 2013. Specific provisions applicable to any employees selected to participate in any particular country are set out in Schedule 2. 
 PART A: General terms and conditions 
  

	1.	Purpose 

 Prudential’s 2013 Long-Term
Incentive Program (the Long-Term Program) is made available to employees subject to the terms of the Plan and is designed to strengthen the links between leadership, motivation and consistent performance. Employees selected to participate in
the Long-Term Program may be granted Awards of Performance Units valued by reference to the book value of the Common Stock (the Book Value Units), Awards of Restricted Stock Units, Options, Performance Shares, Performance Units, or a
combination thereof, and will be advised of the Awards made to them in their own personalized compensation statement or a communication from their manager. 
 The grant of Awards under the Long-Term Program is subject to the terms and conditions contained in the Plan document. This document describes the principal terms and conditions of Awards granted to
employees under the Plan (the Terms). The Schedule to these Terms contains the definitions used in these Terms. If there is any discrepancy between these Terms and the Plan document, or if there is a discrepancy between any information given
by anyone acting on behalf of any member of the Company Group and the Plan document, the Plan document, as interpreted by the Compensation Committee, will always govern. 

 

	2.	Eligibility and grants 

 Grants of Awards
under the Plan are entirely at the sole discretion of Prudential. 
 A grant of an Award under the Plan on one occasion does not give an
employee the right to any further grant at any time in the future. 
  

	3.	Acceptance of an Award 

 An employee
granted an Award may accept the Award in any manner specified by the Compensation Committee (or the Company Group) and may be deemed to have accepted an Award if the employee has not declined the grant of that Award (in whole or in part) within any
period of time specified by the Compensation Committee (or the Company Group) and notified to the employee. 
 By accepting an Award, a
Participant will be responsible for complying with any Applicable Laws relating to: 
  

	(i)	the transfer of funds on the exercise of an Option (if the Cash Exercise method is used); 

 

	(ii)	the acquisition, holding and sale of shares of Common Stock acquired under the Plan; and 

 

	(iii)	the opening and maintaining of a U.S. brokerage account. 

 The Applicable Laws may change and Participants should seek their own professional legal, financial and taxation advice in relation to their participation in the Plan. 

 

	4.	Taxes 

 Prudential or any member of the
Company Group, as appropriate, has the right to deduct, report and account for any taxes or other obligations required to be withheld by law in connection with an Award. Prudential 

  
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(or, as appropriate, any other member of the Company Group) may require a Participant to pay to Prudential (or, if appropriate, any other member of the Company Group) the amount necessary to
satisfy any such taxes or other obligations and may defer delivery of shares of Common Stock under the Plan to a Participant until such withholding is satisfied. On the exercise or the Vesting of an Award (as appropriate), Prudential or, if
appropriate, any other member of the Company Group, will have the right to withhold, either through payroll, through the withholding of sufficient shares of Common Stock or otherwise, in order to satisfy any applicable withholding requirements on
the exercise or the Vesting of an Award (as appropriate). Participants will be responsible for ensuring that their own tax affairs in connection with the Plan are in order. 

 

	5.	Value of Awards 

 Prudential makes no
representation as to the future value of any Award under the Plan or whether any profit will be realized with respect to any Award. Past performance may not be a reliable guide to future performance. Investments may fall as well as rise in value. By
accepting the grant of an Award, a Participant agrees that Prudential and the other members of the Company Group are not responsible for foreign exchange fluctuations between the Participant’s local currency and the U.S. dollar and are not
liable for any decrease in the value of shares of Common Stock. Changes in exchange rates may have an adverse effect on the value, price or income of the securities. 
  

	6.	Covenant not to solicit; other terms and restrictions 

  

	(a)	Restrictions during Employment: By accepting the grant of an Award a Participant agrees that during Employment, the Participant will not, other than on behalf of
the Company Group or as may otherwise be required in connection with the performance of the Participant’s duties on behalf of the Company Group, solicit or induce, either directly or indirectly, or take any action to assist any entity, either
directly or indirectly, in soliciting or inducing any employee of the Company Group (other than the Participant’s administrative assistant) to leave Employment (Induce Departures). 

 

	(b)	Post-Employment restrictive covenants, acknowledgements and representations: By accepting the grant of an Award a Participant agrees that following the
termination of the Participant’s Employment: 

  

	 	(i)	Until the original latest Vesting date of the Award or, if ending later, for a period of one year after the termination of the Participant’s Employment for any
reason, the Participant will not Induce Departures or hire or employ, or assist in the hire or employment of, either directly or indirectly, any employee of the Company Group (other than the Participant’s administrative assistant) or any former
employee of the Company Group within 60 days of that former employee’s cessation of Employment with the Company Group; 

  

	 	(ii)	If the Participant voluntarily resigns in circumstances qualifying for Approved Retirement, the Participant will not compete with the Company Group in any business in
which the Company Group is engaged on the last date of the Participant’s Employment that operates in any geographic area in which the Company Group operates as of the Participant’s last date of Employment, for a period of one year
following the Participant’s termination of Employment or until the original latest Vesting date of the Award, whichever is the shorter period; and 

  

	 	(iii)	The Participant could earn a living while fully complying with all of the provisions, restrictions and covenants contained in these Terms. The Participant acknowledges
that Prudential provides a wide range of insurance, investment management and other financial products and services to customers throughout the world and that the restrictions contained in these Terms are reasonable and necessary to protect
Prudential’s legitimate interests in its confidential information, trade secrets, customer relationships, and investment in the training and development of its employees. 

  
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	(c)	Restrictions separable and divisible: By accepting the grant of an Award a Participant acknowledges and accepts the restrictions imposed by subsections 6(a) and
(b) of Part A of these Terms and that each restriction will be construed as separate and divisible from every other restriction. If any provision contained in the Plan or these Terms is for any reason held invalid, illegal or unenforceable in
any respect, that invalidity, illegality or unenforceability will not affect any other provision of the Plan or these Terms, and the Plan or these Terms will be construed as if the invalid, illegal or unenforceable provision had not been included in
the Terms. It is the intention of the parties that if any of the restrictions or covenants contained in these Terms is held to cover a geographic area or to be for a length of time which is not permitted by Applicable Law, or in any way construed to
be too broad or to any extent invalid, that provision will not be null, void and of not effect, but to the extent the provision would be valid or enforceable under Applicable Law, a court of competent jurisdiction will construe and interpret or
reform the Terms to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained in these Terms) as will be valid and enforceable under the Applicable Law. Prudential may
waive any restriction or any breach in circumstances that it determines do not adversely affect its interests, but only in writing signed by its Senior Vice President, Human Resources (or the successor to his or her human resource responsibilities),
or his or her delegate. No waiver of a breach of a restriction will be deemed a waiver of any other breach. 

  

	(d)	 Remedies: By accepting the grant of an Award a Participant agrees that the restrictions in subsections 6(a) and (b) of Part A of these
Terms are fair, reasonable and necessary, and are reasonably required for the protection of Prudential and any other member of the Company Group. The Participant agrees and acknowledges that the amount of damages that would derive from the breach of
any restriction is not readily ascertainable and that the restrictions are a significant portion of the consideration that the Participant conveys to Prudential in consideration of the grant of an Award. Accordingly, if a Participant fails to
execute and submit or revokes a Release or breaches any of the restrictive covenants set out in subsections 6(a) and (b) of Part A of these Terms, all of the Participant’s outstanding Awards will be cancelled immediately on the date of
that failure, as determined in the sole discretion of the Compensation Committee or its delegate. If a Participant breaches any of the restrictive covenants set out in subsections 6(a) and (b) of Part A of these Terms, in addition to any
equitable relief available to Prudential as outlined below, the Participant will transfer to Prudential Common Stock (rounded to the nearest whole share) equal in value (using the current Market Value of Common Stock on the date the letter of
notification of the breach is dated) to the profit realized by the Participant under the Plan occurring (I) in the case of any breach while the Participant is an employee of the Company Group, within twelve (12) months before the date of
the breach or at any time after the date of such breach; or (II) in the case of a breach after the termination of the Participant’s Employment, within six (6) months before the date on which the Participant’s Employment terminated or
at any time after the date of such termination of Employment. For the avoidance of doubt, the term “profit” referred to in the preceding sentence will be equal to (I) in the case of any Options, the sums (determined separately for
each exercise of any portion of the Options within the applicable period established pursuant to such sentence) of (i) (A) the Market Value of a share of Common Stock on the date of exercise, in the case of a Cash Exercise, the price at
which shares of Common Stock are sold, in the case of a Same Day Sale, or a combination of such Market Value and sales price, in the case of a Sell to Cover (as each such term is defined in Part C below), minus (B) the Grant Price of the
Option, times (ii) the number of shares of Common Stock acquired on exercise of the Option(s); (II) in the case of any Restricted Stock Unit or Performance Share Award, the sums (determined separately for each grant payable within the
applicable period established pursuant to such sentence) of (i) the Market Value of a share of Common Stock on the date of payment times (ii) the number of shares of Common Stock acquired or acquirable, and (III) in the case of any other
Award payable in cash, the amount of cash paid in respect of such Award. The Participant will pay any such amount (in the form of Common Stock or cash, as applicable) to Prudential within five (5) business days of the date Prudential notifies
the Participant that a breach of the provisions of this Section 6 has occurred. If payment is not made within that period, any subsequent payment will be made with interest at a rate equal to the prime

  
 3 

	 	
rate as reported in The Wall Street Journal (Eastern Edition) on the date on which notice of the breach is sent to the Participant by Prudential, plus two (2) percent. Interest payments will
be made in cash. A Participant also acknowledges that the damages to Prudential for any breach of subsections 6(a) or (b) of Part A of these Terms would be irreparable. Therefore, in addition to monetary damages and/or reasonable
attorney’s fees, Prudential will have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce the restriction. Further, a Participant consents to the issue of a temporary restraining order to
maintain the status quo pending the outcome of any proceeding. 

  

	7.	Compliance with Applicable Laws 

 Awards
granted under the Plan and Prudential’s obligation to deliver shares of Common Stock or make payment of cash, as applicable, under these Terms will be subject in all respects to (a) all Applicable Laws, and (b) any registration,
qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Compensation Committee determines to be necessary or applicable. Shares of Common Stock or cash, as applicable, may not be delivered or
paid to a Participant if their receipt would be contrary to any Applicable Laws or the rules of any applicable stock exchange. 
  

	8.	Investment representation 

 If at the time
of delivery of any shares of Common Stock under the Plan, the Common Stock is not registered under the United States Securities Act of 1933, as amended (the Securities Act), or there is no current prospectus in effect under the Securities Act
with respect to the Common Stock, a Participant will, if requested by the Compensation Committee, execute, before the delivery of any shares of Common Stock, an agreement (in the form the Compensation Committee specifies) in which the Participant
represents and warrants that the Participant is acquiring the shares for the Participant’s own account, for investment only and not with a view to the resale or distribution of the shares, and agrees that any subsequent offer for sale or
distribution of any kind of such shares will be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the
shares being offered or sold; or (b) a specific exemption from the registration requirements of the Securities Act, but in claiming that exemption, the Participant will, before any offer for sale of the shares, obtain a prior favorable written
opinion, in form and substance satisfactory to the Compensation Committee, from counsel for or approved by the Compensation Committee, as to the applicability of the exemption. 

 

	9.	Governing law 

 A Participant acknowledges
that Prudential is organized under the laws of the State of New Jersey and maintains its headquarters in Newark, New Jersey. The Participant further acknowledges that Prudential has an interest in ensuring the uniform interpretation and application
of these Terms to all Participants. Accordingly, Prudential and the Participant agree that the Plan and these Terms will be governed by the laws of the State of New Jersey, without giving effect to its conflict of law provisions. 

 

	10.	Electronic delivery and acceptance 

 By
accepting an Award under the Plan, a Participant agrees, to the fullest extent permitted by Applicable Laws, in lieu of receiving documents in paper format to accept electronic delivery of any documents that any member of the Company Group may be
required to deliver in connection with the Plan. Electronic delivery of a document may be via e-mail or by reference to a location on a member of the Company Group’s intranet site or a designated third-party vendor’s internet site.

  
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	11.	No rights as a shareholder 

 A Participant
does not have any rights as a shareholder in Prudential by virtue of the grant of an Award under the Plan, but only with respect to shares of Common Stock, if any, delivered to the Participant in accordance with the Plan and these Terms. 

 

	12.	Section 409A 

 Notwithstanding any
provision of the Plan to the contrary, no acceleration of the time or schedule of any delivery of shares or other payment related to an Award will be permitted to the extent necessary to comply with Code Section 409A and any regulations issued
under Section 409A. The Compensation Committee may amend, modify, adjust or supplement any provision of the Plan without a Participant’s consent if the Compensation Committee determines that the amendment, modification, adjustment or
supplementation is required or advisable for an Award or Prudential to comply with, or not violate, any Applicable Laws, regulation or rule, including, without limitation, Section 409A. 

 

	13.	Other terms 

 Participation in the Plan
does not entitle an employee of the Company Group to any benefit other than that granted under the Plan. Any benefits granted under the Plan will not be deemed to be compensation under any pension plan or other retirement plan, welfare plan or any
compensation plan or program maintained by any member of the Company Group, and will not be considered as part of compensation for the purposes of calculating pension, profit-sharing, bonuses, service awards, or in the event of severance, redundancy
or resignation. 
 Prudential may modify, amend, suspend or terminate the Plan or any and all of the policies, programs and terms of the Plan in
whole or in part, at any time, without notice to or with the consent of Participants. 
 If shares of Common Stock are, or are to be, delivered
in a manner not specifically authorized by the Plan, (i.e., in “Error”), Prudential will be entitled to correct the Error, including reversing the transaction and recouping any Common Stock or gain that might be delivered as a result of
the Error. 
 The English language version of any documents provided in connection with the Plan will prevail in the case of any ambiguities or
divergences as a result of the translation of the document into any other language. 
 Participation in the Plan is not intended to constitute
or create a contract of employment nor does it constitute or create the right to remain associated with or in the employ of any member of the Company Group for any particular period of time. Participation in the Plan does not affect in any way a
member of the Company Group’s right to terminate an employee’s Employment at any time, with or without cause, and does not form part of an employee’s employment contract, if any. 

As a term of participation in the Plan, each Participant will indemnify the Company Group for any loss (including but not limited to any costs, damages,
expenses, claims, penalties or demands) suffered by any member of the Company Group, and no member of the Company Group will be liable to such Participant (or any beneficiaries thereto) for any such loss suffered by the Participant (or any
beneficiaries), as a result of any action taken by the Participant or any failure by the Participant to take any action. 

  
 5 

 PART B: Terms and conditions applicable to Restricted Stock Units under the Long-Term
Incentive Program 
  

	1.	Restricted Period 

 The restricted period
(the Restricted Period) with respect to the Restricted Stock Units will begin on the Grant Date and will end on the RSU Payment Date. 
  

	2.	Settlement of Restricted Stock Units 

Subject to the terms and conditions of the Plan, a Participant in active Employment on the RSU Payment Date will receive as soon as administratively
practicable after the RSU Payment Date (but not later than the end of the calendar year in which the RSU Payment Date occurs) the number of shares of Common Stock equal to the number of Restricted Stock Units vested in accordance with these Terms,
less any taxes or other deductions required by Applicable Law. 
  

	3.	Vesting or forfeiture of Restricted Stock Units following termination of Employment in specific circumstances 

A Participant’s outstanding Restricted Stock Units will automatically be forfeited and cancelled on the termination of the Participant’s
Employment and no shares of Common Stock may thereafter be issued with respect to the Restricted Stock Units, except in the specific circumstances set out in the table below: 

 

			
	  	  	 Restricted Stock Units

	 Type of Termination of Employment
	  	 Vesting Status

	Voluntary Resignation	  	All outstanding Restricted Stock Units are immediately forfeited.

  
 6 

			
	  	  	 Restricted Stock Units

	 Type of Termination of Employment
	  	 Vesting Status

	Approved Retirement	  	 If the Participant retires in 2013 with less than 3 months of active service in such year, all Restricted Stock Units will immediately
be forfeited.
  
 If the Participant retires in 2013 in circumstances
qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive a pro-rated(1) number of shares of Common Stock as soon as administratively practicable following the RSU Payment Date (but in all
events not later than the end of the calendar year in which the RSU Payment Date occurs). The remainder of the Restricted Stock Units will be forfeited. If the Participant does not execute a Release, all Restricted Stock Units will be forfeited on
the last date of Employment.
  
 If the Participant retires after 2013 in
circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive shares of Common Stock equal to the number of outstanding
Restricted Stock Units as soon as administratively practicable after the RSU Payment Date (but in all events not later than the end of the calendar year in which the RSU Payment Date occurs). If the Participant does not execute a Release, all
Restricted Stock Units will be forfeited on the last date of Employment.

		
	Termination for Cause	  	 All outstanding Restricted Stock Units are immediately forfeited.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit (including, but not limited to, any dividends or Dividend Equivalents) in respect of the Restricted Stock Units or any prior restricted stock units or Awards received within a period of twelve (12) months before the
Participant’s termination of Employment for Cause. If a Participant’s Employment is terminated by any member of the Company Group for Cause, the provisions in these Terms relating to termination for Cause will apply notwithstanding any
assertion (by the Participant or otherwise) that the Participant’s Employment was terminated for any other reason.

		
	Death (while an active employee)	  	All outstanding Restricted Stock Units become fully vested and the Participant’s estate will receive shares of Common Stock as soon as administratively practicable (but not
later than 74 days) thereafter.

  
 7 

			
	  	  	 Restricted Stock Units

	 Type of Termination of Employment
	  	 Vesting Status

	Disability	  	All outstanding Restricted Stock Units become fully vested and the Participant will receive shares of Common Stock as soon as administratively practicable (but not later than 74
days) thereafter.
		
	Involuntary Termination for any other reason	  	If a Participant executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), a pro-rated(2) number of Restricted Stock Units will vest and the Participant will
receive shares of Common Stock as soon as administratively practicable (but not later than 74 days) thereafter. The remainder of the Restricted Stock Units will be forfeited. If the Participant does not execute a Release, all Restricted Stock Units
will be forfeited on the last date of Employment.
		
	Change of Control	  	All Restricted Stock Units will become vested and the Participant will normally receive shares of Common Stock; unless the entity that acquires control honors, assumes, or
substitutes new rights for the Restricted Stock Units with substantially equivalent or better rights, terms, conditions and values as determined by the Compensation Committee. Alternatively, the Compensation Committee may, at its sole discretion,
provide for payment in cash based on the Change of Control price.

  

	(1) 	 Pro-ration is based on the number of months of active service during that year divided by 12. The remaining balance will be forfeited as of the date of
retirement. 

	(2) 	 Pro-ration is based on the number of months of active service since the Grant Date divided by 36. 

 

	4.	Section 409A 

 Notwithstanding any
other provisions of the Plan to the contrary, to the extent necessary to comply with the requirements of Code Section 409A and any regulations issued under Section 409A with respect to any individual who is a “specified employee”
within the meaning of Section 409A and any regulations, on termination of the Participant’s employment with any member of the Company Group, delivery of shares of Common Stock may not be made before the date that is six (6) months
after the date of such termination of Employment (or, if earlier, the date of the Participant’s death). In addition, to the extent necessary to comply with the requirements of Section 409A and any regulations issued under
Section 409A, if an award of Restricted Stock Units is treated as deferred compensation subject to Section 409A, no distribution will be made (although vesting will accelerate to the extent otherwise provided above) in respect of such
award upon the occurrence of a Change of Control unless such event qualifies as a change in the ownership of a corporation, change in the effective control of a corporation or a change in the ownership of a substantial portion of the assets of a
corporation within the meaning of Section 409A and any regulations issued thereunder. 
  

	5.	Dividend Equivalents 

 A Participant
granted Restricted Stock Units will be eligible to receive Dividend Equivalents on the Restricted Stock Units based on any regular cash dividends declared on Common Stock from the Grant Date until the RSU Payment Date (or until the date of
forfeiture, if sooner). Any Dividend Equivalents will be paid in cash as soon as administratively practicable (but not more than 74 days) after the related cash 

  
 8 

 
dividends are paid to Common Stock holders, unless determined otherwise by the Compensation Committee. Any Dividend Equivalents payable under the Plan will be treated as separate payments from
the underlying Restricted Stock Units for purposes of Section 409A of the Code. There will be no reinvestment option or earned interest credits on any Dividend Equivalent. 

  
 9 

 PART C: Terms and conditions applicable to Options under the Long-Term Incentive Program

  

	1.	Vesting and exercise 

 An Option will
normally vest and become exercisable in three equal annual installments on each anniversary of the Grant Date provided the Participant holding that Option remains in Employment throughout that period. 

 

	2.	Exercise of Options 

 An Option may be
exercised by the Participant: 
  

	(i)	paying in cash the Grant Price and any applicable taxes and fees (Cash Exercise); or 

 

	(ii)	directing the immediate sale of all the shares of Common Stock acquired on exercise and receiving the cash proceeds, after deduction of the Grant Price and applicable
taxes and fees (Same Day Sale); or 

  

	(iii)	directing the immediate sale of sufficient shares of Common Stock acquired on exercise necessary to pay the Grant Price and any applicable taxes and fees and receive
the remaining shares of Common Stock (Sell to Cover). 

 One or more of the exercise methods may not be available (or may
be unavailable during a specified period) if Prudential determines that its availability will or could violate the terms of any Applicable Laws. An Option cannot be exercised when the Market Value of a share of Common Stock does not exceed the Grant
Price. Please refer to Schedule 2 for country specific restrictions regarding the exercise of Options. 
  

	3.	Option term 

 Once an Option vests, it may
be exercised until its Expiration Date unless the Participant’s employment ends before the Expiration Date or a Change of Control occurs. 
  

	4.	Exercise or forfeiture of Options following termination of Employment in specific circumstances 

A Participant’s Options, whether vested or unvested, will automatically be forfeited and cancelled on the termination of the Participant’s
Employment, and no shares of Common Stock may thereafter be purchased under the Options, except in the specified circumstances set out in the table below: 
  

					
	 Stock Options

	 Type of
 Termination of

Employment
	  	 Vesting Status on Last Date of Employment
	  	 Exercise
Period(1)

	Voluntary Resignation	  	Unvested Options will immediately be forfeited as of the last date of Employment. Vested but unexercised Options may be exercised after the last date of Employment, conditional on
the Participant executing and submitting a Release by the date specified by Prudential (and not later revoking the Release). If the Participant does not execute a Release, all Options will be forfeited as of the last date of the Participant’s
Employment.	  	Vested Options may be exercised until the earlier of 90 days after the last date of Employment or the option Expiration Date, conditional on the Participant executing and submitting
a Release by the date specified by Prudential (and not later revoking the Release).

  
 10 

					
	 Stock Options

	 Type of
 Termination of

Employment
	  	 Vesting Status on Last Date of Employment
	  	 Exercise
Period(1)

	Approved Retirement	  	If a Participant retires in circumstances qualifying for Approved Retirement with less than three months of active service in 2013, all Options will immediately be forfeited.
Otherwise, the Participant’s Options will continue to vest according to the original vesting schedule, conditioned on the Participant executing and submitting a Release by the date specified by Prudential (and not later revoking the Release).
If a Participant does not execute a Release, all Options will be forfeited on the last date of the Participant’s Employment.	  	Vested Options may be exercised until the earlier of: (i) the Expiration Date; or (ii) the date 5 years after the last date of the Participant’s Employment, conditional on the
Participant executing and submitting a Release by the date specified by Prudential (and not later revoking the Release).
			
	Termination for Cause	  	 All Options, whether vested or unvested, will immediately be forfeited on the last date of the Participant’s Employment.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit (including, but not limited to any dividends or Dividend Equivalents) received in respect of the exercise of any Options for a period of up to twelve (12) months before the Participant’s termination of Employment for
Cause. If a Participant’s Employment is terminated by any member of the Company Group for Cause, the provisions contained in these Terms relating to termination for Cause will apply notwithstanding any assertion (by the Participant or
otherwise) that the Participant’s Employment terminated for any other reason.
	  	A Participant may not exercise any Options after the last date of Employment, even if the Options were vested. All outstanding Options are forfeited.
			
	Death (while an active employee)	  	Options become fully vested and immediately exercisable.	  	 The Participant’s estate may exercise the Options until the third anniversary of the date of death (or any earlier date the
Compensation Committee determines) or, if the Option Expiration Date is earlier than that, the later of:
  

•   the Expiration Date, or

 
 •   the first
anniversary of the date of death.

			
	Disability	  	Options become fully vested and immediately exercisable.	  	Options may be exercised until the earlier of the Expiration Date or 3 years (or any shorter period the Compensation Committee determines) after the Participant’s last date of
Employment.

  
 11 

					
	 Stock Options

	 Type of
 Termination of

Employment
	  	 Vesting Status on Last Date of Employment
	  	 Exercise
Period(1)

	Involuntary Termination for any other reason	  	Options that are vested and unexercised at the date of termination of the Participant’s Employment will remain exercisable if the Participant executes and submits a Release by
the date specified by Prudential (and does not later revoke the Release). Unvested Options are immediately forfeited. If a Release is not executed, all Options will be forfeited as of the last date of the Participant’s Employment.	  	Vested Options may be exercised until the earlier of the Expiration Date or 90 days after the Participant’s last date of Employment, conditional on the Participant executing
and submitting a Release by the date specified by Prudential (and not later revoking the Release).
			
	Change of Control	  	Options will become fully vested and immediately exercisable on the date of the Change of Control; unless the entity that acquires Control honors, assumes, or substitutes new rights
for the Options with substantially equivalent or better rights, terms, conditions and value. Alternatively, the Compensation Committee may, at its sole discretion, provide for payment in cash based on the Change of Control price.	  	If the entity that acquires control honors, assumes, or substitutes new rights for the Options, the Options (or any substituted alternative award) may be exercised on terms at least
as favorable as the Options. If the entity that assumes control does not honor, assume, or substitute new rights for Options, the Compensation Committee may cancel the Options in exchange for payment in cash.

  

	(1) 	 The period stated may not extend beyond the Expiration Date, other than in the case of death as applicable. Options can be exercised on the Expiration
Date, but only during hours that the New York Stock Exchange (NYSE) is open for trading. If an Option expires on a day that the NYSE is closed, it can be exercised only during the market hours on or before the last day of NYSE trading before the
Option’s Expiration Date. 

  
 12 

 PART D: Terms and conditions applicable to Performance Shares and Performance Units under
the Long-Term Performance Program, a sub-program of the Long-Term Incentive Program 
  

	1.	Performance Cycle 

 The Performance Cycle
(the Performance Cycle) with respect to Performance Shares and Performance Units will begin on January 1, 2013 and will end on December 31, 2015. 
  

	2.	Settlement of Performance Shares and Performance Units 

 Subject to the terms and conditions of the Plan and following approval by the Compensation Committee, any (i) shares of Common Stock to which a Participant is entitled in respect of Performance
Shares; and (ii) amount of cash to which a Participant is entitled in respect of Performance Units will be delivered or paid to such Participant as soon as administratively practicable (but not later than 74 days) after the PS/PU Payment Date,
less any taxes or other deductions required by Applicable Law. 
  

	3.	Earnout: Performance Goals 

 A
Participant’s Performance Shares and Performance Units are conditioned on achievement of ROE Goals specified by the Compensation Committee, with respect to the Performance Cycle. 
 ROE is defined as Prudential’s “operating return on average equity (based on after-tax adjusted operating income)” as publicly disclosed in Prudential’s Quarterly Financial Supplement
(“QFS”). ROE for each year in the Performance Cycle is defined as the average of the quarterly ROE figures for such year published in the QFS. 
 The number of shares of Common Stock and the amount of cash that a Participant may become eligible to receive will be equal to the applicable target number of Performance Shares and/or Performance Units
awarded, adjusted by the applicable ROE Earned Payout Factor (which is determined based on the achievement of the ROE Goals over the Performance Cycle). Any resulting number of shares of Common Stock shall be rounded to the nearest whole number. The
aggregate amount of shares of Common Stock and cash payable to the Participant will be the “Final Payout Amount,” which will be made on the PS/PU Payment Date (shortly following the end of the Performance Cycle) subject to the terms,
conditions and restrictions set out in these Terms and in the Plan, including the requirement that the Participant remain actively employed with the Company Group as of the PS/PU Payment Date. The Compensation Committee will determine, in its sole
discretion, the Final Payout Amount. 
 The ROE Goals will be the average of actual ROE for 2013, 2014 and 2015. The ROE Goals are as follows:

  

			
	 Table 1

	 ROE Goals
	 	 ROE Earned Payout

Factor

	9.5% or less	 	0
	10.5%	 	.25
	11.5%	 	.50
	12.5%	 	.75
	13.5%	 	1 (target)
	14.0%	 	1.25
	14.5% or more	 	1.5(maximum)

 If the average ROE achieved is between any two data points, the corresponding ROE Earned Payout Factor will bear a linear
relationship with the actual achievement between such data points. 

  
 13 

 In the event of (i) an acquisition (as determined by the Compensation Committee in its sole discretion)
involving Common Stock or a divestiture or other transaction involving Prudential or any other member of the Company Group during the Performance Cycle, (ii) an accounting pronouncement or methodology change, (iii) an unplanned corporate
initiative, or (iv) other significant events that are unusual, non-recurring and not reflective of operating performance, the Compensation Committee may, in its sole discretion, assess the impact of any such event on the ROE Goals and adjust
such goals and related payout scales as the Compensation Committee, in its sole discretion, deems appropriate. 
 Notwithstanding the foregoing,
the Compensation Committee, in its sole discretion, may (i) under normal circumstances, adjust the Final Payout Amount within the standard range of 0% to 150% of the target number of Performance Shares and Performance Units by up to plus or
minus 15% of the amount that would otherwise be payable to take into account performance factors and other events, as the Compensation Committee deems desirable, and (ii) in the event of circumstances deemed to be extraordinary by the
Compensation Committee, make additional adjustments to the Final Payout Amount. 
  

	4.	Vesting or forfeiture of Performance Shares and Performance Units following termination of Employment in specific circumstances 

A Participant’s outstanding Performance Shares and Performance Units will automatically be forfeited and cancelled on the termination of the
Participant’s Employment and no shares of Common Stock and no amount of cash may thereafter be issued or paid with respect to the Performance Shares and Performance Units, respectively, except in the specific circumstances set out in the table
below: 
  

			
	  	  	 Performance Shares and Performance Units

	 Type of Termination of Employment
	  	 Vesting Status

	Voluntary Resignation	  	All outstanding Performance Shares and Performance Units are immediately forfeited.

  
 14 

			
	  	  	 Performance Shares and Performance Units

	 Type of Termination of Employment
	  	 Vesting Status

	Approved Retirement	  	 If the Participant retires in 2013 with less than 3 months of active service in such year, all Performance Shares and Performance Units
will immediately be forfeited.
  
 If the Participant retires in 2013 in
circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive a pro-rated(1) Final Payout Amount as soon as administratively practicable
following the PS/PU Payment Date (but in all events not later than the end of the calendar year in which the PS/PU Payment Date occurs). The remainder of the Performance Shares and Performance Units will be forfeited. If the Participant does not
execute a Release, all Performance Shares and Performance Units will be forfeited on the last date of Employment.
  
 If the Participant retires after 2013 in circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release),
the Participant will receive the Final Payout Amount as soon as administratively practicable following the PS/PU Payment Date (but in all events not later than the end of the calendar year in which the PS/PU Payment Date occurs). If the Participant
does not execute a Release, all Performance Shares and Performance Units will be forfeited on the last date of Employment.

		
	Termination for Cause	  	 All outstanding Performance Shares and Performance Units are immediately forfeited.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit (including, but not limited to, any dividends or Dividend Equivalents) in respect of the Performance Shares and Performance Units or any prior performance shares or performance units received within a period of twelve (12)
months before the Participant’s termination of Employment for Cause. If a Participant’s Employment is terminated by any member of the Company Group for Cause, the provisions in these Terms relating to termination for Cause will apply
notwithstanding any assertion (by the Participant or otherwise) that the Participant’s Employment was terminated for any other reason.

		
	Death (while an active employee)	  	All outstanding Performance Shares and Performance Units become fully vested at target and the Participant’s estate will receive a corresponding number of shares of Common
Stock and cash as soon as administratively practicable (but not later than 74 days) thereafter.

  
 15 

			
	  	  	 Performance Shares and Performance Units

	 Type of Termination of Employment
	  	 Vesting Status

	Disability	  	All outstanding Performance Shares and Performance Units become fully vested at target and the Participant will receive a corresponding number of shares of Common Stock and cash as
soon as administratively practicable (but not later than 74 days) thereafter.
		
	Involuntary Termination for any other reason	  	If a Participant executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), a pro-rated(2) target number of Performance Shares and Performance Units will vest
and the Participant will receive a corresponding number of shares of Common Stock and cash, respectively, as soon as administratively practicable (but not later than 74 days) thereafter. The remainder of the Performance Shares and Performance Units
will be forfeited. If the Participant does not execute a Release, all Performance Shares and Performance Units will be forfeited on the last date of Employment.
		
	Change of Control	  	All Performance Shares and Performance Units will become vested at target and the Participant will receive shares of Common Stock and cash, respectively; unless the entity that
acquires control honors, assumes, or substitutes new rights for the Performance Shares and Performance Units with substantially equivalent or better rights, terms, conditions and values as determined by the Compensation Committee. Alternatively, the
Compensation Committee may, at its sole discretion, provide for payment in cash based on the Change of Control price

  

	(1) 	 Pro-ration is based on the number of months of active service during that year divided by 12. The remaining balance will be forfeited as of the date of
retirement. 

	(2) 	 Pro-ration is based on the number of months of active service in the Performance Cycle divided by 36. 

 

	6.	Section 409A 

 Notwithstanding any
other provisions of the Plan to the contrary, to the extent necessary to comply with the requirements of Code Section 409A and any regulations issued under Section 409A with respect to any individual who is a “specified employee”
within the meaning of Section 409A and any regulations, on termination of the Participant’s employment with any member of the Company Group, delivery of shares of Common Stock may not be made before the date that is six (6) months
after the date of such termination of Employment (or, if earlier, the date of the Participant’s death). In addition, to the extent necessary to comply with the requirements of Section 409A and any regulations issued under
Section 409A, if an award of Performance Shares or Performance Units is treated as deferred compensation subject to Section 409A, no distribution will be made (although vesting will accelerate to the extent otherwise provided above) in
respect of such award upon the occurrence of a Change of Control unless such event qualifies as a change in the ownership of a corporation, change in the effective control of a corporation or a change in the ownership of a substantial portion of the
assets of a corporation within the meaning of Section 409A and any regulations issued thereunder. 

  
 16 

	7.	Dividend Equivalents 

 A Participant
granted Performance Shares and Performance Units will be eligible to receive Dividend Equivalents on the lesser of (a) the Final Payout Amount; or (b) the respective target amount of Performance Shares and Performance Units, based on any
regular cash dividends declared on Common Stock from the Grant Date until the PS/PU Payment Date (or until the date of forfeiture, if sooner). Any Dividend Equivalents will be paid in cash as soon as administratively practicable after shares of
common stock are delivered in respect of the corresponding Performance Shares and cash is payable with respect to the Performance Units. There will be no reinvestment option or earned interest credits on any Dividend Equivalent. 

  
 17 

 PART E: Terms and conditions applicable to the Book Value Units under the Book Value
Performance Program, a sub-program of the Long-Term Incentive Program 
  

	1.	Book Value Units 

 Each Participant in the
Book Value Performance Program will be granted a number of Book Value Units. 
  

	2.	Vesting Period 

 One-third of each
Participant’s Book Value Units will vest on each of the first three anniversaries of the Grant Date. 
  

	3.	Settlement of Book Value Units 

 Subject
to the terms and conditions of the Plan and subject to the Participant’s continued Employment through the applicable BVU Payment Date, as soon as administratively practicable after the date any Book Value Units vest (but not later than the end
of the calendar year in which the Book Value Units vest), a Participant will be paid an amount in cash equal to the product of (a) the number of Book Value Units that have become vested and (b) the Book Value Per Share as of the fiscal
quarter ended on or immediately before the applicable BVU Payment Date, less any taxes or other deductions required by Applicable Law. 
  

	4.	Vesting or forfeiture of Book Value Units following termination of Employment in specific circumstances 

A Participant’s outstanding Book Value Units will automatically be forfeited and cancelled on the termination of the Participant’s Employment
and no amount may thereafter be payable with respect to the Book Value Units, except in the specific circumstances set out in the table below: 
  

			
	  	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Voluntary Resignation	  	All outstanding Book Value Units are immediately forfeited.

  
 18 

			
	  	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Approved Retirement	  	 If the Participant retires in 2013 with less than 3 months of active service in such year, all Book Value Units will immediately be
forfeited.
  
 If the Participant retires in 2013 in circumstances qualifying
for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the treatment of Book Value Units will depend on the extent to which such Book Value Units are sourced from the
Participant’s long-term incentive compensation or annual incentive award. With respect to the portion of Book Value Units sourced from the Participant’s long-term incentive compensation, the Participant will receive, as soon as
administratively practicable following each successive BVU Payment Date (but in all events not later than the end of the calendar year in which the applicable BVU Payment Date occurs), a cash payment equal to the product of (I) one third (1/3) of
the pro-rated(1) number of the Book Value Units sourced
from the Participant’s long-term incentive compensation outstanding at the time of the Participant’s termination of Employment and (II) the Book Value Per Share as of the fiscal quarter ended on or immediately before the applicable BVU
Payment Date. The remainder of the Participant’s outstanding Book Value Units sourced from the Participant’s long-term incentive compensation will be forfeited. With respect to the portion of Book Value Units sourced from the
Participant’s annual incentive award, the Participant will receive payment in respect of such portion of Book Value Units at the same time and in the same amount that would have been payable had the Participant remained in Employment. If the
Participant does not execute a Release, all Book Value Units (whether or not sourced from long-term incentive compensation or annual incentive award) will be forfeited on the last date of Employment.

 
 If the Participant retires after 2013 in circumstances qualifying for Approved
Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive payment in respect of his or her remaining Book Value Units at the same time and in the same
amounts that would have been payable had the Participant remained in Employment. If the Participant does not execute a Release, all Book Value Units will be forfeited on the last date of
Employment.

  
 19 

			
	  	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Termination for Cause	  	 All outstanding Book Value Units are immediately forfeited.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit in respect of the Book Value Units or any prior book value units or Awards received within a period of twelve (12) months before the Participant’s termination of Employment for Cause. If a Participant’s Employment is
terminated by any member of the Company Group for Cause, the provisions in these Terms relating to termination for Cause will apply notwithstanding any assertion (by the Participant or otherwise) that the Participant’s Employment was terminated
for any other reason.

		
	Death (while an active employee)	  	All outstanding Book Value Units become fully vested and the Participant’s estate will receive a cash payment equal to the product of (I) the number of such outstanding Book
Value Units and (II) the Book Value Per Share as of the fiscal quarter ended on or immediately before the date of the Participant’s death. This cash payment will be made as soon as administratively practicable (but not later than 74 days) after
the date of the Participant’s death.
		
	Disability	  	All outstanding Book Value Units become fully vested and the Participant will receive a cash payment equal to the product of (I) the number of such outstanding Book Value Units and
(II) the Book Value Per Share as of the fiscal quarter ended on or immediately before the Participant’s termination of Employment. This cash payment will be made as soon as administratively practicable (but not later than 74 days) after the
Participant’s termination of Employment.
		
	Involuntary Termination for any other reason	  	If a Participant executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), a pro-rated(2) number of such Participant’s then outstanding Book Value Units
will vest and the Participant will receive a cash payment equal to the product of (I) such pro-rated number of such outstanding Book Value Units and (II) the Book Value Per Share as of the fiscal quarter ended on or immediately prior to the
Participant’s termination of Employment. This cash payment will be made as soon as administratively practicable (but not later than 74 days) after the Participant’s termination of Employment. The remainder of the Participant’s
outstanding Book Value Units will be forfeited. If the Participant does not execute a Release, all Book Value Units will be forfeited on the last date of Employment.

  
 20 

			
	  	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Change of Control	  	All Book Value Units will become vested and the Participant will normally receive a payment in cash based on the Book Value Per Share on the fiscal quarter ended on or immediately
prior to the Change of Control; unless the entity that acquires control honors, assumes, or substitutes new rights for the Book Value Units with substantially equivalent or better rights, terms, conditions and values as determined by the
Compensation Committee.

  

	(1) 	 Pro-ration is based on the number of months of active service during that year divided by 12. The remaining balance will be forfeited as of the date of
retirement. 

	(2) 	 Pro-ration is based on the number of months of active service since the Grant Date (or, if less, since the last BVU Payment Date) divided by the
remainder of (i) 36 minus (ii) the product of (A) 12 and (B) the number of anniversaries of the Grant Date that have occurred prior to the date of termination of Employment. 

The Compensation Committee, in its sole discretion, shall determine the Book Value Units, the Book Value Per Share, and any amount of payments thereof.

  

	5.	Forfeiture 

 Notwithstanding any
provisions in these Terms to the contrary, the Compensation Committee may, in its sole discretion, reduce (but not below zero) the account balance of any Participant under the Book Value Performance Program if, in the opinion of the Compensation
Committee, the Participant has engaged in conduct, or omitted taking appropriate action, which is a contributing factor in the material restatement of any annual Prudential consolidated income statement, as filed with the Securities and Exchange
Commission and as discussed with Prudential’s Audit Committee, with such restatement being filed primarily to correct an error in the consolidated income statement. Any determination by the Compensation Committee regarding such a reduction
shall be final, conclusive and binding on all parties. 
  

	6.	Section 409A 

 Notwithstanding any
other provisions of the Plan to the contrary, to the extent necessary to comply with the requirements of Code Section 409A and any regulations issued under Section 409A with respect to any individual who is a “specified employee”
within the meaning of Section 409A and any regulations, on termination of the Participant’s employment with any member of the Company Group, payment of any cash amount due may not be made before the date that is six (6) months after
the date of such termination of Employment (or, if earlier, the date of the Participant’s death). In addition, to the extent necessary to comply with the requirements of Section 409A and any regulations issued under Section 409A, if
an award of Book Value Units is treated as deferred compensation subject to Section 409A, no distribution will be made (although vesting will accelerate to extent otherwise provided above) in respect of such award upon the occurrence of a
Change of Control unless such event qualifies as a change in the ownership of a corporation, change in the effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation within the meaning of
Section 409A and any regulations issued thereunder. 
  

	7.	No Dividend Equivalents 

 A Participant
granted Book Value Units will not be eligible to receive Dividend Equivalents on the Book Value Units. 

  
 21 

 SCHEDULE 1 
 DEFINITIONS 
 For the purposes of the Terms, the following words and expressions have the
meanings ascribed to them. 
 Applicable Laws – applicable laws, rules and regulations relating to any Awards made under the Plan or
otherwise relating to the Plan; 
 Approved Retirement – termination of a Participant’s Employment: 

 

	(i)	on or after the Participant’s normal retirement date or any early retirement date established under any defined benefit pension plan maintained by a member of the
Company Group in which the Participant participates; or 

  

	(ii)	when the Participant has reached age fifty-five (55) with a minimum of five years’ service. 

Approved Retirement does not apply to any Participant who has an Agent Emeritus contract with any of Prudential’s insurance affiliates or to a
Participant whose Employment is terminated for Cause, even if, in either case, the Participant is receiving retirement benefits or is otherwise eligible for retirement or has satisfied the conditions in (ii) above. 

Award – the grant of an Option, a Restricted Stock Unit, a Performance Share, or a Performance Unit (including a Book Value Unit), or a
combination thereof. 
 Board – the board of directors of Prudential. 
 Book Value Per Share – the equity attributed to Prudential’s Financial Services businesses, excluding total accumulated other comprehensive income, as determined based on
Prudential’s financial statements for the relevant period and as adjusted by Prudential as it deems appropriate or desirable. 
 Book
Value Unit – an award of Performance Units, payable in cash and valued based on the Book Value Per Share. 
 BVU Payment Dates
– the dates on which the continuing service requirement applicable to one-third of the Book Value Units are scheduled to lapse, as specified by the Compensation Committee at the Grant Date, which occur on the first three anniversaries of the
Grant Date. 
 Cause – includes but is not restricted to any of the following (as determined by the Compensation Committee):
(i) dishonesty, fraud or misrepresentation; (ii) inability to obtain or retain appropriate licenses; (iii) violation of any rule or regulation of any regulatory agency or self-regulatory agency; (iv) violation of any policy or
rule of Prudential or any subsidiary; (v) commission of a crime; (vi) breach by a Participant of any covenant or agreement with any member of the Company Group not to disclose or misuse any information pertaining to, or misuse any property
of, any member of the Company Group; or (vii) any act or omission detrimental to the conduct of the business of any member of the Company Group. 
 Change of Control – occurs, in general, when (i) any person or entity outside of Prudential acquires, directly or indirectly, twenty-five percent (25%) or more of the combined voting
power of Prudential or of the combined assets of Prudential (and its subsidiaries); (ii) the composition of the Board changes over a 24-month period such that the Incumbent Directors no longer constitute a majority of the Board; (iii) a
Corporate Event completes and immediately following completion the shareholders of Prudential immediately before the Corporate Event do not hold, directly or indirectly, a majority of the voting power of, in the case of (a) a merger or
consolidation, the surviving or resulting corporation; (b) a share exchange, the acquiring corporation; or (c) a division or a sale or other disposition of assets, each surviving, resulting or

  
 22 

 
acquiring corporation which, immediately following the relevant Corporate Event, holds more than twenty-five percent (25%) of the consolidated assets of Prudential immediately before the
Corporate Event; or (iv) any other event that the Board declares to be a Change of Control. 
 No change of control occurs on an
underwritten offering of the equity securities of Prudential when no person or entity acquires more than twenty-five percent (25%) ownership in such securities. The Plan document details how a Change of Control will be determined in various
types of acquisitions and corporate reorganization events (including sales of assets), and the document’s terms govern any determination that a Change of Control has occurred. 
 Code – the United States Internal Revenue Code of 1986, as amended. 
 Common Stock
– a share of Common Stock in Prudential. 
 Company Group – Prudential and/or its subsidiaries. 

Compensation Committee – the Compensation Committee of the Board, which administers the Plan. 

Corporate Event – a merger, consolidation, recapitalisation or reorganisation, share exchange, division, sale, plan of complete liquidation
or dissolution, or other disposition of all or substantially all of the assets of Prudential which has been approved by the shareholders of Prudential. 
 Disability – means, with respect to any Participant, long-term disability as defined under the welfare benefit plan maintained by the member of the Company Group in which the Participant
participates and from which the Participant is receiving a long-term disability benefit. In jurisdictions outside the United States where long-term disability is covered by a mandatory or universal program sponsored by the government or an
industrial association, receipt of long-term disability benefit from such a program is considered to have met the disability definition of the Plan. 
 Dividend Equivalent – an amount paid in lieu of dividends declared on Common Stock during a period that an applicable Award is outstanding. 

Employment – means employment with any member of the Company Group. 
 Exercise Date – the date on which an Option is validly exercised. 
 Expiration Date
– the tenth anniversary of the Grant Date and the last date on which an Option can be exercised, unless the Participant’s Employment ends before the Expiration Date or a Change of Control occurs. 

Grant Date – with respect to an Award, the date on which it is granted under the Plan. 

Grant Price – the price set at the Grant Date at which a share of Common Stock can be acquired on exercise of an Option. 

Incumbent Directors – with respect to any period of time specified under the Plan for the purposes of determining a Change of Control, the
persons who were members of the Board at the beginning of the period, as well as any director elected to the Board or nominated for election to the Board by a majority of the Incumbent Directors. 

Market Value – means, on any date, the price at which shares of Common Stock were last traded on that date on the New York Stock Exchange or,
if there are no transactions on that date, the closing price on the immediately preceding date on which there was a transaction. For the purposes of determining the taxable income from Options and/or Restricted Stock Units, it should be noted that
in some countries there are specific rules that set out how Market Value is determined. Where applicable, any particular rules should be noted in the country specific Q&A’s. 

  
 23 

 Option – a conditional right granted under the Plan to purchase one share of Common Stock in the
future at a set price within a set time period specified by the Compensation Committee at the Grant Date. 
 Participant – any
employee of a member of the Company Group who holds an outstanding Award granted under the Plan. 
 Plan – the Prudential Financial,
Inc. Omnibus Incentive Plan, a stock-based compensation plan adopted by the Board and ratified by the shareholders of Prudential in June 2003. 

Performance Share – a right to receive a share of Common Stock, conditioned and subject to adjustment upon the achievement of specified
performance goals during the applicable performance period, and further subject to satisfaction of the applicable continued service requirements. 
 Performance Unit – a right to receive cash valued by reference to a share of Common Stock, conditioned and subject to adjustment upon the achievement of specified performance goals during the
applicable performance period, and further subject to satisfaction of the applicable continued service requirements. 
 PS/PU Payment
Date – the date on which the continuing service requirement applicable to a Performance Share or a Performance Unit is scheduled to lapse, as specified by the Compensation Committee at the Grant Date, which is in the month of February
immediately following the end of the applicable Performance Cycle. 
 Prudential – Prudential Financial, Inc., a New Jersey
corporation, and any successor to Prudential Financial, Inc. 
 Release – a Separation Agreement and General Release (in connection
with an involuntary termination of employment for any reason other than Cause) or a General Release of Claims (in connection with a voluntary termination of employment), whichever is appropriate, in a form and with terms and conditions (including
but not limited to, non-solicitation of employees and business of any member of the Company Group) satisfactory to Prudential. 
 Restricted
Stock Unit – a conditional right (which is subject to forfeiture and transfer restrictions) granted under the Plan to receive one share of Common Stock at the end of a period of time specified by the Compensation Committee at the Grant
Date. 
 RSU Payment Date – the date on which the continuing service requirement applicable to a Restricted Stock Unit is scheduled
to lapse, as specified by the Compensation Committee at the Grant Date, which is the third anniversary of the Grant Date. 
 Vest –
when an Option can be exercised, or a Participant is entitled to receive (i) Common Stock under a Restricted Stock Unit, (ii) Common Stock under a Performance Share, (iii) cash under a Performance Unit, or (iv) cash under a Book
Value Unit, as appropriate, and “Vested” and “Vesting” will be construed accordingly. 

  
 24 

 SCHEDULE 2 
 COUNTRY SPECIFIC VARIATIONS 
 DATA PROTECTION (Applicable to all countries other than
the United States) 
 A Participant agrees by accepting an Award to permit Prudential to process personal data and sensitive personal data
about the Participant in connection with the Plan. Such data includes, but is not limited to, the information provided in the Participant’s grant documents and any changes thereto, other appropriate personal and financial data, and information
about the Participant’s participation in the Plan and shares granted under the Plan from time to time (collectively, Personal Data). A Participant consents to Prudential processing and transferring any Personal Data outside the country
in which the Participant works or is employed to the United States and any other third countries. The legal persons for whom Personal Data is intended include Prudential and any of its subsidiaries, any plan administrator selected by Prudential from
time to time, and any other person or entity that Prudential involves in the administration of the Plan. Prudential will take all reasonable measures to keep Personal Data, confidential and accurate. A Participant can access and correct their
Personal Data by contacting their human resources representative. A Participant understands and agrees that the transfer of information is important to the administration of the Plan and failure to consent to the transmission of that information may
limit their ability to participate in the Plan. 
 JAPAN 
 The following term will also apply: 
 If a Participant is an executive officer subject to the
reporting requirements under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended (Executive Officers), or has otherwise been identified as a senior officer subject to the Share Ownership Guidelines as amended by the
Board from time to time (Guidelines), then the Participant agrees to retain ownership of 50% of the net shares of Common Stock (after payment of the Grant Price, if any, and applicable fees and taxes) acquired on exercise of an Option or the
vesting of an Award until the first anniversary of the acquisition of that Common Stock. For senior officers who are not Executive Officers; these guidelines will cease to apply once the Participant has satisfied the Guidelines or, if earlier, upon
termination of the senior officer’s employment. Once the Participant has satisfied this holding period, the Participant may dispense of any shares of Common Stock held in excess of the Guidelines, subject to the Personal Securities Trading
Policy, including the “Reporting Responsibilities and Procedures for Section 16 Officers and Directors and Control Persons of Prudential” as then in effect. 
 UNITED STATES 
 Stock Options – for executives subject to the reporting requirements
under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended, section 2 of Part C will not apply to executives but the following will apply. 
 “An Option may be exercised by the Participant: 
  

	 	(i)	paying in cash the Grant Price and any applicable taxes and fees (Cash Exercise); or 

 

	 	(ii)	directing the immediate sale of sufficient shares of Common Stock acquired on exercise necessary to pay the Grant Price and any applicable taxes and fees and receive
the remaining shares of Common Stock (Sell to Cover).” 

  
 25 

 The following term will also apply: 
 If a Participant is an executive officer subject to the reporting requirements under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended (Executive Officers), or has
otherwise been identified as a senior officer subject to the Share Ownership Guidelines as amended by the Board from time to time (Guidelines), then the Participant agrees to retain ownership of 50% of the net shares of Common Stock (after
payment of the Grant Price, if any, and applicable fees and taxes) acquired on exercise of an Option or the vesting of an Award until the first anniversary of the acquisition of that Common Stock. For senior officers who are not Executive Officers,
these guidelines will cease to apply once the Participant has satisfied the Guidelines or, if earlier, upon termination of the senior officer’s employment. Once the Participant has satisfied this holding period, the Participant may dispense of
any shares of Common Stock held in excess of the Guidelines, subject to the Personal Securities Trading Policy, including the “Reporting Responsibilities and Procedures for Section 16 Officers and Directors and Control Persons of
Prudential” as then in effect. 
 All Restricted Stock Units, Book Value Units, Performance Shares or Performance Units (including Dividend
Equivalents, as may be applicable) granted under the 2013 Long-Term Program to a Participant who is a covered employee under Code Section 162(m) are subject to the additional requirement that the maximum aggregate amount payable to such a
Participant in respect of such Awards may not exceed six-tenths of one percent (0.6%) of Adjusted Operating Income (as defined in the Plan) for the most recently reported year ending December 31st before the year payment is made in respect of
such Awards. Notwithstanding any provision in these Terms to the contrary, if a Participant is a “covered employee” within the meaning of Code Section 162(m), (1) any pro-rated payment the Participant would otherwise be entitled
to receive under and subject to the otherwise applicable conditions set forth herein in connection with (i) an Approved Retirement or (ii) an Involuntary Termination other than for Cause, Approved Retirement, death or Disability, will
nonetheless be subject to the satisfaction of the condition set forth in the immediately preceding sentence, and in addition payment in respect of any Award on account of any Involuntary Termination described in subclause (ii) will not be made
until after the close of the calendar year in which such Involuntary Termination of Employment occurs (but not later than March 15 of such subsequent calendar year), and (2) and if such Participant is granted Restricted Stock Units, any
Dividend Equivalents credited on the Restricted Stock Units based on any regular cash dividends declared on Common Stock from the Grant Date until the RSU Payment Date (or until the date of forfeiture, as applicable, if sooner) will be become vested
at the same time and subject to the same conditions as apply to the underlying Restricted Stock Units and will be payable in cash as soon as administratively practicable after shares of Common Stock are delivered in respect of the corresponding
vested Restricted Stock Units. 

  
 26 

 SCHEDULE 3 
 FORM FOR DECLINING AN AWARD 
 If you wish to decline the grant of the Restricted Stock
Units, the Options, the Performance Shares, the Performance Units, or the Book Value Units, as applicable, granted to you pursuant to the 2013 Long-Term Incentive Program under the Prudential Financial, Inc. Omnibus Incentive Plan you should
complete and return this form by facsimile on or before the date three weeks after the Grant Date to Stock Plan Administration c/o Carol Hesse at (973)367-8251 or by certified mail with return receipt, postmarked on or before the date three weeks
after the Grant Date to Stock Plan Administration c/o Carol Hesse, 751 Broad Street, 18th Floor, Newark, New Jersey 07102. Please note that if you decline the grant of an Award, that Award (including, but not limited to, any rights, payments,
interests or benefits you have or may have under, related to or associated with, that Award) will be cancelled and terminated immediately. 
 I,
                                        , hereby
decline the grant of: 
  

			
	 	  	Check as appropriate
		
	 (i)       all of the Restricted Stock Units;
	  	 ̈
		
	 (ii)      all of the Options:
	  	 ̈
		
	 (iii)     all of the Performance Shares;
	  	 ̈
		
	 (iv)     all of the Performance Units: and/or
	  	 ̈
		
	 (iii)     all of the Book Value Units
	  	 ̈

 granted to me in
                     2013 under the terms of the Prudential Financial, Inc. Omnibus Incentive Plan. 

 

			
	Signed	 	  

		
	Dated	 	  

  
 27EX-4.1

 EXHIBIT 4.1 
 FIRST SOLAR, INC. 
 as Issuer 

and 

as Trustee 

INDENTURE 

Dated as of         , 

  

 
 Table Showing Reflection in
Indenture of Certain Provisions 
 of Trust Indenture Act of 1939, 

as amended by the Trust Indenture Reform Act of 1990* 

 
  

Reflected in Indenture 

 
  

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 310 (a) (1)
	  	7.10
	 (a) (2)
	  	7.10
	 (a) (3)
	  	N.A.
	 (a) (4)
	  	N.A.
	 (a) (5)
	  	7.10
	 (b)
	  	7.10
	 (c)
	  	N.A.
	 311 (a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	 312 (a)
	  	2.06
	 (b)
	  	10.03
	 (c)
	  	10.03
	 313 (a)
	  	7.06
	 (b) (1)
	  	N.A.
	 (b) (2)
	  	7.06
	 (c)
	  	7.06; 10.02
	 (d)
	  	7.06
	 314 (a)
	  	4.02; 4.03; 10.02(b)
	 (b)
	  	N.A.
	 (c) (1)
	  	10.04
	 (c) (2)
	  	10.04
	 (c) (3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	10.05
	 (f)
	  	N.A.
	 315 (a)
	  	7.01
	 (b)
	  	7.05; 10.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316 (a)
	  	2.09
	 (a) (1)(A)
	  	6.05
	 (a) (1)(B)
	  	6.04
	 (a) (2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.13
	 317 (a)(1)
	  	6.08
	 (a) (2)
	  	6.09
	 (b)
	  	2.05
	 318 (a)
	  	10.01
	 (b)
	  	N.A.
	 (c)
	  	10.01

  
  

N.A. means not applicable. 
  

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

 
  

  
 ii 

 TABLE OF CONTENTS 

 

							
	  	 	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions And Incorporation By Reference	  
			
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.02.
	 	Other Definitions	  	 	3	  
	 SECTION 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	3	  
			
	 SECTION 1.04.
	 	Rules of Construction	  	 	4	  
	
	ARTICLE II	  
	
	The Securities	  
			
	 SECTION 2.01.
	 	Issuable in Series	  	 	4	  
	 SECTION 2.02.
	 	Establishment of Terms of Series of Securities	  	 	4	  
	 SECTION 2.03.
	 	Execution and Authentication	  	 	6	  
	 SECTION 2.04.
	 	Registrar and Paying Agent	  	 	6	  
	 SECTION 2.05.
	 	Paying Agent to Hold Money in Trust	  	 	7	  
	 SECTION 2.06.
	 	Holder Lists	  	 	7	  
	 SECTION 2.07.
	 	Transfer and Exchange	  	 	7	  
	 SECTION 2.08.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	7	  
	 SECTION 2.09.
	 	Outstanding Securities	  	 	8	  
	 SECTION 2.10.
	 	Treasury Securities	  	 	8	  
	 SECTION 2.11.
	 	Temporary Securities	  	 	8	  
	 SECTION 2.12.
	 	Cancellation	  	 	8	  
	 SECTION 2.13.
	 	Defaulted Interest	  	 	8	  
	 SECTION 2.14.
	 	Global Securities	  	 	9	  
	 SECTION 2.15.
	 	CUSIP Numbers	  	 	9	  
	
	ARTICLE III	  
	
	Redemption	  
			
	 SECTION 3.01.
	 	Notices to Trustee	  	 	9	  
	 SECTION 3.02.
	 	Selection of Securities To Be Redeemed	  	 	10	  
	 SECTION 3.03.
	 	Notice of Redemption	  	 	10	  
	 SECTION 3.04.
	 	Effect of Notice of Redemption	  	 	10	  
	 SECTION 3.05.
	 	Deposit of Redemption Price	  	 	11	  
	 SECTION 3.06
	 	Securities Redeemed in Part	  	 	11	  
	
	ARTICLE IV	  
	
	Covenants	  
			
	 SECTION 4.01.
	 	Payment of Securities	  	 	11	  
	 SECTION 4.02.
	 	SEC Reports	  	 	11	  
	 SECTION 4.03.
	 	Compliance Certificate	  	 	11	  
	 SECTION 4.04.
	 	Further Instruments and Acts	  	 	11	  
	
	ARTICLE V	  
	
	Successor Companies	  
			
	 SECTION 5.01.
	 	Merger and Consolidation	  	 	12	  

  
 iii

							
	  	 	 	  	Page	 
		 	ARTICLE VI	  			
			
		 	Defaults And Remedies	  			
			
	SECTION 6.01.	 	Events of Default	  	 	12	  
	SECTION 6.02.	 	Acceleration	  	 	13	  
	SECTION 6.03.	 	Other Remedies	  	 	13	  
	SECTION 6.04.	 	Waiver of Past Defaults	  	 	13	  
	SECTION 6.05.	 	Control by Majority	  	 	13	  
	SECTION 6.06.	 	Limitation on Suits	  	 	14	  
	SECTION 6.07.	 	Rights of Holders to Receive Payment	  	 	14	  
	SECTION 6.08.	 	Collection Suit by Trustee	  	 	14	  
	SECTION 6.09.	 	Trustee May File Proofs of Claim	  	 	14	  
	SECTION 6.10.	 	Priorities	  	 	14	  
	SECTION 6.11.	 	Undertaking for Costs	  	 	15	  
	SECTION 6.12.	 	Waiver of Stay or Extension Laws	  	 	15	  
			
		 	ARTICLE VII	  			
			
		 	Trustee	  			
			
	SECTION 7.01.	 	Duties of Trustee	  	 	15	  
	SECTION 7.02.	 	Rights of Trustee	  	 	16	  
	SECTION 7.03.	 	Individual Rights of Trustee	  	 	16	  
	SECTION 7.04.	 	Trustee’s Disclaimer	  	 	16	  
	SECTION 7.05.	 	Notice of Defaults	  	 	17	  
	SECTION 7.06.	 	Reports by Trustee to Holder	  	 	17	  
	SECTION 7.07.	 	Compensation and Indemnity	  	 	17	  
	SECTION 7.08.	 	Replacement of Trustee	  	 	17	  
	SECTION 7.09.	 	Successor Trustee by Merger	  	 	18	  
	SECTION 7.10.	 	Eligibility; Disqualification	  	 	18	  
	SECTION 7.11.	 	Preferential Collection of Claims Against the Issuer	  	 	18	  
			
		 	ARTICLE VIII	  			
			
		 	Legal Defeasance And Covenant Defeasance	  			
			
	SECTION 8.01.	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	18	  
	SECTION 8.02.	 	Legal Defeasance and Discharge	  	 	19	  
	SECTION 8.03.	 	Covenant Defeasance	  	 	19	  
	SECTION 8.04.	 	Conditions to Legal or Covenant Defeasance	  	 	19	  
	SECTION 8.05.	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	20	  
	SECTION 8.06.	 	Repayment to the Issuer	  	 	20	  
	SECTION 8.07.	 	Reinstatement	  	 	21	  
			
		 	ARTICLE IX	  			
			
		 	Amendments	  			
			
	SECTION 9.01.	 	Without Consent of Holders	  	 	21	  
	SECTION 9.02.	 	With Consent of Holders	  	 	22	  
	SECTION 9.03.	 	Compliance with Trust Indenture Act	  	 	22	  
	SECTION 9.04.	 	Revocation and Effect of Consents and Waivers	  	 	22	  
	SECTION 9.05.	 	Notation on or Exchange of Securities	  	 	23	  
	SECTION 9.06.	 	Trustee To Sign Amendments	  	 	23	  
	SECTION 9.07.	 	Payment for Consent	  	 	23	  

  
 iv 

							
	  	 	 	  	Page	 
		 	ARTICLE X	  			
			
		 	Miscellaneous	  			
			
	SECTION 10.01.	 	Trust Indenture Act Controls	  	 	23	  
	SECTION 10.02.	 	Notices	  	 	23	  
	SECTION 10.03.	 	Communication by Holders with Other Holders	  	 	24	  
	SECTION 10.04.	 	Certificate and Opinion as to Conditions Precedent	  	 	24	  
	SECTION 10.05.	 	Statements Required in Certificate or Opinion	  	 	24	  
	SECTION 10.06.	 	When Securities Disregarded	  	 	24	  
	SECTION 10.07.	 	Rules by Trustee, Paying Agent and Registrar	  	 	24	  
	SECTION 10.08.	 	Legal Holidays	  	 	24	  
	SECTION 10.09.	 	Governing Law	  	 	24	  
	SECTION 10.10.	 	No Recourse Against Others	  	 	24	  
	SECTION 10.11.	 	Successors	  	 	25	  
	SECTION 10.12.	 	Multiple Originals	  	 	25	  
	SECTION 10.13.	 	Table of Contents; Headings	  	 	25	  
	SECTION 10.14.	 	Severability	  	 	25	  
	SECTION 10.15.	 	Waiver of Jury Trial	  	 	25	  
	SECTION 10.16.	 	Force Majeure	  	 	25	  

  
 v 

 INDENTURE dated as of
            ,        , between FIRST SOLAR, INC., a Delaware corporation (the “Issuer”),
and                    , as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the securities issued under this Indenture (the “Securities”):

 ARTICLE I 
 Definitions And Incorporation By Reference  
 SECTION 1.01.
Definitions.  
 “Affiliate” of any specified Person means any other Person, directly or indirectly,
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, Paying Agent or co-registrar. 

“Board of Directors” means the Board of Directors of the Issuer or any committee thereof duly authorized to act on
behalf of the Board of Directors of the Issuer. 
 “Board Resolution” means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Issuer to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the
Trustee. 
 “Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations
or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity. 

“Closing Date” means the date of this Indenture. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Corporate Trust Office”
means                     which at the date hereof is located
at                     , or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, 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 Issuer). 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Definitive Securities” means a certificated Security registered in the name of the Holder thereof and
issued in accordance with Section 2.11 hereof. 
 “Depositary” means, with respect to the Securities
issuable in whole or in part in global form, the Person specified pursuant to Section 2.14 hereof as the initial Depositary with respect to the Securities, until a successor shall have been appointed and become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include such successor. 

“Dollar” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be
legal tender for the payment of public and private debt. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “Fiscal Year” means the fiscal year of the Issuer, which at the date hereof ends on
December 31. 
 “Foreign Currency” means any currency or currency unit issued by a government other than
the government of the United States of America. 

  

 “GAAP” means generally accepted accounting principles in the United States
of America as in effect from time to time, including those principles set forth in (i) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, (ii) statements and
pronouncements of the Financial Accounting Standards Board, (iii) such other statements by such other entity as approved by a significant segment of the accounting profession and (iv) the rules and regulations of the SEC governing the
inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar
written statements from the accounting staff of the SEC. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 
 “Global Security” when used with respect to any Series of Securities issued hereunder, means a Security which is executed by the Issuer and authenticated and delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board Resolution and pursuant to an Issuer Order, which shall be registered in the name of the
Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all the outstanding Securities of such Series or any portion thereof, in either case having the same terms,
including, without limitation, the same original issue date, date or dates on which principal is due, and interest rate or method of determining interest and which shall bear the legend as prescribed by Section 2.14(c). 

“Global Securities Legend” means the legend set forth in Section 2.14(c), which is required to be placed on all
Global Securities issued under this Indenture. 
 “Government Securities” means direct obligations of, or
obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 
 “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness. The term “Guarantor” shall mean any Person Guaranteeing any obligation.

 “Holder” means the Person in whose name a Security is registered on the Registrar’s books.

 “Indebtedness” has the meaning specified in the applicable Board Resolution, supplemental indenture or
Officers’ Certificate relating to a particular Series of Securities. 
 “Indenture” means this Indenture
as amended or supplemented from time to time. 
 “Interest Payment Date” when used with respect to any Series
of Securities, means the date specified in such Securities for the payment of any installment of interest on those Securities. 

“Issuer” means First Solar, Inc., a Delaware corporation, until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained herein and required by the Trust Indenture Act, each other obligor on the indenture securities. 
 “Issuer Order” means a written order signed in the name of the Issuer by two Officers of the Issuer. 
 “Maturity”, when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration or otherwise. 

“Officer” means the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, any Executive
Vice President or the Secretary of the Issuer. 
 “Officers’ Certificate” means a certificate signed by
two Officers of the Issuer, that meets the requirements of Section 10.04 hereof. 
 “Opinion of Counsel”
means a written opinion from legal counsel, that meets the requirements of Section 10.04 hereof. The counsel may be an employee of or counsel to the Issuer or any Subsidiary of the Issuer. 

“Original Issue Discount Security” means (i) any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof and (ii) any other security which is issued with “original issue discount” within the meaning of Section 1273(a) of the
Code. 

  
 2 

 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning specified in the preamble to this Indenture. 

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

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depositary) or any
successor thereto, who shall initially be the Trustee. 
 “Series” or “Series of Securities”
means each series of debentures, notes or other debt instruments of the Issuer created pursuant to Sections 2.01 and 2.02 hereof. 
 “Significant Subsidiary” means, at any time, any Subsidiary of the Issuer which would be a “Significant Subsidiary” at such time, as such term is defined in Regulation S-X
promulgated by the SEC, as in effect on the Closing Date. 
 “Stated Maturity”, when used with respect to any
Security, means the date specified in such Security as the fixed date on which an amount equal to the principal amount of such Security is due and payable. 
 “Subsidiary” of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other
interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by
(i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§77aaa–77bbbb) and the rules and regulations thereunder as in effect on the Closing Date.

 “Trust Officer” means any Vice President, Assistant Vice President, Assistant Treasurer or any other officer
or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor. 
 SECTION 1.02. Other Definitions.  

 

					
	 Term
	  	Defined in Section	 
	 “Bankruptcy Law”
	  	 	6.01	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “Custodian”
	  	 	6.01	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Legal Holiday”
	  	 	10.08	  
	 “Notice of Default”
	  	 	6.01	  
	 “Paying Agent”
	  	 	2.04	  
	 “Registrar”
	  	 	2.04	  
	 “Successor Company”
	  	 	5.01	  

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the
mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act terms have the following meanings: 

“Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture security
holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 

  
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 “indenture trustee” or “institutional trustee” means the Trustee.

 “obligor” on the Securities means the Issuer and any other obligor on the Securities. 

All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of
Construction. Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

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

(3) “or” is not exclusive; 
 (4) “including” means including without limitation; 
 (5) words in the
singular include the plural and words in the plural include the singular; and 
 (6) the principal amount of any non-interest
bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP. 

ARTICLE II 

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

SECTION 2.02. Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the case of Section 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Sections 2.02(b) through 2.02(z)) by a Board Resolution,
a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 
 (a) the
title of the Securities of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series); 
 (b) the price or prices of the Securities of the Series; 
 (c) any limit upon the
aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series); 
 (d) the date or dates on which the principal and premium with respect to the Securities of the
Series are payable; 
 (e) the rate or rates (which may be fixed or variable) at which the Securities of the Series shall bear
interest, if any, or the method of determining such rate or rates, the date or dates from which such interest, if any, shall accrue, the Interest Payment Dates on which such interest, if any, shall be payable or the method by which such dates will
be determined, the record dates, for the determination of holders thereof to whom such interest is payable (in the case of Securities in registered form), and the basis upon which such interest will be calculated if other than that of a 360-day year
of twelve 30-day months; 
 (f) the currency or currencies in which Securities of the Series shall be denominated, if other than
Dollars, the place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee, where the principal, premium and interest with respect to Securities of such Series shall be payable or the method of such payment, if by
wire transfer, mail or other means; 

  
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 (g) the price or prices at which, the period or periods within which, and the terms and
conditions upon which, Securities of the Series may be redeemed, in whole or in part at the option of the Issuer or otherwise; 

(h) whether Securities of the Series are to be issued as Securities in registered form or as Securities in bearer form or both and, if
Securities in bearer form are to be issued, whether coupons will be attached to them, whether Securities in bearer form of the Series may be exchanged for Securities in registered form of the Series, and the circumstances under which and the places
at which any such exchanges, if permitted, may be made; 
 (i) if any Securities of the Series are to be issued as Securities in
bearer form or as one or more Global Securities representing individual Securities in bearer form of the Series, whether certain provisions for the payment of additional interest or tax redemptions shall apply; whether interest with respect to any
portion of a temporary bearer Security of the Series payable with respect to any Interest Payment Date prior to the exchange of such temporary bearer Security for definitive Securities in bearer form of the Series shall be paid to any clearing
organization with respect to the portion of such temporary bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing
organization will be credited to the Persons entitled to interest payable on such Interest Payment Date; and the terms upon which a temporary Security in bearer form may be exchanged for one or more definitive Securities in bearer form of the
Series; 
 (j) the Issuer’s obligation, if any, to redeem, purchase or repay the Securities of the Series pursuant to any
sinking fund or analogous provisions or at the option of a Holder of such Securities and the price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series shall be redeemed, purchased
or repaid, in whole or in part, pursuant to such obligations; 
 (k) the terms, if any, upon which the Securities of the Series
may be convertible into or exchanged for the Issuer’s common stock, preferred stock, other debt securities or warrants for common stock, preferred stock, Indebtedness or other securities of any kind and the terms and conditions upon which such
conversion or exchange shall be effected, including the initial conversion or exchange price or rate, the conversion or exchange period and any other additional provisions; 
 (l) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable; 

(m) if the amount of principal, premium or interest with respect to the Securities of the Series may be determined with reference to an
index or pursuant to a formula, the manner in which such amounts will be determined; 
 (n) if the principal amount payable at
the Stated Maturity of Securities of the Series will not be determinable as of any one or more dates prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose, including the
principal amount thereof which will be due and payable upon any Maturity other than the Stated Maturity or which will be deemed to be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be
determined), and if necessary, the manner of determining the equivalent thereof in Dollars; 
 (o) any changes or additions to
Article VIII; 
 (p) if other than the principal amount thereof, the portion of the principal amount of the Securities of the
Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02 or provable in bankruptcy; 
 (q) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series of any properties, assets, moneys, proceeds, securities or other collateral, including
whether certain provisions of the Trust Indenture Act are applicable and any corresponding changes to provisions of this Indenture as then in effect; 
 (r) any addition to or change in the Events of Default with respect to any Securities of the Series and any change in the right of the Trustee or the Holders of such Series of Securities to declare the
principal, premium and interest, if any, on such Series of Securities due and payable pursuant to Section 6.02; 
 (s) if
the Securities of the Series shall be issued in whole or in part in the form of a Global Security, the terms and conditions, if any, upon which such Global Security may be exchanged in whole or in part for other individual Securities of such Series
in definitive registered form, the Depositary for such Global Security and the form of any legend or legends to be borne by any such Global Security in addition to or in lieu of the Global Securities Legend; 

(t) any Trustee, authenticating agent, Paying Agent, transfer agent or Registrar; 

(u) the applicability of, and any addition to or change in, the covenants and definitions set forth in Articles IV or V which apply to
Securities of the Series; 

  
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 (v) the terms, if any, of any Guarantee of the payment of principal, premium and interest
with respect to Securities of the Series and any corresponding changes to the provisions of this Indenture and as then in effect; 
 (w) the subordination, if any, of the Securities of the Series pursuant to this Indenture and any changes or additions to the provisions of this Indenture then in effect; 

(x) with regard to Securities of the Series that do not bear interest, the dates for certain required reports to the Trustee; 

(y) any U.S. Federal Income tax consequences applicable to the Securities; and 

(z) any other terms of Securities of the Series (which terms shall not be prohibited by the provisions of this Indenture). 

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of
this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of
additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
 SECTION 2.03. Execution and Authentication. One or more Officers of the Issuer shall sign the Securities on behalf of the Issuer by manual or facsimile signature. The Issuer’s seal, if any,
shall be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form. 
 If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated
under this Indenture. A Security shall be dated the date of its authentication, unless otherwise provided by a Board Resolution, a supplemental indenture or an Officers’ Certificate. 

The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of an Issuer Order, an Officers’ Certificate delivered in accordance with section 10.04 and an Opinion of Counsel which shall state:

 (1) that the terms of such Securities have been established by a supplemental indenture or by or pursuant to a Board
Resolution in accordance with Sections 2.01 and 2.02 and in conformity with the provisions of this Indenture; 
 (2) that such
Securities when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will have been duly authorized, executed and delivered, and constitute valid and
legally binding obligations of the Issuer, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws relating to or affecting creditors’ rights
generally and subject to general principles of equity, including concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether such enforceability is considered in a proceeding in equity or at law; and 

(3) that all conditions precedent in respect of the execution and delivery by the Issuer of such Securities have been complied with;

 provided, however, that such Opinion of Counsel shall not be required to be furnished in connection with the initial issuance of
Securities hereunder. 
 The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any
limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate the Securities. Any such appointment
shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

SECTION 2.04. Registrar and Paying Agent. The Issuer shall maintain, with respect to each Series of Securities, at the place or
places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where
Securities of such Series may be presented for payment (the “Paying Agent”). The Registrar shall keep a register with respect to each Series of Securities and of their 

  
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transfer and exchange. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent and the term
“Registrar” includes any co-registrars. The Issuer hereby appoints the Trustee as Registrar and Paying Agent for each Series of Securities unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time
Securities of that Series are first issued. 
 The Issuer shall enter into an appropriate agency agreement with any Registrar or
Paying Agent not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and
address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically
organized Significant Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer may remove any Registrar or Paying Agent
upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (1) acceptance of any appointment by a successor as evidenced by an appropriate
agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (2) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the
appointment of a successor in accordance with clause (1) above. The Registrar or Paying Agent may resign at any time upon written notice; provided, however, that the Trustee may resign as Registrar or Paying Agent only if the
Trustee also resigns as Trustee in accordance with Section 7.08. 
 SECTION 2.05. Paying Agent to Hold Money in
Trust. The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the Paying Agent for
the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or any of its Significant Subsidiaries) shall have no
further liability for the money. If the Issuer or any of its Significant Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying
Agent. 
 SECTION 2.06. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee
at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each Series of
Securities. 
 SECTION 2.07. Transfer and Exchange. Where Securities of a Series are presented to the Registrar or a
co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant
to Sections 2.11, 3.06 or 9.05). 
 Neither the Issuer nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the
close of business on the day of such mailing or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part. 
 SECTION 2.08. Mutilated, Destroyed, Lost and Stolen Securities. If any
mutilated Security is surrendered to the Trustee, the Issuer shall execute and the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Issuer and the Trustee
(i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Issuer or the Trustee that such Security has been acquired by a bona fide purchaser, the Issuer shall execute and the Trustee, upon receipt of an Issuer Order, shall authenticate and make available for delivery, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

  
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 In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Issuer in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the
issuance of any new Security under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith. 
 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
 The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

SECTION 2.09. Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

 If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent holds at the Maturity of
Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue. 

A Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security. 

In determining whether the Holders of the requisite principal amount of outstanding Securities of any Series have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be
due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 
 SECTION 2.10. Treasury Securities. In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver, Securities of a Series owned by the Issuer shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded. 
 SECTION 2.11.
Temporary Securities. Until Definitive Securities are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Issuer Order, shall authenticate temporary Securities upon the Issuer’s Order. Temporary Securities
shall be substantially in the form of Definitive Securities but may have variations that the Issuer considers appropriate for temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee, upon receipt of an Issuer
Order, shall authenticate Definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have the same rights under this Indenture as the Definitive Securities.

 SECTION 2.12. Cancellation. The Issuer at any time may deliver Securities to the Trustee for cancellation. The
Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or
cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Issuer, unless the Issuer otherwise directs. The Issuer may not issue new
Securities to replace Securities that it has paid for or delivered to the Trustee for cancellation. 
 SECTION 2.13.
Defaulted Interest. If the Issuer defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are
Holders of the Series on a subsequent special record date. The Issuer shall fix the record date and payment date. At least 30 days before the record date, the Issuer shall mail to the Trustee and to each Holder of the Series a notice that states the
record date, the payment date and the amount of interest to be paid. The Issuer may pay defaulted interest in any other lawful manner. 

  
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 SECTION 2.14. Global Securities.  

(a) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
 (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of this Indenture and in addition thereto, any Global Security shall be exchangeable
pursuant to Section 2.07 of this Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Issuer that it is unwilling or unable to
continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Issuer fails to appoint a successor Depositary within 90 days of such event,
(ii) the Issuer executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global
Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this
Section 2.14(b) a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 

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

“THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL
SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY).” 
 (d) Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or
other action which a Holder is entitled to give or take under this Indenture. 
 (e) Payments. Notwithstanding the other
provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

(f) Consents, Declaration and Directions. Except as provided in Section 2.14(e), the Issuer, the Trustee and any Agent shall
treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary with respect to such Global Security, for purposes of
obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

SECTION 2.15. CUSIP Numbers. The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use),
and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers. 
 ARTICLE III 
 Redemption  
 SECTION 3.01. Notices to Trustee. The Issuer,
with respect to any Series of Securities, may elect to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms
provided for in such Series of Securities. If a Series of Securities is redeemable and the Issuer wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities,

  
 9 

 
it shall notify the Trustee in writing of the redemption date and the principal amount of Securities of the Series to be redeemed and the redemption price. The Issuer shall give such notice to
the Trustee at least 30 days before the redemption date unless the Trustee consents to a shorter period. 
 SECTION 3.02.
Selection of Securities To Be Redeemed. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all the Securities of a particular Series
are to be redeemed or purchased, the Trustee shall select the Securities of such Series to be redeemed or purchased pro rata or by lot or by a method that complies with applicable legal and securities exchange requirements, if any, and that the
Trustee in its sole discretion shall deem to be fair and appropriate and in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. The Trustee shall make the selection at least 30 days but no more
than 60 days before the redemption date from outstanding Securities of a Series not previously called for redemption. Securities and portions thereof that the Trustee selects shall be in principal amounts of $1,000 or integral multiples of $1,000.
Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall promptly notify the Issuer of the Securities (or portions thereof) to be redeemed. 

SECTION 3.03. Notice of Redemption. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, at least 30 days but not more than 60 days before a date for redemption of Securities, the Issuer shall mail a notice of redemption by first-class mail to each Holder of Securities to be
redeemed at such Holder’s registered address. 
 The notice shall identify the Securities to be redeemed and shall state:

 (1) the redemption date; 
 (2) the redemption price; 
 (3) if any Security is being redeemed in part, the
portion of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion shall be issued upon cancellation
of the original Security; 
 (4) the name and address of the Paying Agent; 

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

(6) that, upon the satisfaction of any conditions to such redemption set forth in the notice of redemption, and unless the Issuer
defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the
redemption date; 
 (7) the paragraph of the Securities and/or provision of this Indenture pursuant to which the Securities
called for redemption are being redeemed; 
 (8) the CUSIP or ISIN number, if any, printed on the Securities being redeemed; and

 (9) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such
notice or printed on the Securities. 
 In addition, if such redemption is subject to the satisfaction of one or more conditions
precedent, such notice shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption
may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date stated in such notice, or by the redemption date as so delayed. 

At the Issuer’s request, the Trustee shall give the notice of redemption as provided to it in the Issuer’s name and at the
Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section. 

SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed, Securities called for redemption become due and
payable on the redemption date and at the redemption price stated in the notice, subject to the satisfaction of any conditions precedent provided in such notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption
price stated in the notice. 
 Failure to give notice or any defect in the notice to any Holder shall not affect the validity of
the notice to any other Holder. 

  
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 SECTION 3.05. Deposit of Redemption Price. Prior to 11:00 a.m. (New York City time)
on the redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of, and accrued interest on,
all Securities to be redeemed on that date, other than Securities or portions of Securities called for redemption that have been delivered by the Issuer to the Trustee for cancellation. The Paying Agent shall as promptly as practicable return to the
Issuer any money deposited with it by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such money is then held by the Issuer in trust and is not required for
such purpose it shall be discharged from such trust. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the
Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 3.06. Securities Redeemed in
Part. Upon surrender of a Security that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Security equal in principal amount to the unredeemed portion of the
Security surrendered. 
 ARTICLE IV 
 Covenants  
 SECTION 4.01. Payment of Securities. The Issuer
shall promptly make all payments in respect of each Series of Securities on the dates and in the manner provided in such Series of Securities and in this Indenture. Such payments shall be considered made on the date due if on such date the Trustee
or the Paying Agent holds, in accordance with this Indenture, money sufficient to make all payments with respect to such Securities then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the
Holders on that date pursuant to the terms of this Indenture. 
 SECTION 4.02. SEC Reports. Unless otherwise provided for
a particular Series of Securities in a Board Resolution, a supplemental indenture or an Officers’ Certificate, notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Issuer shall provide the Trustee and Holders within the time periods (including any extensions thereof) specified in the SEC’s rules and regulations copies of its annual report and certain information, documents and other reports that are
specified in Sections 13 and 15(d) of the Exchange Act; provided that, with respect to current reports that would be required to be filed with the SEC on Form 8-K, only such reports that would be required to be filed pursuant to Items 1.01 (Entry
into a Material Definitive Agreement), 1.02 (Termination of a Material Definitive Agreement), 1.03 (Bankruptcy or Receivership), 2.01 (Completion of Acquisition or Disposition of Assets), 2.03 (Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement), 2.04 (Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement), 4.01 (Changes in Registrant’s Certifying
Accountant), 4.02 (Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review) or 5.01 (Changes in Control of Registrant) shall be provided to the Trustee and the Holders; provided, however, that no
such report shall be required to be furnished if the Issuer determines in its good faith judgment that the event to be disclosed in such report is not material to the Holders or the business, assets, operations, financial position or prospects of
the Issuer and its Significant Subsidiaries taken as a whole. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates). The Issuer also shall comply with the other provisions of Trust Indenture Act Section 314(a). 
 SECTION
4.03. Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each Fiscal Year of the Issuer (commencing with the Fiscal Year ended December 31, 2012) an Officers’ Certificate stating that in
the course of the performance by the signers of their duties as Officers of the Issuer they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If they do, the certificate
shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto. The Issuer also shall comply with Trust Indenture Act Section 314(a)(4). 

SECTION 4.04. Further Instruments and Acts. The Issuer shall execute and deliver to the Trustee such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

  
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 ARTICLE V 
 Successor Companies  
 SECTION 5.01. Merger and
Consolidation. Unless otherwise provided for a particular Series of Securities in a Board Resolution, a supplemental indenture or an Officers’ Certificate, the Issuer shall not consolidate with or merge with or into, or convey, transfer or
lease all or substantially all its properties and assets to, any Person unless: 
 (i) the resulting, surviving
or transferee Person (the “Successor Company”) shall be a corporation or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor
Company (if not the Issuer) shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Issuer under the Securities and this Indenture; 

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

 (iii) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

The Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture (as modified or supplemented by a Board Resolution, a supplemental indenture or an Officers’ Certificate), and the predecessor Issuer, except in the case of a lease of all or substantially all of its assets, shall be released from the
obligation to pay the principal of and interest on the Securities. 
 ARTICLE VI 

Defaults And Remedies  
 SECTION 6.01. Events of Default. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, each of the
following constitutes an “Event of Default” with respect to each Series of Securities: 
 (1) the Issuer’s
default in any payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), or premium, if any, on any Security of that Series when such
amount becomes due and payable at Stated Maturity, upon acceleration, required redemption or otherwise; 
 (2) the Issuer’s
failure to pay interest on any Security of that Series when such interest becomes due and payable, and such failure continues for a period of 30 days; 
 (3) the Issuer fails to comply with Section 5.01; 
 (4) the Issuer fails to
comply with any of its covenants or agreements contained in the Securities of that Series or this Indenture (other than those referred to in (1), (2), or (3) above) and such failure continues for 60 days after the notice specified below;

 (5) the Issuer or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

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

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

(A) is for relief against the Issuer or a Significant Subsidiary in an involuntary case; 

(B) appoints a Custodian of the Issuer or a Significant Subsidiary or for any substantial part of its property; or

 (C) orders the winding up or liquidation of the Issuer or a Significant Subsidiary or any similar relief is
granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days. 

  
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 The foregoing shall constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A Default under clause (4) above is not an Event of Default with respect to any Series of Securities until the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities
of that Series notify the Issuer of the Default and the Issuer does not cure such Default within the time specified in clause (4) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such
notice is a “Notice of Default.” 
 The Issuer shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officers’ Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default under clause (4), its status and what action the Issuer is taking or proposes to
take with respect thereto. 
 SECTION 6.02. Acceleration. If an Event of Default with respect to any Series of Securities
at the time outstanding (other than an Event of Default specified in Section 6.01(5) or (6) with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding
Securities of that Series by written notice to the Issuer (and to the Trustee if such notice is given by the Holders), may declare the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of that Series to be due and payable. Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default
specified in Section 6.01(5) or (6) with respect to the Issuer occurs, the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if
any, and accrued and unpaid interest on all the Securities of each Series of Security shall ipso facto 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 a
majority in principal amount of the Securities of any Series of Securities by notice to the Trustee may rescind an acceleration of that Series of Securities and its consequences if the rescission would not conflict with any judgment or decree and if
all existing Events of Default with respect to such Series of Securities have been cured or waived except nonpayment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in
the terms of such Security), premium, if any, and accrued and unpaid interest on all Securities of that Series that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent
thereto. 
 SECTION 6.03. Other Remedies. If an Event of Default with respect to any Series of Securities occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium,
if any, and accrued and unpaid interest on the Securities of that Series or to enforce the performance of any provision of the Securities of that Series or this Indenture. 
 The Trustee may institute and maintain a suit or legal proceeding even if it does not possess any of the Securities of a Series or does not produce any of them in the proceeding. A delay or omission by
the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect to any Series of Securities shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy
is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.04. Waiver of Past Defaults. The
Holders of a majority in aggregate principal amount of the Securities of any Series then outstanding may by notice to the Trustee waive an existing Default and its consequences except (i) a Default in the payment of the principal amount of (or,
in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of that Series, (ii) a Default arising from the
failure to redeem or purchase any Security of that Series when required pursuant to the terms of this Indenture or (iii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder of
that Series affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05. Control by Majority. The Holders of a majority in principal amount of the outstanding Securities of any Series may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to that Series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to
Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder of that Series or that would subject the Trustee to personal liability; provided, however, that the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused
by taking or not taking such action. 

  
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 SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of
the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of any Series when due, no Holder of a
Security of that Series may pursue any remedy with respect to this Indenture or the Securities of that Series unless: 
 (1) the
Holder previously gave the Trustee written notice stating that an Event of Default with respect to that Series is continuing; 

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

 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right
of any Holder to receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on the Securities held
by such Holder, on or after their Maturity, or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 7.07 to cover the costs and expenses of collection, including the reasonable compensation, expenses disbursement and advances of the Trustee, its agents and its counsel. 

SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Issuer or any of its Subsidiaries, their creditors or their property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10. Priorities. If the
Trustee collects any money or property pursuant to this Article VI with respect to any Series of Securities, it shall pay out the money or property in the following order: 
 FIRST: costs and expenses of collection, including all sums paid or advanced by the Trustee hereunder and the compensation, expenses and disbursements of the Trustee, its agents and its counsel and all
other amounts due to the Trustee under Section 7.07; 
 SECOND: to Holders for amounts due and unpaid on the Securities of
that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the
terms of such Security), premium, if any, and accrued and unpaid interest, respectively; and 
 THIRD: to the Issuer.

 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days
before such record date, the Trustee shall mail to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid. 

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

SECTION 6.12. Waiver of Stay or Extension Laws. The Issuer (to the extent it may lawfully do so) shall not at any time insist
upon, plead, or in any manner whatsoever claim to take the benefit or advantage of, any stay or extension law, wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law had been enacted. 
 ARTICLE VII 

Trustee  
 SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing with respect to any Series of Securities, the Trustee shall exercise the rights and powers vested in
it by this Indenture and use the same degree of care and skill in its exercise thereof as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

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

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to
the Securities of that Series, as modified or supplemented by a Board Resolution, a supplemental indenture or an Officers’ Certificate and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 (2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of that Series, conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates
and opinions to determine whether or, not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its
own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section;

 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that
the Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section. 

(e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 (f) Money held in trust by the Trustee need not be segregated from funds except to the extent required by law. 

(g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (h) Every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the Trust Indenture Act. 

  
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 SECTION 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on any
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. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take
in good, faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents or
attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. 
 (d)
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful
misconduct or gross negligence. 
 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Securities, shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document. 

(g) The Trustee shall not be deemed to have notice or charged with knowledge of any Default or Event of Default with respect to the
Securities of any Series unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received from the Issuer or any Holders of such Securities by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references such Securities and this Indenture. 
 (h) The rights,
privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent,
custodian and other Person employed to act hereunder. 
 (i) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by the Trustee in compliance with such request or direction. 
 (j) The Trustee
may from time to time request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to the Indenture, which Officers’
Certificate may be signed by any persons authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(k) The permissive right of the Trustee to take any action under this Indenture shall not be construed as a duty to so act. 

(l) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (m) Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution. 
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Securities and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. However, the
Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Issuer’s use of the proceeds from the Securities, it will not be responsible for the use or
application of any money received by any Paying Agent (other than itself as Paying Agent), and it shall not be responsible for any statement in this Indenture, in the Securities, or in any document executed in connection with the sale of the
Securities, other than those set forth in a Trustee’s certificate of authentication. 

  
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 SECTION 7.05. Notice of Defaults. If a Default with respect to Securities of any
Series occurs and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee shall mail to each Holder of that Series notice of the Default within 90 days after it occurs. Except in the case of a Default with respect to
Securities of any Series in payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on
any Security of that Series, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Holders. 

SECTION 7.06. Reports by Trustee to Holder. As promptly as practicable after each May 15 beginning with the first
May 15 after the issuance of Securities pursuant to this Indenture, for so long as Securities remain outstanding, the Trustee shall mail to each Holder a brief report dated as of such reporting date that complies with Section 313(a) of
the Trust Indenture Act. The Trustee shall also comply with Section 313(b) of the Trust Indenture Act. 
 A copy of each
report at the time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Issuer agrees to notify promptly the Trustee whenever the Securities become listed on any stock
exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee
from time to time such compensation for its services as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer
shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee
in connection with the delivery of an Opinion of Counsel or otherwise in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts. The Issuer shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees) incurred by or in connection with the administration of this trust and
the performance of its duties hereunder, including the costs and expenses of enforcing the Indenture (including this Section 7.07) and of defending itself against any claims (whether asserted by any Holder, the Issuer or otherwise). The Trustee
shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer of its indemnity
obligations hereunder. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s own willful misconduct, gross negligence or bad faith. 

To secure the Issuer’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or
property held or collected by the Trustee other than money or property held in trust to pay the principal of and interest and any liquidated damages on particular Securities. 
 The Issuer’s payment obligations pursuant to this Section shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the
resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) or (6) with respect to the Issuer, the expenses are intended to constitute expenses of administration
under the Bankruptcy Law. 
 SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time with respect to the
Securities of any Series by so notifying the Issuer. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee and may appoint a successor Trustee with respect to such Series of Securities. The Issuer shall
remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged bankrupt or insolvent; 
 (3) a receiver or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns,
is removed by the Issuer or by the Holders of a majority in principal amount of the Securities of any Series and such Holders do not reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the
Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

  
 17 

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders of that Series of Securities. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the Securities of that Series may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, after written notice hereto, the Holders of at least 10% in principal amount of
that Series of Securities may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate-trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts
created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated;
and if at that time any of the Securities shall not have been authenticated, any such successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in
all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Trust Indenture Act Section 310(a). The Trustee shall have a combined capital and
surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with Trust Indenture Act Section 310(b); provided, however, that there shall be excluded from the
operation of Trust Indenture Act Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion
set forth in Trust Indenture Act Section 310(b)(1) are met. 
 SECTION 7.11. Preferential Collection of Claims Against
the Issuer. The Trustee shall comply with Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or has been removed shall be subject to Trust
Indenture Act Section 311(a) to the extent indicated. 
 ARTICLE VIII 

Legal Defeasance And Covenant Defeasance  
 SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at the option of its Board of Directors evidenced by resolutions set forth in an Officers’ Certificate,
at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities of any Series upon compliance with the conditions set forth below in this Article VIII. 

Unless otherwise provided for in a Board Resolution, a supplemental indenture or an Officers’ Certificate, when (a) the Issuer
has delivered to the Trustee for cancellation all Securities of a Series or (b) all outstanding Securities of a Series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one year, and the Issuer shall have deposited with the Trustee as trust funds the entire amount sufficient to pay at maturity or upon redemption of all outstanding Securities
of the Series, and if, in either case, the Issuer shall also pay or cause to be paid all other sums payable under the Indenture by the Issuer, then the Indenture shall cease to be of further effect with respect to such Securities of such Series. The
Trustee shall acknowledge satisfaction and discharge of the Indenture on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer. 

  
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 SECTION 8.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02 with respect to any Series of Securities, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Securities of that Series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of that Series, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the
other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Securities and this Indenture with respect to such Securities of such Series (and the Trustee, on demand of and
at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Securities of that Series to receive solely from the trust fund described in Section 8.04
hereof, and as more fully set forth in such Section, payments in respect of the principal of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and
interest on such Securities when such payment are due; 
 (b) the Issuer’s obligations with respect to such Securities of
that Series under Article II; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Issuer’s obligations in connection therewith; and this Article VIII. 
 (d) Subject to compliance with this Article VIII,
the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 SECTION 8.03. Covenant Defeasance. Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any Series of Securities, the
Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in a Board Resolution, a supplemental indenture or an Officers’ Certificate with
respect to the outstanding Securities of that Series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of that Series shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of that Series, the Issuer may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any
reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default with respect to such Securities under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof with respect to
any Series of Securities, subject to the satisfaction of the conditions set forth in Section 8.04 hereof and Sections 6.01(3) and 6.01(4) hereof shall not constitute Events of Default with respect to such Securities. 

SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Securities: 
 In order to exercise either Legal Defeasance or Covenant
Defeasance with respect to any Series of Securities: 
 (1) the Issuer must irrevocably deposit with the Trustee, in trust, for
the benefit of the Holders of that Series of Securities, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized independent registered
public accounting firm, to pay the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and interest on the outstanding Securities
of that Series on the stated date for payment thereof or on the applicable redemption date, as the case may be; 
 (2) in the
case of an election under Section 8.02 hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 

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

  
 19 

 (b) since the date of this Indenture, there has been a change in the applicable federal
income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of that Series will not recognize income, gain or loss for federal income tax purposes as a
result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of an election under Section 8.03 hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of that Series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default with respect to that Series of Securities shall have occurred and be continuing either: 
 (a) on the date of such deposit (other than a Default or Event of Default with respect to that Series of Securities resulting from the borrowing of funds to be applied to such deposit); or 

(b) insofar as Sections 6.01(5) or 6.01(6) hereof are concerned, at any time in the period ending on the 91st day after the date of
deposit; 
 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a
default under, any material agreement or instrument (other than this Indenture) to which the Issuer or any of its Significant Subsidiaries are a party or by which the Issuer or any of its Significant Subsidiaries are bound; 

(6) the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that on the 91st day following the deposit, the
trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
 (7) the Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders of that Series of Securities
over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 
 (8) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or
the Covenant Defeasance have been complied with. 
 SECTION 8.05. Deposited Money and Government Securities to be Held in
Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of any outstanding Series of Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Securities of that Series. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized independent registered
public accounting firm expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.06. Repayment to the Issuer. Any money
deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, and premium, if any,
or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Issuer for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, 

  
 20 

 
and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuer cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 
 SECTION 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 thereof, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be;
provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE IX 

Amendments  
 SECTION 9.01. Without Consent of Holders. The Issuer and the Trustee may amend this Indenture or the Securities without notice to or consent of any Holder: 

(1) to evidence the succession of another Person to the Issuer pursuant to Article V and the assumption by such successor of the
Issuer’s covenants, agreements and obligations in this Indenture and in the Securities; 
 (2) to surrender any right or
power conferred upon the Issuer by this Indenture, to add to the covenants of the Issuer such further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any Series of Securities as the Board of Directors of
the Issuer shall consider to be for the protection of the Holders of such Securities, and to make the occurrence, or the occurrence and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions a
Default or an Event of Default under this Indenture; provided, however, that with respect to any such additional covenant, restriction, condition or provision, such amendment may provide for a period of grace after default, which may
be shorter or longer than that allowed in the case of other Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such Default or may limit the right of Holders of a majority in
aggregate principal amount of the Securities of any Series to waive such default; 
 (3) to cure any ambiguity or correct or
supplement any provision contained in this Indenture, in any supplemental indenture or in any Securities that may be defective or inconsistent with any other provision contained therein; 

(4) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to
matters or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any Series; 
 (5) to modify or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental indenture under the Trust Indenture Act as then in effect; 

(6) to add or to change any of the provisions of this Indenture to provide that Securities in bearer form may be registrable as to
principal, to change or eliminate any restrictions on the payment of principal or premium with respect to Securities in registered form or of principal, premium or interest with respect to Securities in bearer form, or to permit Securities in
registered form to be exchanged for Securities in bearer form, so as to not adversely affect the interests of the Holders of Securities or any coupons of any Series in any material respect or permit or facilitate the issuance of Securities of any
Series in uncertificated form; 
 (7) in the case of subordinated Securities, to make any change in the provisions of this
Indenture or any supplemental indenture relating to subordination that would limit or terminate the benefits available to any holder of senior Indebtedness under such provisions (but only if each such holder of senior Indebtedness consents to such
change); 
 (8) to add Guarantees with respect to the Securities or to secure the Securities; 

(9) to make any change that does not adversely affect the rights of any Holder; 

  
 21 

 (10) to add to, change, or eliminate any of the provisions of this Indenture with respect to
one or more Series of Securities, so long as any such addition, change or elimination not otherwise permitted under this Indenture shall (A) neither apply to any Security of any Series created prior to the execution of such supplemental
indenture and entitled to the benefit of such provision nor modify the rights of the Holders of any such Security with respect to the benefit of such provision or (B) become effective only when there is no such Security outstanding; 

(11) to evidence and provide for the acceptance of appointment by a successor or separate Trustee with respect to the Securities of one
or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of this Indenture by more than one Trustee; or 

(12) to establish the form or terms of Securities and coupons of any Series pursuant to Article II. 

SECTION 9.02. With Consent of Holders. The Issuer and the Trustee may amend this Indenture or the Securities of any Series without
notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Securities of each Series then outstanding (including consents obtained in connection with a tender offer or exchange for the
Securities) affected by such amendment. However, without the consent of each Holder affected, an amendment may not: 
 (1) make
any change to the percentage of principal amount of the outstanding Securities of any Series, the consent of whose Holders is required for any amendment, or the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; 
 (2) reduce
the principal amount of, premium, if any, or interest on, or extend the Stated Maturity or interest payment periods of any Security; 
 (3) make any Security payable in money or securities other than those stated in the Security; 
 (4) make any change that adversely affects such Holder’s right to require the Issuer to purchase the Securities in accordance with the terms thereof and this Indenture; 

(5) impair the right of any Holder to institute suit for the enforcement of any payment with respect to the Securities; 

(6) in the case of any subordinated Securities, or coupons appertaining thereto, make any change in the provisions of this Indenture
relating to subordination that adversely affects the rights of any Holder under such provisions; or 
 (7) make any change in
Section 6.04 or 6.07 or the second sentence of this Section 9.02. 
 It shall not be necessary for the consent of the
Holders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. After an amendment under this Section becomes effective, the Issuer shall mail to all
affected Holders a notice briefly describing such amendment. The failure to give such notice to all such Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 

SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities shall comply with the Trust
Indenture Act as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents and Waivers. A consent to an
amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or
waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective once both (i) the requisite number of consents have been received by the Issuer or the
Trustee and (ii) such amendment or waiver has been executed by the Issuer and the Trustee. 
 The Issuer may, but shall not
be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or
to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

  
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 SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the
terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Issuer
or the Trustee so determines, the Issuer in exchange for the Security shall issue and the Trustee shall, upon receipt of an Issuer Order, authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to
issue a new Security shall not affect the validity of such amendment. 
 SECTION 9.06. Trustee To Sign Amendments. The
Trustee shall sign any amendment authorized pursuant to this Article IX if the amendment does not affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the
Trustee shall receive indemnity satisfactory to it, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this
Indenture and that such amendment is the legal, valid and binding obligation of the Issuer enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03).

 SECTION 9.07. Payment for Consent. Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to be paid to all Holders of such Series of Securities, ratably, that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 

ARTICLE X 

Miscellaneous  
 SECTION 10.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the Trust
Indenture Act, the required provision shall control. 
 SECTION 10.02. Notices. Unless otherwise provided herein, any
notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as follows: 
 If to
the Issuer: 
 First Solar, Inc. 
 350 West Washington Street 
 Suite 600 

Tempe, AZ 85281 

Fax: (602) 414-9400 
 Attention: General Counsel 
 with a copy to: 

Cravath, Swaine & Moore LLP 
 825 Eighth Avenue 
 New York, NY 10019 

Fax: (212) 474-3700 
 Attention: Erik T. Tavzel, Esq. 
 If to the Trustee: 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as
it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

  
 23 

 The Trustee agrees to accept and act upon instructions and directions pursuant to this
Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. 

SECTION 10.03. Communication by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture Act
Section 312(b) with other Holders with respect to their rights under this Indenture or the Securities. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c). 

SECTION 10.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to
take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (1) an Officers’
Certificate of the Issuer in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all such conditions precedent have been complied with. 
 SECTION 10.05. Statements Required in Certificate
or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (1) a statement that the individual making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to
whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
 SECTION 10.06. When
Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Issuer, or by any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Issuer shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 10.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 10.08. Legal
Holidays. A “Legal Holiday” is a Saturday, Sunday or other day on which banking institutions in New York State are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 

SECTION 10.09. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

SECTION 10.10. No Recourse Against Others. A director, officer, employee or shareholder, as such, of the Issuer shall not have any
liability for any obligations of the Issuer under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all such
liability. The waiver and release shall be part of the consideration for the issuance of the Securities. 

  
 24 

 SECTION 10.11. Successors. All agreements of the Issuer in this Indenture and the
Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION
10.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy of the Indenture is enough to prove this
Indenture. 
 SECTION 10.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of
the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 10.14. Severability. If any provision in this Indenture is deemed unenforceable, it shall not affect the validity or
enforceability of any other provision set forth herein, or of the Indenture as a whole. 
 SECTION 10.15. Waiver of Jury
Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLE WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUR OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 10.16. Force Majeure. In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances. 
 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly
executed as of the date first written above. 
  

			
	FIRST SOLAR, INC.,
		
	By:	 	  

		 	 Name:

Title:

	
	as Trustee
		
	By:	 	  

		 	 Name:

Title:

  
 25

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