Document:

EX-4.2

 Exhibit 4.2 

This FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of May 30, 2014, among Teekay Offshore
Partners L.P., a limited partnership duly organized and existing under the laws of the Republic of The Marshall Islands (the “Company”), Teekay Offshore Finance Corp., a corporation duly organized under the laws of the Republic of
the Marshall Islands (the “Co-Issuer” and, together with the Company, the “Issuers” and each individually as “Issuer”), and THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the Issuers
and the Trustee have heretofore executed and delivered an indenture, dated as of May 30, 2014 (the “Indenture”), providing for the issuance by the Issuers from time to time of their Securities to be issued in one or more
series; 
 WHEREAS, Sections 2.01, 3.01 and 9.01 of the Indenture provide, among other things, that the Issuers and the Trustee may, without
the consent of Holders, enter into indentures supplemental to the Indenture to provide for specific terms applicable to any series of Securities; 

WHEREAS, the Issuers intend by this First Supplemental Indenture to create and provide for the issuance of a new series of Securities to be
designated as the “6.00% Notes due 2019” (the “Notes”); 
 WHEREAS, pursuant to Section 9.01(4) of the
Indenture, the Trustee and the Issuers are authorized to execute and deliver this First Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder of Securities; and 

WHEREAS, all things necessary to make the Notes, when executed by the Issuers and authenticated and delivered by the Trustee, issued upon the
terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations of the Issuers according to their terms, and all actions
required to be taken by the Issuers under the Indenture to make this First Supplemental Indenture a valid, binding and legal agreement of the Issuers, have been done. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

(a) All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Indenture. 

(b) The following are definitions used in this First Supplemental Indenture, and to the extent that a term is defined both herein and in the
Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes. 

 “Default” means an Event of Default or any event or circumstance specified under
Section 6.01 which would (with the giving of notice, lapse of time, determination of materiality or the fulfillment of any other applicable condition or any combination of the foregoing) be an Event of Default under the Indenture. 

“Encumbrance” means any encumbrance, mortgage, pledge, lien, charge (whether fixed or floating), assignment by way of
security, finance lease, sale and repurchase or sale and leaseback arrangement, sale of receivables on a recourse basis or security interest or any other agreement or arrangement having the effect of conferring security (provided that the
foregoing shall not include a pledge of deposit accounts to the extent such pledge does not restrict withdrawal from such accounts). 

“Event of Default” means the occurrence of an event or circumstance specified under Section 6.01. 

“Exchange” means securities exchange or other reputable marketplace for securities, on which the Notes are listed, or where the
Company has applied for listing of the Notes. 
 “Financial Indebtedness” means any indebtedness incurred in respect of: 

(1) moneys borrowed, including acceptance credit; 

(2) any bond, note, debenture, loan stock or other similar instrument; 

(3) the amount of any liability in respect of any lease or, hire purchase contract which would, in accordance with GAAP as in
effect on the date hereof, be treated as a finance or capital lease; 
 (4) receivables sold or discounted (other than any
receivables sold on a non-recourse basis); 
 (5) any sale and lease-back transaction, or similar transaction which is
treated as indebtedness under GAAP; 
 (6) the acquisition cost of any asset to the extent payable after its acquisition or
possession by the party liable where the deferred payment is arranged primarily as a method of raising finance or financing the acquisition of that asset; 

(7) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or
price, including without limitation currency or interest rate swaps, caps or collar transactions (and, when calculating the value of the transaction, only the mark-to-market value of the applicable derivative shall be taken into account); 

  
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 (8) any amounts raised under any other transactions having the commercial effect
of a borrowing or raising of money, whether recorded in the balance sheet or not (including any forward sale or purchase agreement); 

(9) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any
other instrument issued by a bank or financial institutions; and 
 (10) (without double counting) any guarantee, indemnity
or similar assurance against financial loss of any Person in respect of any of the items referred to in (1) through (9) above. 

“Free Liquidity” means, at any time, cash, cash equivalents and marketable securities (with investment grade rating from S&P
and/or Moody’s Investors Service) of maturities less than one (1) year, to which the Group shall have free, immediate and direct access each as reflected in the Company’s most recent quarterly, consolidated financial statements. For
the avoidance of doubt, Free Liquidity shall not be subject to any Encumbrance. 
 “GAAP” means the generally accepted accounting
principles in the United States of America, in force from time to time. 
 “GP” or the “General Partner” means Teekay
Offshore GP L.L.C., a Marshall Islands limited liability company with Company No. 960881, which is the general partner of the Company, which is a limited partnership formed under the Marshall Islands Limited Partnership Act and governed by a
limited partnership agreement. Under such Act and partnership agreement, the GP manages the operations and activities of the Company. 

“Group” means the Company and its Subsidiaries, and a “Group Company” means the Company or any of its Subsidiaries. 

“Material Adverse Effect” means a material adverse effect on: (a) the business, financial condition or operations of the
Company and/or the Group taken as a whole, (b) the Company’s ability to perform and comply with its obligations under the Indenture or the Notes; or (c) the validity or enforceability of the Indenture or the Notes. 

“Material Subsidiary” means: 

(1) any Subsidiary whose total consolidated assets represent at least 10% of the total consolidated assets of the Group, or

 (2) any Subsidiary whose total consolidated revenues represent at least 10% of the total consolidated net revenue of the
Group. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any shares of any class of capital stock of or other ownership interests in the Company or any Subsidiary of the Company, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares 

  
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of capital stock of or other ownership interests in the Company or any Subsidiary of the Company or any option, warrant or other right to acquire any such shares of capital stock of or other
ownership interests in the Company or any Subsidiary of the Company. 
 “Total Debt” means, at any time, on a consolidated basis
of the Group, the aggregate of: 
 (1) the amount calculated in accordance with GAAP shown as each of “long term
debt”, “short term debt” and “current portion of long term debt” on the latest consolidated balance sheet of the Company; and 

(2) the amount of any liability in respect of any lease or hire purchase contract entered into by the Company or any of its
Subsidiaries which would, in accordance with GAAP as in effect on the date hereof, be treated as a finance or capital lease (excluding any amounts applicable to leases to the extent that the lease obligations are secured by a security deposit which
is held on the balance sheet under “restricted cash”). 
 “Transfer Tax” means any tax or similar governmental charge
required by law or permitted by the Indenture because a Holder requests any shares to be issued in a name other than such Holder’s name. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in Section

		
	“Additional Amounts”	  	7.01(a)
		
	“Change of Control”	  	4.01(a)
		
	“Change of Control Purchase Date”	  	4.01(a)
		
	“Change of Control Purchase Price”	  	4.01(a)
		
	“Interest Payment Date”	  	2.04(c)
		
	“Maturity Date”	  	2.04(b)
		
	“Regular Record Date”	  	2.04(c)
		
	“Specified Tax Jurisdiction”	  	7.01(a)
		
	“Taxes”	  	7.01(a)

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

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

“Commission” means the SEC. 

  
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 “indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this First Supplemental Indenture. 

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

“obligor” on the indenture securities means each Issuer and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this First Supplemental Indenture that are defined by the Trust Indenture Act, defined by Trust
Indenture Act reference to another statute or defined by Commission rules promulgated under the Trust Indenture Act have the meanings assigned to them by such definitions. 

ARTICLE II 
 APPLICATION
OF SUPPLEMENTAL INDENTURE 
 AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES 

Section 2.01 Application of this First Supplemental Indenture. Notwithstanding any other provision of this First Supplemental
Indenture, the provisions of this First Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes. The Notes constitute a separate series of Securities as provided in
Section 3.01 of the Indenture. 
 Section 2.02 Creation of the Notes. In accordance with Section 3.01 of the
Indenture, the Issuers hereby create the Notes as separate series of their Securities issued pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of $300,000,000. 

Section 2.03 Global Notes. The Notes shall each be issued in the form of a global Security, duly executed by the Issuers and
authenticated by the Trustee, which shall be deposited with the Trustee as custodian for the Depository and registered in the name of “Cede & Co.,” as the nominee of the Depository. The Depository Trust Company initially shall
serve as Depository for the Notes. So long as the Depository, or its nominee, is the registered owner of a global Security, the Depository or its nominee, as the case may be, shall be considered the sole owner or Holder of the Notes represented by
such global Security for all purposes under the Indenture and under such Notes. Ownership of beneficial interests in such global Security shall be shown on, and transfers thereof will be effective only through, records maintained by the Depository
or its nominee (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 

  
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 Section 2.04 Terms and Conditions of the Notes. 

The Notes shall be governed by all the terms and conditions of the Indenture, as supplemented by this First Supplemental Indenture. In
particular, the following provisions shall be terms of the Notes: 
 (a) Title and Conditions of the Notes. The title of the Notes
shall be as specified in the Recitals; and the aggregate principal amount of the Notes shall be unlimited. 
 (b) Stated Maturity.
The Notes shall mature, and the principal of the Notes shall be due and payable in Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on July 30, 2019 (the “Maturity Date”). 

(c) Payment of Principal and Interest; Additional Amounts. The Notes shall bear interest at 6.00% per annum, from and including
May 30, 2014, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal. Interest shall be calculated
on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable quarterly in arrears in Dollars on January 30, April 30, July 30 and October 30 of each year, commencing on
July 30, 2014 (each such date, an “Interest Payment Date” for the purposes of the Notes issued under this First Supplemental Indenture). Payments of interest shall be made to the Person in whose name a Note (or predecessor
Note) is registered at the close of business on January 15, April 15, July 15 or October 15 (whether or not that date is a Business Day), as the case may be, immediately preceding such Interest Payment Date (each such
date, a “Regular Record Date” for the purposes of the Notes issued under this First Supplemental Indenture). All payments in respect of the Notes shall include Additional Amounts as and to the extent set forth in Article VII of this
First Supplemental Indenture. 
 (d) Registration and Form; Denomination. The Notes shall be issuable as registered securities as
provided in Section 2.03 of this Article II. The form of the Notes shall be as set forth in Exhibit A attached hereto, which is incorporated herein by reference. The Notes shall be issued and may be transferred only in minimum
denomination of $1,000 and integral multiples of $1,000 in excess thereof. 
 (e) Legal Defeasance and Covenant Defeasance. The
provisions for legal defeasance in Section 4.02(2) of the Indenture, and the provisions for covenant defeasance in Section 4.02(3) of the Indenture, shall be applicable to the Notes. If the Issuers shall effect a covenant defeasance of the
Notes pursuant to Section 4.02(3) of the Indenture, (1) the Issuers shall cease to have any obligation to comply with the covenants and agreements set forth in Articles IV and V of this First Supplemental Indenture and
Section 7.04 of the Indenture and (2) the Events of Default set forth in Sections 5.01(7) and 5.01(8) of the Indenture and Section 6.02(b) of this First Supplemental Indenture, shall no longer constitute Events of Default for purposes
of the Notes. 
 (f) Further Issuance. Notwithstanding anything to the contrary contained herein or in the Indenture, the Issuers
may, from time to time, without the consent of or notice to the Holders, create and issue further securities having the same interest rate, maturity and other terms (except 

  
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for the issue date, the public offering price and the first Interest Payment Date) as, ranking equally and ratably with, the Notes. Additional Notes issued in this manner shall be consolidated
with and shall form a single series with the previously outstanding Notes and shall be fungible with the Notes for United States federal income tax purposes. No such additional securities may be issued if an Event of Default has occurred and is
continuing with respect to the Notes. 
 (g) Redemption. Except as set forth in Section 3.01 of this First Supplemental
Indenture, the Notes will not be redeemable by the Company at its option prior to maturity. 
 (h) Sinking Fund. The Notes are not
entitled to any sinking fund. 
 (i) Other Terms and Conditions. The Notes shall have such other terms and conditions as provided in
the form thereof attached as Exhibit A hereto. 
 ARTICLE III 

REDEMPTION 

Section 3.01 Optional Redemption for Changes in Withholding Taxes. The Issuers may redeem the Notes, at their option, at any time
in whole but not in part, upon not less than 30 nor more than 60 days’ notice (which notice will be irrevocable) by the Company, at a Redemption Price equal to 100% of the outstanding principal amount of the Notes, plus accrued and unpaid
interest (if any) to the applicable Redemption Date and all Additional Amounts (if any) then due and which will become due on the applicable Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof), in the event that the Company determines in good faith that either Issuer has become or would become obligated to pay, on the next date on which any
amount would be payable with respect to the Notes, Additional Amounts and such obligation cannot be avoided by taking reasonable measures available to such Issuer (including making payment through a Paying Agent located in another jurisdiction), as
a result of: 
 (1) a change in or an amendment to the laws (including any regulations or rulings promulgated thereunder) of
any Specified Tax Jurisdiction affecting taxation, which change or amendment is announced or becomes effective on or after the date of the Indenture; or 

(2) any change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the
application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after the date of the
Indenture. 
 Notwithstanding the foregoing, no such notice of redemption may be given earlier than 60 days prior to the earliest date on
which such Issuer would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. Before the Company publishes, mails or delivers notice of redemption of the Notes as described above, the Company will deliver to the
Trustee and Paying Agent (a) an Officer’s Certificate stating that the Issuers are entitled to 

  
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effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the applicable Issuer to so redeem have occurred and (b) an opinion of a
nationally recognized independent legal counsel that the applicable Issuer has or will become obligated to pay Additional Amounts as a result of the circumstances referred to in clause (1) or (2) of the preceding paragraph. 

The Trustee and Paying Agent will accept and will be entitled to conclusively rely upon the Officer’s Certificate and opinion as
sufficient evidence of the satisfaction of the conditions precedent described above, in which case they will be conclusive and binding on the Holders. 

Except to the extent inconsistent with the foregoing, all provisions of Article II of the Indenture shall apply to any redemption pursuant to
this Section 3.01. 
 Section 3.02 Open Market Repurchases. Notwithstanding any provision hereunder or in the Indenture to
the contrary, the Company and its Affiliates may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Notes that the Company or any
of its Affiliates purchase may, at the Company’s discretion, be held, resold or canceled. 
 ARTICLE IV 

CHANGE OF CONTROL 

Section 4.01 Change of Control. 

(a) If a Change of Control occurs at any time, Holders will have the right, at their option, to require the Issuers to purchase for cash any
or all of the Notes, or any portion of the principal amount thereof, that is equal to $1,000 or an integral multiple of $1,000. The price the Issuers are required to pay (the “Change of Control Purchase Price”) is equal to 101% of
the principal amount of the Notes to be purchased plus accrued and unpaid interest to but excluding the Change of Control Purchase Date (unless the Change of Control Purchase Date is after a record date and on or prior to the interest payment date
to which such record date relates, in which case the Issuers will instead pay the full amount of accrued and unpaid interest to the Holder on such record date and the Change of Control Purchase Price will be equal to 101% of the principal amount of
the Notes to be purchased). The “Change of Control Purchase Date” will be a date specified by the Company that is not less than 20 or more than 35 calendar days following the date of the Change of Control notice as described below.
Any Notes purchased by the Issuers will be paid for in cash. A “Change of Control” will be deemed to have occurred at the time after the Notes are originally issued 

  
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 (1) if all management powers over the business and affairs of the Company are
vested exclusively in its general partner, an event where: 
  

	 	(a)	The General Partner ceases to be the general partner of the Company; or 

  

	 	(b)	Teekay Corporation ceases to own, directly or indirectly, a minimum of fifty percent (50%) of the voting rights in the General Partner; or 

(2) if all management powers over the business and affairs of the Company become vested exclusively in a board of directors of
the Company, an event where Teekay Corporation ceases to be the Holder, directly or indirectly, of a minimum of fifty percent (50%) of the voting rights to elect the members of that board of directors. 

(b) On or before the 20th day after the occurrence of a Change of Control, the Company will provide to all Holders and the Trustee and Paying
Agent a notice of the occurrence of the Change of Control and of the resulting purchase right. Such notice shall state, among other things: (i) the events causing a Change of Control; (ii) the date of the Change of Control; (iii) the
last date on which a Holder may exercise the repurchase right; (iv) the Change of Control Purchase Price; (v) the Change of Control Purchase Date; (vi) the name and address of the Paying Agent; and (vii) the procedures that
Holders must follow to require the Issuers to purchase their Notes. 
 (c) Simultaneously with providing such notice, the Company will
publish a notice containing this information in a newspaper of general circulation in The City of New York or publish the information on the Company’s website or through such other public medium as the Company may use at that time. 

(d) To exercise the Change of Control purchase right, Holders must deliver, on or before the Business Day immediately preceding the Change of
Control Purchase Date, the Notes to be purchased, duly endorsed for transfer, together with a written purchase notice and the form entitled “Form of Change of Control Purchase Notice” on the reverse side of the Notes duly completed, to the
Paying Agent. The purchase notice must state: (i) if certificated, the certificate numbers of the Notes to be delivered for purchase or if not certificated, the notice must comply with appropriate Depository procedures; (ii) the portion of
the principal amount of Notes to be purchased, which must be $1,000 or a multiple thereof; and (iii) that the Notes are to be purchased by the Issuers pursuant to the applicable provisions of the Notes and the Indenture. 

(e) Holders may withdraw any purchase notice (in whole or in part) by a written notice of withdrawal delivered to the Paying Agent prior to
the close of business on the Business Day immediately preceding the Change of Control Purchase Date. The notice of withdrawal shall state: (i) the principal amount of the withdrawn Notes; (ii) if certificated Notes have been issued, the
certificate numbers of the withdrawn Notes, or if not certificated, the notice must comply with appropriate Depository procedures; and (iii) the principal amount, if any, which remains subject to the purchase notice. 

(f) On each Change of Control Purchase Date, the Issuers will, to the extent lawful, (i) accept for payment all Notes or portions of
Notes properly tendered pursuant to the applicable Change of Control offer made by the Issuers, (ii) deposit with the Paying Agent at least one 

  
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Business Day prior to the Change of Control Purchase Date an amount equal to the Change of Control Purchase Price in respect of all Notes or portions of Notes properly tendered pursuant to the
applicable Change of Control offer made by the Issuers and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions
of Notes being repurchased. If the Paying Agent holds money or securities sufficient to pay the Change of Control Purchase Price of the Notes on the Change of Control Purchase Date, then: (i) the Notes will cease to be outstanding and interest
will cease to accrue (whether or not book-entry transfer of the Notes is made or whether or not the Notes are delivered to the Paying Agent); and (ii) all other rights of the Holder will terminate (other than the right to receive the Change of
Control Purchase Price). 
 (g) In connection with any purchase offer pursuant to a Change of Control purchase notice, the Issuers will, if
required, comply with the provisions of the tender offer rules under the Exchange Act that may then be applicable and file a Schedule TO or any other required schedule under the Exchange Act. To the extent that the provisions of any such securities
laws or regulations conflict with the Change of Control provisions of the Notes, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached their respective obligations under the Change of
Control provisions of the Notes by virtue of such conflicts. 
 (h) No Notes may be purchased at the option of Holders upon a Change of
Control if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date. 

ARTICLE V 
 COVENANTS

 The covenants set forth in this Article V shall be applicable to the Issuers in addition to the covenants in Article X of the
Indenture, which shall in all respects be applicable in respect of the Notes. 
 Section 5.01 Pari Passu Ranking. 

The Company’s obligations under the Indenture and the Notes shall at all times rank at least pari passu with the claims of all its other
unsecured and unsubordinated creditors save for those whose claims that are preferred solely by any bankruptcy, insolvency, liquidation or other similar laws of general application and for other obligations that are mandatorily preferred by law
applying to companies generally. 
 Section 5.02 Mergers. 

The Company shall not, and shall ensure that no Group Company shall, carry out any merger or other business combination or corporate
reorganization involving consolidating the assets and obligations of any of the Group Companies with any other companies or entities not being a member of the Group if such transaction would reasonably be expected to have a Material Adverse Effect.

  
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 Section 5.03 De-Mergers. 

The Company shall not, and shall ensure that no Group Company shall, carry out any de-merger or other
corporate reorganization involving splitting any Group Company into two or more separate companies or entities, if such transaction would reasonably be expected to have a Material Adverse Effect. 

Section 5.04 Continuation of Business. 

(a) The Company shall not cease to carry on the general nature or scope of its business. The Company shall ensure that no Group Company shall
cease to carry on the general nature or scope of its business, if such cessation would reasonably be expected to have a Material Adverse Effect. 

(b) The Company shall procure that no material change is made to the general nature or scope of the business of the Group from that carried on
at the date hereof, or as contemplated by this Indenture. 
 Section 5.05 Disposal of Business. 

The Company shall not, and shall ensure that no Group Companies shall, be entitled to sell or otherwise dispose of all or a substantial part
of the Group’s aggregate assets or operations, unless: 
 (a) the transaction is carried out at fair market value, on terms and
conditions customary for such transactions; and 
 (b) such transaction would not reasonably be expected to have a Material Adverse Effect.

 Section 5.06 Related Party Transactions. 

The Company shall not engage in, or permit any member of the Group to engage in, directly or indirectly, any transaction with any affiliate of
Teekay Corporation that is not a Group Company (including, without limitation, the purchase, sale or exchange of assets or the rendering of any service), except (i) pursuant to existing agreements and arrangements with such affiliates or
(ii) transactions that are (A) approved by a majority of the members of the conflicts committee of the board of directors of the GP, (B) on terms no less favorable to the Company or such Group member than those generally being
provided to or available from unrelated third parties, (C) fair and reasonable to the Company or such Group member, taking into account the totality of the relationships between the Group and the other parties involved (including other
transactions that may be particularly favorable or advantageous to the Group) or (D) immaterial in amount or significance to the Company or the Group. 

Section 5.07 Restricted Payments. 

The Company shall not, and shall not permit any Group Company to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, except (a) Restricted 

  
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Payments payable solely in equity interests issued by the Company and not in cash, (b) a Subsidiary of the Company may make Restricted Payments in cash to the Company or another Subsidiary
and (c) any other Restricted Payments in cash in accordance with applicable law so long as after giving effect thereto no Event of Default has occurred and is continuing and no Default or Event of Default will result therefrom. 

Section 5.08 Corporate status. 

The Company shall not, and shall ensure that no Group Company changes its type of organization or jurisdiction of organization unless
(i) such change in type or jurisdiction of organization would not reasonably be expected to have a Material Adverse Effect and (ii) in the case of the Issuers, such change is made pursuant to and in accordance with Section 8.01 of the
Indenture. 
 Section 5.09 Compliance with laws. 

The Company shall (and shall ensure that all Group Companies shall) comply in all material respects with all laws and regulations it or they
may be subject to from time to time (including any environmental laws and regulations) if such failure to comply would reasonably be expected to have a Material Adverse Effect. 

Section 5.10 Free Liquidity. 

The Company shall, at any time during the term of the Notes, ensure that the Group on a consolidated basis maintains the following financial
covenants: 
 (a) aggregate Free Liquidity and undrawn committed revolving credit lines available to the Group (but excluding committed
revolving credit lines with less than six months to maturity) of a minimum of $75,000,000; and 
 (b) the aggregate of such Free Liquidity
and undrawn committed revolving credit lines shall not be less than 5% of Total Debt. 
 Section 5.11 Listing. 

The Company shall (i) ensure that the Company’s common units remain listed on the New York Stock Exchange or another recognized
stock exchange and (ii) maintain the listing and quotation of the Notes on the Exchange. 
 Section 5.12 Limitation on
Activities of Co-Issuer. 
 The Co-Issuer may not hold any material assets, become liable for any material obligations, engage in any
material trade or business, or conduct any material business activity, other than (i) the issuance of its capital stock or other ownership interests to the Company, (ii) the incurrence of Financial Indebtedness and (iii) activities
incidental thereto; provided that the foregoing restrictions and limitations shall not apply upon the merger or consolidation of the Co-Issuer with the Company. So long as the Company or any successor to the Company under the Notes is an entity
other than a corporation there shall be a co-issuer of the Notes that is a wholly owned Subsidiary of the Company that is a corporation organized and existing under the laws of the Marshall Islands. 

  
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 Section 5.13 Compliance Measurement. 

Compliance with Section 5.10 shall be measured on the last day of each fiscal quarter of the Company, commencing June 30, 2014.
Within 60 days after the end of the first three fiscal quarters each fiscal year and within 120 days after the end of each fiscal year, the Company shall deliver to the Trustee an Officer’s Certificate confirming compliance with each of the
covenants in this Article V. Each such Officer’s Certificate will be made available to the Holders of the Notes upon request to the Trustee. The Company shall mail, within 10 Business Days of the discovery thereof, to all Holders of the Notes
and Trustee, notice of any Default in compliance with the covenants in this Article V. 
 ARTICLE VI 

EVENTS OF DEFAULT 

Section 6.01 Modifications of Certain Events of Default. The Events of Default in Article V of the Indenture shall be
applicable to the Notes, except that the following Events of Default in this Section 6.01 supersede in their entirety the Events Default set forth in Sections 5.01(5), 5.01(6), 5.01(7) and 5.01(8) of the Indenture: 

(a) the entry by a court having competent jurisdiction of: 

(i) a decree or order for relief in respect of either Issuer or any Material Subsidiary in an involuntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(ii) a decree or order adjudging either Issuer or any Material Subsidiary to be insolvent, or approving a petition seeking
reorganization, arrangement, adjustment or composition of either Issuer or any Material Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(iii) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other similar
official of either Issuer or any Material Subsidiary of any substantial part of the property of either Issuer or any Material Subsidiary or ordering the winding up or liquidation of the affairs of either Issuer or any Material Subsidiary; or 

(b) the commencement by either Issuer or any Material Subsidiary of a voluntary proceeding under any applicable bankruptcy, insolvency,
reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by either Issuer or any Material Subsidiary to the entry of a decree or order for relief in an involuntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by either Issuer or any Material Subsidiary of a petition or answer or consent seeking
reorganization, arrangement, 

  
 13 

 
adjustment or composition of either Issuer or any Material Subsidiary or relief under any applicable law, or the consent by either Issuer or any Material Subsidiary to the filing of such petition
or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of either Issuer or any Material Subsidiary or any substantial part of the property of either Issuer or any Material Subsidiary
or the making by either Issuer or any Material Subsidiary of an assignment for the benefit of creditors, or the taking of corporate action by either Issuer or any Material Subsidiary in furtherance of any such action; or 

(c) any Financial Indebtedness or committed Financial Indebtedness of the Group or any Group Company falling within clauses (i) through
(iv) below exceeds a total of $100,000,000 (or the equivalent in other currencies): 
 (i) any Financial Indebtedness is
not paid when due after giving effect to any applicable grace period, 
 (ii) any Financial Indebtedness is declared to be or
otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); 

(iii) any commitment for any Financial Indebtedness is cancelled or suspended by a creditor as a result of an event of default
(however described) and such cancellation and suspension would reasonably be expected to have a Material Adverse Effect; or 

(iv) any creditor becomes entitled to declare any Financial Indebtedness due and payable prior to its specified maturity as a
result of an event of default (however described); or 
 (d) any judgment or decree for the payment of money in excess of $100,000,000 (or
the equivalent thereof in other currencies) is entered against any Group Company (net of any amounts (i) that a reputable insurance company has acknowledged liability for in writing and (ii) for which any joint venture partner or any other
owners (other than Group Companies) of any Group Company are liable) and remains outstanding for a period of 90 consecutive days following entry of such judgment and is not discharged, waived or stayed. 

Section 6.02 Additional Events of Default. In addition to the Events of Default in Article V of the Indenture, as amended by
Section 6.01 of this First Supplemental Indenture, the following shall be Events of Default with respect to the Notes: 
 (a) failure
by the Company to perform or comply with the provisions of Article VIII of the Indenture relating to mergers and similar events; and 

(b) failure by the Company to provide notice of a Change of Control or to repurchase Notes tendered for repurchase following the occurrence of
a Change of Control in conformity with the covenants set forth in Article IV of this First Supplemental Indenture. 

  
 14 

 ARTICLE VII 

ADDITIONAL AMOUNTS 

Section 7.01 Additional Amounts. 

(a) All payments made by or on behalf of either Issuer under or with respect to the Notes will be made free and clear of and without
withholding or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter “Taxes”)
unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of the government of the Republic of Marshall Islands or any political
subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which either Issuer (including any successor entity) is organized or is otherwise resident for tax purposes, or any jurisdiction from or
through which payment is made (including, without limitation, the jurisdiction of each Paying Agent) (each a “Specified Tax Jurisdiction”), will at any time be required to be made from any payments made under or with respect to the
Notes, such Issuer will pay such additional amounts (or the “Additional Amounts”) as may be necessary so that the net amount received in respect of such payments by a Holder (including Additional Amounts) after such withholding or
deduction will not be less than the amount such Holder would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply to: 

 

	 	(1)	any Taxes that would not have been so imposed but for the Holder or beneficial owner of the Notes having any present or former connection with the Specified Tax Jurisdiction (other than the mere acquisition, ownership,
holding, enforcement or receipt of payment in respect of the Notes); 

  

	 	(2)	any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge; 

  

	 	(3)	any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes; 

  

	 	(4)	any Taxes imposed as a result of the failure of the Holder or beneficial owner of the Notes, to the extent it is legally entitled to do so, to complete, execute and deliver to the Company any form or document to the
extent applicable to such Holder or beneficial owner that may be required by law or by reason of administration of such law and which is reasonably requested in writing to be delivered to the Company in order to enable the Issuers to make payments
on the Notes without deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which form or document will be delivered within 60 days of a written request therefor by the Company; 

  
 15 

	 	(5)	any Taxes that would not have been so imposed but for the beneficiary of the payment having presented a Note for payment (in cases in which presentation is required) more than 30 days after the date on which such
payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last
day of such 30-day period); 

  

	 	(6)	any Taxes imposed on or with respect to any payment by the Issuers to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment, to the extent that a
beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual
Holder of such Note; 

  

	 	(7)	any Taxes that are required to be deducted or withheld on a payment pursuant to European Council Directive 2003/48/EC or any law implementing, or introduced in order to conform to, such directive; or 

 

	 	(8)	any combination of items (1) through (7) above. 

 (b) If either Issuer becomes aware
that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Company will deliver to the Trustee and Paying Agent at least 30 days prior to the date of that payment (unless the obligation to
pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company will notify the Trustee and Paying Agent promptly thereafter but in no event later than two Business Days prior to the date of payment) an
Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount so payable. The Officer’s Certificate must also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to
Holders on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with
documentation evidencing the payment of Additional Amounts. 
 (c) Each Issuer will make all withholdings and deductions required by law and
will remit the full amount deducted or withheld to the relevant governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company will provide the Trustee and Paying Agent with an official receipt or, if
official receipts are not obtainable, other documentation evidencing the payment of the Taxes so withheld or deducted. Upon request, copies of those receipts or other documentation, as the case may be, will be made available by the Trustee and
Paying Agent to the Holders of the Notes. 
 (d) Whenever in the Indenture there is referenced, in any context, the payment of amounts based
upon the principal amount of the Notes or of principal, interest or any other amount payable under, or with respect to, the Notes, such reference will be deemed to include payment of Additional Amounts as described under this heading to the extent
that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

  
 16 

 (e) Each Issuer will indemnify a Holder, within 10 Business Days after written demand therefor,
for the full amount of any Taxes paid by such Holder to a governmental authority of a Specified Tax Jurisdiction, on or with respect to any payment by on or account of any obligation of such Issuer to withhold or deduct an amount on account of Taxes
for which such Issuer would have been obliged to pay Additional Amounts hereunder and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted
by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Company by a Holder will be conclusive absent manifest error. 

(f) Each Issuer will pay any present or future stamp, court, issue, registration, value added, court or documentary taxes or any other excise
or property taxes, charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Indenture or any other document or instrument in relation thereof, or the receipt
of any payments with respect to the Notes, other than, for the avoidance of doubt, any Transfer Taxes (each such tax, a “Note Issuance Tax”), and such Issuer will indemnify the Holders for any such Note Issuance Taxes paid by such
Holders. 
 Section 7.02 Obligations to Survive. The obligations described in Section 7.01 of this First Supplemental
Indenture will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor person to the Company is organized or any political subdivision or authority or agency
thereof or therein. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Ratification of Indenture. 

This First Supplemental Indenture is executed and shall be constructed as an indenture supplement to the Indenture, and as supplemented and
modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this First Supplemental Indenture shall be read, taken and constructed as one and the same instrument. 

Section 8.02 Trust Indenture Act Controls. 

If any provision of this First Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be
included in this First Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 8.03 Notices. 

All notices and other communications shall be given as provided in the Indenture. 

  
 17 

 Section 8.04 Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN THE STATE OF NEW YORK. 
 Section 8.05
Successors. 
 All covenants and agreements in this First Supplemental Indenture and the Notes by each Issuer shall bind such
Issuer’s successors and assigns, whether so expressed or not. 
 Section 8.06 Counterparts. 

This First Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument. 
 Section 8.07 Headings. 

The Article and Section headings of this First Supplemental Indenture are for convenience only and shall not affect the construction hereof.

 Section 8.08 Trustee Not Responsible for Recitals 

The recitals contained herein and in the Notes, except the Trustee’s certificate of authentication shall be taken as the statements of
the Issuers and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes, except
that the Trustee represents that it is duly authorized to execute and deliver this First Supplemental Indenture, authenticate the Notes and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form
T-1 supplied to the Issuers are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Notes or the proceeds thereof.

  
 18 

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

			
	COMPANY:
	
	TEEKAY OFFSHORE PARTNERS L.P.
		
	By:	 	 /s/ Peter Evensen

		 	Name: Peter Evensen
		 	Title: Chief Executive Officer and Chief           Financial Officer
	
	CO-ISSUER:
	
	TEEKAY OFFSHORE FINANCE CORP.
		
	By:	 	 /s/ Mark Cave

		 	Name: Mark Cave
		 	Title: President and Secretary

 Signature page to First Supplemental Indenture 

 
			
	TRUSTEE:
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Catherine F. Donohue

		 	Name: Catherine F. Donohue
		 	Title: Vice President

 Signature page to First Supplemental Indenture 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP NO.
                     
 ISIN NO.
                     
 TEEKAY OFFSHORE
PARTNERS L.P. 
 TEEKAY OFFSHORE FINANCE CORP. 

6.00% SENIOR NOTE DUE 2019 
  

			
	$        	  	No.:            

 TEEKAY OFFSHORE PARTNERS L.P., a limited partnership duly organized and existing under the laws of the
Republic of The Marshall Islands (the “Company”), and TEEKAY OFFSHORE FINANCE CORP., a corporation duly organized and existing under the laws of the Republic of the Marshall Islands (the “Co-Issuer” and, together with the
Company, the “Issuers”; each of which terms includes any successor entity under the Indenture referred to below), for value received, hereby jointly and severally promise to pay to [—] /
[insert if Global Security: Cede & Co.], or registered assigns, the principal sum [of $— (— DOLLARS)] [insert if Global Security: set
forth on Schedule I annexed hereto] on July 30, 2019, and to pay interest thereon 

  
 Exhibit A – Page 1

 
from May 30, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on January 30, April 30, July 30 and
October 30 in each year, commencing July 30, 2014, at the rate of 6.00% per annum, until the principal hereof is paid or made available for payment. Interest on this Note shall be computed on the basis of a 360-day year of twelve
30-day months. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue
on the amount so payable for the period from and after such Interest Payment Date or the Maturity Date, as the case may be, to such next Business Day. The interest so payable and punctually paid or duly provided for on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be
January 15, April 15, July 15 or October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but not punctually paid or duly provided for
on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant Regular Record Date by virtue or having been such Holder, and may be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on a subsequent special record date (which shall be at least 10 days before the payment date) for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be
given to the Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of the
principal of and interest on this Note (including, without limitation, any purchase price relating to a Change of Control) will be made at the office or agency of the Company maintained for that purpose in The Borough of Manhattan, The City of New
York, 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; provided, however, that, at the option of the Company, interest may be paid by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, that payment to DTC or any successor depository may be made by wire transfer to the account designated by DTC or
such successor depository in writing. 
 This Note is one of a duly authorized issue of securities of the Issuers designated as its
6.00% Notes due 2019 (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of May 30, 2014 (the “Base Indenture”), between the Issuers and The Bank of New York Mellon, as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented by the First Supplemental Indenture, dated May 30, 2014, between the Issuers and the Trustee (the “First
Supplemental Indenture” and, together with the Base Indenture, 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 Issuers, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially
limited (subject to exceptions provided in the Indenture) to the aggregate principal amount of $300,000,000. 

  
 Exhibit A – Page 2

 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of
the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Notes may not be redeemed
prior to the Stated Maturity, except as described in Section 3.01 of the First Supplemental Indenture. 
 The Notes are not subject to
any sinking fund. 
 Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Issuers to purchase
all or a portion of such Holder’s Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase. 

The Indenture contains provisions permitting, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Issuers and the rights of the Holders of the Notes of each series issued under the Indenture at any time by the Issuers and the Trustee with the written consent of the Holders of not less than a majority in aggregate
principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of any series at the time
Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes 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 Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note may be
registered on the Security Register upon surrender of this Note for registration of transfer at the office or agency of the Company maintained for that purpose in any place where the principal of and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form in the denominations of $1,000 or any integral multiple thereof. As provided in the Indenture
and subject to certain limitations set forth in the Indenture, and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this series in different authorized denominations, as requested by the Holders surrendering
the same. 

  
 Exhibit A – Page 3

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 

Prior to due presentment of this Note for registration of transfer, the Issuers, the Trustee and any agent of the Issuers or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuers, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture contains provisions whereby (i) the Issuers may be discharged from their obligations with respect to the Notes (subject to
certain exceptions) or (ii) the Issuers may be released from their obligations under specified covenants and agreements in the Indenture, in each case if the Issuers irrevocably deposit with the Trustee money or Government Obligations, or a
combination thereof, in an amount sufficient, without consideration of any reinvestment, to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture.

 This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or
instruments entered into and, in each case, performed in said State. 
 All terms used in this Note without definition that are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 Exhibit A – Page 4

 IN WITNESS WHEREOF, the Company and the Co-Issuer have caused this Note to be to be duly executed
as of the date set forth below. 

Date:                     

 

			
	TEEKAY OFFSHORE PARTNERS L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TEEKAY OFFSHORE FINANCE CORP.
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A – Page 1

 Trustee’s Certificate of Authentication 

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

Dated:                     

 

			
	THE BANK OF NEW YORK MELLON,
		 	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 Exhibit A – Page 2

 ASSIGNMENT FORM 

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

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
  
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

					
	  
	  		  	
			
	  
	  		  	
			
	  
	  		  	

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said
Security on the books of the Issuers, with full power of substitution in the premises. 
  

			
	Dated:	 	  

			
		
	Signature:	 	  

  

	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. 

Signature Guarantee:                     

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

  
 Exhibit A – Page 3

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.01 of the First Supplemental Indenture, check the
box: 
  
  ̈ 

If you want to elect to have only part of this Note purchased by the Issuers pursuant to Section 4.01 of the First Supplemental
Indenture, state the amount in principal amount: $             
  

									
	Dated:	 	  
	 		 	Your Signature:	 	  

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

  

			
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed)

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

  
 Exhibit A – Page 4

 Schedule I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The initial principal amount of this Global Security is $[300,000,000] [(THREE HUNDRED MILLION DOLLARS)]. The following increases or decreases
in principal amount of this Global Security have been made: 
  

									
	Date of Exchange	  	 Amount of

Decrease in

Principal

Amount of this

Global Security
	  	 Amount of

Increase in

Principal Amount
 of
this Global
 Security
	  	 Principal Amount

of this Global

Security following

such Decrease or

Increase
	  	 Signature of

Authorized
 Signatory
of
 Trustee or

Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Schedule IEX-10.4

 Exhibit 10.4 

TRADEMARK LICENSE AGREEMENT 

This Trademark License Agreement (the “Agreement”), effective as of June 30, 2014 (the “Effective
Date”), is by and between The Timken Company (“Licensor”), an Ohio corporation, and TimkenSteel Corporation, an Ohio corporation (“Licensee”). In this Agreement, Licensor and Licensee are each referred to
as a “Party” and together as the “Parties”. 
 RECITALS 

A. Licensee and Licensor are Parties to that certain Separation and Distribution Agreement dated as of the Effective Date (the
“Separation Agreement”). 
 B. Pursuant to the Separation Agreement, the Parties agreed to separate The Timken Company into
two companies: (1) TimkenSteel Corporation (Licensee), which will own and conduct, directly and indirectly, the Steel Business (as defined in the Separation Agreement); and (2) The Timken Company (Licensor), which will continue to own and
conduct, directly and indirectly, the Bearings Business (as defined in the Separation Agreement) (the “Separation”). 
 C.
The Steel Business historically used certain of the Licensed Marks in the conduct of the Steel Business, including, without limitation, the development, manufacture and sale of high quality steel. 

D. The Parties are entering into this Agreement to allow Licensee to use the Licensed Marks owned by Licensor as set forth in this Agreement
and to avoid, to the extent possible, any potential trade or customer confusion that might otherwise arise as a result of such use by Licensee following the Effective Date. 

In consideration of the foregoing and the mutual promises and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 For purposes of this Agreement, the
following terms have the meaning given them in this Article 1. Other capitalized terms have the meanings given them elsewhere in this Agreement. 

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

1.2 “Change of Control” means, with respect to a Party, the occurrence of any of the following events: 

1.2.1 the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934) (an “SEC Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of 30% or more of either: (A) the then-outstanding shares of common
stock of the Party or (B) the combined voting power of the then-outstanding voting securities of the Party entitled to 

 
vote generally in the election of directors (“Voting Shares”); provided, however, that for purposes of this Section 1.2.1, the following acquisitions shall not constitute a Change in
Control: (i) any acquisition directly from the Party, (ii) any acquisition by the Party, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Party or any Subsidiary of the Party, or
(iv) any acquisition by any SEC Person pursuant to a transaction which complies with clauses (A), (B) and (C) of Section 1.2.3; 

1.2.2 individuals who, as of the Effective Date, constitute the board of directors of the Party (the “Incumbent
Board”) cease for any reason (other than death or disability) to constitute at least a majority of the board of directors of the Party; provided, however, that any individual becoming a director subsequent to the Effective Date whose election,
or nomination for election by the Party’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Party in which
such individual is named as a nominee for director, without objection to such nomination) shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an SEC Person other than
the board of directors of the Party; 
 1.2.3 consummation of a reorganization, merger or consolidation, or sale or other
disposition of all or substantially all of the assets of the Party (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the
beneficial owners, respectively, of the shares of common stock of the Party and Voting Shares immediately prior to such Business Combination beneficially own, directly or indirectly, more than 66-2/3% of, respectively, the then-outstanding shares of
common stock and the combined voting power of the then-outstanding Voting Shares, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the
Party or all or substantially all of the Party’s assets either directly or through one or more subsidiaries) in substantially the same proportions relative to each other as their ownership, immediately prior to such Business Combination, of the
shares of common stock of the Party and Voting Shares, as the case may be; (B) no SEC Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Party or
such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination, or the combined voting
power of the then-outstanding Voting Shares of such entity except to the extent that such ownership existed prior to the Business Combination; and (C) at least a majority of the members of the board of directors of the entity resulting from
such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement providing for such Business Combination, or at the time of the action of the board of directors providing for such Business
Combination; or 
 1.2.4 approval by the shareholders of the Party of a complete liquidation or dissolution of the Party.

 1.3 “Identity Standards” means the guidelines agreed to by the Parties from time to time as described in Section 2.4.1,
which Licensee shall follow when using the Licensed Marks. 

  
 2 

 1.4 “Insolvency Action” means (a) the institution of any case or proceedings to
have a Party be adjudicated bankrupt or insolvent, (b) the institution of any case or proceedings under any applicable insolvency law with respect to a Party: (c) seeking relief for a Party under any law relating to relief from debts or
the protection of debtors, (d) consenting to the filing or institution of bankruptcy or insolvency proceedings against a Party, (e) filing a petition seeking, or consenting to, relief with respect to a Party under any applicable federal or
state law relating to bankruptcy or insolvency, (f) seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for a Party or all or any of the interests of a
Party, or (g) a Party making any assignment for the benefit of creditors, admitting in writing the Party’s inability to pay its debts generally as they become due, or taking action in furtherance of any of the foregoing. Notwithstanding
the foregoing, the commencement of a reorganization proceeding under Chapter 11 of the Bankruptcy Code, or otherwise taking steps to reorganize or restructure a Party’s business as a going concern, shall not constitute an “Insolvency
Action.” 
 1.5 “Licensed Marks” means (a) the Timken word mark and the foreign language transliterations and foreign
character equivalents of Timken shown on Schedule A (the “Timken Mark”) and (b) the TimkenSteel word mark, the design mark versions of TimkenSteel shown on Schedule A, and the foreign language transliterations and foreign character
equivalents of TimkenSteel shown on Schedule A (the “TimkenSteel Mark”). If the Parties modify this Agreement to add additional Licensed Marks, they shall indicate on an amended Schedule A whether and in which respects Licensee’s use
is exclusive or non-exclusive. For the avoidance of doubt, Licensor’s orange TIMKEN logo is not a Licensed Mark. 
 1.6 “Marketing
Materials” means all advertising and marketing materials, including packaging, tags, labels, advertising, marketing, promotions, displays, display fixtures, instructions, technical sheets, user guides, data sheets, warranties, websites and
other materials of any and all types, in any format or media, associated with products or services within the Steel Fields of Use that include any of the Licensed Marks. 

1.7 “Person” means, except when used in connection with the definition of Change of Control (Section 1.2), any individual, entity,
corporation, partnership, limited partnership, limited liability company, joint venture, syndicate, sole proprietorship, a company with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal
representative, regulatory body or agency, government or governmental agency, authority or association or entity, however designated or constituted. 

1.8 “Promotional Items” means items bearing any of the Licensed Marks which are sold or given away in connection with the promotion
of products or services within the Steel Fields of Use or of Licensee’s corporate identity generally (e.g., pens, mugs, clothing, and comparable items). 

1.9 “Steel Fields of Use” means the products and services described on Schedule C. 

1.10 “Subsidiary” of any Person means another Person (a) in which the first Person owns, directly or indirectly, an amount of
the voting securities, voting partnership interests or other voting ownership sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting securities, interests or ownership, a majority
of the equity interests in such other Person), or (b) of which the first Person otherwise has the power to direct the management and policies. A Subsidiary may be owned directly or indirectly by such first Person or by another Subsidiary of
such first Person. 
 1.11 “Territory” means the world. 

  
 3 

 1.12 “Trade Name” means a name under which a commercial enterprise operates to identify
itself, including but a business name, company name, assumed name, fictitious name or d/b/a (doing business as). 
 ARTICLE 2 

LICENSE 
 2.1 Scope of
License. Subject to the terms and conditions of this Agreement, Licensor grants to Licensee a fully paid up right and license to use the Licensed Marks in the Territory during the Term in connection with manufacturing, distributing, importing,
exporting, selling, reselling, supporting, advertising, promoting and marketing Licensee’s business and its products and services, all within the Steel Fields of Use, and all within the limitations described in the remainder of this Article 2
and the other terms and conditions of this Agreement. The license grant includes the limited right to sublicense in accordance with the terms of Section 4.2.2. 

2.2 TimkenSteel Mark. 

2.2.1 Uses. Licensee may use the TimkenSteel Mark: 

(a) as a trademark and service mark for the products and services within the Steel Fields of Use, including, in addition to use
directly on or in connection with such products and services, use in Marketing Materials related to such products and services, provided, however, that: 

(i) in text, the mark shall always be presented as TimkenSteel, and not Timken Steel, notwithstanding that a design mark
version of the TimkenSteel Mark licensed under this Agreement presents the words Timken and Steel on separate lines; 
 (ii)
in sentence case, TimkenSteel shall always be presented with an upper case T and an upper case S; 
 (iii) the design mark
versions of TimkenSteel shall always be used together with the TS triangle logo owned by Licensor, using any of the logo lockups as shown in Schedule B; 

(iv) Licensee shall not imprint or affix the TimkenSteel Mark on or to any Semi-finished Component (as defined on Schedule C)
unless Licensee is reasonably assured that the mark will be completely removed as part of the further finishing process or otherwise prior to the component’s finished state of manufacture; 

(b) in Trade Names of Licensee and those of its Subsidiaries that both (i) operate primarily in one or more of the Steel
Fields of Use, and (ii) do not operate in any Licensor Business as defined in Schedule F; including use on Promotional Items, displays, business cards, stationery and the like, but in any case subject to the provisions of Section 2.4.3; and

 (c) in the domain names listed in Schedule D. 

  
 4 

 2.2.2 Exclusivity. The license is exclusive for the TimkenSteel Mark.
Licensee acknowledges, however, that it may not use the TimkenSteel Mark outside of the Steel Fields of Use. 
 2.3 Timken Mark. 

2.3.1 Uses. 

(a) Licensee may use the Timken Mark: 

(i) as a trademark on tangible products (not services) in the Steel Fields of Use sold to Licensor and its Subsidiaries as
directed by Licensor, imprinted alone or followed immediately by the word “steel” on the products or on labels or tags affixed to the products, but not on Marketing Materials, Promotional Items or other items, or in any other manner; and

 (ii) in the timkenalloysteel.com domain name, provided that Licensee may not present any content at such website, but
shall ensure that this domain name, if used, resolves directly to the website at timkensteel.com. 
 (b) For the avoidance of
doubt, Licensee may not use the Timken Mark (except as naturally part of the word TimkenSteel) in its Trade Names or those of its Subsidiaries. 

2.3.2 Non-exclusivity. The license to the Timken Mark is non-exclusive, except as provided in Section 2.7. 

2.4 Usage. 

2.4.1 Identity Standards. Licensee shall use the Licensed Marks in accordance with the Identity Standards and shall not
use the Licensed Marks except in form, color, style and appearance reasonably consistent with the applicable Identity Standards. Either Party may request a change to the Identity Standards by addressing the request to the Governance Committee
(referenced in Section 10.1). A request by Licensee for a change to the Identity Standards will be accepted by Licensor if the result of the change (a) is consistent with the provisions of this Agreement and (b) will not result in a
likelihood of confusion with Licensor’s then current or reasonably contemplated identity standards. 
 2.4.2
Orange. In connection with any use by Licensee of any of the Licensed Marks and with respect to Licensee’s logos, marketing, communication and corporate identity tactics generally, Licensee may use the color orange only as an accent. As
a guideline, “accent” is one or more small details which, taken in aggregate, are approximately 5% of any logo, brand communication, tactic or message. The color orange in photographs will not be considered in the foregoing percentage
calculation provided the color is incidental or organic to the image. Licensee may use the color orange for personal protective equipment or other safety-related uses if customarily required and if a practical alternative option does not provide
commensurate safety advantages, with respect to which this Section 2.4.2 will not apply. 

  
 5 

 2.4.3 General Business Reference Use. 

(a) Generally. Licensee shall not use the TimkenSteel Mark in a manner that associates or could reasonably be expected
to associate the TimkenSteel Mark with products and services outside of the Steel Fields of Use, except if such use (i) is limited to General Business Reference Uses, and (ii) complies with the requirements of Section 2.4.3(c) and Section
2.4.3(d). 
 (b) General Business Reference Uses. A “General Business Reference Use” means any of the
following: (i) tradeshow displays that promote products and services outside of and within the Steel Fields of Use; (ii) Marketing Materials that feature all or a substantial portion of Licensee’s product and service portfolio as a
means of informing customers and prospective customers that the featured products and services are manufactured or sold by Licensee; (iii) corporate level advertising that promotes all or a substantial portion of Licensee’s business, as
opposed to specific items or categories of items of products and services; (iv) Trade Name use on products, product packaging and product labeling to the extent required under applicable law; and (v) use on business cards and stationery
used by employees who market products and services both within and outside the Steel Fields of Use. 
 (c) Restrictions on
General Business Reference Uses. When using the TimkenSteel Mark in a General Business Reference Use, Licensee shall ensure that: 

(i) For uses involving products and services both outside and within the Steel Fields of Use: (A) the TimkenSteel Mark is
featured no more prominently than in like proportion to the proportion that the products and services within of the Steel Fields of Use bear to the total presentation of all products and services, and (B) the products and services outside the
Steel Fields of Use are separated, either physically or by creative layout, from products and services within the Steel Fields of Use; 

(ii) For Trade Name uses as contemplated in item (iv) of Section 2.4.3(b) in connection with products or services outside
the Steel Fields of Use (but without limiting the applicability of Section 2.2.1(b)), the TimkenSteel Mark is limited in size to that which is necessary to communicate the intended message, which in any event may not exceed any minimum size required
by law; and 
 (iii) Products and services outside of the Steel Fields of Use are not portrayed in a manner that is likely
to mislead a customer or prospective customer into believing that such products or services are within the Steel Fields of Use or otherwise branded with the TimkenSteel Mark. 

(d) Except for Trade Name uses as contemplated in items (iii) and (iv) of Section 2.4.3(b) (but without limiting the
applicability of Section 2.2.1(b)), and then only in the minimum amount reasonably necessary, Licensee shall not use a Licensed Mark in a manner that associates or could reasonably be expected to associate the Licensed Mark with products and
services in any Licensor Business. 

  
 6 

 2.4.4 Use with Generic Terms. Licensee may use the TimkenSteel Mark along
with one or more generic terms, if such term is used in a generic, non-trademark manner (e.g. “TimkenSteel Manufacturing” or “TimkenSteel USA”), provided that such use (a) is in accordance with the terms and conditions of
this Agreement and (b) is not deceptive and does not result in substantial instances of actual confusion with Licensor or third parties. 

2.4.5 Brand Extension Marks. Licensee may develop and use in the Steel Fields of Use a trademark that is derivative of
and includes the TimkenSteel Mark (e.g., TimkenSteel Plus) (a “Brand Extension Mark”), if, in Licensor’s reasonable judgment, Licensee’s use of the Brand Extension Mark: (a) will not infringe upon the rights of third
parties in the jurisdictions in which Licensee intends to use the Brand Extension Mark; (b) will not result in a likelihood of confusion with any mark then being used by Licensor, and (c) is otherwise in accordance with the provisions of
this Agreement. Licensee shall initiate a request to use any new Brand Extension Mark to the Governance Committee. 
 2.4.6
Co-branding. Except with the prior written consent of Licensor, Licensee shall not use any Licensed Mark (a) as part of a name or trademark or service mark of a product or service of a third party, or (b) as a trademark or
service mark along with or in combination with the trademark or service mark of a third party in connection with Licensee’s products or services. 

2.4.7 Notices. Licensee shall use the designations of “SM,” “TM,” and “®” in connection with the Licensed Marks in the manner directed by Licensor. To the extent required by applicable law or as reasonably requested by Licensor in furtherance of strengthening
rights in the Licensed Marks, Licensee shall use the following notice, as may be amended from time to time by Licensor, on the Marketing Materials to identify licensed uses under this Agreement and the proprietary rights of Licensor:
“TimkenSteel(®) is a (registered) trademark, used under license,” with the use or not of the ® symbol and the word
“registered” dependent upon the registered status of the mark. 
 2.5 Related Provisions. 

2.5.1 Logo. Licensee has adopted the logo shown in the Identity Standards for use in connection with its operations
(“Logo”). Licensee is the owner of all rights associated with the Logo and will be responsible for the registration and enforcement of those rights. Licensee may, without Licensor’s consent, modify the Logo and develop one or
more new logos, provided the modified Logo and any new logos comply with the requirements of this Agreement and will not result in a likelihood of confusion with logos used by Licensor. 

2.5.2 Tag Lines. Licensee may, without Licensor’s consent, adopt tag lines and other elements of its communication
and identity strategy, provided those tag lines and elements: (a) are consistent with the requirements of this Agreement; (b) will not result in a likelihood of confusion with tag lines and elements being used by Licensor; and
(c) will not detract from the effectiveness of the Licensed Marks. 
 2.5.3 Toll-Free Numbers. As between
Licensor and Licensee, Licensor shall own and operate all toll-free numbers, including without limitation, 800, 866, 877, and 888 extensions, which contain numbers that in sequence spell out Timken. 

2.5.4 Timken.com. Licensee acknowledges and agrees that Licensor is the owner of and will control all rights and
interest in and to domain name registration for, and homepage located at, www.timken.com. Licensor shall provide a link on the home page of www.timken.com to the home page of Licensee’s main internet site. The link will be located in the Quick
Links area and will use the Logo as the link. This obligation will continue until the 

  
 7 

 
earlier of (a) 18 months following the Effective Date or (b) such time as the number of clicks on the link during a calendar month is less than 25% of the number of clicks into the
Steel Business pages during the last full calendar month preceding the Effective Date. 
 2.5.5 Generic Top-Level
Domains. Licensee shall not apply for or own the .timken, .timkensteel or any other confusingly similar generic top level domains. 

2.5.6 Signs and Identifiers. As soon as practicable after the Effective Date, but no later than six months after the
Effective Date, Licensee shall, at its expense, remove all exterior and interior commercial signs and similar identifiers on assets or properties owned or held by it that refer or pertain specifically to Licensor or Licensor’s business. 

2.5.7 License Limited to Steel Fields of Use. Notwithstanding any other provision of this Agreement to the contrary,
Licensee shall not use the Licensed Marks other than in connection with the Steel Fields of Use. If Licensee desires to add products or services to the Steel Fields of Use, Licensee shall address a request to the Governance Committee. 

2.5.8 Licensee’s Other Marks. Licensee shall not develop or use any mark that would result in a likelihood of
confusion with the Licensed Marks, other than new marks approved and licensed as Licensed Marks under this Agreement. 
 2.6 Business
Conduct. Licensee and Licensor shall at all times conduct their respective businesses and operations in a manner intended (a) to avoid confusion of the public between the identity, business and activities of Licensee and those of Licensor,
and (b) to enhance and support the value and prestige of the Licensed Marks, and so as not to bring disrepute upon the other Party. 

2.7 Licensor Restrictions. Licensor shall not use or license any third party the right to use the TimkenSteel Mark in any field of use.
Licensor shall not use or license any third party to use the Timken Mark or any confusingly similar mark for (a) Materials (as defined in Schedule C) or (b) finished hydraulic cylinders, raised bore drill rods or blast hole drill pipe in
the Steel Fields of Use. Licensee acknowledges that Licensor will continue to use and to license third parties to use the Timken Mark except as prohibited in this Section 2.7. 

2.8 Fair Use. Nothing in this Agreement is intended to restrict or limit either Party’s right to make any use of any term or
trademark that constitutes fair use under applicable law, including factual historical references. 
 ARTICLE 3 

OWNERSHIP, REGISTRATION AND ENFORCEMENT 

3.1 Ownership. 

3.1.1 The Parties acknowledge and agree that Licensor is the sole and exclusive owner of all right, title and interest in and
to the Licensed Marks and all the goodwill associated therewith, notwithstanding Licensee’s right to register domain names and Trade Names in its own name. Licensee understands, accepts and agrees that its use of the Licensed Marks, including
all goodwill and any additional value in the Licensed Marks created by such usage of the Licensed Marks, shall inure solely to the benefit of Licensor. Nothing in this Agreement is to be construed as granting to Licensee or retaining by Licensee any
right, title or interest in or to the Licensed Marks, other than Licensee’s rights to use the Licensed Marks and to register and use the domain names and Trade Names in accordance with this Agreement. 

  
 8 

 3.1.2 During the Term and thereafter, Licensee, its Affiliates and sublicensees
shall not: (a) use the Licensed Marks except as permitted hereunder; (b) apply to register or cooperate in any effort by any third party to register the Licensed Marks, any trademarks, service marks, domain names or Trade Names containing
Licensed Marks, any trademarks, service marks, domain names or Trade Names of Licensor, or any trademarks, service marks, domain names or Trade Names that are confusingly similar to any of the foregoing, anywhere in the world in connection with any
products or services, except as specifically permitted under this Agreement during the Term; (c) challenge or participate in any challenge of Licensor’s exclusive rights in the Licensed Marks or any trademarks, service marks, domain names
or Trade Names of Licensor; (d) do anything else inconsistent with Licensor’s ownership of the Licensed Marks or any trademarks, service marks, domain names and Trade Names of Licensor; (e) license, authorize, or otherwise permit, its
Affiliates, sublicensees or third parties to use the Licensed Marks, except as permitted hereunder; or (f) use, assert, pledge or rely upon the Licensed Marks or this Agreement to incur, secure or perfect any obligation or indebtedness. 

3.2 Use by Licensee. Use by Licensee of the Licensed Marks shall qualify as valid use by the Licensor. Licensee shall cooperate in
taking any actions reasonably requested by Licensor to establish the use of the Licensed Marks by Licensee, its Affiliates and sublicensees, including signing any document, application, filing or agreement, or providing usage specimens reasonably
necessary therefor. 
 3.3 Registration and Maintenance of Trademark Rights. 

3.3.1 Generally. Except for Licensee’s right to register domain names and Trade Names (as provided in Section 3.4),
Licensor shall be responsible for performing all searches, prosecution or other procurement, registration, and maintenance of the Licensed Marks. Licensor is the sole Party entitled to procure and register the Licensed Marks, including any Licensed
Marks added to this Agreement by amendment, and is the sole and exclusive owner thereof; provided, however, that if Licensor fails to maintain in force a registration of a Licensed Mark in use by Licensee in one or more of the Steel Fields of Use or
to diligently prosecute an application filed for registration of a new Licensed Mark, Licensee may take reasonable actions at its sole cost and expense to maintain in force a registration for such Licensed Mark or to prosecute the application filed
for the new Licensed Mark, and Licensor shall reasonably cooperate with Licensee in connection therewith. 
 3.3.2 New
Registrations. If a product or service within the Steel Fields of Use is not covered by a trademark registration or pending application in a country in the Territory in which Licensee is using or intends to use a Licensed Mark, Licensee may
request that Licensor pursue trademark registration by giving written notice to Licensor specifying the Licensed Mark, the country or countries in which registration is sought, and the products and services within the Steel Fields of Use with which
Licensee is using or proposes to use the Licensed Mark. Licensor shall conduct a trademark search and provide a copy of any resulting search report to Licensee. Following its review of such search report, Licensee may request that Licensor apply for
registration of the Licensed Mark in one or more of the countries for products and services identified in the request, and if, based on the trademark search or other information which it shares with Licensee, Licensor does not reasonably perceive a
significant risk associated with use or registration of the Licensed Mark, Licensor shall use commercially reasonable efforts to pursue registration. 

  
 9 

 3.3.3 Costs. Licensee shall be responsible for and shall reimburse
Licensor for all costs and expenses incurred by Licensor in searching, prosecuting or otherwise procuring, registering and maintaining the Licensed Marks for the Steel Fields of Use, including new Licensed Marks added to this Agreement by amendment,
including all maintenance and filing fees and reasonable attorneys’ fees associated with those activities. Licensee shall further be responsible for and shall reimburse Licensor for all costs and expenses incurred by Licensor in searching,
prosecuting or otherwise procuring, registering and maintaining the marks listed in Schedule E (“Other Marks”), including all maintenance and filing fees and reasonable attorneys’ fees, even though such Other Marks are owned by
Licensor and are not Licensed Marks. Licensor shall use a commercially reasonable method to allocate between Licensor and Licensee costs and expenses that are not clearly divisible, such as for application, registration and maintenance fees, and
associated professional fees for multiple class registrations. Licensor shall invoice Licensee quarterly for all such costs. 

3.3.4 Avoidance of Abandonment by Licensee. To avoid abandonment of any Licensed Marks in the Steel Fields of Use, if
Licensee intends to indefinitely cease use of any Licensed Marks in one or more of the Steel Fields of Use, or, after having commenced use of the Licensed Marks in one or more of the Steel Fields of Use, at any time thereafter does not use such
Licensed Marks in such Steel Fields of Use for a period of 24 consecutive months, Licensee’s rights under this Agreement to use such Licensed Marks in such Steel Fields of Use shall revert to Licensor without any compensation or limitation.
Licensee shall provide Licensor with prior written notice before it ceases use of any Licensed Marks in any one or more of the Steel Fields of Use. Licensee shall not agree with a third party to restrict or forego use of any of the Licensed Marks in
any one or more of the Steel Fields of Use except with prior written approval from Licensor. 
 3.4 Registration and Maintenance of
Domain Names and Trade Names. Licensee shall be responsible, at its sole cost and expense, for procuring and maintaining the domain names and Trade Names permitted under this Agreement. Licensee shall promptly notify Licensor any time it has
obtained registration of a domain name or Trade Name governed by this Agreement. The notice must include the type of registration, the registration date, the registering office, and the expiration date, if any. If Licensee decides not to renew a
domain name or Trade Name incorporating a Licensed Mark, Licensee shall notify Licensor in writing no later than 60 days prior to the renewal deadline. Upon Licensor’s request and at Licensor’s sole cost and expense, Licensee shall
transfer to Licensor such domain name or Trade Name registration. Thereafter Licensor may maintain such transferred domain name or Trade Name at its cost in its discretion. 

3.5 Protection and Enforcement. 

3.5.1 Notice and Consultation. If Licensee becomes aware of any Unauthorized Use with respect to any of the
Licensed Marks, or if either Party becomes aware of any Unauthorized Use with respect to any of the Licensed Marks relating to any Steel Fields of Use, then that Party shall promptly notify the other in writing and provide relevant information in
its possession relating to such Unauthorized Use, and the Parties shall cooperate and consult in good faith regarding appropriate action to address the Unauthorized Use, consistent with the provisions of this Section 3.5. For purposes of this
Section 3.5, “Unauthorized Use” means any actual, potential, or threatened infringement, misappropriation, act of unfair competition, or other harmful or wrongful activities by any third party with respect to any of the Licensed
Marks. 

  
 10 

 3.5.2 Routine Preliminary Enforcement. Notwithstanding any other provision
of this Section 3.5, to address actions taken by third parties in the Steel Fields of Use which Licensee reasonably believes are impairing or are likely to impair Licensee’s rights with respect to the Licensed Marks, Licensee may pursue
administrative proceedings under the ICANN Uniform Domain Name Dispute Resolution Policy, undertake customs enforcement actions, and send communications or notices (e.g., cease and desist letters) to third parties, if Licensee reasonably believes
that such action could not reasonably be expected to provide a basis for declaratory judgment jurisdiction by any third party. Licensee is not required to obtain the consent of Licensor prior to taking such action but shall keep Licensor informed of
the status and results of such action. If Licensee wishes to have suit filed against a third party, Section 3.5.3 and 3.5.4 shall apply. Licensee shall be liable for all litigation costs and expenses and shall indemnify Licensor according to the
procedures set forth in Section 7.1 if a third party commences litigation in response to or relating to an action taken by Licensee pursuant to this Section 3.5.2. 

3.5.3 Enforcement by Licensor. Licensor may take such action as it deems appropriate to protect its rights in the
Licensed Marks. Licensor shall consult in good faith with Licensee prior to entering into any settlement, consent judgment, or other voluntary final disposition of any action or proceeding that Licensor reasonably believes would materially impair
the rights granted to Licensee under this Agreement. If Licensor commences an action or proceeding arising from Unauthorized Use (a “Licensor Action”), Licensor will have the right to control and conduct all negotiations,
proceedings, defense and settlement relating to such Licensor Action. The costs associated with and any damages awarded or settlement proceeds recovered in connection with a Licensor Action will be allocated between the Parties based on the relative
impact of the Unauthorized Use on the Parties, as determined in Licensor’s reasonable judgment following consideration by the Governance Committee. At Licensor’s expense, Licensee shall provide all assistance reasonably requested by
Licensor with respect to such Licensor Action. Licensor may join Licensee as a party to such Licensor Action if, in Licensor’s reasonable judgment, joining Licensee would be beneficial to the outcome of the Licensor Action. 

3.5.4 Enforcement by Licensee. If an Unauthorized Use involves use of the Licensed Marks in connection with the Steel
Fields of Use, and if such Unauthorized Use persists and Licensor does not commence an action or proceeding under Section 3.5.3 within a reasonable time, Licensee shall have the right to undertake an action or proceeding to address such
Unauthorized Use after consulting in good faith with Licensor regarding Licensee’s intended undertaking. Licensee promptly shall advise Licensor of Licensee’s intention to institute any such action or proceeding, and shall provide Licensor
an opportunity to voluntarily join in such action or proceeding at Licensor’s expense. If Licensor voluntarily joins in any such action or proceeding, any damages awarded or settlement proceeds recovered shall be allocated between the Parties
as specifically provided in the applicable award or settlement, or if not so allocated, then by the Parties in good faith after each Party’s out of pocket expenses are satisfied from the proceeds of the award or settlement (pro-rata if there
are insufficient funds). If Licensor chooses not to voluntarily join in any such action or proceeding, then at Licensee’s expense, Licensor shall provide any assistance reasonably requested by Licensee with respect to such action or proceeding,
and Licensor shall not oppose the joinder of Licensor by Licensee as a party to such action or proceeding if required by law or the applicable court. In any action or proceeding in which Licensor does not voluntarily join, Licensee will retain all
damages awarded or settlement proceeds. Licensee shall not enter into any settlement, consent judgment, or other voluntary final disposition of any action or proceeding under this Section 3.5.4 without written approval of Licensor, which shall not
be unreasonably conditioned, withheld or delayed. 

  
 11 

 3.6 Defense and Settlement of IP Allegations. 

3.6.1 Notice and Consultation. If Licensee becomes aware of any IP Allegation with respect to any of the Licensed
Marks, or if either Party becomes aware of any IP Allegation with respect to any of the Licensed Marks relating to any Steel Fields of Use, then that Party shall promptly notify the other in writing and provide relevant information in its possession
relating to such IP Allegation, and the Parties shall cooperate and consult in good faith regarding appropriate action to address the IP Allegation, consistent with the provisions of this Section 3.6. For purposes of this Section 3.6, “IP
Allegation” means any allegation or claim by any third party that any of the Licensed Marks is invalid or infringes, dilutes or violates the rights of any third party. 

3.6.2 Resolution by Licensor. Licensor will have exclusive control over the resolution of any IP Allegation, including
all negotiations, proceedings, defense and settlement, including the right to agree to an injunction against further use of any Licensed Mark at issue or to otherwise settle such IP Allegation, provided that no such settlement, consent judgment, or
other voluntary final disposition will require any payment by Licensee without Licensee’s prior written consent. When possible under the circumstances, before agreeing to a settlement, consent judgment, or other voluntary final disposition,
Licensor shall advise Licensee regarding any part of such proposed disposition which affects or may reasonably be expected to affect Licensee’s use of any Licensed Mark, and shall consider in good faith any alternative terms proposed by
Licensee to preserve Licensee’s right to continue to use the Licensed Marks pursuant to this Agreement without interruption. 

3.6.3 Resolution by Licensee. If Licensor does not take reasonable action to resolve an IP Allegation within a
reasonable period of time following such notice: 
 (a) Licensee may assume control over the resolution of such IP
Allegation, but solely to the extent such IP Allegation relates to allegations, claims or demands (actual or threatened) against Licensee or any of its Affiliates or sublicensees in the Steel Fields of Use; and 

(b) Licensee may, among other options, agree to an injunction against further use of any Licensed Mark by Licensee or any of
its Affiliates or sublicensees in the Steel Fields of Use and otherwise settle such IP Allegation with respect to Licensee and its Affiliates and sublicensees in the Steel Fields of Use, provided that such settlement, consent judgment or voluntary
final disposition does not bind or apply to Licensor in any manner without Licensor’s prior written consent. 
 3.6.4
Assistance. Subject to the foregoing, each Party shall provide such assistance as the other Party may reasonably request in connection with the defense or settlement of any IP Allegation. 

3.7 Management of the Licensed Marks. In furtherance of the protection and preservation of the Licensed Marks, Licensee agrees to
cooperate and provide reasonable assistance with the administrative activities involving the Licensed Marks and to comply with all reasonable requests by Licensor to review and evaluate the portfolio of Licensed Marks, including reviews of the
current and planned use or abandonment of the Licensed Marks. 

  
 12 

 3.8 Recordation of Agreement. The Parties recognize that in some countries in the
Territory, it may be necessary or desirable to record or register this Agreement, a registered user agreement or other documentation associated with the licenses granted in this Agreement. If Licensor determines that such filing is necessary or
desirable, the Parties shall cooperate with respect to the preparation and filing thereof. 
 ARTICLE 4 

ASSIGNMENT AND SUBLICENSING 
 4.1
By Licensor. Licensor shall not assign this Agreement without the prior written consent of Licensee, except to an Affiliate or as part of a Change of Control of Licensor. No purported assignment in violation of the preceding sentence will be
effective. No assignment will be effective until the assignee agrees in writing to be bound by the terms and conditions of this Agreement. 

4.2 By Licensee. 

4.2.1 Assignment. Licensee shall not assign this Agreement or any of its rights under this Agreement, including the
license granted in this Agreement, either expressly or by operation of law, except pursuant to an Approved Change of Control as described in Section 5.5. No purported assignment in violation of the preceding sentence will be effective. No assignment
will be effective until the assignee agrees in writing to be bound by the terms and conditions of this Agreement. 
 4.2.2
Sublicense. 
 (a) Licensee shall not sublicense its rights under this Agreement or grant any third party the right to
use the Licensed Marks except as provided in this Section 4.2.2. No purported sublicense or grant of rights in violation of the preceding sentence will be effective. Licensee shall ensure that any sublicensee (permitted or not) complies with the
obligations required to be imposed by the provisions of this Section 4.2.2. The rights granted by Licensee in an authorized sublicense shall be no greater than those granted to Licensee in this Agreement. 

(b) Licensee may sublicense to a Subsidiary the right to use the Licensed Marks as a trademark or service mark for the products
and services within the Steel Fields of Use for the furtherance of Licensee’s or such Subsidiary’s business or operations. Such sublicense will not include the further right to sublicense, and will not be effective until such Subsidiary
agrees in writing that it is subject to the terms and conditions of this Agreement. 
 (c) Licensee may grant permission to
its distributors and sales representatives to use the TimkenSteel Mark in a limited manner incidental to the promotion and sale of TimkenSteel-branded products and services in the Steel Fields of Use, provided that Licensee uses reasonable efforts
to have such distributors and sales representatives agree in writing to be bound by terms reasonably designed to obligate such distributors and sales representatives to use the TimkenSteel Mark only in a pre-approved manner, to not further grant
rights in or sublicense the TimkenSteel Mark, and to reserve all ownership rights in the TimkenSteel Mark to Licensor. 
 (d)
Licensee may grant permission to its suppliers to mark the products in the Steel Fields of Use they supply solely to Licensee with the TimkenSteel Mark, provided that Licensee uses reasonable efforts to have such suppliers agree in writing to

  
 13 

 
be bound by terms reasonably designed to obligate such suppliers to use the TimkenSteel Mark only in a pre-approved manner, to not further grant rights in or sublicense the TimkenSteel Mark, and
to reserve all ownership rights in the TimkenSteel Mark to Licensor. 
 ARTICLE 5 

TERM AND TERMINATION 
 5.1
Term. The Term of this Agreement shall begin on the Effective Date and shall continue perpetually, unless this Agreement is earlier terminated as set forth in Section 5.3 or Section 5.5. 

5.2 Non-Material Breach. With respect to a breach of this Agreement that is neither a Material Breach nor a breach of Article 6
(Quality Assurance), a Party may provide the other Party with written notice alleging that the other Party has breached an obligation under the Agreement. The written notice must set forth with particularity a description of the purported breach and
requested actions to remedy the breach. The Party accused of breach in such notice will have 30 days from the date of receipt of the notice to cure the breach. If the breach is not capable of being cured within 30 days, the Party accused will have
an additional 30 days to cure the breach. The breaching Party shall act in good faith, using commercially reasonable efforts to cure the breach as soon as possible, but not later than 60 days from receipt of the initial notice. 

5.3 Termination. 

5.3.1 Termination by Licensee. Licensee may terminate this Agreement by giving not less than 90 days’ written
notice to Licensor. Licensee’s notice must specify the effective date of termination, which shall not be more than three years following the date of the notice. Licensee shall cease all use of the Licensed Marks by the date of termination
indicated in the notice. 
 5.3.2 Termination by Licensor. Licensor may terminate this Agreement by written notice to
Licensee in any of the circumstances described in this Section 5.3.2. 
 (a) Material Breach. Licensor may terminate
this Agreement upon a Material Breach of this Agreement by Licensee if such Material Breach remains uncured or otherwise unresolved for a period of 90 days or more following Licensee’s receipt of written notice from Licensor. The written notice
must set forth with sufficient particularity a description of the asserted breach and the proposed actions to be taken to remedy the breach. A “Material Breach” means any of the following: 

(i) Licensee’s intentional disregard for or chronic failure to comply with its obligations under Article 6 (Quality
Assurance), which failure materially and adversely impacts the Licensed Marks, any other marks of Licensor, or the goodwill associated with any of the foregoing; 

(ii) Licensee’s intentional disregard for or chronic failure to comply with its obligations to use the Licensed Marks in
accordance with the requirements of the Identity Standards, which failure materially and adversely impacts the Licensed Marks, any other marks of Licensor, or the goodwill associated with any of the foregoing; 

  
 14 

 (iii) Licensee’s intentional disregard for or chronic failure to comply
with its obligation to remedy breaches that are not Material Breaches, as required by Section 5.2; 
 (iv) Licensee’s
willful misconduct which materially and adversely impacts the Licensed Marks, any other marks of Licensor, or the goodwill associated with any of the foregoing; 

(v) Licensee’s knowing use of any Licensed Marks in any fields of use other than the Steel Fields of Use, or
Licensee’s knowing use of any other marks of Licensor, except as expressly permitted under this Agreement; or 
 (vi)
Licensee’s purported assignment, sublicense or grant of rights in willful breach of the prohibitions set forth in Section 4.2. 

(b) Upon Licensee Ceasing Use of the Licensed Marks. Licensor may terminate this Agreement immediately upon written
notice if Licensee ceases or publicly announces its intention to cease substantially all use of all Licensed Marks. Licensor may not exercise this right if Licensee has previously given a notice under Section 5.3.1 that specifies an effective date
of termination later than the date of the actual or the announced intended cessation of use. 
 (c) Upon a Change of
Control. Licensor may terminate this Agreement immediately upon a Change of Control of Licensee other than an Approved Change of Control. Upon an Approved Change of Control, Section 5.5 shall immediately apply. 

(d) Upon the Occurrence of an Insolvency Action. This Agreement will automatically terminate without the need for any
ratifying or other act if and when an Insolvency Action takes place with respect to Licensee. 
 5.4 Effect of Termination. 

5.4.1 Reversion of Rights. Except as otherwise expressly provided in this Agreement, all of Licensee’s rights in
this Agreement shall immediately revert to Licensor upon termination of this Agreement. Licensee and its sublicensees shall promptly undertake steps to cease all use of the Licensed Marks by the time periods indicated in this Section 5.4 or, in the
case of termination by Licensee under Section 5.3.1, by the date indicated in Licensee’s notice. For so long as Licensee and its sublicensees continue to use the Licensed Marks, whether or not permitted, they shall comply with all provisions of
this Agreement applicable to that use, including but not limited to Article 6 (Quality Control). 
 5.4.2 Time Periods
– Other Than Approved Change of Control. Upon termination under Section 5.3.2, Licensee shall, and shall cause all sublicensees to: (a) as soon as reasonably practical, but no later than 30 days following the effective date of
termination, cease producing or manufacturing, by or on behalf of Licensee, products, Marketing Materials, and Promotional Items using or bearing any of the Licensed Marks, and cease all new use of any of the Licensed Marks; (b) cease
registering new domain names and Trade Names and, as soon as reasonably practical, commence the actions described in Section 5.4.3 (for domain names) and 5.4.4 (for Trade Names); and (c) as soon as reasonably practical, but no later than one
year following the effective date of the termination, cease all use of the Licensed Marks, including using, selling or otherwise distributing products, Marketing Materials, Promotional Items or any other item bearing or using any of the Licensed
Marks, regardless of when produced or manufactured. For the avoidance of doubt, this Section 5.4.2 does not apply to an Approved Change of Control; instead, Section 5.5 applies. 

  
 15 

 5.4.3 Transfer of Domain Names. Upon termination of this Agreement for any
reason, Licensee shall, and shall cause its sublicensees to, take all necessary steps to transfer promptly to Licensor the registrations for all domain names containing the Licensed Marks or marks confusingly similar thereto registered to them or
within their power, possession or control. 
 5.4.4 Amendment or Cancellation of Trade Names. Upon termination of this
Agreement for any reason, Licensee shall, and shall cause its sublicensees to, take all necessary steps to cancel or amend all registrations of Trade Names so as to remove the Licensed Marks from such Trade Names. 

5.5 Approved Change of Control. 

5.5.1 Conversion of Term. In case of an Approved Change of Control of Licensee, the term of this Agreement, including
the licenses granted in Article 2, shall cease being a perpetual term and shall immediately convert to a term of three years or such other period as the Parties may agree, calculated from the date of the Approved Change of Control. If the Approved
Change of Control is accomplished by way of a transfer of all or substantially all of the assets of Licensee, the assignment of this Agreement will not be effective until the assignee agrees in writing to be bound by all terms, conditions and
limitations of this Agreement. Licensee (or its assignee) shall plan its activities so as to have completely ceased using, and to have caused all sublicensees to cease using, the Licensed Marks by the expiration of the term. 

5.5.2 Additional Modification. Upon an Approved Change of Control: (i) the license will be limited to use in
connection with products and services comparable in kind and quality to those sold by Licensee in the ordinary course at the time of the Approved Change of Control, but all still within the Steel Fields of Use; and (ii) neither Licensee nor, if
applicable, its assignee may create new or additional Trade Names using the Licensed Marks. 
 5.5.3 “Approved
Change of Control” means a Change of Control in which, in Licensor’s sole discretion as reflected in a written notice to Licensee: (i) the Person that controls Licensee (or the assignee of Licensee) after such Change of Control is
a Person which has provided Licensor with adequate assurances of Licensee’s and such Person’s ability to perform its obligations pursuant to this Agreement, including, but not limited to, such Person’s stability, financial strength,
quality controls, business reputation and sales capabilities; and (ii) there will not be any material adverse impact on the Licensed Marks, any other marks of Licensor, or the goodwill associated with any of the foregoing. 

ARTICLE 6 
 QUALITY ASSURANCE 

6.1 Quality of Products and Services. 

6.1.1 Quality Standards. Licensee shall use the Licensed Marks only in connection with high-quality products and
services that comply with all applicable laws and regulations in the jurisdictions in which such products and services are advertised, marketed, sold, distributed or manufactured. Licensor recognizes that, prior to the Effective Date, the operations
now conducted 

  
 16 

 
by Licensee used the Licensed Marks in connection with the Steel Fields of Use, and during that period of use the products and services with which the Licensed Marks were used were of acceptable
quality. Accordingly, products and services that are at least of equal quality to Licensee’s products and services as of the Effective Date shall generally be considered to comply with the requirements of this Section 6.1. 

6.1.2 Quality Systems. Licensee shall maintain throughout the Term an effective system for evaluating, monitoring and
ensuring the continuing quality of products and services Licensee sells and offers in connection with the Licensed Marks. With respect to any particular facility where such products are manufactured or processed, or where such services are provided,
continued certification of ISO 9001 or its equivalent will be considered sufficient to satisfy this obligation. 
 6.2 Monitoring.

 6.2.1 Reporting. Licensee shall submit reports at least quarterly to Licensor in the form agreed to by the Parties
from time to time, sufficient for Licensor to confirm the consistent quality of products and services provided in connection with the use of the Licensed Marks. 

6.2.2 Audits. Licensor or its authorized designee may conduct annual quality control audits to inspect plants,
facilities, products or services bearing or associated with the Licensed Marks. The scope of the audits will be comparable to those periodically performed by the Bearings Business prior to the Effective Date. In addition, Licensor or its authorized
designee may conduct such quality control audits at any of the following times: (a) as the result of a Material Incident; (b) as the result of a new sublicensee or facility associated with the Licensed Marks; or (c) upon an Approved
Change of Control of Licensee. A request for audit shall be made at least ten business days prior to the commencement of the audit. Any audit shall be conducted during regular business hours and in a manner designed to minimize disruption to
Licensee’s normal business activities. 
 6.3 Non-Compliance. 

6.3.1 “Material Incident” means any one of the following: (a) a series of significant quality
problems related to the same root cause, demonstrating a potential failure of Licensee’s quality control system, (b) an unsatisfactory audit conducted pursuant to Section 6.2.2, or (c) the loss of a quality certification described in
Section 6.1.2. Licensee shall promptly notify Licensor of the occurrence of a Material Incident. 
 6.3.2 Notice of
Non-Compliance. Licensor may notify Licensee (“Notice of Non-Compliance”) if Licensee or any of its Affiliates or permitted sublicensees is not in compliance with the obligations of Section 6.1 or Section 6.2, or if a Material
Incident has occurred (“Quality Issue”). The Notice of Non-Compliance must be in writing and must set forth with sufficient particularity a description of the nature of the Quality Issue and any requested action for curing the
Quality Issue. Upon Licensee’s receipt of a Notice of Non-Compliance, Licensee shall promptly correct the Quality Issue identified therein by enacting the cure mechanisms described in Section 6.3.3. 

  
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 6.3.3 Cure of Non-Compliance. 

(a) Cure Plan. Licensee shall act in good faith, using commercially reasonable efforts to cure or otherwise resolve all
Quality Issues as soon as practicable. If the Quality Issues identified in a Notice of Non-Compliance cannot reasonably be cured or otherwise resolved within 30 days following receipt of such notice, Licensee shall submit to Licensor a written plan
to correct the Quality Issues (“Cure Plan”) within 30 days following receipt of the Notice of Non-Compliance. Licensee shall include a Cure Plan in any notification it makes to Licensor of a Material Incident. 

(b) Initial Cure Period. After Licensee submits its Cure Plan to Licensor, the Parties shall each appoint a
representative to promptly review and discuss in good faith the proposed Cure Plan. When Licensor, in its sole but good faith discretion, has approved the Cure Plan, Licensee shall have 120 days or such longer period as approved by Licensor on a
case-by-case basis in its sole but good faith discretion in which to cure the Quality Issues (“Initial Cure Period”). 

(c) Additional Cure Period. If the Quality Issues are not capable of being cured, the Cure Plan is not capable of being
completely executed within the Initial Cure Period, or the Quality Issues otherwise remain uncured after the expiration of the Initial Cure Period, Licensor and Licensee shall engage the Governance Committee to promptly negotiate in good faith
additional cure plans for an additional cure period that may be reasonably necessary and appropriate to correct such Quality Issues. If the Parties are unable to agree on an additional cure plan or additional cure period, Licensor shall, in its sole
but good faith discretion, make such determinations. 
 6.3.4 Failure to Cure; Reinstatement. 

(a) If the Quality Issues have not been cured within the time period provided for in the Initial Cure Period and any additional
cure period, then such Quality Issues shall be deemed to be uncured (“Uncured Quality Issues”). Licensee shall cease use of the Licensed Marks on or in connection with any products, services and activities that are the subject of
the Uncured Quality Issues as soon as reasonably practicable but no later than one year following the date on which such Quality Issues are determined to be Uncured Quality Issues. During such time, Licensee may not create, manufacture, produce,
distribute or otherwise use any new Marketing Materials, Promotional Items, or products or services using any Licensed Marks that are associated with the Uncured Quality Issues. 

(b) Unless the Agreement has terminated as provided in Article 5, Licensee may continue its efforts toward completing the cure
following a failure described in Section 6.3.4(a), and if the Quality Issues are cured to the reasonable satisfaction of Licensor, then Licensee’s rights to use the Licensed Marks shall be reinstated from that date forward. 

6.4 Sublicensees. For the avoidance of doubt, the obligations of Licensee and the rights of Licensor under this Article 6 apply equally
with respect to any sublicensee of Licensee. 
 6.5 Nothing in this Article 6 shall be deemed to expand the rights of Licensee herein, to
limit Licensee’s obligations hereunder, or to preclude Licensor from pursuing any other rights or remedies. 

  
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 ARTICLE 7 

INDEMNIFICATION 
 7.1 By
Licensee. Licensee shall defend, indemnify and hold harmless Licensor and its Affiliates and its and their successors, legal representatives or assigns, and their respective officers, agents, employees and representatives (collectively,
“Licensor Indemnitees”), from and against all damages, liabilities, losses, costs and expenses of any and every nature or kind whatsoever, (including reasonable attorneys’ fees and disbursements and all amounts paid in
investigation, defense or settlement of the foregoing) (collectively, “Damages”) that any of the Licensor Indemnitees may incur as a result of third-party actions, proceedings or claims to the extent arising out of or in consequence
of: (a) the formulation, manufacture, production, packaging, transportation, storage, performance, marketing, merchandising, promotion, advertisement, distribution or sale of any product, material or service by or on behalf of Licensee, its
Affiliates or its sublicensees that bear, use or are associated with the Licensed Marks, including, without limitation under any theory of product liability, tort or otherwise, in each instance except to the extent the Damages are attributable to a
breach of this Agreement by any Licensor Indemnitee; (b) any breach of this Agreement by Licensee; (c) use of the Licensed Marks by Licensee or its Affiliates or their employees, agents, or sublicensees in a manner which infringes upon the
rights of third parties; and (d) any failure by Licensee or its Affiliates or their employees, agents, or sublicensees to comply with applicable law in connection with this Agreement. 

7.2 By Licensor. Licensor shall defend, indemnify and hold harmless Licensee and its Affiliates and its and their successors, legal
representatives or assigns, and their respective officers, agents, employees and representatives (collectively “Licensee Indemnitees”), from and against all Damages (as defined in Section 7.1) that any of Licensee Indemnitees may
incur as a result of third-party actions, proceedings or claims to the extent arising out of or in consequence of: (a) the formulation, manufacture, production, packaging, transportation, storage, performance, marketing, merchandising,
promotion, advertisement, distribution or sale of any product, material or service by or on behalf of Licensor, its Affiliates or its licensees (other than Licensee or its Affiliates or their sublicensees) that bear or use the Timken trademark,
including, without limitation under any theory of product liability, tort or otherwise, in each instance except to the extent the Damages are attributable to a breach of this Agreement by any Licensee Indemnitee; (b) any breach of this
Agreement by Licensor; (c) use of the Licensed Marks by Licensor or its Affiliates or their employees, agents, or sublicensees in a manner which infringes upon the rights of third parties; and (d) any failure by Licensor or its Affiliates
or their employees, agents or sublicensees to comply with applicable law in connection with this Agreement. 
 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 

8.1 Representations and Warranties. Each Party represents and warrants that: 

8.1.1 the Party has the full legal right, title, interest, power and authority to enter into this Agreement and to perform its
legal obligations hereunder, and has taken all necessary action to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

8.1.2 this Agreement has been duly executed and delivered on behalf of the Party and constitutes a legal, valid, binding
obligation, enforceable against the Party in accordance with its terms; and 

  
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 8.1.3 to the best of the Party’s knowledge and belief, the execution and
delivery of this Agreement and the performance of the Party’s obligations hereunder do not conflict with or violate any requirement of applicable laws or regulations and do not conflict with, or constitute a default under, any contractual
obligation of the Party. 
 ARTICLE 9 

DISCLAIMER OF WARRANTIES; LIMITATION OF DAMAGES 

9.1 Disclaimer. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, THE LICENSES GRANTED IN THIS AGREEMENT TO LICENSEE ARE
GRANTED ON AN “AS IS” BASIS WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, AND LICENSOR, ON BEHALF OF ITSELF AND ITS AFFILIATES, HEREBY EXCLUDES AND DISCLAIMS ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF ANY KIND WITH
RESPECT TO THE LICENSES AND LICENSED MARKS, INCLUDING THOSE REGARDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ENFORCEABILITY AND NON-INFRINGEMENT AND ANY WARRANTIES IMPLIED BY ANY COURSE OF DEALING OR TRADE USAGE. 

9.2 LIMITATION OF DAMAGES. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, NEITHER PARTY WILL BE LIABLE UNDER ANY CIRCUMSTANCES
OR LEGAL THEORY FOR DAMAGES ARISING OUT OF THIS AGREEMENT RELATED TO INCONVENIENCE, DOWNTIME, INTEREST, COST OF CAPITAL, FRUSTRATION OF ECONOMIC OR BUSINESS EXPECTATIONS, LOST PROFITS, LOST REVENUES, LOST SAVINGS, LOSS OF USE, TIME, DATA, OR
GOODWILL, OR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, COLLATERAL OR CONSEQUENTIAL DAMAGES, REGARDLESS OF WHETHER SUCH LOSSES ARE FORESEEABLE; PROVIDED, HOWEVER, THAT: (a) TO THE EXTENT AN INDEMNIFIED PARTY IS REQUIRED TO PAY ANY DAMAGES
RELATED TO INCONVENIENCE, DOWNTIME, INTEREST, COST OF CAPITAL, FRUSTRATION OF ECONOMIC OR BUSINESS EXPECTATIONS, LOST PROFITS, LOST REVENUES, LOST SAVINGS, LOSS OF USE, TIME, DATA, OR GOODWILL, OR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL,
COLLATERAL OR CONSEQUENTIAL DAMAGES, TO ANOTHER PERSON IN CONNECTION WITH A THIRD PARTY CLAIM PURSUANT TO SECTION 7.1, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES AS BETWEEN THE PARTIES AND WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN THIS
SECTION 9.2; AND (b) THIS SECTION 9.2 WILL NOT APPLY TO ANY DAMAGES THAT ARE FINALLY ADJUDICATED BY AN ARBITRATION TRIBUNAL OR COURT OF COMPETENT JURISDICTION TO HAVE ARISEN FROM OR BE RELATED TO GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR BAD
FAITH ON THE PART OF THE INDEMNIFYING PARTY. 
 ARTICLE 10 

GOVERNANCE; DISPUTE RESOLUTION 

10.1 Governance Committee. The Parties shall form and maintain a committee to oversee the performance of this Agreement
(“Governance Committee”). The Governance Committee will be the forum for initiating requests for consents or modifications, overseeing progress on the cure process for any breaches under this Agreement, and for beginning the dispute
resolution process. Each Party shall appoint three representatives to the Governance Committee, one each from the strategy management, communications, and legal functions. The committee will meet once each year to discuss generally the performance
of the Agreement. The members of the Committee appointed from the Parties’ respective 

  
 20 

 
communications functions will act as the primary points of contact between the Parties with respect to the day-to-day performance of the Agreement, and they will convene the full Governance
Committee for additional meetings as needed to discuss specific matters at the request of a Party or as otherwise required hereunder. 

10.2 Dispute Resolution. The Parties shall use commercially reasonable efforts to resolve expeditiously and on a mutually acceptable
negotiated basis any dispute arising under or relating to this Agreement, by following the procedures set forth in this Section 10.2. For the avoidance of doubt, the assertion of breach under this Agreement by one Party is not itself a dispute, and
nothing in this Section 10.2 will suspend the time periods by which a breach must be cured, as provided in this Agreement; however, if the Party against which the assertion of breach has been made objects in any respect with the assertion of breach
or the cure plan suggested by the other Party, such Party shall use this dispute resolution process to raise and resolve those objections. Each Party agrees that the procedures set forth in this Article 10 will be the exclusive means for resolution
of any dispute under this Agreement. The initiation of informal dispute resolution or arbitration under this Agreement will toll the applicable statute of limitations for the duration of any such proceedings. 

10.2.1 Notice. The dispute resolution process begins with a written notice from one Party to the other, detailing the
nature of the dispute and the outcome desired by the notifying Party. To be effective, the notice must be directed to the lead member of the Governance Committee of the other Party, as provided in Section 12.14. 

10.2.2 Meeting of Governance Committee. The Governance Committee shall meet as often as the Parties reasonably deem
necessary to attempt to resolve the dispute, including, if the dispute involves an assertion of breach against a Party, developing and overseeing compliance with an appropriate plan to cure the breach. 

10.2.3 Cooperation of the Parties. During the course of the Governance Committee negotiation, subject to the
Parties’ respective confidentiality obligations, all reasonable requests made by either Party to the other Party for information will be honored in order that the members of the Governance Committee may be fully advised in the matter. The
specific format for the Governance Committee’s discussions and negotiations will be left to the discretion of the Governance Committee, but may include the preparation of agreed upon statements of fact or written statements of position
furnished to the other Party. 
 10.2.4 Meeting of CEOs. If the Governance Committee is unable to resolve the dispute
within 30 days following the notice of dispute given under Section 10.2.1, or if a resolution agreed to by the Governance Committee fails to resolve the situation, a Party may by formal notice pursuant to Section 12.14 refer the matter for
resolution by the Chief Executive Officer (CEO) of each Party, each of whom shall have the authority to resolve the dispute on behalf of their Party. The CEOs will promptly meet in person or by phone and attempt to resolve the dispute. 

10.2.5 Mediation. If the dispute has not been resolved by the CEOs within 30 days following the formal notice given
under Section 10.2.4, either Party may submit the dispute to mediation. The mediation will be conducted in Canton, Ohio by a single mediator from Judicial Arbitration and Mediation Services, Inc. (“JAMS”). The mediator shall be
selected by the Parties by mutual agreement from the JAMS neutral panelists “Intellectual Property” list. If the Parties do not agree on the selection of mediator within 30 days following receipt by the Parties of the list of panelists,
the mediator shall be selected from the “Intellectual Property” list pursuant to the rules for selection of arbitrators in the JAMS Comprehensive Arbitration Rules and Procedures. 

  
 21 

 
The mediator shall have 30 days from the submission to mediation or such longer period as the Parties may mutually agree in writing to attempt to resolve the dispute, and the Parties shall
cooperate fully in the mediation process. The Parties will share equally the costs, fees and expenses of the mediator and any payments to JAMS for such mediation. 

10.2.6 Except as otherwise independently discoverable, nothing said or disclosed, nor any document produced, in the course of
any negotiations, conferences or discussions to settle a Dispute pursuant to this Section 10.2 will be offered or received as evidence or used for impeachment or for any other purpose in any proceedings (including the arbitration proceedings
contemplated in Section 10.2.7), but will be considered to have been disclosed for settlement purposes only. 
 10.2.7
Arbitration. If the mediation contemplated by Section 10.2.5 does not resolve the dispute and a Party wishes to pursue its rights relating to such dispute, then, except as provided in and subject to Section 10.2.8, such dispute will be
submitted to final and binding arbitration as provided in this Section 10.2.7. Any Dispute concerning the propriety of the commencement of the arbitration will be finally settled by such arbitration. 

(a) The arbitration will be held in Canton, Ohio in accordance with the JAMS Comprehensive Arbitration Rules and Procedures.
The arbitration will be conducted by a single arbitrator selected by mutual agreement. If the Parties do not agree on the selection of arbitrator within 30 days following receipt by the Parties of the list of panelists, the arbitrator will be
selected from the JAMS “Intellectual Property” list (exclusive of the mediator), pursuant to the JAMS Comprehensive Arbitration Rules and Procedures. 

(b) The decision of the arbitrator will be final and non-appealable (other than for fraud) and may be enforced in any court of
competent jurisdiction. 
 (c) The use of any mediation or other “alternative dispute resolution” procedures shall
not be construed under the doctrine of laches, waiver or estoppel to adversely affect the rights of any party to the dispute. 

(d) The arbitration award shall be issued within 30 calendar days following the final submission of the matter to the
arbitrator, and in all events within 6 months following the initiation of the arbitration. 
 (e) Discovery shall be allowed
only pursuant to Rule 17 of the JAMS Comprehensive Arbitration Rules and Procedures. 
 (f) The Parties shall share equally
the costs and expenses of the arbitrator, but each Party shall bear its own costs associated with participating in the arbitration, including its attorneys’ and experts’ fees, unless the arbitrator decides that one Party should be
responsible for all costs and expenses, including the reasonable attorneys’ fees and experts’ fees of the other Party. 

10.2.8 Injunctive Relief. Notwithstanding the other provisions of Article 10, at any time during the resolution of a
dispute between the parties, either Party may request a court of competent jurisdiction to grant provisional interim relief, including pre-arbitration attachments or injunctions, solely (a) for the purpose of preventing or minimizing
irreparable harm for which money damages would not provide adequate relief, or (b) in matters involving the disclosure of 

  
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such Party’s Confidential Information. A delay in seeking injunctive relief attributable to following the procedures of this Article 10 or otherwise seeking to amicably resolve the dispute
with the other Party, shall not serve as a basis to deny injunctive relief. Nothing in this Article 10 shall in any way limit either Party’s rights under to terminate this Agreement as provided in Article 5. 

10.2.9 Failure of a Party to Comply with Dispute Resolution Process. If either Party does not act in accordance with
this Article 10, then the other Party may seek all remedies available at law or in equity to enforce this Article 10. 

10.2.10 Expenses. Except as otherwise provided in this Article 10, each Party will bear its own costs, expenses and
attorneys’ fees in pursuit and resolution of any Dispute. 
 10.2.11 Continuation of Services and Commitments.
Unless otherwise agreed in writing, the Parties will, and will cause the members of their respective Groups to, continue to honor all commitments under this Agreement and each Ancillary Agreement to the extent required by such agreements during the
course of the dispute resolution pursuant to this Article 10. 
 ARTICLE 11 

CONFIDENTIALITY 
 11.1 Certain
terms and conditions of this Agreement and the information disclosed by or on behalf of one Party to the other Party in connection with the performance of this Agreement constitute “Confidential Information.”

11.2 Each Party: 

11.2.1 shall hold, and shall cause its Affiliates and the officers, directors, employees and agents of any of them to hold, all
Confidential Information of the other Party in strict confidence, exercising at least the same degree of care that it applies to its own business sensitive and proprietary information; and 

11.2.2 shall not disclose, and shall cause its Affiliates and the officers, directors, employees and agents of any of them to
not disclose, the other Party’s Confidential Information to any other Person, except as expressly permitted in this Article 11. 
 11.3
The obligations of Section 11.2 will not apply: 
 11.3.1 to the extent that disclosure is compelled by subpoena or other
compulsory disclosure notice from a governmental authority or, in the opinion of the receiving Party’s counsel, by other requirements of law, but only after compliance with Section 11.4; 

11.3.2 to the extent the receiving Party can show that the Confidential Information was (a) in the public domain through
no fault of such Party, its Affiliates, or any of the officers, directors, employees or agents of any of them; (b) later lawfully acquired from other sources by such Party, which sources are not themselves bound by a confidentiality obligation;
or (c) independently generated without reference to any proprietary or confidential information of the disclosing Party; or 

  
 23 

 11.3.3 to the receiving Party’s directors, officers, employees, agents,
accountants, counsel and other advisors and representatives who (a) need to know such information for legitimate business purposes, and (b) have been advised of the confidentiality obligations in this Article 11. 

11.4 If a Party receives a subpoena or other compulsory disclosure notice from a governmental authority requesting disclosure of Confidential
Information that is subject to the confidentiality provisions of this Article 11, such Party shall promptly provide to the other Party a copy of the notice and an opportunity to seek reasonable protective arrangements. If such appropriate protective
arrangements are not obtained, the Party that is required to disclose such information shall furnish, or cause to be furnished, only that portion of such Confidential Information that is legally required to be disclosed and shall use reasonable
efforts to ensure that confidential treatment is accorded such information. 
 ARTICLE 12 

GENERAL TERMS 
 12.1
Performance. Each Party shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations to be performed by any Subsidiary of such Party under this Agreement. 

12.2 Counterparts. This Agreement may be executed in one or more counterparts, and by the different Parties in separate counterparts,
each of which when executed will be deemed to be an original, but all of which taken together will constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document
format (PDF) will be as effective as delivery of a manually executed counterpart. 
 12.3 Entire Agreement. This Agreement, including
its Schedules and the provisions of the Separation Agreement referenced in this Agreement, constitutes the entire agreement between the Parties with respect to its subject matter and supersedes all prior agreements, negotiations, discussions,
understandings and commitments, written or oral, between the Parties with respect to such subject matter. 
 12.4 Force Majeure.
Neither Party shall be liable for any failure of or delay in the performance of its obligations under this Agreement for the period that the failure or delay is due to acts of God, public enemy, war, strikes or labor disputes, or any other cause
beyond that Party’s reasonable control. A Party claiming force majeure shall promptly notify the other Party of the occurrence of any such cause and complete the affected performance as soon as practicable. 

12.5 Severability. Whenever possible, each provision or portion of a provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law. But if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law in any jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision or portion of any provision had never been contained in this Agreement. 
 12.6 No Third Party Beneficiaries. Except
as otherwise provided in Article 7, nothing in this Agreement, express or implied, is intended to or will confer upon any Person other than the Parties to this Agreement and their respective successors and permitted assigns any legal or equitable
right, benefit or remedy of any nature under or by reason of this Agreement. 

  
 24 

 12.7 Amendments and Modification. This Agreement may not be amended, modified or
supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment and signed by each Party’s authorized representative. 

12.8 Waiver. No failure or delay of a Party in exercising any right, power or remedy under this Agreement will operate as a waiver of
such right, power or remedy, and no single or partial exercise of or abandonment or discontinuance of steps to enforce any such right, power or remedy, will preclude any other or further exercise of such or any other right, power or remedy. Any
agreement on the part of a Party to any such waiver will be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such Party. 

12.9 Interpretation. Interpretation of this Agreement will be governed by the following rules of construction. (a) Words in the
singular will be held to include the plural and vice versa, and words of one gender will be held to include the other gender, as the context requires. (b) References to the terms Article, Section, paragraph, clause, Exhibit and Schedule are
references to the Articles, Sections, paragraphs, clauses, Exhibits and Schedules of this Agreement, unless otherwise specified. (c) References to “$” will mean U.S. dollars. (d) The word “including” and words of
similar import will mean “including without limitation,” unless otherwise specified. (e) References to “written” or “in writing” include in electronic form. (f) Provisions will apply, when appropriate, to
successive events and transactions. (g) The table of contents and headings contained in this Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement. (h) The Parties have each
participated in the negotiation and drafting of this Agreement. If an ambiguity or question of interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or
burdening either Party by virtue of the authorship of any of the provisions in this Agreement or in any interim drafts of this Agreement. (i) A reference to a Person includes such Person’s successors and permitted assigns. 

12.10 No Agency. This Agreement is not be deemed or construed to create any partnership, joint venture, principal/agent or any other
agency relationship between the Parties. 
 12.11 Successors and Assigns. This Agreement will be binding upon and inure to the
benefit of the Parties and their successors and permitted assigns. The successors and permitted assigns of a Party will include any permitted assignee as well as the successors in interest to such permitted assignee, whether by merger or
liquidation, including successive mergers or liquidations, or otherwise. 
 12.12 Survival. The terms and conditions set forth in
Section 5.4 (Effect of Termination), Article 7 (Indemnification), Article 9 (Disclaimer of Warranties; Limitation of Damages), Article 11 (Confidentiality), and Article 12 (General Terms), including the related definitions set forth in Article 1,
and any other provisions which by their nature are intended to survive termination, shall survive any termination of this Agreement. 

12.13 Governing Law and Jurisdiction. This Agreement will be governed by and construed and enforced in accordance with the
substantive laws of the State of Ohio, without regard to any conflicts of law rule that would result in the application of the laws of any other jurisdiction. Except as expressly contemplated by another provision of this Agreement, the Parties
irrevocably consent and submit to the exclusive jurisdiction of federal and state courts located in Canton, Ohio. 

  
 25 

 12.14 Notices. 

12.14.1 All notices and other communications under this Agreement must be in writing and will be deemed duly given: (a) on
the date of delivery if delivered personally, or if by facsimile or electronic transmission, upon written confirmation of receipt by facsimile, e-mail or otherwise; (b) on the first Business Day following the date of dispatch if delivered
utilizing a next-day service by a recognized next-day courier; or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage
prepaid. All notices shall be addressed to the parties as provided in Section 12.14.2 and Section 12.14.3. A Party may change its address for notice by written notice given in accordance with the foregoing provisions. Notwithstanding the manner of
delivery, whether or not in compliance with the foregoing provisions, any notice, demand or other communication actually received by a Party shall be deemed delivered when so received. 

12.14.2 For an initial notice of breach or notice to initiate the dispute resolution process of Section 10.2, the notice shall
be directed to the lead member of the Governance Committee for the recipient Party, which initially shall be as follows: 
  

			
	 For Licensor:
	  	For Licensee:
		
	 The Timken Company
	  	TimkenSteel Corporation
	 VP – Communications and Public Relations
	  	Vice President – Communications & Community Relations
	 Mail Code WHQ-01
	  	Mail Code GNE-14
	 4500 Mt. Pleasant Street NW
	  	1835 Dueber Avenue SW
	 North Canton, Ohio 44720
	  	Canton, Ohio 44706

 12.14.3 For any other formal notice under this Agreement, including a notice of termination
and a notice to initiate mediation or arbitration, the notice shall be directed to the following: 
  

			
	 For Licensor:
	  	For Licensee:
		
	 The Timken Company
	  	TimkenSteel Corporation
	 Senior VP and General Counsel
	  	Executive VP and General Counsel
	 Mail Code WHQ-01
	  	Mail Code GNE-15
	 4500 Mt. Pleasant Street NW
	  	1835 Dueber Avenue SW
	 North Canton, Ohio 44720
	  	Canton, Ohio 44706

  
 26 

 IN WITNESS WHEREOF, the Parties, intending to be legally bound, have executed this Agreement.

  

													
	THE TIMKEN COMPANY	 	TIMKENSTEEL CORPORATION
							
	By:	 	 	 	 	 		 	By:	 	 	 	 
	 (signature)	 	 (signature)
	Printed Name:	 	 	 		 	Printed Name:	 	 
	Title:	 	 	 		 	Title:	 	 

  
 27 

 SCHEDULE A 

LICENSED MARKS 
 TimkenSteel Mark

 Word Mark: TimkenSteel 

Design Marks: 
  

 
  
 

 
 Foreign Language Transliterations and Foreign Character Equivalents: 

 (TimkenSteel in Chinese characters, version 1 – TieMuKenGangCai) 
 

 (TimkenSteel in Chinese characters, version 2 – TieMuKenGangTie) 
 Timken Mark 

Word Mark: Timken 

Foreign Language Transliterations and Foreign Character Equivalents: 

 (Timken in Chinese characters – TieMuKen) 
 

 (Timken in Japanese – Katakana characters) 
 

 (Timken in Korean) 
 

 (Timken in Arabic/Persian) 
 

 (Timken in Cyrillic) 

  
 28 

 SCHEDULE B 

LOGO LOCKUPS 
 Logo Lockup Version 1
(Vertical Version): 
  
 

 
 Logo Lockup Version 2 (Horizontal Version): 

 
 

 

  
 29 

 SCHEDULE C 

STEEL FIELDS OF USE 
 “Steel Fields
of Use” means the following products and services: 
 “Materials” – Alloy steel (including, without
limitation, special bar quality steel, carbon steel, micro alloy steel, high alloy and stainless steel), in ingots, blooms, billets, bars and tubes, which may be heat treated, bored or cold finished. 

“Semi-finished Components” – Semi-finished components made from Materials (whether the Materials are of Licensee or third
party manufacture). “Semi-finished” means a state of manufacture in which substantive additional manufacturing operations are required to transform the component into a finished component ready for assembly and ultimate use in its intended
end application. Examples of components that Licensee currently supplies or contemplates supplying in the future in Semi-finished state include: forgings, cylinders, drilling rods, raised bore drill rods, drill collar blanks, flow ports, swivel
joints, stator tubes, blast hole drill pipe, liner hangers, collars, adaptors, tool joints, bushings, whipstock, down-the-hole hammers, constant velocity joints, collars, pins, gears, cylinder liners, green rings, cv joint cages, shafts, axles,
clutch races, gun barrels, mortar barrels, bomb bodies, motor housings, and cold drawn products. 
 Finished Components – The
following finished components made from Materials (whether the Materials are of Licensee or third party manufacture): 
  

	 	•	 	clutch races 

  

	 	•	 	bushings 

  

	 	•	 	pins 

  

	 	•	 	collars 

  

	 	•	 	hydraulic cylinders 

  

	 	•	 	raised bore drill rods 

  

	 	•	 	blast hole drill pipe 

  

	 	•	 	down-hole and top-hole hammer components, well head components, and down-hole drilling components, but excluding the finished components within the Licensor Business. 

Services – The following services performed for a fee: 
  

	 	•	 	The following value-added services performed on or with respect to Materials of third parties, including such services where the output, after such services have been performed by Licensee, is in the form of
Semi-finished Components, but excluding aftermarket services (except as specifically set forth below): 

  

	 	•	 	precision machining 

  

	 	•	 	heat-treating, including the Advantec process and materials 

  

	 	•	 	boring 

  

	 	•	 	honing, skiving, cutting, drilling, broaching, roller burnishing, grinding, precision drilling, trepanning, turning, straightening, deburring, and milling 

 

	 	•	 	Aftermarket services performed with respect to the Finished Components described above. 

  

	 	•	 	The following metallurgical services performed on or with respect to Materials of third parties: 

  

	 	•	 	steel failure analysis 

  

	 	•	 	metallurgical testing 

  
 30 

	 	•	 	experimental steel heats 

  

	 	•	 	clean steel modeling 

  

	 	•	 	steel life testing and modeling for gears 

  

	 	•	 	steel life testing for bearings 

  

	 	•	 	Warehousing and inventory services exclusively for products within the Steel Fields of Use 

  

	 	•	 	Master distribution services exclusively for products within the Steel Fields of Use 

 For the avoidance of
doubt, scrap metal and scrap metal processing services are not within the Steel Fields of Use. 

  
 31 

 SCHEDULE D 

DOMAIN NAMES 
 timkensteel.com 

timkensteel.com.br 
 timkensteel.cn 

timkensteel.com.cn 
 timkensteel.hk 

timkensteel.co.in 
 timkensteel.in 

timkensteel.com.mx 
 timkensteel.mx 

timkensteel.com.pl 
 timkensteel.pl 

timkensteel.com.sg 
 timkensteel.sg 

timkensteel.co.uk 

  
 32 

 SCHEDULE E 

OTHER MARKS 
 

 (Timken Special Steel in Chinese characters, version 1 – TieMuKenTeGang) 
 

 (Timken Special Steel in Chinese characters, version 2 – TieMuKenTeZhongGang) 
 

 (Timken Alloy Steel in Chinese characters – TieMuKenHeJinGang) 

  
 33 

 SCHEDULE F 

LICENSOR BUSINESS 
 Licensor Business
means: 
 (a) the design, manufacture and/or sale of finished bearings products and finished components for bearings, including tapered
roller bearings, precision cylindrical and ball bearings, needle bearings, and spherical and cylindrical roller bearings; 
 (b) the design,
manufacture and/or sale of finished products and finished components of the category marketed and sold by Timken on or before the Distribution Date for mechanical power transmission applications, including chains, couplings, augers, gear drives and
gear boxes, sensors, mechanical seals, and lubrication systems; 
 (c) the design, manufacture and/or sale of Aerospace systems and finished
products and components of the category marketed and sold by Timken on or before the Distribution Date for Aerospace systems, including transmissions, turbine engine components, gears and rotor-head assemblies and housings, airfoils (such as blades,
vanes, rotors and diffusers), and nozzles; 
 (d) aftermarket services related to the systems, products and components described in clauses
(a), (b) and (c) above marketed and sold by Timken on or before the Distribution Date, including bearing repair, gear drive and gearbox repair, motor rewind/repair, transmission and engine overhaul, as well as component reconditioning and
supply of replacement parts and accessory systems; and 
 (e) the design, manufacture and/or sale of pumps and motors, other than mud
motors. 
 For avoidance of doubt, the aftermarket services above do not include the aftermarket services defined on Schedule C. 

  
 34

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