Document:

Registration Rights Agreement

 Exhibit 4.3 
 EXECUTION COPY 
  
  
 REGISTRATION RIGHTS AGREEMENT 
 Dated as of
April 6, 2009 
 Between 
 BWAY
CORPORATION 
 and 
 THE GUARANTORS
NAMED HEREIN 
 as Issuers 
 and

 DEUTSCHE BANK SECURITIES INC. 
 and 
 GOLDMAN, SACHS & CO., 
 as Initial Purchasers 
 10% Senior Subordinated Notes due 2014 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	Definitions	  	1
	2.	  	Exchange Offer	  	5
	3.	  	Shelf Registration	  	8
	4.	  	Additional Interest	  	10
	5.	  	Registration Procedures	  	11
	6.	  	Registration Expenses	  	18
	7.	  	Indemnification and Contribution.	  	19
	8.	  	Rule 144A	  	22
	9.	  	Underwritten Registrations	  	23
	10.	  	Miscellaneous	  	23

  

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 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is dated as of April 6, 2009, between BWAY CORPORATION, a Delaware
corporation (the “Company”), the subsidiaries of the Company listed on Schedule 1 hereto (collectively, and together with any entity that in the future executes a supplemental indenture pursuant to which such entity agrees to
guarantee the Notes (as hereinafter defined), the “Guarantors,” and together with the Company, the “Issuers”), and DEUTSCHE BANK SECURITIES INC. and GOLDMAN, SACHS & CO., as initial purchasers (the
“Initial Purchasers”). 
 This Agreement is entered into in connection with the Purchase Agreement by and between the
Issuers and the Initial Purchasers, dated as of April 1, 2009 (the “Purchase Agreement”), which provides for, among other things, the sale by the Company to the Initial Purchasers of $228,538,000 aggregate principal amount of
the Issuers’ 10% Senior Subordinated Notes due 2014 (the “Notes”) guaranteed on an unsecured senior subordinated basis by the Guarantors (the “Guarantees”). In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the Notes. The execution and delivery of this
Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
 The parties hereby
agree as follows: 
 1. Definitions 
 As used in this Agreement, the following terms shall have the following meanings: 
 Additional
Interest: See Section 4(a) hereof. 
 Advice: See the last paragraph of Section 5 hereof. 
 Agreement: See the introductory paragraphs hereto. 
 Applicable Period: See Section 2(b) hereof. 
 Application: See Section 7(a) hereof.

 Blackout Period: See Section 3(d) hereof. 
 Business Day: Any day that is not a Saturday, Sunday or a day on which banking institutions in New York are authorized or required by law to be closed. 
 Company: See the introductory paragraphs hereto. 
 Effectiveness Period: See Section 3(a) hereof. 
 Event Date: See Section 4 hereof.

 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder. 
 Exchange Notes: See Section 2(a) hereof. 
 Exchange Offer: See Section 2(a) hereof. 
 Exchange Offer Registration Statement: See Section 2(a) hereof. 
 Freely Tradable: With
respect to a Note (and the related Guarantee), a Note (and the related Guarantee) that at any time of determination, if it were not held by an affiliate (as defined in Rule 405) of the Company, (i) may be resold to the public in accordance with
Rule 144 or any successor provision thereof (whether or not the Company has failed to file any required reports under the Exchange Act) and (ii) does not bear any restrictive legends relating to the Securities Act. 
 Free Writing Prospectus: Means each free writing prospectus (as defined in Rule 405) prepared by or on behalf of the Company or used or referred
to by the Company in connection with the sale of the Notes, the Exchange Notes or the Private Exchange Notes. 
 FINRA: See
Section 5(s) hereof. 
 Guarantees: See the introductory paragraphs hereto. 
 Guarantors: See the introductory paragraphs hereto. 
 Holder: Any holder of a Registrable Note or Registrable Notes. 
 Indenture: The Indenture,
dated as of April 6, 2009, by and between the Company, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as Trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with
the terms thereof. 
 Information: See Section 5(o) hereof. 
 Initial Purchasers: See the introductory paragraphs hereto. 
 Initial Shelf Registration: See Section 3(a) hereof. 
 Inspectors: See Section 5(o)
hereof. 
 Issue Date: April 6, 2009, the date of original issuance of the Notes. 
 Issuers: See the introductory paragraphs hereto. 
 Notes: See the introductory paragraphs hereto. 
  

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 Offering Memorandum: The final offering memorandum of the Issuers dated April 1, 2009, in
respect of the offering of the Notes. 
 Participant: See Section 7(a) hereof. 
 Participating Broker-Dealer: See Section 2(b) hereof. 
 Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated association, union, business association, firm or other legal entity. 

Private Exchange: See Section 2(b) hereof. 
 Private Exchange Notes: See Section 2(b) hereof. 
 Prospectus: The prospectus included in
any Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon
Rule 430A under the Securities Act and any “issuer free writing prospectus” as defined in Rule 433 under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory paragraphs hereof. 
 Records: See Section 5(o)
hereof. 
 Registrable Notes: Each Note (and the related Guarantees) upon its original issuance and at all times subsequent thereto,
each Exchange Note (and the related Guarantees) as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note (and the related Guarantees) upon original issuance
thereof and at all times subsequent thereto, until, in each case, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer
Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective by the SEC and such Note, Exchange Note or such Private Exchange Note (and the related Guarantees), as the case may be, has been disposed
of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes (and the related Guarantees) that may be resold without restriction under state
and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note (and the related Guarantees), as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note, Exchange Note or Private
Exchange Note (and the related Guarantees) as the case may be, is Freely Tradable. 
 Registration Statement: Any registration
statement of the Issuers that covers any of the Notes, the Exchange Notes or the Private Exchange Notes (and the related Guarantees), 

  

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filed with the SEC under the Securities Act, including the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 Registration Trigger Date: The first Business Day following the one year anniversary of the date hereof. 
 Rule 144:
Rule 144 under the Securities Act. 
 Rule 144A: Rule 144A under the Securities Act. 
 Rule 405: Rule 405 under the Securities Act. 
 Rule 415: Rule 415 under the Securities Act. 
 Rule 424: Rule 424 under the
Securities Act. 
 SEC: The U.S. Securities and Exchange Commission. 
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Shelf Notice: See Section 2(c) hereof. 
 Shelf Registration: See Section 3(b) hereof. 
 Shelf Registration Statement: Any Registration Statement relating
to a Shelf Registration. 
 Subsequent Shelf Registration: See Section 3(b) hereof. 
 TIA: The Trust Indenture Act of 1939, as amended. 
 Trustee: The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes (and the related Guarantees). 
 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to
the public. 
 Except as otherwise specifically provided, all references in this Agreement to acts, laws, statutes, rules, regulations,
releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory Requirements”) shall be deemed to refer also to any amendments thereto and all subsequent Regulatory Requirements adopted as a
replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace Rule 144A. 
  

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 2. Exchange Offer 
 (a) Unless the Exchange Offer would violate applicable law or any applicable interpretation of the staff of the SEC, with respect to any Notes that on the Registration Trigger Date are Registrable Notes, the Issuers
shall use their respective commercially reasonable efforts to file with the SEC, a Registration Statement (the “Exchange Offer Registration Statement”) on an appropriate registration form with respect to a registered offer (the
“Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of debt securities of the Company, that are identical in all material respects to the Notes (the “Exchange
Notes”), guaranteed on an unsecured senior subordinated basis by the Guarantors, that are identical in all material respects to the Notes except that (i) the Exchange Notes shall contain no restrictive legend thereon and shall not
contain the provisions relating to Additional Interest and (ii) interest thereon shall accrue from (A) the later of (x) the last date on which interest was paid on the Registrable Notes or (y) if the Registrable Note is
surrendered for exchange on a date that is after the record date for an interest payment that will occur on or after the date of such exchange and as to which interest will be paid, the date of such interest payment date, or (B), if no such interest
has been paid, from the Issue Date, and which are entitled to the benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust
indenture as are necessary to comply with the TIA) and which, in either case, has been qualified under the TIA. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws.
The Issuers shall use their respective commercially reasonable efforts to (x) cause the Exchange Offer Registration Statement to be declared effective under the Securities Act; (y) keep the Exchange Offer open for at least 20 Business Days
(or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to the 30th Business Day following the effectiveness of the Exchange Offer
Registration Statement. 
 Each Holder (including, without limitation, each Participating Broker-Dealer) who participates in the Exchange
Offer will be required to represent to the Issuers in writing (which may be contained in the applicable letter of transmittal) that: (i) any Exchange Notes acquired in exchange for Registrable Notes tendered are being acquired in the ordinary
course of business of the Person receiving such Exchange Notes, whether or not such recipient is such Holder itself; (ii) at the time of the commencement or consummation of the Exchange Offer neither such Holder nor, to the actual knowledge of
such Holder, any other Person receiving Exchange Notes from such Holder has an arrangement or understanding with any Person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act;
(iii) neither the Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from such Holder is an “affiliate” (as defined in Rule 405) of the Company or, if it is an affiliate of the Company,
it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable and will provide information to be included in the Shelf Registration Statement in accordance with Section 5 hereof in
order to have their Notes included in the Shelf Registration Statement and benefit from the provisions regarding Additional Interest in Section 4 hereof; (iv) neither such Holder nor, to the actual knowledge of such Holder, any other
Person receiving Exchange Notes from such Holder is engaging in or intends to engage in a distribution of the Exchange Notes; (v) if such Holder is a Participating 

  

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Broker-Dealer, such Holder has acquired the Registrable Notes as a result of market-making activities or other trading activities and that it will comply
with the applicable provisions of the Securities Act (including, but not limited to, the prospectus delivery requirements thereunder) and (vi) such Holder is not acting on behalf of any Person who could not truthfully make the foregoing
representations. Any Holder that fails to make the foregoing representation will not be entitled to the benefits of Additional Interest on the Notes as set forth in Section 4 hereof. 
 Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply, solely with
respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and Exchange Notes held by Participating Broker-Dealers, and the Company shall have no further obligation to register
Registrable Notes (other than Private Exchange Notes and Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 
 No securities other than the Exchange Notes (and related guarantees) shall be included in the Exchange Offer Registration Statement. 
 (b) The Issuers shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which
shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer that is the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the
SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use
of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including, to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance with the Securities Act. 
 The
Issuers shall use their respective commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered
by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Notes; provided, however, that
such period shall terminate on the date on which a Participating Broker-Dealer is no longer required to deliver such Prospectus in connection with market-making or trading activities and in any event shall not be required to exceed 180 days or such
longer period if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”). 
 If, prior to
consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them that have the status of an unsold allotment in the initial distribution, the Issuers upon the request of the Initial Purchasers shall simultaneously with the
delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange (the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange  

  

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Notes”) of the Company, guaranteed by the Guarantors that are identical in all material respects to the Exchange Notes except for the placement
of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes if permitted by the CUSIP Service Bureau and
all other applicable laws, rules and regulations. 
 In connection with the Exchange Offer, the Issuers shall: 
 (1) mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (2) use their respective commercially reasonable efforts to keep the Exchange Offer open for not less than 20 Business Days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law);

 (3) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of
New York; 
 (4) permit Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York
time, on the last Business Day on which the Exchange Offer remains open; and 
 (5) otherwise comply in all material respects
with all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if
any, the Issuers shall: 
 (1) accept for exchange all Registrable Notes validly tendered and not validly withdrawn pursuant
to the Exchange Offer and the Private Exchange, if any; 
 (2) deliver to the Trustee for cancellation all Registrable Notes
so accepted for exchange; and 
 (3) cause the Trustee to authenticate and deliver promptly to each Holder of Notes, Exchange
Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a depositary, authentication and delivery to
such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement. 
 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as
the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or 

  

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proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Issuers to
proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers; and (iii) all governmental approvals shall have been obtained,
which approvals the Issuers deem necessary for the consummation of the Exchange Offer or Private Exchange. 
 The Exchange Notes and the
Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture, with such changes as are necessary to comply with any requirements of the SEC to effect or maintain
the qualification thereof under the TIA, and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or
the Notes will have the right to vote or consent as a separate class on any matter. 
 (c) If (A) Registrable Notes are then outstanding
and (B), (i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated on or prior to the 35th
Business Day following the Registration Trigger Date, (iii) the Initial Purchasers (if they hold Private Exchange Notes) or any other holder of Private Exchange Notes so requests in writing to the Company at any time after the consummation of
the Exchange Offer, or (iv) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws
(other than (x) due solely to the status of such Holder as an affiliate of the Company within the meaning of the Securities Act or (y) such Holder’s inability to make the representations set forth in Section 2(a) hereof) and so
notifies the Company in writing within 30 days, in the case of each of clauses (i) to and including (iv) of this sentence, then the Issuers shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf
Notice”) and shall file a Shelf Registration pursuant to Section 3 hereof. 
 3. Shelf Registration 
 If at any time a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 
 (a) Shelf Registration. The Issuers shall use their commercially reasonable best efforts to as promptly as practicable file with
the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf Registration”). The Issuers shall use their commercially reasonable
efforts to file with the SEC the Initial Shelf Registration. The Initial Shelf Registration shall be on Form S-1, S-3 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners
designated by them (including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes (and the related Guarantees) to be included in the Initial Shelf Registration or any
Subsequent Shelf Registration (as defined below). 
  

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 The Issuers shall use their commercially reasonable efforts to cause the Shelf
Registration to be declared effective under the Securities Act on or prior to the 90th day following the delivery of the Shelf Notice and to keep the Initial Shelf Registration continuously effective under the Securities Act until the date that is
the earliest of (i) the date that is one year from the Issue Date or, (ii) such time as all Registrable Notes covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf
Registration or, if applicable, a Subsequent Shelf Registration, (the “Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the
extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and shall be subject to reduction to the extent that the Notes, Exchange Notes or
Private Exchange Notes, as applicable, covered by the Shelf Registration Statement become Freely Tradable. 
 (b)
Withdrawal of Stop Orders; Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the
sale of all of the securities registered thereunder), the Issuers shall use their commercially reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of
such cessation of effectiveness amend such Shelf Registration Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement pursuant to Rule 415 covering all of
the Registrable Notes covered by and not sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf Registration”). If a Subsequent Shelf Registration is filed, the Issuers shall
use their respective commercially reasonable efforts to cause the Subsequent Shelf Registration to be declared effective under the Securities Act as soon as practicable after such filing and to keep such subsequent Shelf Registration continuously
effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein
the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration. 
 (c) Supplements and Amendments. The Issuers shall promptly supplement and amend the Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if
required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement with respect to the information included therein with respect to
one or more of such Holders (or their counsel), or by any underwriter of such Registrable Notes with respect to the information included therein with respect to such underwriter. 
 (d) Blackout Period. Notwithstanding anything to the contrary in this Agreement, the Issuers, upon notice to the Holders of
Registrable Notes that the Shelf Registration 

  

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Statement is unusable pending a material development, may suspend the use of the Prospectus included in any Shelf Registration Statement for a period of time
(the “Blackout Period”) not to exceed an aggregate of 60 days in any twelve month period; provided, that, upon the termination of such Blackout Period, the Company promptly shall notify the Holders of Registrable Notes that
such Blackout Period has been terminated. 
 4. Additional Interest 
 (a) The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree to pay, jointly and severally, as liquidated damages, additional interest on the
Registrable Notes (“Additional Interest”) under the circumstances and to the extent set forth below (each of which shall be given independent effect): 
 (i) if (A) Registrable Notes are outstanding and (B)(x) the Exchange Offer
Registration Statement is not declared effective on or prior to the 5th Business Day following the Registration Trigger Date or (y) the Exchange Offer is not consummated within 30 Business Days after the Exchange Offer Registration Statement
becomes effective, then Additional Interest shall accrue on the principal amount of the Registrable Notes at a rate of 0.25% per annum for the first 90 days immediately following the Registration Trigger Date or the 30th day following the effective date of the Exchange Offer Registration Statement, as applicable, and such Additional Interest rate shall increase by an
additional 0.25% per annum at the beginning of each subsequent 90 day period; or 
 (ii) if the Issuers are required to
file a Shelf Registration Statement and such Shelf Registration Statement is not declared effective by the SEC on or prior to the 90th day following delivery of the Shelf Notice, then, commencing on the day after such 90th day, Additional Interest
shall accrue on the principal amount of the Registrable Notes at a rate of 0.25% per annum for the first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest rate shall increase by an additional
0.25% per annum at the beginning of each subsequent 90-day period; or 
 (iii) if the Shelf Registration Statement
required by Section 3(a) of this Agreement has been declared effective but thereafter ceases to be effective at any time at which it is required to be effective under this Agreement and such failure to remain effective exists for more than 30
days in any twelve month period, then commencing on the 31st day during any such twelve month period, Additional Interest shall accrue on the Registrable Notes at a rate of 0.25% per annum of the principal amount of such Notes for the first 90
days from and including such day, as applicable, following the date on which such Shelf Registration Statement ceases to be effective and increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period thereafter;

  

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 provided, however, that the Additional Interest rate on the Registrable Notes may not accrue under more
than one of the foregoing clauses (i)—(iii) at any one time and at no time shall the aggregate amount of Additional Interest accruing exceed in the aggregate 1.0% per annum; provided, further, however, that
(1) upon the completion of the Exchange Offer (in the case of clause (i) above of this Section 4), (2) upon the effectiveness of the Shelf Registration Statement as required hereunder (in the case of clause (ii) of this
Section 4), or (3) upon the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of (iii)(B) of this Section 4), Additional Interest on the Registrable Notes in respect of which such
events relate as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. Without limiting the foregoing, the Issuers shall not be required to pay Additional Interest provided in this Section 4(a)
during a Blackout Period permitted by Section 3(d) hereof. Notwithstanding anything to the contrary in this Section 4(a), the Issuers shall not be required to pay Additional Interest to a Holder if such Holder failed to comply with its
obligations to make the representations set forth in Section 2(a) hereof or failed to provide the information required to be provided by it, if any, pursuant to Section 5 hereof. 
 (b) The Issuers shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which Additional
Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash semiannually on each April 15 and October 15
(to the holders of record at the close of business on the April 1 and October 1 (whether or not a business day) immediately preceding such dates), commencing with the first such date occurring after any such Additional Interest commences
to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Notes, multiplied by a fraction, the numerator of which is the number of days such
Additional Interest rate was applicable during such period (determined on the basis of a 360 day year comprised of twelve 30 day months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which
is 360. 
 5. Registration Procedures 
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall use their commercially reasonable efforts to effect such registrations to permit the sale of the
securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder each of the Issuers shall: 
 (a) Use its commercially reasonable efforts to prepare and file with the SEC prior to the applicable Filing Date a Registration Statement
or Registration Statements as prescribed by Section 2 or 3 hereof, and use its commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided,
however, that if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Company has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer,
before filing any Registration Statement or 

  

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Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Holders of the Registrable Notes covered by such
Registration Statement (with respect to a Registration Statement filed pursuant to Section 3 hereof) or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing
underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days
prior to such filing). In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, the Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of
a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, their counsel, or the managing underwriters shall reasonably object on a timely basis. 
 (b) Use its commercially reasonable efforts to (i) prepare and file with the SEC such amendments and post-effective amendments to
each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable Period or until consummation
of the Exchange Offer, as the case may be; (ii) cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and (iii) comply in all
material respects with the provisions of the Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and
with respect to the subsequent resale of any securities being sold by an Participating Broker-Dealer covered by any such Prospectus; provided that, to the extent relating to a Shelf Registration Statement, none of the foregoing shall be required
during a Blackout Period. 
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof and becomes
effective, or (2) the Exchange Offer Registration Statement filed pursuant to Section 2 hereof becomes effective and a Prospectus contained therein is required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Company has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable Notes (with
respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any,
promptly and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective under the Securities Act (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of
any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the
representations and warranties of the 

  

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Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(n) hereof cease to be true and correct in all
material respects, (iv) of the receipt by any Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes to be
sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming
known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or
amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ determination that a post-effective amendment to a Registration Statement would be
appropriate. 
 (d) Use its respective commercially reasonable efforts to obtain the withdrawal of the issuance of any order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be
sold by any Participating Broker-Dealer, for sale in any jurisdiction at the earliest practicable moment. 
 (e) If a Shelf
Registration is filed pursuant to Section 3 and if requested during the Effectiveness Period by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in
connection with an underwritten offering or any Participating Broker-Dealer, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information with respect to such Holders as the managing
underwriter or underwriters (if any), such Holders, any Participating Broker-Dealer or counsel for any of them reasonably request to be included therein, (ii) make all required filings of such prospectus supplement or such post-effective
amendment as soon as practicable after the Issuers has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement.

 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof and becomes effective, or (2) the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof becomes effective and a Prospectus contained therein is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes who so requests (with respect to a Registration Statement filed pursuant to 

  

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Section 3 hereof) and to each such Participating Broker-Dealer who so requests (with respect to any such Registration Statement) and to their respective
counsel and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules,
and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
 (g) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such
Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their respective counsel, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses
(including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, while the applicable Registration Statement remains effective
and subject to the last paragraph of this Section 5, the Issuers hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the Registrable Notes (prior to the end of the Applicable Period) covered by, or the sale (prior to the end
of the Applicable Period) by Participating Broker-Dealers of the Exchange Notes pursuant to such Prospectus and any amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period, use its commercially reasonable efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or
underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes for offer and sale under the securities or Blue Sky laws of such
jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in writing; provided, however, that the Issuers shall not be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject, (C) subject
itself to taxation in any such jurisdiction where it is not then so subject or (D) make any changes to their certificates of organization, bylaws or other organizational documents. 
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof and becomes effective, cooperate with the selling Holders of
Registrable Notes and the managing 

  

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underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which
certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations (subject to applicable requirements contained in the
Indenture) and registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
 (j)
Use its respective commercially reasonable efforts to cause the Registrable Notes covered by the Registration Statement to be registered with or approved by such other United States governmental agencies or authorities as may be necessary to enable
the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes, except as may be required as a consequence of the nature of such selling Holder’s business, in which case the
Issuers will cooperate in all reasonable respects with the filing of such registrations and the granting of such approvals. 
 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof and becomes effective, or (2) the Exchange Offer Registration Statement filed pursuant to Section 2 becomes effective and a Prospectus contained
therein hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi)
hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole expense of the Issuers, a supplement or post-effective amendment to the Registration Statement or a supplement to the related
Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder (with respect to a
Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer (with respect to any such Registration Statement), any such
Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes,
(i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes; and use its commercially reasonable efforts to
replace the restricted CUSIP number on the Notes with an unrestricted CUSIP number at such time as the Notes are Freely Tradable. 
 (m) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes (including
customary indemnification provisions) and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in
such connection, (i) to the extent 

  

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possible make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Issuers (including any
acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to
underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) obtain the written opinions of counsel to the Issuers, in customary form or otherwise reasonably
satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably requested in underwritten offerings; and (iii) obtain “comfort” letters and
updates thereof in customary form, or otherwise reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public
accountants of the Issuers, or of any business acquired by the Issuers , for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the
underwriters, covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings of debt securities similar to the Notes. The above shall be done at each closing under such underwriting
agreement, or as and to the extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to
Section 3 hereof and becomes effective, or (2) the Exchange Offer Registration Statement filed pursuant to Section 2 hereof becomes effective and a Prospectus contained therein is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available at reasonable times for inspection by a representative of the Holders of such Registrable Notes being sold (with respect to a Registration
Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and a single firm of counsel retained by selling
Holders or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, or underwriters (any such representative, Participating Broker-Dealers, underwriters or counsel, collectively, the
“Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents and instruments of the Company and subsidiaries of
the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Company and any of its
subsidiaries to supply all information (“Information”) reasonably requested by any such Inspector in connection with such due diligence responsibilities. Each Inspector shall agree in writing that it will keep the Records and
Information confidential and that it will not disclose any of the Records or Information that the Company determines, in good faith, to be confidential and notifies the Inspectors in writing are confidential unless (i) the disclosure of such
Records or Information is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, or (iii) the information in such Records or Information has been made generally 

  

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available to the public other than by or through an Inspector or an “affiliate” (as defined in Rule 405) thereof; provided,
however, that prior notice shall be provided as soon as practicable to the Company of the potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of this sentence to permit the Company to obtain a
protective order (or waive the provisions of this paragraph (o)) and that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is
otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 
 (o) Use its commercially reasonable efforts to (i) provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a)
hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration Statement relating to the Registrable Notes; (ii) in connection therewith, cooperate with the trustee under any such indenture
and the Holders of the Registrable Notes, to effect such changes (if any) to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and (iii) execute, and use its respective commercially
reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner.

 (p) Comply in all material respects with all applicable rules and regulations of the SEC and make generally available to
its securityholders with regard to any applicable Registration Statement, a consolidated earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the
Securities Act) no later than 45 days after the end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are
sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first month of the first fiscal quarter of the Company, after the effective date of a
Registration Statement, which statements shall cover said 12-month periods. 
 (q) If the Exchange Offer or a Private Exchange
is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company), in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Issuers shall
mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid
or otherwise satisfied. 
 (r) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. (the “FINRA”).

  

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 The Company may require each seller of Registrable Notes as to which any registration is being effected
to furnish to the Company such information regarding such seller and the distribution of such Registrable Notes as the Company may, from time to time, reasonably request. The Company may exclude from such registration the Registrable Notes of any
seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all information
required to be disclosed in order to make the information previously furnished to the Issuers by such seller not materially misleading. 
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by its acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any
notice from the Company (i) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof or (ii) the commencement of a Blackout Period, such Holder will forthwith discontinue
disposition of such Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be, (x) until such Holder’s or Participating
Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus
may be resumed, and has received copies of any amendments or supplements thereto or (y) in the case of the immediately preceding clause (ii) the earlier of (A) 60 days after the commencement of such blackout period and
(B) receipt of notice from the Company that such Blackout Period has ended. In the event that the Company shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the number of days during such
periods from and including the date of the giving of such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may
be, shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or the Advice or (y) in the case of clause (ii), the notice that such Blackout Period has ended. 
 6. Registration Expenses 
 All fees
and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers, jointly and severally, whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed
or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with FINRA in connection
with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes
or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions where the holders of Registrable Notes are located, in the case of the Exchange Notes,
(ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of
prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a majority in 

  

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aggregate principal amount of the Registrable Notes included in any Registration Statement, (iii) messenger, telephone and delivery expenses,
(iv) fees and disbursements of counsel for the Issuers and, in the case of a Shelf Registration, reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to
Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(n)(iii) hereof (including, without limitation, the expenses of any “comfort” letters required by or
incident to such performance), (vi) Securities Act liability insurance, if the Issuers desires such insurance, (vii) fees and expenses of all other Persons retained by the Issuers, (viii) internal expenses of the Issuers (including,
without limitation, all salaries and expenses of officers and employees of the Issuers performing legal or accounting duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in connection with the listing of the
securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements,
underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement; but excluding any and all fees of counsel to the underwriters (except as set forth in clause (i)(B) above) and underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Notes by a Holder. 
 7. Indemnification and
Contribution. 
 (a) Each of the Issuers agree, jointly and severally, to indemnify and hold harmless each Holder of Registrable Notes and
each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, and each Person, if any, who controls such Person or its affiliates within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each,
a “Participant”) against any losses, claims, damages or liabilities to which any Participant may become subject under the Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon: 
 (i) any untrue statement or alleged untrue statement made by any Issuer
contained in any application or any other document or any amendment or supplement thereto executed by any Issuer based upon written information furnished by or on behalf of any Issuer filed in any jurisdiction in order to qualify the Notes under the
securities or “Blue Sky” laws thereof or filed with the SEC or any securities association or securities exchange (each, an “Application”); 
 (ii) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 
 (iii) the omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any Application or any other document or any amendment or supplement thereto, a material fact required to be stated
therein or necessary to make the statements therein not misleading; 
  

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 and will reimburse, as incurred, the Participant for any legal or other expenses incurred by the Participant in
connection with investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, none of the Issuers will be liable in any such case to the
extent that any such loss, claim, damage, or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment thereto) or Prospectus (as
amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Application or any amendment or supplement thereto in reliance upon and in conformity with information
relating to any Participant furnished to the Issuers by such Participant specifically for use therein. The indemnity provided for in this Section 7 will be in addition to any liability that the Issuers may otherwise have to the indemnified
parties. The Issuers shall not be liable under this Section 7 for any settlement of any claim or action effected without their prior written consent, which shall not be unreasonably withheld. 
 (b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuers, their directors, their officers, its employees and
each person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (and any director, officer or employee of any such controlling Person) against any losses, claims, damages or
liabilities to which the Issuers or any such director, officer, employee or controlling Person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus, or (ii) the
omission or the alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written information concerning such Participant, furnished to the Issuers by or on behalf of such Participant, specifically for use therein; and subject to the limitation set forth
immediately preceding this clause, will reimburse, as incurred, any legal or other expenses incurred by the Issuers or any such director, officer, employee or controlling (and any director, officer or employee of any such controlling Person) person
in connection with investigating or defending against or appearing as a third party witness in connection with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 7 will be in
addition to any liability that the Participants may otherwise have to the indemnified parties. The Participants shall not be liable under this Section 7 for any settlement of any claim or action effected without their consent, which shall not
be unreasonably withheld. 
 (c) Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of
any action for which such indemnified party is entitled to indemnification under this Section 7, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the
indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights and defenses) and 

  

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(ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation
provided in paragraphs (a) and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein
and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and the indemnifying party and
the indemnified party shall have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or
(iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the institution of
such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate
counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel
appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified
party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such
action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the same
general allegations or circumstances, designated by Participants who sold a majority in interest of the Registrable Notes and Exchange Notes sold by all such Participants in the case of paragraph (a) of this Section 7 or the Issuers in the
case of paragraph (b) of this Section 7, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the indemnifying party has
authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from
the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party
(which consent shall not be unreasonably withheld), unless such indemnified party waived in writing its rights under this Section 7, in which case the indemnified party may effect such a settlement without such consent. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement or compromise of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party, or indemnity could have been
sought hereunder by any indemnified party, unless such settlement (A) includes an unconditional written release of the indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that
are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of any indemnified party. 
  

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 (d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this
Section 7 is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable
contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative
benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law,
not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted
in such losses, claims, damages or liabilities (or actions in respect thereof). The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand, or the Participants on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro
rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no
Participant shall be obligated to make contributions hereunder that in the aggregate exceed the price at which such Participant sold its with the sale of the Notes, less the aggregate amount of any damages that such Participant has otherwise been
required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and each director of the Issuers, each officer or employee of the Issuers and each person, if any, who controls the Issuers within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (and any director, officer or employee of such controlling Person) shall have the same rights to contribution as the Issuers. The Participants’
obligation to contribute pursuant to this Section is several and not joint. 
 8. Rule 144A 
 The Company covenants and agrees that it will use its commercially reasonable efforts to file the reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and will, upon the request of any Holder or beneficial owner of
Registrable Notes, make available other information so long as necessary to permit sales pursuant to Rule 144A. 
  

 -22- 

 9. Underwritten Registrations 
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers
and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering subject to the consent of the Company (not to be unreasonably
withheld). Such Holder shall be responsible for all underwriting commissions and discounts in connection therewith. 
 No Holder of
Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 10. Miscellaneous 
 (a) No
Inconsistent Agreements. None of the Issuers has, as of the date hereof, and none of the Issuers shall, after the date of this Agreement, enter into any agreement with respect to any of its securities that is inconsistent with the rights granted
to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of
the Issuers’ other issued and outstanding securities under any such agreements. None of the Issuers will enter into any agreement with respect to any of their securities that will grant to any Person piggy-back registration rights with respect
to any Registration Statement. 
 (b) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Issuers, and (II)(A) the Holders of not less than a majority in aggregate principal
amount of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the
Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented without the prior written consent of each Holder and each
Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment,
modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being sold
pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the
Registrable Notes being sold pursuant to such Registration Statement. 
  

 -23- 

 (c) Notices. All notices and other communications (including, without limitation, any notices or
other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 
 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or
Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 
 Deutsche Bank Securities Inc. 
 60 Wall
Street 
 New York, New York 10005 
 Facsimile No.: (212) 797-4877 
 Attention: Corporate Finance Department 
 with a copy to: 
 Cahill Gordon &
Reindel LLP 
 80 Pine Street 
 New York, New York 10005 
 Facsimile No.: (212) 269-5420 
 Attention: John A. Tripodoro, Esq. 
 (ii) if to the Initial Purchasers, at the address specified in Section 10(d)(i); 
 (iii) if to the Issuers, at
the address as follows: 
 BWAY Corporation 
 8607 Roberts Drive, Suite 250 
 Atlanta, GA 30350 
 Facsimile No.: (770) 587-0156 
 Attn:
Kevin C. Kern 
 with a copy to: 
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 NY, NY 10022 
 Facsimile No.: (212) 909-6836 
 Attn: Steven J. Slutzky, Esq. 
 All such
notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a
next-day air courier; and when receipt is acknowledged by the addressee, if sent by facsimile. 
  

 -24- 

 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee at the address and in the manner specified in such Indenture. 
 (d) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that nothing herein shall be deemed to permit
any assignment, transfer or other disposition of Registrable Notes in violation of the terms of the Purchase Agreement or the Indenture. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE
THE APPLICATION OF ANY OTHER LAW. 
 (h) Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is
hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (i) Securities Held by the Issuers or the Issuers’ Affiliates. Whenever the consent or approval of Holders of a
specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage. 
 (j) Third-Party Beneficiaries. Holders of Registrable Notes and
Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 
 (k) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the 

  

 -25- 

 
agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written
agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents,
subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -26- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	BWAY CORPORATION
		
	By:	 	 /s/ Kevin C. Kern

	Name:	 	Kevin C. Kern
	Title:	 	 Senior Vice President and
 Chief Administrative
Officer

		
		 	 ARMSTRONG CONTAINERS, INC.,
 NORTH AMERICA PACKAGING
CORPORATION,
 NORTH AMERICA PACKAGING OF PUERTO RICO, INC.,
 SC
PLASTICS, LLC, and
 BWAY-KILBOURN, INC.

		
	By:	 	 /s/ Kevin C. Kern

	Name:	 	Kevin C. Kern
	Title:	 	Vice President and Treasurer

			
	The foregoing Agreement is hereby confirmed and accepted by the Initial Purchasers as of the date first above written.
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 /s/ Edwin E. Roland

	Name:	 	Edwin E. Roland
	Title:	 	Managing Director
		
	By:	 	 /s/ Christopher Blum

	Name:	 	Christopher Blum
	Title:	 	Director

			
	By:	 	GOLDMAN, SACHS & CO.
		
	By:	 	 /s/ Goldman, Sachs & Co.

		 	Goldman, Sachs & Co.

  

 -2- 

 SCHEDULE 1 
 Guarantors 
  

						
	 Company
	  	Jurisdiction of Organization	  	BWAY’s Ownership %	 
	 Armstrong Containers, Inc.
	  	DE	  	100	%
			
	 North America Packaging Corporation
	  	DE	  	100	%
			
	 North America Packaging of Puerto Rico, Inc.
	  	DE	  	100	%
			
	 SC Plastics, LLC
	  	GA	  	100	%
			
	 BWAY-Kilbourn, Inc.
	  	DE	  	100	%Notes Linked to the S&P 500 Index due April 7, 2011

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	CUSIP NO. 949746 PN5	 	FACE AMOUNT: $            
	REGISTERED NO.     	 	

 WELLS FARGO & COMPANY 
 Notes Linked to the S&P 500®
Index 
 due April 7, 2011 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be April 7, 2011. If no Market Disruption Event (as defined below)
occurs or is continuing on the scheduled Valuation Date (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the scheduled Valuation Date,
the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Valuation Date and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest.

 Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

 Determination of Maturity Payment Amount 
 “Maturity Payment Amount” shall mean, for each $1,000 Face Amount of this Security: 
  

	 	•	 	 if the Final Index Level is greater than the Initial Index Level, $1,000 plus the lesser of (A) the Additional Amount and (B) the Capped Return Amount;

  

	 	•	 	 if the Final Index Level is equal to the Initial Index Level or is at least 85% of the Initial Index Level, $1,000; and 

  

	 	•	 	 if the Final Index Level is less than 85% of the Initial Index Level, $1,000 minus the product of 

  

	 	•	 	 $1,000; and 

  

	 	•	 	 Initial Index Level – Final Index Level – .15 

         Initial Index Level 
 “Additional Amount” shall mean, for each $1,000 Face Amount of this Security, an amount equal to the product of: 
  

	 	•	 	 $1,000; 

  

	 	•	 	 2.0; and 

  

	 	•	 	 Final Index Level – Initial Index Level 

      Initial Index Level 
 “Capped Return Amount” is $350 per
$1,000 Face Amount of this Security. 
 The “Initial Index Level” is 797.87. 
 The “Final Index Level” shall be equal to Closing Level of the Index on the Valuation Date. 
 “Index” shall mean the S&P 500 Index. 
 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in
New York, New York or Minneapolis, Minnesota. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement
dated as of April 7, 2009 between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation
Agent” shall mean the Person that has entered into the Calculation Agency Agreement with the Company providing for, among other things, the determination of the Final Index Level, the Additional Amount, if any, and the Maturity Payment
Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation 

  

 2 

 
Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a
different Calculation Agent from time to time after the initial issuance of the Securities of this series without the consent of the Holders of the Securities of this series and without notifying the Holders of the Securities of this series.

 The “Closing Level” of the Index on any Trading Day shall mean the closing level of the Index as reported by the Index
Sponsor (or of any successor index, as reported by the index sponsor of that successor index) on such Trading Day or as determined by the Calculation Agent as described in “—Discontinuance of the Index; Alteration Of Method Of
Calculation.” 
 “Face Amount” shall mean, when used with respect to any Security or Securities of this series, the
amount set forth on the face of such Security or Securities as its or their “Face Amount.” 
 “Index Sponsor”
shall mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
 A “Market Disruption Event”
with respect to the Index will occur on any day if the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading in 20% or more of the underlying stocks which then comprise the Index or any successor index has occurred on
that day, in each case, during the one-hour period preceding the close of trading on the primary organized U.S. exchange or trading system on which those stocks are traded or, if in the case of a common stock not listed or quoted in the United
States, on the primary non-U.S. exchange, trading system or market for that security. Limitations on trading during significant market fluctuations imposed pursuant to New York Stock Exchange Rule 80B or any applicable rule or regulation enacted or
promulgated by The New York Stock Exchange, any other exchange, trading system or market, any other self regulatory organization or the Securities and Exchange Commission of similar scope or as a replacement for Rule 80B, may be considered material.
For purposes of this certificate “trading system” includes bulletin board services. 

  

	 	•	 	 A material suspension or material limitation has occurred on that day, in each case during the one-hour period preceding the close of trading in options or futures
contracts related to the Index or any successor index, whether by reason of movements in price exceeding levels permitted by the exchange, trading system or market on which those options or futures contracts are traded or otherwise.

  

	 	•	 	 Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain
market values for, the securities that then comprise 20% or more of the Index or any successor index, at any time during the one-hour period preceding the close of trading on that day. 

  

 3 

	 	•	 	 Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain
market values for, the futures or options contracts relating to the Index or any successor index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period preceding the
close of trading on that day. 

  

	 	•	 	 The closure of an exchange, trading system or market on which the securities that then comprise 20% or more of the Index or any successor index are traded or which
futures or options contracts relating to the Index or any successor index are traded prior to its scheduled closing time unless the earlier closing time is announced by such exchange, trading system or market at least one hour prior to the earlier
of (1) the actual closing time for the regular trading session of the exchange, trading system or market and (2) the submission deadline for orders to be entered in the exchange, trading system or market for execution on such trading day.

 For purposes of determining whether a Market Disruption Event has occurred: 
  

	 	•	 	 the relevant percentage contribution of a security to the level of the Index or any successor index will be based on a comparison of (x) the portion of the
level of the Index attributable to that security and (y) the overall level of the Index, in each case immediately before the occurrence of the Market Disruption Event; and 

  

	 	•	 	 “close of trading” means 4 p.m, New York City time. 

 A “Trading Day” is a day on which The New York Stock Exchange, The Nasdaq Stock Market and the American Stock Exchange are open for trading during their regular trading sessions. 
 The “Valuation Date” shall be the last Trading Day of March 2011. If the Calculation Agent determines that a Market Disruption Event has
occurred or is continuing on the scheduled Valuation Date, the Valuation Date will be postponed to the first succeeding Trading Day on which there is not a Market Disruption Event. If the Valuation Date has been postponed for eight Business Days
after the scheduled Valuation Date and such eighth Business Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing on such eighth Business Day, the Calculation Agent will determine the Closing Level of the Index on such
eighth Business Day in accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, if trading in the relevant securities
has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation or non-Trading Day) on such date of each security most recently included in the Index.
Any such postponement of the date that would otherwise be the scheduled Valuation Date will cause the Stated Maturity Date to be postponed until three Business Days after the Valuation Date if such third Business Day is after the Initial Stated
Maturity Date. 
  

 4 

 Discontinuance Of The Index; Alteration Of Method Of Calculation 
 If the Index Sponsor discontinues publication of the Index and the Index Sponsor or another entity publishes a successor or substitute index that the
Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Index, then any subsequent Closing Level of the Index will be determined by reference to the level of such successor index or substitute index (in any such
case, referred to herein as a “successor index”) at 4:00 p.m., New York City time, on the date that any such subsequent Closing Level of the Index is to be determined. 
 Upon any selection by the Calculation Agent of a successor index, the Company will promptly give notice to the Holders of the Securities of this series.

 If the Index Sponsor discontinues publication of the Index prior to, and such discontinuance is continuing on, the date that any Closing
Level of the Index is to be determined and the Calculation Agent determines that no successor index is available at such time, then, on such date, the Calculation Agent will determine the Closing Level to be used in computing the amount payable at
stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Index last in effect prior to such discontinuance, using the closing price (or, if trading in the relevant
security has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each security
most recently comprising the Index on the primary organized exchange or trading system. As used herein, “closing price” means, with respect to any security on any date, the last reported sales price regular way on such date or, in
case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary organized exchange or trading system on which such security is then listed or
admitted to trading. 
 If a successor index is selected or the Calculation Agent calculates a Closing Level as a substitute for the Index,
such successor index or Closing Level will be used as a substitute for the Index for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating the Index or a successor index, or the Closing Level thereof, is changed in a material respect, or if the Index
or a successor index is in any other way modified so that such Index does not, in the opinion of the Calculation Agent, fairly represent the value of the Index or such successor index had such changes or modifications not been made, then the
Calculation Agent will, at the close of business in New York City on the date that any Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to
arrive at a value of a stock index comparable to the Index or such successor index, as the case may be, as if such changes or modifications had not been made. The Calculation Agent will calculate the Closing Level of the Index and the amount payable
at stated maturity with reference to the Index or such successor index, as adjusted. Accordingly, if the method of calculating the Index or a successor index is modified so that the level of such index is a fraction of what it would have been if it
had 

  

 5 

 
not been modified (for example, due to a split in the index), then the Calculation Agent will adjust such index in order to arrive at a level of the Index or
such successor index as if it had not been modified (for example, as if such split had not occurred). 
 Calculation Agent 
 The Calculation Agent will determine the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine if adjustments are required
to the Closing Level of the Index under the circumstances described in this Security, (ii) if publication of the Index is discontinued, select a successor index or, if no successor index is available, determine the Closing Level under the
circumstances described in this Security and (iii) determine whether a Market Disruption Event has occurred. 
 The Company covenants
that, so long as any of the Securities of this series are Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to the Securities of this series. 

All determinations made by the Calculation Agent with respect to the Securities of this series will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holders of the Securities of this series. All percentages and other amounts resulting from any calculation with respect to the Securities
of this series will be rounded at the Calculation Agent’s discretion. 
 Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this
page has been left intentionally blank] 
  

 6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 DATED: April 7, 2009 
  

					
	WELLS FARGO & COMPANY
		
	By:	 	  

		 	Paul R. Ackerman
		 	Its:	 	Executive Vice President and
		 		 	Treasurer

 [SEAL] 
  

			
	Attest:	 	  

		 	Laurel A. Holschuh
		 	Its: Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated 
 therein described in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A.,
		 	as Trustee
		
	By:	 	  

		 	Authorized Signature
		
		 	 OR

	
	WELLS FARGO BANK, N.A.,
		 	as Authenticating Agent for the Trustee
		
	By:	 	  

		 	Authorized Signature

  

 7 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 Notes
Linked to the S&P 500® Index 
 due April 7, 2011 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
limited in aggregate Face Amount to $            ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without the consent of the
Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the Securities of this
series. 
 The Securities of this series are not subject to redemption at the option of the Company or repayment at the option of the Holder
hereof prior to April 7, 2011. The Securities will not be entitled to any sinking fund. 
 The Company agrees, to the extent permitted
by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity Payment Amount (calculated as set forth in the next sentence) of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated as
though the date of acceleration was the Valuation Date; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the next Trading Day on which there is not a Market Disruption
Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of payment of the Maturity Payment Amount shall terminate. The Securities of this series will not
bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 The Company agrees,
and by acceptance of a beneficial ownership interest in this Security each beneficial owner of this Security will be deemed to have agreed, for United States federal income tax purposes to characterize and treat this Security as a pre-paid
derivative contract in respect of the Index. 
  

 8 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of all series to be affected, acting together. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time
Outstanding affected by certain provisions of the Indenture, acting together, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the
purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Upon due
presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate Face Amount will
be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in
connection therewith. 
 This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is
not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered
form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, having the same terms and of authorized denominations aggregating a like amount. 
  

 9 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial
interests in this Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
 No reference herein to the Indenture and no provision of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in
this Security. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 
  

 10 

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

					
	TEN COM	  	—	  	as tenants in common
			
	TEN ENT	  	—	  	as tenants by the entireties
			
	JT TEN	  	—	  	as joint tenants with right
		  		  	of survivorship and not
		  		  	as tenants in common

  

							
	UNIF GIFT MIN ACT —	  	  
	  	Custodian	  	  

		  	(Cust)	  		  	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	  

	(State)

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
  

	
	Please Insert Social Security or Other Identifying Number of Assignee
	
	  

  
  
  
  
  
  
  
 (PLEASE PRINT
OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 
  

 11 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                             attorney to transfer the said Security on the books of the Company, with full
power of substitution in the premises. 
 Dated:
                     
  

	
	  

	
	  

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

 12

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