Document:

EX-4.1

 Exhibit 4.1 
  

 
  

CDK GLOBAL, INC. 
 Issuer 

4.875% Senior Notes due 2027 
  

 
 INDENTURE 

Dated as of May 15, 2017 
  

 
 U.S. Bank
National Association, 
 Trustee 
  

 
  

 CROSS-REFERENCE TABLE 
  

					
	 TIA

Section
	 	 	  	Indenture
Section
	 310(a)
	 		  	7.10; 7.09
	(a)(2)	 		  	N.A.
	(a)(3)	 		  	N.A.
	(a)(4)	 		  	N.A.
	 310(b)
	 		  	7.10
	(b)(1)	 		  	7.10
	(c)	 		  	N.A.
	 311(a)
	 		  	7.11
	(b)	 		  	7.11
	(c)	 		  	N.A.
	 312(a)
	 		  	N.A.
	(b)	 		  	10.03
	(c)	 		  	10.03
	 313(a)
	 		  	7.06
	 313(b)
	 		  	7.06
	(b)(1)	 		  	N.A.
	(b)(2)	 		  	7.06
	(c)	 		  	11.02
	(d)	 		  	7.06
	 314(a)
	 		  	4.02;
		 		  	4.04; 10.02
	(b)	 		  	N.A.
	(c)(1)	 		  	10.04
	(c)(2)	 		  	10.04
	(c)(3)	 		  	N.A.
	(d)	 		  	N.A.
	(e)	 		  	10.05
	(f)	 		  	4.04

 N.A. means Not Applicable. 

 
 Note: This Cross-Reference Table shall not,
for any purpose, be deemed to be part of this Indenture. 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	
	Article 1	 
		
	Definitions and Incorporation by Reference	  	 	1	 
			
	 SECTION 1.01.
	  	 Definitions
	  	 	1	 
	 SECTION 1.02.
	  	 Other Definitions
	  	 	15	 
	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	15	 
	 SECTION 1.04.
	  	 Rules of Construction
	  	 	16	 
	
	Article 2	 
		
	The Securities	  	 	16	 
			
	 SECTION 2.01.
	  	 Form and Dating
	  	 	16	 
	 SECTION 2.02.
	  	 Execution and Authentication
	  	 	17	 
	 SECTION 2.03.
	  	 Registrar and Paying Agent
	  	 	17	 
	 SECTION 2.04.
	  	 Paying Agent To Hold Money in Trust
	  	 	18	 
	 SECTION 2.05.
	  	 Securityholder Lists
	  	 	18	 
	 SECTION 2.06.
	  	 Transfer and Exchange
	  	 	18	 
	 SECTION 2.07.
	  	 Replacement Securities
	  	 	19	 
	 SECTION 2.08.
	  	 Outstanding Securities
	  	 	19	 
	 SECTION 2.09.
	  	 Temporary Securities
	  	 	20	 
	 SECTION 2.10.
	  	 Cancellation
	  	 	20	 
	 SECTION 2.11.
	  	 Defaulted Interest
	  	 	20	 
	 SECTION 2.12.
	  	 CUSIP Numbers, ISINs, etc
	  	 	20	 
	 SECTION 2.13.
	  	 Issuance of Additional Securities
	  	 	20	 
	
	Article 3	 
		
	Redemption	  	 	22	 
			
	 SECTION 3.01.
	  	 Notices to Trustee
	  	 	22	 
	 SECTION 3.02.
	  	 Selection of Securities to Be Redeemed
	  	 	22	 
	 SECTION 3.03.
	  	 Notice of Redemption
	  	 	22	 
	 SECTION 3.04.
	  	 Effect of Notice of Redemption
	  	 	23	 
	 SECTION 3.05.
	  	 Deposit of Redemption Price
	  	 	23	 
	 SECTION 3.06.
	  	 Securities Redeemed in Part
	  	 	23	 
	
	Article 4	 
		
	Covenants	  	 	24	 
			
	 SECTION 4.01.
	  	 Payment of Securities
	  	 	24	 
	 SECTION 4.02.
	  	 Rule 144A Information
	  	 	24	 
	 SECTION 4.03.
	  	 Change of Control
	  	 	24	 
	 SECTION 4.04.
	  	 Limitation on Liens
	  	 	26	 

  
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	 SECTION 4.05.
	  	 Limitation on Sale/Leaseback Transactions
	  	 	26	 
	 SECTION 4.06.
	  	 Compliance Certificate
	  	 	27	 
	 SECTION 4.07.
	  	 Further Instruments and Acts
	  	 	27	 
	
	Article 5	 
		
	Successor Company	  	 	27	 
			
	 SECTION 5.01.
	  	 When Company May Merge or Transfer Assets
	  	 	27	 
	
	Article 6	 
		
	Defaults and Remedies	  	 	28	 
			
	 SECTION 6.01.
	  	 Events of Default
	  	 	28	 
	 SECTION 6.02.
	  	 Acceleration
	  	 	30	 
	 SECTION 6.03.
	  	 Other Remedies
	  	 	30	 
	 SECTION 6.04.
	  	 Waiver of Past Defaults
	  	 	30	 
	 SECTION 6.05.
	  	 Control by Majority
	  	 	31	 
	 SECTION 6.06.
	  	 Limitation on Suits
	  	 	31	 
	 SECTION 6.07.
	  	 Rights of Holders to Receive Payment
	  	 	31	 
	 SECTION 6.08.
	  	 Collection Suit by Trustee
	  	 	32	 
	 SECTION 6.09.
	  	 Trustee May File Proofs of Claim
	  	 	32	 
	 SECTION 6.10.
	  	 Priorities
	  	 	32	 
	 SECTION 6.11.
	  	 Undertaking for Costs
	  	 	32	 
	 SECTION 6.12.
	  	 Waiver of Stay or Extension Laws
	  	 	33	 
	
	Article 7	 
		
	Trustee	  	 	33	 
			
	 SECTION 7.01.
	  	 Duties of Trustee
	  	 	33	 
	 SECTION 7.02.
	  	 Rights of Trustee
	  	 	34	 
	 SECTION 7.03.
	  	 Individual Rights of Trustee
	  	 	35	 
	 SECTION 7.04.
	  	 Trustee’s Disclaimer
	  	 	35	 
	 SECTION 7.05.
	  	 Notice of Defaults
	  	 	35	 
	 SECTION 7.06.
	  	 Reports by Trustee to Holders
	  	 	35	 
	 SECTION 7.07.
	  	 Compensation and Indemnity
	  	 	35	 
	 SECTION 7.08.
	  	 Replacement of Trustee
	  	 	36	 
	 SECTION 7.09.
	  	 Successor Trustee by Merger
	  	 	37	 
	 SECTION 7.10.
	  	 Eligibility; Disqualification
	  	 	37	 
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Company
	  	 	38	 
	
	Article 8	 
		
	Discharge of Indenture; Defeasance	  	 	38	 
			
	 SECTION 8.01.
	  	 Discharge of Liability on Securities; Defeasance
	  	 	38	 
	 SECTION 8.02.
	  	 Conditions to Defeasance
	  	 	39	 
	 SECTION 8.03.
	  	 Application of Trust Money
	  	 	40	 
	 SECTION 8.04.
	  	 Repayment to Company
	  	 	40	 

  
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	 SECTION 8.05.
	  	 Indemnity for Government Obligations
	  	 	40	 
	 SECTION 8.06.
	  	 Reinstatement
	  	 	40	 
	
	Article 9	 
		
	Amendments	  	 	41	 
			
	 SECTION 9.01.
	  	 Without Consent of Holders
	  	 	41	 
	 SECTION 9.02.
	  	 With Consent of Holders
	  	 	41	 
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act
	  	 	42	 
	 SECTION 9.04.
	  	 Revocation and Effect of Consents and Waivers
	  	 	42	 
	 SECTION 9.05.
	  	 Notation on or Exchange of Securities
	  	 	43	 
	 SECTION 9.06.
	  	 Trustee To Sign Amendments
	  	 	43	 
	 SECTION 9.07.
	  	 Payment for Consent
	  	 	43	 
	
	Article 10	 
		
	Miscellaneous	  	 	44	 
			
	 SECTION 10.01.
	  	 Trust Indenture Act Controls
	  	 	44	 
	 SECTION 10.02.
	  	 Notices
	  	 	44	 
	 SECTION 10.03.
	  	 Communication by Holders with Other Holders
	  	 	45	 
	 SECTION 10.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	45	 
	 SECTION 10.05.
	  	 Statements Required in Certificate or Opinion
	  	 	45	 
	 SECTION 10.06.
	  	 When Securities Disregarded
	  	 	45	 
	 SECTION 10.07.
	  	 Rules by Trustee, Paying Agent and Registrar
	  	 	46	 
	 SECTION 10.08.
	  	 Legal Holidays
	  	 	46	 
	 SECTION 10.09.
	  	 Governing Law
	  	 	46	 
	 SECTION 10.10.
	  	 No Recourse Against Others
	  	 	46	 
	 SECTION 10.11.
	  	 Successors
	  	 	46	 
	 SECTION 10.12.
	  	 Multiple Originals
	  	 	46	 
	 SECTION 10.13.
	  	 Table of Contents; Headings
	  	 	46	 
		
	 Rule 144A/Regulation S Appendix
	  			
		
	 Exhibit 1 to Appendix – Form of Initial Security
	  			
			
	 Exhibit A –
	  	 Form of Exchange Security or Private Exchange Security
	  			

  

  
 iii 

 INDENTURE, dated as of May 15, 2017, between CDK Global, Inc., a Delaware corporation (the
“Company”), and U.S. Bank National Association, a national banking association (the “Trustee”). 
 Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Company’s Initial Securities, Exchange Securities and Private Exchange Securities (collectively, the
“Securities”): 
 Article 1 

Definitions and Incorporation by Reference 

SECTION 1.01. Definitions. 

“Additional Securities” means Securities issued under this Indenture after the Issue Date and in compliance with
Section 2.13, it being understood that any Securities issued in exchange for or as a replacement of any Initial Security issued on the Issue Date or any such exchange or replacement security shall not be an Additional Security, including any
such Securities issued pursuant to the Registration Rights Agreement. 
 “Affiliate” of any specified Person means any
other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Applicable Premium” means, with respect to a Security at any Redemption Date, the greater of: 

(1) 1.0% of the principal amount of such Security; and 

(2) the excess of: 
 (a) the
present value at such Redemption Date of (1) the redemption price of such Security on June 1, 2022, such redemption price being that described above plus (2) all required remaining scheduled interest payments due on such Security
through June 1, 2022, other than accrued interest to such redemption date, computed using a discount rate equal to the Treasury Rate plus 50 basis points per annum discounted on a semi-annual bond equivalent basis, over 

(b) the principal amount of such Security on such Redemption Date. 

Calculation of the Applicable Premium will be made by the Company or on behalf of the Company by such Person as the Company shall designate;
provided, however, that such calculation shall not be a duty or obligation of the Trustee. 
 “Attributable
Debt” means, in respect of a Sale/Leaseback Transaction, at the time of determination, the lesser of (1) the Fair Market Value of the property so leased as determined in good faith by the Board of Directors and (2) the present
value (discounted at the interest rate borne by the Securities, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback

 
Transaction (including any period for which such lease has been extended) or, if earlier, until the earliest date on which the lessee may terminate such lease upon payment of a penalty (in which
case the obligation of the lessee for rental payments shall include such penalty), after excluding all amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water and utility rates and similar charges.

 “Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized to act on
behalf of such Board of Directors. 
 “Business Day” means each day which is not a Legal Holiday. 

“Capital Lease Obligation” means an obligation that is required to be classified and accounted for as a capital lease for
financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the
date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.04, a Capital Lease Obligation will
be deemed to be secured by a Lien on the property being leased. 
 “Capital Stock” of any Person means any and all shares,
interests (including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities
convertible into such equity. 
 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act)) other than to the Company or one of its Subsidiaries; 
 (2) the Company becomes aware of (by way of a
report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; 

(3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into,
the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where
the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such
transaction; 

  
 2 

 (4) the first day on which the majority of the members of the Board of Directors
of the Company cease to be Continuing Directors; or 
 (5) the adoption of a plan relating to the liquidation or dissolution
of the Company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings
Event. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor
and, for purposes of any provision contained herein and required by the TIA, each other obligor on the indenture securities. 

  
 3 

 “Consolidated EBITDA” means, for any period, Consolidated Net Income for such
period, plus 
 (a) without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of 

(i) consolidated interest expense for such period (including imputed interest expense in respect of Capital Lease Obligations), 

(ii) consolidated income tax expense for such period, 

(iii) all amounts attributable to depreciation for such period and amortization of intangible assets for such period, 

(iv) any other non-recurring non-cash charges for such period
(including non-cash compensation expense, but excluding any additions to bad debt reserves or bad debt expense and any noncash charge that results from the write-down or
write-off of inventory or accounts receivable or that is in respect of any item that was included in Consolidated Net Income in a prior period), 

(v) any losses for such period attributable to early extinguishment of Indebtedness or Hedging Obligations, 

(vi) any unrealized losses for such period attributable to the application of “mark to market” accounting in respect of Hedging
Obligations, 
 (vii) the cumulative effect for such period of a change in accounting principles, 

(viii) any expenses or charges (other than depreciation or amortization expense as described in the preceding clause (iii)) related to the
carrying out of any issuance of Equity Interests, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be incurred by the Indenture (including a refinancing thereof), including
(x) such fees, expenses or charges related to the Indenture, and (y) any amendment or other modification of the obligations or other Indebtedness, in an aggregate amount during any period of four consecutive fiscal quarters not to exceed
$5,000,000, and 
 (ix) any “restructuring expenses” and “other business transformation expenses” for such period (if
incurred prior to June 30, 2020) attributable to the “Business Transformation Plan” (as each such term is used in the Company’s Annual Report on Form 10-K for the fiscal year ended
June 30, 2016 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended September 30, 2016, December 31, 2016 and March 31, 2017); provided, that (A) such expenses
shall have been determined in a manner consistent with the Company’s practices prior to the date hereof and reflected as such in the Company’s annual or quarterly reports filed with the SEC, (B) the aggregate amount of such expenses
incurred during the fiscal quarters of the Company ended on September 30, 2016, December 31, 2016, and March 31, 2017, shall be deemed to be $20.9 million, $20.5 million and $25.8 million, respectively, and
(C) Consolidated EBITDA may not be increased by more than $125,000,000 of such expenses during any period of four fiscal quarters or by more than $275,000,000 of such expenses during the term of the Indenture; and minus 

  
 4 

 (b) without duplication and to the extent included in determining such Consolidated Net Income,

 (i) any non-recurring noncash items of income for such period (excluding any noncash items of
income (A) in respect of which cash was received in a prior period or will be received in a future period or (B) that represents the reversal of any accrual made in a prior period for anticipated cash charges, but only to the extent such
accrual reduced Consolidated EBITDA for such prior period), 
 (ii) any gains for such period attributable to the early extinguishment of
Indebtedness or Hedging Obligations, 
 (iii) any unrealized gains for such period attributable to the application of “mark to
market” accounting in respect of Hedging Obligations; and 
 (iv) the cumulative effect for such period of a change in accounting
principles; provided further that Consolidated EBITDA shall be calculated so as to exclude the effect of any gain or loss that represents after-tax gains or losses attributable to any sale, transfer or
other disposition, or any exclusive license, of assets by the Company or any of its consolidated Subsidiaries, other than dispositions of inventory and other dispositions and licenses in the ordinary course of business. All amounts added back in
computing Consolidated EBITDA for any period pursuant to clause (a) above, and all amounts subtracted in computing Consolidated EBITDA pursuant to clause (b) above, to the extent such amounts are, in the reasonable judgment of an
accounting officer of the Company, attributable to any Subsidiary that is not wholly owned by the Company, shall be reduced by the portion thereof that is attributable to the non-controlling interest in such
Subsidiary. For purposes of calculating Consolidated EBITDA for any period, if during such period the Company or any Subsidiary shall have consummated a Material Acquisition or a Material Disposition, Consolidated EBITDA for such period shall be
calculated after giving pro forma effect thereto in accordance with generally accepted financial practice as if such Material Acquisition or a Material Disposition had occurred on the first day of such period. 

“Consolidated Net Income” means, for any period, the net income or loss of the Company and its consolidated Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income of any Person (other than the Company) that is not a consolidated Subsidiary except to the extent of the amount
of cash dividends or similar cash distributions actually paid by such Person to the Company or, subject to clause (b) below, any other consolidated Subsidiary during such period and (b) the income or loss of, and any amounts referred to in
clause (a) above paid to, any consolidated Subsidiary that is not wholly owned by the Company to the extent such income or loss or such amounts are attributable to the non-controlling interest in such
consolidated Subsidiary. 
 “Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (1)(a)
the aggregate amount of Total Indebtedness of the Company and its Subsidiaries then outstanding that is secured by Liens as of such date of determination, less (b) unrestricted cash and cash equivalents of the Company and its Subsidiaries to
(2) Consolidated EBITDA for the most recent four consecutive fiscal quarters for which internal financial statements of the Company are available. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors who: 

(1) was a member of the Board of Directors on the date of this Indenture; or 

  
 5 

 (2) was nominated for election or elected to the Board of Directors or approved
by a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, the corporate trust business shall
be principally administered, which such office at the date hereof is located at 21 South Street, 3rd Floor, Morristown, NJ 07960. 

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

“DTC” means The Depository Trust Company. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Exchange Securities” means the debt securities of the Company issued pursuant to this Indenture in exchange for, and in an
aggregate principal amount equal to, the Initial Securities, in compliance with the terms of the Registration Rights Agreement. 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s
length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value will be determined in good faith by the Board of
Directors, whose determination will be conclusive and evidenced by a resolution of such Board of Directors. 
 “GAAP” means
generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those set forth in: 

(1) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants; 
 (2) statements and pronouncements of the Financial Accounting Standards Board; 

(3) such other statements by such other entity as approved by a significant segment of the accounting profession; and 

(4) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma
financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC.
All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 

  
 6 

 “Guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such other Person: 

(1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person
(whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain
financial statement conditions or otherwise); or 
 (2) entered into for the purpose of assuring in any other manner the
obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
 provided,
however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. The term
“guarantor” shall mean any Person Guaranteeing any obligation. 
 “Hedging Obligations” means obligations under:

 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements
and interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest
rate risk; and 
 (3) other agreements or arrangements designed to protect against fluctuations in currency exchange rates or
commodity prices. 
 “Holder” or “Securityholder” means the Person in whose name a Security is registered
on the Registrar’s books. 
 “Incur” means issue, assume, Guarantee, incur or otherwise become liable for;
provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at
the time it becomes a Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. 

“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by
notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such premium has become due and payable (other than letters
of credit issued in respect of trade payables); 
 (2) all Capital Lease Obligations of such Person and all Attributable Debt
in respect of Sale/Leaseback Transactions entered into by such Person; 

  
 7 

 (3) all obligations of such Person issued or assumed as the deferred purchase
price of property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding any accounts payable or other liability to trade creditors arising in the ordinary course of
business); 
 (4) all obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers’
acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) above) entered into in the ordinary course of business of such
Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit); 

(5) all Guarantees by such Person of obligations of the type referred to in clauses (1) through (4) above; and 

(6) all obligations of the type referred to in clauses (1) through (5) above of other Persons secured by any Lien on
any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such property or assets and the amount of the obligation so
secured. 
 Notwithstanding the foregoing, the term “Indebtedness” will not include (a) in connection with the purchase by
the Company or any of its Subsidiaries of any business, post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of
such business after the closing unless such payments are required under GAAP to appear as a liability on the balance sheet (excluding the footnotes); provided, however, that at the time of closing, the amount of any such payment is not
determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter; (b) contingent obligations incurred in the ordinary course of business and not in respect of borrowed
money; (c) deferred or prepaid revenues; (d) any Capital Stock; or (e) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller.

 Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect
to, the effects of ASC Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an incurrence of Indebtedness under this Indenture. 

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

“Initial Securities” means (1) $600,000,000 aggregate principal amount of 4.875% Senior Notes due 2027 issued on
the Issue Date and (2) Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 

  
 8 

 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating category of Moody’s); a rating of BBB– or better by S&P (or its equivalent under any successor rating category of S&P; and the equivalent investment grade credit rating from any replacement
Rating Agency or Rating Agencies appointed by the Company. 
 “Issue Date” means May 15, 2017. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of
New York or in the city of the Corporate Trust Office. 
 “Lien” means any mortgage or deed of trust, charge, pledge, lien
(statutory or otherwise), privilege, security interest, assignment, easement, hypothecation, claim, preference, priority or other encumbrance upon or with respect to any priority of any kind (including any conditional sale, capital lease or other
title retention agreement, any leases in the nature thereof) real or personal, moveable or immovable, now owned or hereafter acquired; provided, however, that in no event shall an operating lease be deemed to constitute a Lien. 

“Material Acquisition” means any individual acquisition of (a) Equity Interests in any Person if, after
giving effect thereto, such Person will become a Subsidiary or (b) assets comprising all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) any
Person; provided that the aggregate consideration for such individual acquisition (including Indebtedness assumed in connection therewith, all obligations in respect of deferred purchase price (including obligations under any purchase price
adjustment but excluding earnout or similar payments) and all other consideration payable in connection therewith (including payment obligations in respect of noncompetition agreements or other arrangements representing acquisition consideration))
exceeds $250,000,000. 
 “Material Disposition” means any individual sale, transfer or other disposition of
(a) all or substantially all the issued and outstanding Equity Interests in any Person that are owned by the Company or any Subsidiary or (b) assets comprising all or substantially all the assets of (or all or substantially all the assets
constituting a business unit, division, product line or line of business of) of the Company or any Subsidiary; provided that the aggregate consideration for such individual sale, transfer or other disposition (including Indebtedness assumed
by the transferee in connection therewith, all obligations in respect of deferred purchase price (including obligations under any purchase price adjustment but excluding earnout or similar payments) and all other consideration payable in connection
therewith (including payment obligations in respect of noncompetition agreements or other arrangements representing acquisition consideration)) exceeds $250,000,000. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“obligations” means with respect to any Indebtedness, all obligations for principal, premium, interest, penalties, fees,
indemnifications, reimbursements, and other amounts payable pursuant to the documentation governing such Indebtedness. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief
Operating Officer, any Vice President, the Treasurer, the Controller or the Secretary of the Company. 

  
 9 

 “Officer’s Certificate” means a certificate signed by
an Officer. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The
counsel may be an employee of or counsel to the Company. 
 “Permitted Liens” means, with respect to any Person, 

(1) pledges or deposits by such Person under workers’ compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (2) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens, in each case for sums not yet overdue by more than 60 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which
such Person shall then be proceeding with an appeal or other proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided, however, that (A) such deposit account is not a
dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board and (B) such deposit account is not intended by the Company
or any Subsidiary to provide collateral to the depository institution; 
 (3) Liens for property taxes not yet subject to
penalties for non-payment or which are being contested in good faith by appropriate proceedings; 

(4) Liens in favor of issuers of surety bonds or letters of credit issued pursuant to the request of and for the account of
such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness; 

(5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of such Person; 
 (6) Liens securing Indebtedness (including
Capital Lease Obligations) Incurred to finance the construction, purchase, replacement or lease of, or repairs, improvements or additions to, property, plant or equipment (whether through the direct purchase of assets or the Capital Stock of any
Person owning such assets) of 

  
 10 

 
such Person (plus additions, improvements, accessions and replacements and customary deposits in connection therewith and proceeds, products and distributions therefrom); provided,
however, that the Lien may not extend to any other property owned by such Person or any of its Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto or pursuant to customary
after-acquired property clauses), and the Indebtedness (other than any interest thereon) secured by the Lien may not be Incurred more than 270 days after the later of the acquisition, completion of construction, replacement, repair, improvement,
addition or commencement of full operation of the property subject to the Lien; 
 (7) Liens existing on the Issue Date; 

(8) Liens on assets, property or shares of Capital Stock (plus additions, improvements, accessions and replacements and
customary deposits in connection therewith and proceeds, products and distributions therefrom) of another Person at the time such other Person becomes a Subsidiary of such Person (other than a Lien Incurred in connection with, or to provide all or
any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person becomes such a Subsidiary); provided, however, that the Liens may not extend to any other
property owned by such Person or any of its Subsidiaries (other than assets and property affixed or appurtenant thereto or pursuant to customary after-acquired property clauses); 

(9) Liens on assets or property (plus additions, improvements, accessions and replacements and customary deposits in connection
therewith and proceeds, products and distributions therefrom) at the time such Person or any of its Subsidiaries acquires the assets or property, including any acquisition by means of a merger or consolidation with or into such Person or a
Subsidiary of such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person or any of its
Subsidiaries acquired such property); provided, however, that the Liens may not extend to any other property owned by such Person or any of its Subsidiaries (other than assets and property affixed or appurtenant thereto or pursuant to
customary after-acquired property clauses); 
 (10) Liens securing Indebtedness or other obligations of a Subsidiary of such
Person owing to such Person; 
 (11) Liens securing Hedging Obligations; 

(12) Liens to secure any refinancing (or successive refinancings) as a whole, or in part, of any Indebtedness secured by any
Lien referred to in paragraph (b) of Section 4.04 or in the foregoing clause (6), (7), (8) or (9); provided, however, that (A) such new Lien shall be limited to all or part of the same property and assets that
secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus additions, improvements, accessions and replacements and customary deposits in connection therewith and proceeds, products and
distributions therefrom) and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described
under paragraph (b) of Section 4.04 or in the foregoing clause (6), (7), (8) or (9) at the time the original Lien became a Permitted Lien, plus accrued interest thereon, and (ii) an amount necessary to pay any fees,
commissions, discounts and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; 

  
 11 

 (13) Liens Incurred to secure cash management services in the ordinary course of
business; 
 (14) Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements
limiting the disposition of such assets pending the closing of the transactions contemplated thereby; 
 (15) Liens on
insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 
 (16) Liens on any
cash earnest money deposits made by the Company or any Subsidiary in connection with any letter of intent or purchase agreement; 

(17) Liens in favor of the Company or any of its Subsidiaries; 

(18) Liens securing the Securities (including any Additional Securities); 

(19) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business; and 
 (20)
judgment liens in respect of judgments that do not constitute an Event of Default under Section 6.01(9) hereof. 

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

“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such
Person. 
 “principal” of a Security means the principal of the Security plus the premium, if any, payable on the Security
which is due or overdue or is to become due at the relevant time. 
 “Rating Agency” means each of Moody’s and
S&P; provided, that if any of Moody’s and S&P ceases to provide rating services to issuers or investors, the Company shall appoint a replacement for such Rating Agency that is reasonably acceptable to the Trustee. 

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

  
 12 

 “Rating Date” means the date that is 60 days prior to the earlier of, (1) a
Change of Control or (2) public notice of the occurrence of a Change of Control or of the intention by the Company to effect a Change of Control. 

“Ratings Event” means the occurrence of the events described in (a), (b) or (c) below on, or within 60 days after, the
earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control (which period shall be extended so long as the rating of the
Securities is under publicly announced consideration for a possible downgrade by any of the Rating Agencies): (a) in the event the Securities are rated by both Rating Agencies on the Rating Date as Investment Grade, the rating of the Securities
shall be reduced so that the Securities are rated below Investment Grade by both Rating Agencies, or (b) in the event the Securities are rated Investment Grade by one Rating Agency and below Investment Grade by the other Rating Agency on the
Rating Date, the rating of the Securities shall be reduced so that the Securities are rated below Investment Grade by both Rating Agencies, or (c) in the event the Securities are rated below Investment Grade by both Rating Agencies on the
Rating Date, the rating of the Securities by both Rating Agencies shall be decreased by one or more gradations (including gradations within Rating Categories). 

“Registration Rights Agreement” means the Registration Rights Agreement as of dated May 15, 2017, between the Company
and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers, in respect of the Securities. 

“S&P” means S&P Global Ratings (a division of S&P Global Inc.) or any successor to the rating agency business
thereof. 
 “Sale/Leaseback Transaction” means an arrangement relating to property owned by the Company or a Subsidiary on
the Issue Date or thereafter acquired by the Company or a Subsidiary whereby the Company or a Subsidiary transfers such property to a Person and the Company or a Subsidiary leases it from such Person. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities” means the Initial Securities, the Exchange Securities and the Private Exchange Securities, treated as a single
class. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the Company within the
meaning of Rule 1-02 under Regulation S-X promulgated by the SEC and, for purpose of determining whether an Event of Default has occurred, any group of
Subsidiaries that combined would be such a Significant Subsidiary. 
 “Stated Maturity” means, with respect to any
security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

  
 13 

 “Subsidiary” means, with respect to any Person, any corporation, association,
partnership or other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of
such Person or (3) one or more Subsidiaries of such Person. 
 “TIA” means the Trust Indenture Act of 1939
(15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of this Indenture. 
 “Total
Indebtedness” means, as of any date, the aggregate principal amount of Indebtedness of the Company and its Subsidiaries outstanding as of such date, computed on a consolidated basis, but excluding contingent obligations of the
Company or any Subsidiary as an account party in respect of any letter of credit or letter of guaranty to the extent such letter of credit or letter of guaranty does not support Indebtedness. For purposes of this definition, the amount of any
Indebtedness shall be determined in accordance with GAAP but without giving effect to any election permitted under GAAP to value such Indebtedness at “fair value” or to any other accounting principle that would result in the amount of such
Indebtedness (other than zero coupon Indebtedness) being below the stated principal amount thereof. 
 “Treasury Rate”
means, as of any Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed week for which such information is available as of the date that is two Business Days prior to the Redemption
Date) of the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in the Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical
Release is no longer published or available, any publicly available source of similar market data selected by the Company) most nearly equal to the period from the Redemption Date to June 1, 2022; provided, however, that if the
period from the Redemption Date to June 1, 2022 is not equal to the constant maturity of a United States Treasury security for which such a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to June 1, 2022 is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “Trustee”
means the party named as such in this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, means the successor. 

“Trust Officer” means any officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate
trust matters and who shall have direct responsibility for the administration of this Indenture. 
 “Uniform Commercial
Code” means the New York Uniform Commercial Code as in effect from time to time. 
 “U.S. Government Obligations”
means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United
States of America is pledged and which are not callable at the issuer’s option. 

  
 14 

 “Voting Stock” of a Person means all classes of Capital Stock of such Person
then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

“Wholly Owned Subsidiary” means a Subsidiary all the Capital Stock of which (other than directors’ qualifying shares) is
owned by the Company or one or more other Wholly Owned Subsidiaries. 
 SECTION 1.02. Other Definitions. 

 

					
	 Term
	  	Defined in
Section	 
	 “Appendix”
	  	 	2.01	 
	 “Authentication Order”
	  	 	2.02	 
	 “Bankruptcy Law”
	  	 	6.01	 
	 “Change of Control Offer”
	  	 	4.03	(b) 
	 “Change of Control Payment Date”
	  	 	4.03	(b)(3) 
	 “covenant defeasance option”
	  	 	8.01	(b) 
	 “Custodian”
	  	 	6.01	 
	 “Event of Default”
	  	 	6.01	 
	 “Initial Lien”
	  	 	4.04	(a) 
	 “legal defeasance option”
	  	 	8.01	(b) 
	 “Notice of Default”
	  	 	6.01	 
	 “Paying Agent”
	  	 	2.03	 
	 “Registrar”
	  	 	2.03	 
	 “Successor Company”
	  	 	5.01	(a)(1) 

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. 

This Indenture is subject to the mandatory provisions of the TIA which are incorporated by reference in, and made a part of, this Indenture.
The following TIA terms have the following meanings: 
 “indenture securities” means the Securities; 

“indenture security holder” means a Securityholder; 

“indenture to be qualified” means this Indenture; 

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

“obligor” on the indenture securities means the Company, and any other obligor on the indenture securities. 

  
 15 

 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of
Construction. 
 Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

(4) “including” means including without limitation; 

(5) words in the singular include the plural and words in the plural include the singular; 

(6) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (7) secured Indebtedness shall not be deemed to be subordinate or junior to any other
secured Indebtedness merely because it has a junior priority with respect to the same collateral; 
 (8) the principal amount
of any noninterest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(9) the principal amount of any Preferred Stock shall be (A) the maximum liquidation value of such Preferred Stock or
(B) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; and 

(10) all references to the date the Securities were originally issued shall refer to the Issue Date. 

Article 2 
 The Securities

 SECTION 2.01. Form and Dating. 

Provisions relating to the Initial Securities, the Private Exchange Securities and the Exchange Securities are set forth in the
Rule 144A/Regulation S Appendix attached hereto (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Securities and the Trustee’s certificate of authentication
shall be substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated in, and expressly made a part of, this Indenture. The Exchange Securities, the Private Exchange Securities and the Trustee’s

  
 16 

 
certificate of authentication shall be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations,
legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated
the date of its authentication. The terms of the Securities set forth in the Appendix and Exhibit A are part of the terms of this Indenture. 

SECTION 2.02. Execution and Authentication. 

An Officer shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security
shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Security. The signature of the Trustee on a Security shall be conclusive evidence that such Security has been duly and validly authenticated and issued under this Indenture. 

The Trustee shall authenticate and deliver: (i) on the Issue Date, $600 million of 4.875% Senior Notes due 2027 and (ii) at any
time and from time to time thereafter, Additional Securities for original issue in an aggregate principal amount specified in an Authentication Order (defined below), in each case upon a written order of the Company signed by an Officer of the
Company (the “Authentication Order”). Such Authentication Order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by the
terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION 2.03. Registrar and Paying Agent.

 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may
appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. The Company may change any Registrar, co-registrar or Paying Agent without notice to any Holder. 
 The Company shall enter into an appropriate
agency agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture
that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation
therefor pursuant to Section 7.07. The Company or any Wholly Owned Subsidiary incorporated or organized within The United States of America may act as Paying Agent, Registrar, co-registrar or transfer
agent. 

  
 17 

 The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the
Securities. 
 SECTION 2.04. Paying Agent To Hold Money in Trust. 

Prior to each due date of the principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to pay
such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money held by
the Paying Agent for the payment of principal, premium, if any, or interest on the Securities and shall notify the Trustee of any Default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon
complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.05.
Securityholder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

SECTION 2.06. Transfer and Exchange. 

The Securities shall be issued in registered form and shall be transferable only upon the surrender of a Security being transferred for
registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of
this Indenture and Section 8-401(1) of the Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar with a request to
exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate Securities at the Registrar’s or co-registrar’s request. The Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges
in connection with any transfer or exchange pursuant to this Section (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Section 3.06, 4.03 and 9.05). The Company shall
not be required to make and the Registrar need not register transfers or exchanges of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be redeemed) or any Securities for a
period of 15 days before a selection of Securities to be redeemed or 15 days before an interest payment date. 

  
 18 

 Prior to the due presentation for registration of transfer of any Security, the Company, the
Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of
principal of and interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any
co-registrar shall be affected by notice to the contrary. 
 All Securities issued upon any transfer
or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 

SECTION 2.07. Replacement Securities. 

If a mutilated Security is surrendered to the Registrar or if the Holder of a Security shall provide the Company and the Trustee with evidence
to their satisfaction that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405
of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity or surety bond sufficient in the judgment of the
Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is replaced. The Company and the
Trustee may charge the Holder for their expenses in replacing a Security, including reasonable fees and expenses of counsel. 
 Every
replacement Security is an additional obligation of the Company. 
 SECTION 2.08. Outstanding Securities. 

Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Company receives proof satisfactory to it that
the replaced Security is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If the principal amount of any Security is considered paid, it ceases to be outstanding and interest on it ceases to accrue. 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient
to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be outstanding and
interest on them ceases to accrue. 

  
 19 

 SECTION 2.09. Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate and deliver temporary
Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 
 SECTION 2.10.
Cancellation. 
 The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee for cancellation any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and destroy (subject to the record retention requirements of the Exchange
Act) all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Trustee to deliver canceled Securities to the
Company. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation, but this shall not prohibit the Company from issuing any Additional Securities. The Trustee shall provide to
the Company a list of all Securities that have been cancelled from time to time as requested in writing by the Company. 
 SECTION 2.11.
Defaulted Interest. 
 If the Company defaults in a payment of interest on the Securities, the Company shall pay defaulted interest at
the rate set forth on Section 1 of the Securities (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the persons who are Securityholders on a subsequent special
record date. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Security and the date of the proposed payment. The Company shall fix or cause to be fixed any such special record date and
payment date to the reasonable satisfaction of the Trustee and shall promptly mail, or cause to be mailed, to each Securityholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

SECTION 2.12. CUSIP Numbers, ISINs, etc. 

The Company in issuing the Securities may use “CUSIP” numbers, ISINs and “Common Code” numbers (in each case if then
generally in use) and, if so, the Trustee shall use “CUSIP” numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common Code” numbers applicable to the Securities.

 SECTION 2.13. Issuance of Additional Securities. 

After the Issue Date, the Company shall be entitled, without consent of the Securityholders, to issue, from time to time, Additional Securities
under this Indenture, which Securities shall have identical terms as the Initial Securities issued on the Issue Date, other than with respect to the date of issuance, issue price, the date of the first payment and the amount of interest payable on
the first payment date applicable thereto. All the Securities issued under this Indenture shall be treated as a single class for all purposes of this Indenture including waivers, amendments, redemptions and offers to purchase. 

  
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 With respect to any Additional Securities, the Company shall set forth in a resolution of the
Board of Directors and an Officer’s Certificate, a copy of each which shall be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this Indenture;

 (2) the issue price, the issue date and the CUSIP number, ISIN or “Common Code” number, if any, of such
Additional Securities and the amount of interest payable on the first payment date applicable thereto; provided, however, that no Additional Securities may be issued at a price that would cause such Additional Securities to have
“original issue discount” within the meaning of Section 1273 of the Code; and 
 (3) whether such Additional
Securities shall be Initial Securities or shall be issued in the form of Exchange Securities as set forth in Exhibit A. 

  
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 Article 3 

Redemption 
 SECTION 3.01.
Notices to Trustee. 
 If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the
Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and the paragraph of the Securities pursuant to which the redemption will occur. 

The Company shall give each notice to the Trustee provided for in this Section at least 60 days before the redemption date unless the
Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions herein. 

SECTION 3.02. Selection of Securities to Be Redeemed. 

If fewer than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed on a pro rata basis to the extent
practicable. The Trustee shall make the selection from outstanding Securities not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities
and portions of them the Trustee selects shall be in principal amounts of $2,000 or less in whole and not in part. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for
redemption. The Trustee shall notify the Company promptly of the Securities or portions of Securities to be redeemed. 
 SECTION 3.03.
Notice of Redemption. 
 At least 30 days but not more than 60 days before a date for redemption of Securities, the Company shall
mail a notice of redemption by first-class mail to each Holder of Securities to be redeemed at such Holder’s registered address, or delivered electronically if held by DTC, except that redemption notices
may be mailed more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture. Any inadvertent defect in the notice of redemption, including
an inadvertent failure to give notice, to any Holder selected for redemption shall not impair or affect the validity of the redemption of any other Security redeemed in accordance with provisions of this Indenture. 

The notice shall identify the Securities to be redeemed and shall state: 

(1) the redemption date; 

(2) the redemption price; 

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

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

  
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 (5) if fewer than all the outstanding Securities are to be redeemed, the
identification and the portion of the principal amount of the particular Securities to be redeemed; 
 (6) that, unless the
Company defaults in making such redemption payment, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(7) the paragraph of the Securities pursuant to which the Securities called for redemption are being redeemed; 

(8) the “CUSIP” number, ISIN or “Common Code” number, if any, printed on the Securities being redeemed; and

 (9) that no representation is made as to the correctness or accuracy of the “CUSIP” number, ISIN, or
“Common Code” number, if any, listed in such notice or printed on the Securities. 
 At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with the information required by this Section. 

SECTION 3.04. Effect of Notice of Redemption. 

Once notice of redemption is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price
stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant record date
to receive interest due on the related interest payment date), and such Securities shall be canceled by the Trustee. On and after the redemption date, unless the Company defaults in the payment of the amounts due upon redemption, interest ceases to
accrue on Securities or portions of such Securities called for redemption. 
 SECTION 3.05. Deposit of Redemption Price. 

Prior to the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date other than Securities or portions of Securities called for redemption which have been delivered by the
Company to the Trustee for cancellation. 
 SECTION 3.06. Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder (at the
Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered, and the Company shall cancel the original Security. 

  
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 Article 4 

Covenants 
 SECTION 4.01.
Payment of Securities. 
 The Company shall promptly pay the principal of and interest on the Securities on the dates and in the
manner provided in the Securities and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal
and interest then due. 
 The Company shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall
pay interest on overdue installments of interest at the same rate to the extent lawful. 
 SECTION 4.02. Rule 144A Information. 

At any time when the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall
furnish to the Holders of the Securities and to prospective investors, upon the requests of such Holders, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as any Securities are not freely
transferable under the Securities Act. The Company also shall comply with the other provisions of TIA § 314(a). 
 SECTION 4.03.
Change of Control. 
 (a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to
redeem the Securities pursuant to paragraph 5 of the Securities, each Holder shall have the right to require that the Company purchase all or a portion of such Holder’s Securities, at a purchase price in cash equal to 101% of the principal
amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance
with the terms contemplated in Section 4.03(b). 
 (b) Within 30 days following any Change of Control Triggering Event, or at the
Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall mail a notice by first-class mail to each Holder, or electronically if held by DTC, with a copy to the
Trustee (the “Change of Control Offer”) stating: 
 (1) that a Change of Control Triggering Event has
occurred and that such Holder has the right to require the Company to purchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest, if any,
to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); 

(2) the circumstances and relevant facts regarding such Change of Control Triggering Event (including, if applicable,
information with respect to pro forma historical income, cash flow and capitalization, in each case after giving effect to such Change of Control); 

  
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 (3) the purchase date (which shall be no earlier than 30 days nor later than
60 days from the date such notice is mailed, other than as may be required by law) (the “Change of Control Payment Date”); and 

(4) the instructions, as determined by the Company, consistent with this Section, that a Holder must follow in order to have
its Securities purchased. 
 (c) Holders electing to have a Security purchased pursuant to this Section 4.03 will be required to
surrender the Security, with an appropriate form duly completed, to the Paying Agent at the address specified in the notice, or transfer their Securities to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying
Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. Holders will be entitled to withdraw their election if the Trustee or the Paying Agent receives not later than one Business Day prior to the
Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election
to have such Security purchased. 
 (d) On the Change of Control Payment Date, all Securities purchased by the Company under this Section
shall be delivered by the Company to the Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 

(e) Notwithstanding the foregoing provisions of this Section, the Company shall not be required to make a Change of Control Offer following a
Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section applicable to a Change of Control Offer made by the Company
and such third party purchases all Securities validly tendered and not withdrawn under such Change of Control Offer. 
 (f) A Change of
Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. The notice, if mailed prior
to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

(g) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Securities pursuant to this Section. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section, the Company shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue of its compliance with such securities laws or regulations. 

(h) The Company’s obligation to make a Change of Control Offer to repurchase Securities as a result of a Change of Control Triggering
Event pursuant to this Section 4.03 may be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities. 

  
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 SECTION 4.04. Limitation on Liens. 

(a) The Company shall not, and shall not permit any Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (an
“Initial Lien”) of any nature whatsoever on any of its properties or assets, whether owned at the Issue Date or thereafter acquired, securing any Indebtedness, other than Permitted Liens, without effectively providing that the
Securities (together with, at the option of the Company, any other Indebtedness of the Company or any of its Subsidiaries ranking equally in right of payment with the Securities) shall be secured equally and ratably with (or prior to) the
obligations so secured for so long as such obligations are so secured. 
 (b) Notwithstanding paragraph (a) of this Section 4.04,
the Company and its Subsidiaries may create, assume, Incur or Guarantee Indebtedness secured by a Lien without equally and ratably securing the Securities; provided that at the time of such creation, assumption, Incurrence or Guarantee, after
giving effect thereto and to the retirement of any Indebtedness that is being retired substantially concurrently with any such creation, assumption, incurrence or guarantee, the sum of (i) the aggregate amount of all outstanding Indebtedness
secured by Liens other than Permitted Liens, (ii) the Attributable Debt of all Sale/Leaseback Transactions of the Company and its Subsidiaries permitted by paragraph (b) of Section 4.05 and (iii) the aggregate amount of all
outstanding refinancing Indebtedness incurred pursuant to clause (12) of the definition of Permitted Liens in respect of Indebtedness initially Incurred pursuant to this sentence does not at such time exceed the greater of (x)
$1,550.0 million and (y) the amount that would cause the Consolidated Secured Debt Ratio to exceed 2.25 to 1.00. 
 Any such Lien
thereby created in favor of the Securities shall be automatically and unconditionally released and discharged upon (i) the release and discharge of each Initial Lien to which it relates, or (ii) any sale, exchange or transfer to any Person
not an Affiliate of the Company of the property or assets secured by such Initial Lien. 
 SECTION 4.05. Limitation on Sale/Leaseback
Transactions. 
 (a) The Company shall not, and shall not permit any Subsidiary to, enter into any Sale/Leaseback Transaction with
respect to any property unless (i) such transaction involves a lease for not more than three years (or which may be terminated by the Company or its Subsidiaries within a period of not more than three years); (ii) such transaction involves
leases between only the Company and a Subsidiary or only between Subsidiaries; (iii) such transaction involves leases of property executed by the time of, or within 12 months after the latest of, the acquisition, the completion of construction
or improvement or the commencement of commercial operation of the property; (iv) the Company or such Subsidiary would be entitled to create a Lien on such property securing such Attributable Debt without equally and ratably securing the
Securities pursuant to Section 4.04; or (v) the net proceeds of the sale of the property to be leased are at least equal to such property’s Fair Market Value, as determined by the Company’s Board of Directors in good faith, and
such net proceeds are applied within 365 days of the effective date of the Sale/Leaseback Transaction, or the Company enters into a definitive agreement within such 365-day period to apply such net proceeds,
to (x) the purchase, construction, development or acquisition of properties or assets or (y) the redemption, repayment or other retirement for value of the Securities or any Indebtedness of the Company that ranks equally in right of
payment with the Securities or any Indebtedness of one or more Subsidiaries. 
  

  
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 (b) Notwithstanding the restrictions set forth in paragraph (a) of this Section 4.05,
the Company and its Subsidiaries will be permitted to enter into Sale/Leaseback Transactions that would otherwise be subject to such restrictions, without complying with the requirements of paragraph (a) of Section 4.05, if, after giving
effect thereto, the aggregate amount of all Attributable Debt with respect to Sale/Leaseback Transactions existing at such time that could not have been entered into except for the provisions described in this paragraph, together with the aggregate
amount of all outstanding Indebtedness secured by Liens permitted under paragraph (b) of Section 4.04, does not at such time exceed the greater of (x) $1,550.0 million and (y) the amount that would cause the Consolidated Secured
Debt Ratio to exceed 2.25 to 1.00. 
 SECTION 4.06. Compliance Certificate. 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate
stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If they
do, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with TIA § 314(a)(4). 

SECTION 4.07. Further Instruments and Acts. 

Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture. 
 Article 5 

Successor Company 

SECTION 5.01. When Company May Merge or Transfer Assets. 

(a) The Company shall not consolidate with or merge with or into, or sell, convey, transfer or lease, in one transaction or a series of
transactions, directly or indirectly, all or substantially all of its assets to, any Person, unless: 
 (1) the Company is
the surviving Person or the resulting, surviving or transferee Person (the “Successor Company”) is a corporation, limited liability company, partnership or similar entity organized and existing under the laws of the United States of
America, any State thereof or the District of Columbia and the Successor Company (if not the Company) expressly assumes, by an indenture supplemental thereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the
obligations of the Company under the Securities and this Indenture; 
 (2) immediately after giving pro forma
effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary at the time of such
transaction), no Default shall have occurred and be continuing; 
  

  
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 (3) if, as a result of any such transaction, properties or assets of the Company
would become subject to any Lien which would not be permitted by Section 4.04 without equally and ratably securing the Securities, the Company or the Successor Company, as the case may be, will take the steps as are necessary to secure
effectively the Securities equally and ratably with, or prior to, all Indebtedness secured by those Liens; and 
 (4) the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of
the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a
consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 The
Successor Company shall be the successor to the Company and shall succeed to, be substituted for, and may exercise every right and power of, the Company under this Indenture. The Company will be relieved of all obligations and covenants under the
Securities and the Indenture, provided that, in the case of a lease of all or substantially all of properties or assets of the Company, the Company will not be released from the obligation to pay the principal of and interest on the
Securities. 
 Article 6 

Defaults and Remedies 

SECTION 6.01. Events of Default.  

An “Event of Default” occurs if: 

(1) the Company defaults in any payment of interest on any Security when the same becomes due and payable, and such default
continues for a period of 30 days; 
 (2) the Company defaults in the payment of the principal of any Security when the same
becomes due and payable at its Stated Maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or otherwise; 

(3) the Company fails to comply with Section 5.01; 

(4) the Company fails to comply with Section 4.03, 4.04 and 4.05 (other than a failure to purchase Securities when
required under Section 4.03) and such failure continues for 60 days after the notice specified below; 
 (5) the
Company fails to comply with any of its agreements contained in the Securities or this Indenture (other than those referred to in clause (1), (2), (3) or (4) above) and such failure continues for 90 days after the notice specified below;

 (6) Indebtedness of the Company or any Significant Subsidiary is not paid within any applicable grace period after final
maturity or is accelerated by the holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds $100,000,000, or its foreign currency equivalent at the time; 

  
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 (7) the Company or any Significant Subsidiary pursuant to or within the meaning
of any Bankruptcy Law: 
 (A) commences a voluntary case; 

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

(C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

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

or takes any comparable action under any foreign laws relating to insolvency; 

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

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

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

(C) orders the winding up or liquidation of the Company or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; or 

(9) any judgment or decree for the payment of money (net of any amount covered by insurance issued by a reputable and
creditworthy insurer that has not contested coverage or reserved rights with respect to an underlying claim) in excess of $100,000,000 or its foreign currency equivalent at the time is entered against the Company or any Significant Subsidiary,
remains outstanding for a period of 60 consecutive days after such judgment became final and non-appealable and is not paid, discharged, waived or stayed. 

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

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief
of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

A Default under clause (4), (5) or (9) above is not an Event of Default until the Trustee or the holders of at least 25% in principal
amount of the outstanding Securities notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and

  
 29 

 
state that such notice is a “Notice of Default.” Any Default for the failure to deliver any report within the time periods prescribed in Section 4.02 or to deliver any
notice or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the subsequent delivery of any such report, notice or certificate, even though such delivery is not within the prescribed period specified. 

The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any Event of Default under clause (6) above and any event which with the giving of notice or the lapse of time would become an Event of Default under clause (4), (5) or (9) above, its status and what action the Company
is taking or proposes to take with respect thereto. 
 SECTION 6.02. Acceleration. 

If an Event of Default (other than an Event of Default specified in Section 6.01(7) or (8) with respect to the Company) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the Securities by notice to the Company and the Trustee, may declare the principal of and accrued but unpaid interest on all the Securities to be
due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(7) or (8) with respect to the Company occurs and is continuing, the principal of
and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a majority in principal amount of the Securities, by
notice to the Trustee, may rescind any such acceleration with respect to the Securities and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except
nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

SECTION 6.03. Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest
on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

SECTION 6.04. Waiver of Past Defaults. 

The Holders of a majority in principal amount of the Securities by notice to the Trustee may waive an existing Default and its consequences
except (a) a Default in the payment of the principal of or interest on a Security (b) a Default arising from the failure to redeem or purchase any Security when required pursuant to this Indenture or (c) a Default in respect of a
provision that under Section 9.02 cannot be amended without the consent of each Securityholder affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent
right. 

  
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 SECTION 6.05. Control by Majority. 

The Holders of a majority in principal amount of the Securities may direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of other Securityholder or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

SECTION 6.06. Limitation on Suits. 

Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Securityholder may pursue any remedy
with respect to this Indenture or the Securities unless: 
 (1) the Holder has previously given the Trustee written notice
that an Event of Default is continuing; 
 (2) the Holders of at least 25% in principal amount of the Securities have made a
written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders have offered the Trustee security or
indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied
with such request within 60 days after the receipt of the request and the offer of security or indemnity; and 
 (5) the
Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request during such 60-day period. 

A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over
another Securityholder. In the event that the Definitive Securities are not issued to any beneficial owner promptly after the Registrar has received a request from the Holder of a Global Security to issue such Definitive Securities to such
beneficial owner of its nominee, the Company expressly agrees and acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to this Indenture, the right of such beneficial holder of Securities to pursue such remedy with
respect to the portion of the Global Security that represents such beneficial holder’s Securities as if such Definitive Securities had been issued. 

SECTION 6.07. Rights of Holders to Receive Payment. 

Notwithstanding any other provision of this Indenture, the contractual right of any Holder to receive payment of principal of and interest on
the Securities held by such Holder, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent
of such Holder. 

  
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 SECTION 6.08. Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

SECTION 6.09. Trustee May File Proofs of Claim. 

The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee and the Securityholders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in
bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under
Section 7.07. 
 SECTION 6.10. Priorities. 

If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

FIRST: to the Trustee for amounts due under Section 7.07; 

SECOND: to Securityholders for amounts due and unpaid on the Securities for principal and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 

THIRD: to the Company. 

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

SECTION 6.11. Undertaking for Costs. 

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

  
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 SECTION 6.12. Waiver of Stay or Extension Laws. 

The Company (to the extent it may lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been
enacted. 
 Article 7 

Trustee 
 SECTION 7.01.
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. Subject to such provisions, the Trustee
will be under no obligation to exercise any of its rights or powers under an Indenture at the request of any Holder of Securities, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss,
liability or expense and then only to the extent required by the terms of such Indenture. 
 (b) Except during the continuance of an Event of
Default: 
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, in the case of any such Officer’s Certificates and Opinions of Counsel which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions
to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act or its own wilful misconduct, except that: 
 (1) this paragraph does
not limit the effect of paragraph (b) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment
made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 

  
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 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section. 
 (e) The Trustee shall not be liable for interest on any money received by it except
as the Trustee may agree in writing with the Company. In the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing account, and in
no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date, and the Trustee shall have no
liability to invest or reinvest any amounts held hereunder in the absence of any written investment direction from the Company. 
 (f) Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to
believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (h) Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 

SECTION 7.02. Rights of Trustee.  

(a) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents, custodians, nominees or attorneys and shall not be responsible for the misconduct or negligence of any
agent, custodian, nominee or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes, suffers to
exist or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute wilful misconduct or
negligence. 
 (e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

  
 34 

 SECTION 7.03. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or
its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest, it must either eliminate such conflict within 90 days, apply to the SEC for permission to
continue or resign. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10
and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it
shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Securities or in
the Securities other than the Trustee’s certificate of authentication. In no event shall the Trustee be liable for any consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action. 
 SECTION 7.05. Notice of Defaults. 

If a Default occurs, is continuing and is known to the Trustee, the Trustee shall mail to each Securityholder notice of the Default within 10
days after it is known to the Trustee. Except in the case of a Default in the payment of principal of or interest on any Security (including payments pursuant to the mandatory redemption provisions of such Security, if any), the Trustee may withhold
the notice if and for so long as the Trustee in good faith determines that withholding the notice is not opposed to the interests of the Securityholders. The Trustee shall not be charged with knowledge of any default or Event of Default unless
either (a) a Trust Officer has actual knowledge of such default or Event of Default or (b) written notice thereof shall have been given by the Company or any Holder of the Securities. 

SECTION 7.06. Reports by Trustee to Holders. 

As promptly as practicable after each July 1 beginning with the July 1 following the date of this Indenture, and in any event prior
to September 15 in each year, the Trustee shall mail to each Securityholder a brief report dated as of July 1 that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b). The Trustee shall promptly
deliver to the Company a copy of any report it delivers to Securityholders pursuant to this Section 7.06. 
 A copy of each report at
the time of its mailing to Securityholders shall be filed by the Trustee with the SEC and each stock exchange (if any) on which the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any
stock exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time reasonable compensation for its services as the Company and the Trustee shall from time
to time mutually agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of 

  
 35 

 
a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable and documented
out-of-pocket expenses incurred or made by it in accordance with the provisions of this Indenture, including costs of collection, in addition to the compensation for its
services, except any such expense as shall be determined to have been caused by its own negligence, willful misconduct or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee against any and all loss, liability or expense (including attorneys’ fees) (other than taxes applicable to Trustee’s compensation hereunder)
incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder, except to the extent that the Company has been prejudiced by such failure. The Company shall defend the claim and the Trustee shall cooperate in the defense of any such claim, and,
if (in the opinion of counsel to the Trustee) the facts and/or issues surrounding the claim are reasonably likely to create a conflict with the Company, the Company shall pay the reasonable and documented out-of-pocket fees and expenses of separate counsel to the Trustee. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the
Trustee’s own wilful misconduct, negligence or bad faith. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or delayed. 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or
property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. 

The Company’s payment obligations pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal
of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(7) or (8) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy
Law. 
 SECTION 7.08. Replacement of Trustee. 

The Trustee may resign at any time upon 30 days’ written notice to the Company. The Holders of a majority in principal amount of the
Securities outstanding may remove the Trustee upon 30 days’ written notice to the Trustee and may appoint a successor Trustee, which successor Trustee shall be reasonably acceptable to the Company. The Company shall remove the Trustee if: 

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

(2) the Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders do
not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

  
 36 

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

If a successor Trustee does not take office with respect to the Securities within 60 days after the retiring Trustee resigns or is removed,
the retiring Trustee or the Holders of 10% in principal amount of the Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the
Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor
Trustee by Merger. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee; provided that such corporation shall be otherwise qualified and
eligible under this Article 7 and § 310(a) of the TIA, without the execution or filing of any paper or any further act on the part of the parties hereto. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by
this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in case
at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. 

The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

  
 37 

 SECTION 7.11. Preferential Collection of Claims Against Company. 

The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has
resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 Article 8 

Discharge of Indenture; Defeasance 

SECTION 8.01. Discharge of Liability on Securities; Defeasance. 

(a) When (1) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.07)
for cancellation or (2) all outstanding Securities have become due and payable, or will become due and payable within one year, whether at maturity or on a redemption date as a result of the mailing of a notice of redemption pursuant to
Article 3 hereof, and, in the case of clause (2), the Company irrevocably deposits with the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption
date (other than Securities replaced pursuant to Section 2.07), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(b), cease to be of further effect;
provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable
Premium calculated by the Company as of the date of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to the date of the redemption. The Trustee shall acknowledge
satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

(b) Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (1) all its obligations under the Securities and this
Indenture (“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03, 4.04 and 4.05 and the operation of Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8) and 6.01(9) (but, in the case of
Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 If the Company exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default
with respect thereto. If the Company exercises its covenant defeasance option, payment of the Securities may not be accelerated because of an Event of Default specified in Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8) and 6.01(9) (but, in the
case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) or because of the failure of the Company to comply with Section 5.01(a)(3). 

Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge
of those obligations that the Company terminates. 
 (c) Notwithstanding clauses (a) and (b) above, the Company’s obligations
in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 8.04 and 8.05 shall survive. 

  
 38 

 SECTION 8.02. Conditions to Defeasance. 

The Company may exercise its legal defeasance option or its covenant defeasance option only if: 

(1) the Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the payment of
principal of and interest on the Securities to maturity or redemption, as the case may be; 
 (2) the Company delivers to the
Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any
deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be; 

(3) 123 days pass after the deposit is made and during the 123-day period no
Default specified in Section 6.01(7) or (8) with respect to the Company occurs which is continuing at the end of the period; 

(4) the deposit does not constitute a default under any other agreement binding on the Company; 

(5) the Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not
constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
 (6) in the case
of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the
date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Securityholders will not recognize income, gain or loss for
Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not
occurred; 
 (7) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Securityholders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such deposit and defeasance had not occurred; and 
 (8) the Company
delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities as contemplated by this Article 8 have been complied with. 

  
 39 

 Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the
redemption of Securities at a future date in accordance with Article 3. 
 SECTION 8.03. Application of Trust Money. 

The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the
deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities. 

SECTION 8.04. Repayment to Company. 

The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by them at any time.
Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years after the date of payment
of such principal and interest, and, thereafter, Securityholders entitled to the money must look to the Company for payment as general creditors. Any unclaimed funds held by the Trustee pursuant to this Section 8.04 shall be held uninvested and
without any liability for interest. 
 SECTION 8.05. Indemnity for Government Obligations. 

The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S.
Government Obligations or the principal and interest received on such U.S. Government Obligations. 
 SECTION 8.06.
Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with
this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture as it
relates to the defeased Securities and such Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent and (b) unless otherwise required by any legal proceeding or any order or
judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and U.S. Government Obligations to the Company promptly after receiving a written request therefor at any time, if such reinstatement of the
Company’s obligations has occurred and continues to be in effect. 

  
 40 

 Article 9 

Amendments 
 SECTION 9.01.
Without Consent of Holders. 
 The Company and the Trustee may amend this Indenture or the Securities without notice to or consent of
any Securityholder: 
 (1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to comply with Article 5; 

(3) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided,
however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; 

(4) to add Guarantees with respect to the Securities or to secure the Securities; 

(5) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred
upon the Company; 
 (6) to make any change that does not adversely affect in any material respect the rights of any holder
of the Securities; 
 (7) to comply with any requirements of the SEC in connection with qualifying, or maintaining the
qualification of, this Indenture under the TIA; 
 (8) to conform the text of this Indenture or the Securities to any
provision of the “Description of the Notes” in the Offering Memorandum dated May 10, 2017 to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of this
Indenture or the Securities; or 
 (9) to make any amendment to the provisions of this Indenture relating to the transfer and
legending of Securities; provided, however, that (a) compliance with this Indenture as so amended would not result in Securities being transferred in violation of the Securities Act or any other applicable securities law and
(b) such amendment does not materially and adversely affect the rights of Holders to transfer Securities. 
 After an amendment under
this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an
amendment under this Section. 
 SECTION 9.02. With Consent of Holders. 

The Company and the Trustee may amend this Indenture or the Securities with the written consent of the Holders of at least a majority in
principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities) and any past default or compliance with any provisions may also be waived with the consent of the
Holders of at least a majority in principal amount of the Securities then outstanding. However, without the consent of each Securityholder affected thereby, an amendment or waiver may not: 

  
 41 

 (1) reduce the principal amount of Securities whose Holders must consent to an
amendment; 
 (2) reduce the rate of or extend the time for payment of interest on any Security; 

(3) reduce the principal of or change the Stated Maturity of any Security; 

(4) change the provisions applicable to the redemption of any Security contained in Article 3 hereto or paragraph 5
of the Securities; 
 (5) make any Security payable in money other than that stated in the Security; 

(6) impair the contractual right of any Holder of the Securities to receive payment of principal of and interest on such
Holder’s Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities; 

(7) make any changes in the amendment provisions which require each Holder’s consent or in the waiver provisions; 

(8) expressly subordinate the Securities to any other Indebtedness of the Company or its Subsidiaries; or 

(9) make any change in Section 6.04 or 6.07 or the second sentence of this Section. 

It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section becomes effective, the Company
shall mail to Securityholders a notice briefly describing such amendment; provided, however, that such requirement to mail to Holders a notice of such amendment may be satisfied by the Company furnishing to or filing with the SEC such
description in a Current Report on Form 8-K. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 

SECTION 9.03. Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities shall comply with the TIA as then in effect. 

SECTION 9.04. Revocation and Effect of Consents and Waivers. 

A consent to an amendment, supplement or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security
or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver
as to such Holder’s Security or portion of the Security if the Trustee 

  
 42 

 
receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective with respect to Securities, it shall bind every
Securityholder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 
 The Company may,
but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record
date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any
such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.05. Notation on or Exchange of Securities. 

If an amendment changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee
may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall
authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment. 

SECTION 9.06. Trustee To Sign Amendments. 

The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01)
shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture. 

Upon the execution of any supplemental indenture under this Article 9, this Indenture shall be modified in accordance therewith, and such
supplemental Indenture shall form a part of this Indenture for all purposes; and every Securityholder theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 9.07. Payment for Consent. 

Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way
of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to all Holders and is paid to all
Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement; provided that if such consents, waivers or amendments are sought in connection with an
exchange offer where participation in such exchange offer is limited to Holders who are QIBs within the meaning of Rule 144A under the Securities Act or non-U.S. persons, within the meaning of Regulation S
under the Securities Act (and, at the option of the Company, institutional “accredited investors” as defined in subparagraphs (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act) then such consideration need only be offered
to all Holders to whom the exchange offer is made and to be paid to all such Holders that consent, waive or agree to amend in such time frame. 

  
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 Article 10 

Miscellaneous 
 SECTION
10.01. Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by,
or with another provision which is required to be included in this Indenture by the TIA, the duty or provision required by the TIA shall control. 

SECTION 10.02. Notices. 

Any notice or communication shall be in writing (including facsimile and electronic communications in PDF format) and delivered in person or
mailed by first-class mail addressed as follows: 
 If to the Company: 

CDK Global, Inc. 
 1950 Hassell
Road 
 Hoffman Estates, IL 60169 

Attention: Lee J. Brunz, General Counsel 

Facsimile Number: 847-781-9873 

With a copy to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 

New York, NY 10019-6064 

Attention: David Huntington, Esq. 

Facsimile Number: 212-492-0124 

If to the Trustee: 
 U.S. Bank
National Association 
 21 South Street, 3rd Floor 

Morristown, NJ 07960 
 Attention:
Corporate Trust Department 
 The Company or the Trustee by notice to the other may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication mailed to a Securityholder shall be mailed to the Securityholder at the
Securityholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

  
 44 

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

SECTION 10.03. Communication by Holders with Other Holders. 

Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to their rights under this Indenture or
the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 10.04.
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take or
refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (1) an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent have been complied with. 
 SECTION 10.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 

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

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

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 SECTION 10.06. When Securities Disregarded. 

In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at the
time shall be considered in any such determination. 

  
 45 

 SECTION 10.07. Rules by Trustee, Paying Agent and Registrar. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar and the Paying Agent may make reasonable
rules for their functions. 
 SECTION 10.08. Legal Holidays. 

If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 SECTION 10.09.
Governing Law. 
 This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 SECTION 10.10. No Recourse Against Others. 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the
Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder shall waive and release all such liability. The waiver and release shall be part
of the consideration for the issue of the Securities. 
 SECTION 10.11. Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture
shall bind its successors. 
 SECTION 10.12. Multiple Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture and signature pages for all purposes. 
 SECTION 10.13. Table of Contents;
Headings. 
 The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

[Signature Page Follows] 

  
 46 

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

	
	CDK GLOBAL, INC.,
	
	
	By         /s/ Alfred A. Nietzel                    
	              Name: Alfred A. Nietzel
	               Title: EVP and Chief
Financial    

                      Officer

  

	
	U.S. BANK NATIONAL ASSOCIATION,
	
	By         /s/ Andrea
Harris                         
	              Name: Andrea Harris
	              Title: Vice President

  
 47 

 RULE 144A/REGULATION S APPENDIX 

PROVISIONS RELATING TO INITIAL SECURITIES, 

PRIVATE EXCHANGE SECURITIES 

AND EXCHANGE SECURITIES 

1. Definitions 
 For the purposes
of this Appendix the following terms shall have the meanings indicated below: 
 “Clearstream” means Clearstream Banking,
société anonyme, and its successors. 
 “Definitive Security” means a certificated Initial Security or
Exchange Security or Private Exchange Security bearing, if required, the appropriate restricted securities legend set forth in Section 2.3(f). 

“Depository” means The Depository Trust Company, its nominees and their respective successors. 

“Distribution Compliance Period”, with respect to any Securities, means the period of 40 consecutive days beginning on and
including the later of (i) the day on which such Securities are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the issue date with respect to such
Securities. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system, and its successors. 

“Exchange Securities” means (1) the 4.875% Senior Notes due 2027 issued pursuant to this Indenture in connection with
a Registered Exchange Offer pursuant to a Registration Rights Agreement and (2) Additional Securities, if any, issued pursuant to a registration statement filed with the SEC under the Securities Act. 

“Initial Purchasers” means (1) with respect to the Initial Securities issued on the Issue Date, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BMO Capital Markets Corp., BB&T Capital Markets, a
division of BB&T Securities, LLC, Citizens Capital Markets, Inc., Lloyds Securities Inc. and The Williams Capital Group, L.P. and (2) with respect to each issuance of Additional Securities, the Persons purchasing such Additional Securities
under the related Purchase Agreement. 
 “Initial Securities” means (1) $600,000,000 aggregate principal amount of
4.875% Senior Notes due 2027 issued on the Issue Date and (2) Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 

“Private Exchange” means the offer by the Company, pursuant to a Registration Rights Agreement, to the Initial Purchasers to
issue and deliver to Initial Purchaser, in exchange for the Initial Securities held by the Initial Purchaser as part of its initial distribution, a like aggregate principal amount of Private Exchange Securities. 

 “Private Exchange Securities” means any 4.875% Senior Notes due 2027 issued in
connection with a Private Exchange. 
 “Purchase Agreement” means (1) with respect to the Initial Securities issued on
the Issue Date, the Purchase Agreement dated May 10, 2017, between the Company and the Initial Purchasers, and (2) with respect to each issuance of Additional Securities, the purchase agreement or underwriting agreement among the Company
and the Persons purchasing such Additional Securities. 
 “QIB” means a “qualified institutional buyer” as
defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by the Company, pursuant to a Registration Rights
Agreement, to certain Holders of Initial Securities, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

“Registration Rights Agreement” means (1) with respect to the Initial Securities issued on the Issue Date, the
Registration Rights Agreement dated as of May 15, 2017, between the Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated and (2) with respect to each issuance of Additional Securities issued in a transaction exempt from
the registration requirements of the Securities Act, the registration rights agreement, if any, among the Company and the Persons purchasing such Additional Securities under the related Purchase Agreement. 

“Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on Rule 144A. 

“Securities” means the Initial Securities, the Exchange Securities and the Private Exchange Securities, treated as a single
class. 
 “Securities Act” means the Securities Act of 1933. 

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository), or any
successor Person thereto and shall initially be the Trustee. 
 “Shelf Registration Statement” means the registration
statement issued by the Company in connection with the offer and sale of Initial Securities or Private Exchange Securities pursuant to a Registration Rights Agreement. 

“Transfer Restricted Securities” means Securities that bear or are required to bear the legend relating to restrictions on
transfer relating to the Securities Act set forth in Section 2.3(f) hereto. 

  
 2 

 1.2 Other Definitions 

 

					
	 Term
	  	Defined
in Section:	 
	 “Agent Members”
	  	 	2.1	(b) 
	 “Global Securities”
	  	 	2.1	(a) 
	 “Regulation S”
	  	 	2.1	(a) 
	 “Regulation S Global Security”
	  	 	2.1	(a) 
	 “Restricted Period”
	  	 	2.1	(a) 
	 “Rule 144A”
	  	 	2.1	(a) 
	 “Rule 144A Global Security”
	  	 	2.1	(a) 

 2. The Securities. 

2.1 (a) Form and Dating. The Initial Securities will be offered and sold by the Company pursuant to a Purchase Agreement. The
Initial Securities will be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S under the Securities Act (“Regulation S”). Initial Securities may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set
forth herein. Initial Securities initially resold pursuant to Rule 144A shall be issued initially in the form of one or more global Securities in registered, global form (collectively, the “Rule 144A Global Security”); and Initial
Securities initially resold pursuant to Regulation S shall be issued initially in the form of one or more global Securities in registered, global form (collectively, the “Regulation S Global Security”), in each case without interest
coupons and with the global securities legend and the applicable restricted securities legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Initial Securities represented thereby with the Securities
Custodian and registered in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as provided in this Indenture. Through and including the 40th day after the Issue Date (such period
through and including such 40th day, the “Restricted Period”), beneficial interests in the Regulation S Global Security may be held only through Euroclear and Clearstream (as indirect participants in DTC), unless transferred to a
person that takes delivery through a Rule 144A Global Security in accordance with the certification requirements described below. 
 Prior
to the expiration of the Restricted Period, beneficial interests in the Regulation S Global Security may be exchanged for beneficial interests in the Rule 144A Global Security only if: 

(1) such exchange occurs in connection with a transfer of the Securities pursuant to Rule 144A; and 

(2) the transferor first delivers to the Trustee a written certificate (in the form provided herein) to the effect that the
Securities are being transferred to a Person: 
 (a) who the transferor reasonably believes to be a qualified institutional
buyer within the meaning of Rule 144A; 

  
 3 

 (b) purchasing for its own account or the account of a qualified institutional
buyer in a transaction meeting the requirements of Rule 144A; and 
 (c) in accordance with all applicable securities laws
of the states of the United States and other jurisdictions. 
 Beneficial interests in a Rule 144A Global Security may be transferred
to a Person who takes delivery in the form of an interest in a Regulation S Global Security, whether before or after the expiration of the Restricted Period, only if the transferor first delivers to the Trustee a written certificate (in the
form provided in this Indenture) to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable) and that, if such transfer occurs prior to the expiration of the Restricted
Period, the interest transferred will be held immediately thereafter through Euroclear or Clearstream. 
 The Rule 144A Global Security and
the Regulation S Global Security are collectively referred to herein as “Global Securities.” The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depository or its nominee as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.1(b)
shall apply only to a Global Security deposited with or on behalf of the Depository. 
 The Company shall execute and the Trustee shall, in
accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Securities that (a) shall be registered in the name of the Depository for such Global Security or Global Securities or the nominee of such
Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such Depository’s instructions or held by the Trustee as custodian for the Depository. 

Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Security held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Security, and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the
Depository as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a
beneficial interest in any Global Security. 
 (c) Definitive Securities. Except as provided in this Section 2.1 or
Section 2.3 or 2.4, owners of beneficial interests in Global Securities shall not be entitled to receive physical delivery of Definitive Securities. 

2.2 Authentication. The Trustee shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of
$600.0 million 4.875% Senior Notes due 2027, (2) any Additional Securities for an original issue in an aggregate principal amount specified in the written order of the Company pursuant to Section 2.02 of this Indenture and
(3) Exchange Securities or Private Exchange Securities for issue only in a Registered Exchange Offer or a Private Exchange, respectively, pursuant to a Registration Rights Agreement, for a like principal amount of Initial Securities, in each
case upon a written order of the Company signed by an Officer of the Company. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. 

  
 4 

 2.3 Transfer and Exchange. 

(a) Transfer and Exchange of Definitive Securities. When Definitive Securities are presented to the Registrar with a
request: 
 (x) to register the transfer of such Definitive Securities; or 

(y) to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized
denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Securities surrendered for transfer or exchange: 
 (i) shall be duly
endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(ii) if such Definitive Securities are required to bear a restricted securities legend, they are being transferred or exchanged
pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 

(A) if such Definitive Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder,
without transfer, a certification from such Holder to that effect; or 
 (B) if such Definitive Securities are being
transferred to the Company, a certification to that effect; or 
 (C) if such Definitive Securities are being transferred
(x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a certification
to that effect (in the form set forth on the reverse of the Security) and (ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend
set forth in Section 2.3(f). 
 (b) Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security.
A Definitive Security may not be exchanged for a beneficial interest in a Rule 144A Global Security or a Regulation S Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive
Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 

  
 5 

 (i) certification, in the form set forth on the reverse of the Security, that
such Definitive Security is either (A) being transferred to a QIB in accordance with Rule 144A or (B) being transferred after expiration of the Distribution Compliance Period by a Person who initially purchased such Security in reliance on
Regulation S to a buyer who elects to hold its interest in such Security in the form of a beneficial interest in the Regulation S Global Security; and 

(ii) written instructions directing the Trustee to make, or to direct the Securities Custodian to make, an adjustment on its
books and records with respect to such Rule 144A Global Security (in the case of a transfer pursuant to clause (b)(i)(A)), or Regulation S Global Security (in the case of a transfer pursuant to clause (b)(i)(B)) to reflect an increase in the
aggregate principal amount of the Securities represented by the Rule 144A Global Security or Regulation S Global Security, as applicable, such instructions to contain information regarding the Depository account to be credited with such increase,

 then the Trustee shall cancel such Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing
instructions and procedures existing between the Depository and the Securities Custodian, the aggregate principal amount of Securities represented by the Rule 144A Global Security or Regulation S Global Security, as applicable, to be increased by
the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Security or Regulation S
Global Security, as applicable, equal to the principal amount of the Definitive Security so canceled. If no Rule 144A Global Securities or Regulation S Global Securities, as applicable, are then outstanding, the Company shall issue and the Trustee
shall authenticate, upon written order of the Company in the form of an Officer’s Certificate of the Company, a new Rule 144A Global Security or Regulation S Global Security, as applicable, in the appropriate principal amount. 

(c) Transfer and Exchange of Global Securities. 

(i) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depository, in
accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Registrar a
written order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Security. The Registrar shall, in accordance
with such instructions instruct the Depository to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in
the Global Security being transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global
Security to a beneficial interest in another Global Security, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal
to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Security from which such interest is being
transferred. 

  
 6 

 (iii) Notwithstanding any other provisions of this Appendix (other than the
provisions set forth in Section 2.4), a Global Security may not be transferred as a whole except 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. 
 (iv) Global Securities
are exchangeable for certificated Securities if (1) DTC (a) notifies the Company that it is unwilling or unable to continue as depositary for the Global Securities or (b) has ceased to be a clearing agency registered under the
Exchange Act and, in either case, the Company fails to appoint a successor depositary within 90 days of such notice; (2) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the certificated
Securities; or (3) there has occurred and is continuing an Event of Default with respect to the Securities and DTC notifies the Trustee of its decision to exchange the Global Securities for Definitive Securities. In addition, beneficial
interests in a Global Security is exchangeable for certificated Securities upon prior written notice given to the Trustee by or on behalf of DTC in accordance with this Indenture. Certificated Securities delivered in exchange for any Global Security
or beneficial interests in Global Securities shall be registered in the names, and issued in any approved denominations, requested by or on behalf of DTC (in accordance with its customary procedures) and shall bear the applicable restrictive legend
unless that legend is not required by applicable law. 
 (v) In the event that Global Security is exchanged for Definitive
Securities pursuant to Section 2.4 of this Appendix, prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Securities, such Securities may be exchanged only in
accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Securities intended to ensure that such transfers comply
with Rule 144A, Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Company. 

(d) Transfer and Exchange of Certificated Securities. Certificated Securities may not be exchanged for beneficial interests in any
Global Security unless the transferor first delivers to the Trustee a written certificate (in the form provided in this Indenture) to the effect that such transfer will comply with the appropriate transfer restrictions applicable to such Securities.

 (e) [Reserved]. 
 (f)
Legend. 
 (i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each Security certificate
evidencing the Global Securities (and all Securities issued in exchange therefor or in substitution thereof), in the case of Securities offered otherwise than in reliance on Regulation S shall bear a legend in substantially the following form:

  
 7 

 This security has not been registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), or the securities laws of any state or other jurisdiction and, accordingly, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except as set forth below. By its
acquisition hereof, the holder (1) agrees that it will not within [in the case of Rule 144A Securities: one year] [in the case of Regulation S Securities: 40 days] after the later of the original issue date hereof (or such later issuance date
of any additional securities) and the last date on which the issuer or any affiliate of the issuer was the owner of this security (or any predecessor of such security) resell or otherwise transfer this security except (a) to the issuer or any
subsidiary thereof, (b) inside the United States to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (c) outside the United States in an offshore transaction in compliance with Rule 903 or Rule 904
under the Securities Act, (d) pursuant to the exemption from registration provided by Rule 144 under the Securities Act (if available), (e) in accordance with another exemption from the registration requirements of the Securities Act (and
based upon an opinion of counsel if the issuer so requests), or (f) pursuant to an effective registration statement under the Securities Act and (2) agrees that it will give to each person to whom this security is transferred a notice
substantially to the effect of this legend. As used herein, the terms “offshore transaction,” “United States” and “U.S. person” have the meaning given to them by Regulation S under the Securities Act. 

Each certificate evidencing a Security offered in reliance on Regulation S shall, in addition to the foregoing, bear a legend
in substantially the following form: 
 By its acquisition hereof, the holder hereof represents that it is not a U.S. person, nor is it
purchasing for the account of a U.S. person, and is acquiring this security in an offshore transaction in accordance with Regulation S under the Securities Act. 

Each Definitive Security shall also bear the following additional legend: 

In connection with any transfer, the Holder will deliver to the Registrar and transfer agent such certificates and other information as
such transfer agent may reasonably require to confirm that the transfer complies with the foregoing restrictions. 
 (ii)
Upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Security) pursuant to Rule 144 under the Securities Act, the Registrar shall permit the transferee thereof to exchange
such Transfer Restricted Security for a certificated Security that does not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Security, if the transferor thereof certifies in writing to the
Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Security). 

  
 8 

 (iii) After a transfer of any Initial Securities or Private Exchange Securities
pursuant to and during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Securities or Private Exchange Securities, as the case may be, all requirements pertaining to legends on such Initial Security or
such Private Exchange Security will cease to apply, the requirements requiring any such Initial Security or such Private Exchange Security issued to certain Holders be issued in global form will cease to apply, and a certificated Initial Security or
Private Exchange Security or an Initial Security or Private Exchange Security in global form, in each case without restrictive transfer legends, will be available to the transferee of the Holder of such Initial Securities or Private Exchange
Securities upon exchange of such transferring Holder’s certificated Initial Security or Private Exchange Security or directions to transfer such Holder’s interest in the Global Security, as applicable. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities, all requirements pertaining
to such Initial Securities that Initial Securities issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Securities that do not exchange their Initial Securities, and Exchange Securities in
certificated or global form, in each case without the restricted securities legend set forth in Exhibit 1 hereto will be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

(v) Upon the consummation of a Private Exchange with respect to the Initial Securities, all requirements pertaining to such
Initial Securities that Initial Securities issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Securities that do not exchange their Initial Securities, and Private Exchange Securities in
global form with the global securities legend and the applicable restricted securities legend set forth in Exhibit 1 hereto will be available to Holders that exchange such Initial Securities in such Private Exchange. 

(g) Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a Global Security have either been
exchanged for Definitive Securities, redeemed, purchased or canceled, such Global Security shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for certificated Securities, redeemed, purchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and records
of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction. 

(h) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a
participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, 

  
 9 

 
under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to or
upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable
rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 

(ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository participants, members or beneficial owners in any Global Security) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 
 2.4 Definitive Securities. 

(a) A Global Security deposited with the Depository or with the Trustee as Securities Custodian for the Depository pursuant to Section 2.1
shall be transferred to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the principal amount of such Global Security, in exchange for such Global Security, only if such transfer complies
with Section 2.3 hereof and (1) DTC (a) notifies the Company that it is unwilling or unable to continue as depositary for the Global Securities or (b) has ceased to be a clearing agency registered under the Exchange Act and, in
either case, the Company fails to appoint a successor depositary within 90 days of such notice; (2) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the certificated Securities; or
(3) there has occurred and is continuing an Event of Default with respect to the Securities and DTC notifies the Trustee of its decision to exchange the Global Securities for Definitive Securities. 

(b) Any Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depository to the Trustee located at its principal corporate trust office in the Borough of Manhattan, The City of New York, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver,
upon such transfer of each portion of such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section 2.4 shall be executed,
authenticated and delivered only in minimum denominations of $2,000 principal amount and any greater integral multiple of $1,000 thereof and registered in such names as the Depository shall direct. Any Definitive Security delivered in exchange for
an interest in the Transfer Restricted Security shall, except as otherwise provided by Section 2.3(f) hereof, bear the applicable restricted securities legend and definitive securities legend set forth in Exhibit 1 hereto. 

(c) Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a Global Security shall be entitled to grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

  
 10 

 (d) In the event of the occurrence of one of the events specified in Section 2.4(a) hereof,
the Company shall promptly make available to the Trustee a reasonable supply of Definitive Securities in definitive, fully registered form without interest coupons. In the event that such Definitive Securities are not issued, the Company expressly
acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.06 of this Indenture, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security that
represents such beneficial owner’s Securities as if such Definitive Securities had been issued. 

  
 11 

 EXHIBIT 1 

to 
 RULE 144A/REGULATION S APPENDIX

 [FORM OF FACE OF INITIAL SECURITY] 

[Global Securities Legend] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), New York, New York to the company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co., or to such other entity as is requested by an authorized representative of DTC) any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Transfers of this global security shall be
limited to transfers in whole, but not in part, to nominees of DTC or to a successor thereof or such successor’s nominee and transfers of portions of this global security shall be limited to transfers made in accordance with the restrictions
set forth in the indenture referred to on the reverse hereof. 
 [[For Regulation S global security only] Until 40 days after the
later of commencement or completion of the offering, an offer or sale of securities within the United States by a dealer (as defined in the Securities Act) may violate the registration requirements of the Securities Act if such offer or sale is made
otherwise than in accordance with Rule 144A thereunder.] 
 [Restricted Securities Legend] 

This security has not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities
laws of any state or other jurisdiction and, accordingly, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except as set forth below. By its acquisition hereof, the holder (1) agrees that
it will not within [in the case of Rule 144A Securities: one year] [in the case of Regulation S Securities: 40 days] after the later of the original issue date hereof (or such later issuance date of any additional securities) and the last date on
which the issuer or any affiliate of the issuer was the owner of this security (or any predecessor of such security) resell or otherwise transfer this security except (a) to the issuer or any subsidiary thereof, (b) inside the United
States to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (c) outside the United States in an offshore transaction in compliance with Rule 903 or Rule 904 under the Securities Act, (d) pursuant to the
exemption from registration provided by Rule 144 under the Securities Act (if available), (e) in accordance with another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel if the issuer so
requests), or (f) pursuant to an effective registration statement under the Securities Act and (2) agrees that it will give to each person to whom this security is transferred a notice substantially to the effect of this legend. As used
herein, the terms “offshore transaction,” “United States” and “U.S. person” have the meaning given to them by Regulation S under the Securities Act. 

 [Restricted Securities Legend for Securities Offered in Reliance on Regulation S.] 

By its acquisition hereof, the holder hereof represents that it is not a U.S. person, nor is it purchasing for the account of a U.S.
person, and is acquiring this security in an offshore transaction in accordance with Regulation S under the Securities Act. 

[Definitive Securities Legend] 

In connection with any transfer, the holder will deliver to the registrar and transfer agent such certificates and other information as
such transfer agent may reasonably require to confirm that the transfer complies with the foregoing restrictions. 

  
 2 

					
	No.                    	  		  	$                 

 4.875% Senior Notes due 2027 

CDK Global, Inc., a Delaware corporation, promises to pay to [Payee]/[if Global Security: Cede & Co.], or registered assigns,
the principal sum of $[AMOUNT][• Dollars]/[if Global Security: the amount set forth on the Schedule of Increases or Decreases in Global Security attached hereto] on June 1, 2027. 

Interest Payment Dates: June 1 and December 1. 

Record Dates: May 15 and November 15. 

Additional provisions of this Security are set forth on the other side of this Security. 

  
 3 

 Dated: 
  

			
	CDK GLOBAL, INC.
		
	By:	 	  

		
	Name:	 	
	Title:	 	

  
 4 

					
	TRUSTEE’S CERTIFICATE OF	  		  	
	AUTHENTICATION	  		  	

  

	
	U.S. BANK NATIONAL ASSOCIATION
	
	 as Trustee, certifies

    that this is one of

    the Securities referred

    to in the Indenture.
  

By:                  
                                         
         

        Authorized Signatory

  

  
 5 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

4.875% Senior Note due 2027 
  

	1.	Interest 

 CDK Global, Inc., a Delaware corporation (such entity, and its
successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above or as may be adjusted from
time to time pursuant to the terms hereof; provided, however, if the Exchange Offer (as defined in the Registration Rights Agreement) is not completed or a Shelf Registration Statement (as defined in the Registration Rights Agreement),
if required for any reason under the Registration Rights Agreement other than because of a request on the part of a Holder of Securities, does not become effective within 365 days of the closing date, then the interest rate on the Securities
will be increased by (i) 0.25% per annum for the first 90-day period following such 365th day and (ii) an additional 0.25% per annum thereafter
until the Exchange Offer is completed, the Shelf Registration Statement becomes effective or the Securities become freely tradable. If the Company receives a request from a Holder of Securities to cause a Shelf Registration Statement to become
effective and one does not become effective by the later (a) of the 365th day after the issuance of the Securities and (b) 90 days after the delivery of such request, then the interest
rate on the Securities will be increased by (i) 0.25% per annum for the first 90-day period following such 365th or 90th day, as applicable, and (ii) an additional 0.25% per annum thereafter until a Shelf Registration Statement becomes effective or the Securities become freely tradable. If a Shelf Registration
Statement, if required for any reason under the Registration Rights Agreement, has become effective and thereafter ceases to be effective or the prospectus contained therein ceases to be usable on more than two occasions, and such failures to remain
effective or be usable continue for more than 30 consecutive days in any 12-month period, then the interest rate on the Securities will be increased by 0.25% per annum commencing on the day after the 30th day of the second such 30 consecutive day period and ending on such date that the Shelf Registration Statement has again become effective or the prospectus contained therein again becomes usable.

 The Company will pay interest semiannually on June 1 and December 1 of each year, commencing December 1, 2017. Interest on
the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 15, 2017. Interest will be computed on the basis of a 360-day year comprised
of twelve 30-day months. The Company will pay interest on overdue principal at the rate borne by this Security plus 1.0% per annum, and it will pay interest on overdue installments of interest at the same rate
to the extent lawful. 
  

	2.	Method of Payment 

 The Company will pay interest on the Securities (except defaulted
interest) to the Persons who are registered holders of Securities at the close of business on the May 15 or November 15 next preceding the interest payment date even if Securities are canceled after the record date and on or before the
interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and
private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, interest and additional interest, if any) will be made by wire transfer of immediately available funds to the accounts
specified by the Holder. The Company will make all 

  
 6 

 
payments in respect of a certificated Security (including principal, premium, if any, interest and additional interest, if any) by mailing a check to the registered address of each Holder
thereof; provided, however, that payments on a certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by
giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

  

	3.	Paying Agent and Registrar 

 Initially, U.S. Bank National Association, a national
banking corporation (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any
of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	4.	Indenture 

 The Company issued the Securities under an Indenture dated as of May 15,
2017 (“Indenture”), between the Company and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the
Indenture and the Act for a statement of those terms. 
 The Securities are general unsecured obligations of the Company unlimited as to
aggregate principal amount. The Company shall be entitled to issue Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue Date, any Additional Securities and all Exchange Securities or
Private Exchange Securities issued in exchange therefor will be treated as a single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its subsidiaries to consolidate, merge or
transfer all or substantially all of its assets and the assets of its subsidiaries; create liens on assets; and engage in sale/leaseback transactions. These covenants are subject to important exceptions and qualifications. 

 

	5.	Optional Redemption 

 Except as set forth below, the Company shall not be entitled to
redeem the Securities. 
 (b) General: Except as set forth below, the Securities may not be redeemed prior to June 1,
2022. At any time or from time to time on or after June 1, 2022, the Company, at its option, may on any one or more occasions redeem the Securities, in whole or in part, at the redemption prices (expressed as percentages of principal
amount) set forth below, together with accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, if redeemed during the 12-month period beginning June 1 of the years indicated:

  
 7 

					
	 Year
	  	Optional
Redemption
Price	 
	 2022
	  	 	102.438	% 
	 2023
	  	 	101.625	% 
	 2024
	  	 	100.813	% 
	 2025 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to June 1, 2022, the Securities may also be redeemed or purchased by the Company on any
one or more occasions in whole or in part, at the Company’s option, at a price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued but unpaid interest, if any, to, but excluding, the date of redemption
or purchase (the “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). 

In determining the present values of the Applicable Premium, the Company will discount such payments to the redemption date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 50 basis points for the Securities. 

(c) Optional Redemption Following Change of Control Offer: If Holders of not less than 90% in aggregate principal amount of the
outstanding Securities tender and do not withdraw such Securities in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, purchases all of the Securities validly tendered and not
withdrawn by such Holders, the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem
all Securities that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but not including, the date of redemption. 

 

	6.	Notice of Redemption 

 Notice of redemption will be mailed at least 30 days but not more
than 60 days before the redemption date to each Holder of Securities to be redeemed at his registered address, except that redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in connection with a
defeasance of the Securities or a satisfaction and discharge of the Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent failure to give notice, to any Holder selected for redemption will not impair or affect the
validity of the redemption of any other Security redeemed in accordance with provisions of the Indenture. Securities in denominations larger than $2,000 principal amount may be redeemed in part but only in principal amounts of $2,000 or less in
whole and not in part. If money sufficient to pay the redemption price of and accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and
certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

  
 8 

	7.	Put Provisions 

 Upon a Change of Control Triggering Event, any Holder of Securities will
have the right to cause the Company to repurchase all or any part of the Securities of such Holder at a repurchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued interest to the date of repurchase
(subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

 

	8.	Denominations; Transfer; Exchange 

 The Securities are in registered form without coupons
in denominations of $2,000 principal amount and whole multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period of 15 days before a selection of Securities to be redeemed or 15 days before an interest payment date. 

 

	9.	Persons Deemed Owners 

 The registered Holder of this Security may be treated as the
owner of it for all purposes. 
  

	10.	Unclaimed Money 

 Subject to any applicable abandoned property law, if money for the
payment of principal or interest remains unclaimed for two years after the date of payment of such principal and interest, the Trustee or Paying Agent shall pay the money back to the Company at its request. After any such payment, Holders entitled
to the money must look to the Company and not to the Trustee for payment as general creditors. 
  

	11.	Discharge and Defeasance 

 Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or
maturity, as the case may be. 
  

	12.	Amendment, Waiver 

 Subject to certain exceptions set forth in the Indenture,
(a) the Indenture and the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (b) any default or noncompliance with any provision may be waived with
the written consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company and the Trustee shall be entitled to
amend the Indenture or the Securities to cure any ambiguity, omission, defect or inconsistency, or to comply with Article 5 of the Indenture, or to provide for uncertificated Securities in addition to

  
 9 

 
or in place of certificated Securities, or to add guarantees with respect to the Securities or to secure the Securities, or to add additional covenants or surrender rights and powers conferred on
the Company, or to comply with any requirement of the SEC in connection with qualifying the Indenture under the Act, or to make any change that does not adversely affect the rights of any Securityholder in any material respect, or to make amendments
to provisions of the Indenture relating to the form, authentication, transfer and legending of the Securities. 
  

	13.	Defaults and Remedies 

 Under the Indenture, Events of Default include (a) default
for 30 days in payment of interest on the Securities; (b) default in payment of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the Securities, upon acceleration or otherwise, or failure by the
Company to redeem or purchase Securities when required; (c) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time; (d) certain accelerations
(including failure to pay within any grace period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $100 million; (e) certain events of bankruptcy or insolvency with respect to the
Company and the Significant Subsidiaries; and (f) certain judgments or decrees for the payment of money in excess of $100 million. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities being due and payable immediately upon the occurrence of
such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee
may refuse to enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 

 

	14.	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the Act,
the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	15.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
the Company or the Trustee shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security,
each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

  
 10 

	16.	Authentication 

 This Security shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
  

	17.	Abbreviations 

 Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	18.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to
the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 

	19.	Holders’ Compliance with Registration Rights Agreement. 

 Each Holder of a Security,
by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein. 

 

	20.	Governing Law. 

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish to any Securityholder upon written request and without charge to the
Security holder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to: 
 CDK Global,
Inc. 
 1950 Hassell Road 

Hoffman Estates, IL 60169 

Attention: Lee J. Brunz, General Counsel 

Facsimile Number: 847-781-9873 

  
 11 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                    agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

			
	 	 	 
	
Date:                  
  
	 	 Your
Signature:                                       
 

	 	 	 

 Sign exactly as your name appears on the other side of this Security. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act after the later of the date of original issuance of such Securities and the last date, if any, on which such Securities were owned by the Company or any Affiliate of the Company, the undersigned confirms that such
Securities are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

☐    to the Company; or 
  

							
		  	(1)	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
				
		  	(2)	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933, all applicable securities laws of the states of the United States and other
jurisdictions; or
				
		  	(3)	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
				
		  	(4)	  	☐	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 12 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any person other than the registered holder thereof; provided, however, that if box (4) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of
the Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act. 
  

			
	  
  

              Signature
	 	

 Signature Guarantee: 
  

			
	  
  

Signature must be guaranteed
	  	  
  

Signature

 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. 

  
 13 

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	Dated:                                     
                                	  		  	  

		  	Notice:	  	To be executed by an executive officer

  
 14 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $[•] ([•] MILLION DOLLARS). The 

following increases or decreases in 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
officer

of Trustee or Securities

Custodian

  
 15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.03 of the Indenture, check the box: 

☐ If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.03 of the Indenture, state
the amount in principal amount: $● 
  

					
	Dated:                                     
   	  	Your Signature:	  	  

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

  

			
	 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. 

  
 16 

 EXHIBIT A 

FORM OF FACE OF EXCHANGE SECURITY 

OR PRIVATE EXCHANGE SECURITY 

No.                 

$                  

4.875% Senior Notes due 2027 

CDK Global, Inc., a Delaware corporation, promises to pay to [Payee]/[if Global Security: Cede & Co.], or registered assigns,
the principal sum of $[AMOUNT][• Dollars]/[if Global Security: the amount set forth on the Schedule of Increases or Decreases in Global Security attached hereto] on June 1, 2027. 

Interest Payment Dates: June 1 and December 1. 

Record Dates: May 15 and November 15. 

Additional provisions of this Security are set forth on the other side of this Security. 

  
 2 

	
	 Dated:
  

CDK GLOBAL, INC.
  

By:                         
                                   

 
 Name:

Title:

  
 3 

					
	TRUSTEE’S CERTIFICATE OF	  		  	
	          AUTHENTICATION	  		  	

  

	
	U.S. BANK NATIONAL ASSOCIATION
	
	 as Trustee, certifies

    that this is one of

    the Securities referred

    to in the Indenture.
  

By:                  
                                         
                     
  

    Authorized Signatory

  
 4 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY 

OR PRIVATE EXCHANGE SECURITY] 

4.875% Senior Notes due 2027 
  

	1.	Interest 

 CDK Global, Inc., a Delaware corporation (such entity, and its
successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above or as may be adjusted from
time to time pursuant to the terms hereof; provided, however, if the Exchange Offer (as defined in the Registration Rights Agreement) is not completed or a Shelf Registration Statement (as defined in the Registration Rights Agreement),
if required for any reason under the Registration Rights Agreement other than because of a request on the part of a Holder of Securities, does not become effective within 365 days of the closing date, then the interest rate on the Securities
will be increased by (i) 0.25% per annum for the first 90-day period following such 365th day and (ii) an additional 0.25% per annum thereafter
until the Exchange Offer is completed, the Shelf Registration Statement becomes effective or the Securities become freely tradable. If the Company receives a request from a Holder of Securities to cause a Shelf Registration Statement to become
effective and one does not become effective by the later (a) of the 365th day after the issuance of the Securities and (b) 90 days after the delivery of such request, then the interest
rate on the Securities will be increased by (i) 0.25% per annum for the first 90-day period following such 365th or 90th day, as applicable, and (ii) an additional 0.25% per annum thereafter until a Shelf Registration Statement becomes effective or the Securities become freely tradable. If a Shelf Registration
Statement, if required for any reason under the Registration Rights Agreement, has become effective and thereafter ceases to be effective or the prospectus contained therein ceases to be usable on more than two occasions, and such failures to remain
effective or be usable continue for more than 30 consecutive days in any 12-month period, then the interest rate on the Securities will be increased by 0.25% per annum commencing on the day after the 30th day of the second such 30 consecutive day period and ending on such date that the Shelf Registration Statement has again become effective or the prospectus contained therein again becomes usable.

 The Company will pay interest semiannually on June 1 and December 1 of each year, commencing December 1, 2017. Interest on
the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 15, 2017. Interest will be computed on the basis of a 360-day year comprised
of twelve 30-day months. The Company will pay interest on overdue principal at the rate borne by this Security plus 1.0% per annum, and it will pay interest on overdue installments of interest at the same rate
to the extent lawful. 
  

	2.	Method of Payment 

 The Company will pay interest on the Securities (except defaulted
interest) to the Persons who are registered holders of Securities at the close of business on the May 15 or November 15 next preceding the interest payment date even if Securities are canceled after the record date and on or before the
interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and
private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, interest and additional interest, if any) will be made by wire transfer of immediately available funds to the accounts
specified by the Holder. The Company will make all 

  
 5 

 
payments in respect of a certificated Security (including principal, premium, if any, interest and additional interest, if any) by mailing a check to the registered address of each Holder
thereof; provided, however, that payments on a certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by
giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

  

	3.	Paying Agent and Registrar 

 Initially, U.S. Bank National Association, a national
banking corporation (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any
of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	4.	Indenture 

 The Company issued the Securities under an Indenture dated as of May 15,
2017 (“Indenture”), between the Company and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such
terms, and Securityholders are referred to the Indenture and the Act for a statement of those terms. 
 The Securities are general unsecured
obligations of the Company unlimited as to aggregate principal amount. The Company shall be entitled to issue Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue Date, any Additional
Securities and all Exchange Securities or Private Exchange Securities issued in exchange therefor will be treated as a single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its
subsidiaries to consolidate, merge or transfer all or substantially all of its assets and the assets of its subsidiaries; create liens on assets; and engage in sale/leaseback transactions. These covenants are subject to important exceptions and
qualifications. 
  

	5.	Optional Redemption 

 Except as set forth below, the Company shall not be entitled to
redeem the Securities. 
 (a) General: At any time or from time to time on or after June 1, 2022, the Company, at its option, may
on any one or more occasions redeem the Securities, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, together with accrued and unpaid interest thereon, if any, to, but excluding, the
redemption date, if redeemed during the 12-month period beginning June 1 of the years indicated: 

  
 6 

					
	 Year
	  	Optional
Redemption
Price	 
	 2022
	  	 	102.438	% 
	 2023
	  	 	101.625	% 
	 2024
	  	 	100.813	% 
	 2025 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to June 1, 2022, the Securities may also be redeemed or purchased by the Company on any
one or more occasions in whole or in part, at the Company’s option, at a price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued but unpaid interest, if any, to, but excluding, the date of redemption
or purchase (the “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). 

In determining the present values of the Applicable Premium, the Company will discount such payments to the redemption date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 50 basis points for the Securities. 

(b) Optional Redemption Following Change of Control Offer: If Holders of not less than 90% in aggregate principal amount of the
outstanding Securities tender and do not withdraw such Securities in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, purchases all of the Securities validly tendered and not
withdrawn by such Holders, the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem
all Securities that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but not including, the date of redemption. 

 

	6.	Notice of Redemption 

 Notice of redemption will be mailed at least 30 days but not more
than 60 days before the redemption date to each Holder of Securities to be redeemed at his registered address, except that redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in connection with a
defeasance of the Securities or a satisfaction and discharge of the Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent failure to give notice, to any Holder selected for redemption will not impair or affect the
validity of the redemption of any other Security redeemed in accordance with the provisions of the Indenture. Securities in denominations larger than $2,000 principal amount may be redeemed in part but only in principal amounts of $2,000 or less in
whole and not in part. If money sufficient to pay the redemption price of and accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and
certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

  
 7 

	7.	Put Provisions 

 Upon a Change of Control Triggering Event, any Holder of Securities will
have the right to cause the Company to repurchase all or any part of the Securities of such Holder at a repurchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued interest to the date of repurchase
(subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

 

	8.	Denominations; Transfer; Exchange 

 The Securities are in registered form without coupons
in denominations of $2,000 principal amount and whole multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period of 15 days before a selection of Securities to be redeemed or 15 days before an interest payment date. 

 

	9.	Persons Deemed Owners 

 The registered Holder of this Security may be treated as the
owner of it for all purposes. 
  

	10.	Unclaimed Money 

 Subject to any applicable abandoned property law, if money for the
payment of principal or interest remains unclaimed for two years after the date of payment of such principal and interest, the Trustee or Paying Agent shall pay the money back to the Company at its request. After any such payment, Holders entitled
to the money must look to the Company and not to the Trustee for payment as general creditors. 
  

	11.	Discharge and Defeasance 

 Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or
maturity, as the case may be. 
  

	12.	Amendment; Waiver 

 Subject to certain exceptions set forth in the Indenture,
(1) the Indenture and the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (2) any default or noncompliance with any provision may be waived with
the written consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company and the Trustee shall be
entitled to amend the Indenture or the Securities to cure any ambiguity, omission, defect or inconsistency, or to comply with Article 5 of the Indenture, or to provide for uncertificated Securities in addition to or in place of certificated
Securities, or to add guarantees with respect to the Securities or to 

  
 8 

 
secure the Securities, or to add additional covenants or surrender rights and powers conferred on the Company, or to comply with any requirement of the SEC in connection with qualifying the
Indenture under the Act, or to make any change that does not adversely affect the rights of any Securityholder in any material respect, or to make amendments to provisions of the Indenture relating to the form, authentication, transfer and legending
of the Securities. 
  

	13.	Defaults and Remedies 

 Under the Indenture, Events of Default include (a) default
for 30 days in payment of interest on the Securities; (b) default in payment of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the Securities, upon acceleration or otherwise, or failure by the
Company to redeem or purchase Securities when required; (c) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time; (d) certain accelerations
(including failure to pay within any grace period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $100 million; (e) certain events of bankruptcy or insolvency with respect to the
Company and the Significant Subsidiaries; and (f) certain judgments or decrees for the payment of money in excess of $100 million. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities being due and payable immediately upon the occurrence of
such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee
may refuse to enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 

 

	14.	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the Act,
the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	15.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
the Company or the Trustee shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security,
each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

  
 9 

	16.	Authentication 

 This Security shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
  

	17.	Abbreviations 

 Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	18.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to
the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 

	19.	Holders’ Compliance with Registration Rights Agreement 

 Each Holder of a Security,
by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein. 

 

	20.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish to any Securityholder upon written request and without charge to the
Security holder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to: 
 CDK Global,
Inc. 
 1950 Hassell Road 

Hoffman Estates, IL 60169 

Attention: Lee J. Brunz, General Counsel 

Facsimile Number: 847-781-9873 

  
 10 

  

ASSIGNMENT FORM 
 To assign this Security, fill
in the form below: 
 I or we assign and transfer this Security to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                    agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

			
	 	  	 
	
Date:                  
  
	  	 Your
Signature:                    

	 	  	 

 Sign exactly as your name appears on the other side of this Security. 

  
 11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.03 of the Indenture, check the box: 

If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.03 of the Indenture, state the
amount in principal amount: $[●] 
  

			
	
Dated:                  
                                    
	  	
Your Signature:                   
                                         
                                     

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

  

	
	 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. 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $[•] ([•] MILLION DOLLARS). The 

following increases or decreases in 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
officer of Trustee or
Securities Custodian

  
 2EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated May 15, 2017 (the “Agreement”) is entered into by and between CDK Global, Inc.,
a Delaware corporation (the “Company”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative (the “Representative”) of the initial purchasers listed in Schedule 1 to the Purchase
Agreement (as defined below) (the “Initial Purchasers”). 
 The Company and the Representative are parties to the Purchase
Agreement dated May 10, 2017 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $600,000,000 aggregate principal amount of the Company’s 4.875% Senior Notes due 2027 (the
“Securities”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth
in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 
 In
consideration of the foregoing, the parties hereto agree as follows: 
 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings: 
 “Business Day” shall mean any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required by law to remain closed. 

“Company” shall have the meaning set forth in the preamble and shall also include the Company’s
successors. 
 “Depositary” shall mean the Depository Trust Company, its nominees and their respective
successors. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 “Exchange Dates” shall have the meaning set forth in Section 2(a) hereof. 

“Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable
Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under
the Securities Act effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement”
shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the
Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“Exchange Securities” shall mean senior notes issued by the Company under the Indenture containing terms
identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders in exchange for
Registrable Securities pursuant to the Exchange Offer. 

 “FINRA” means the Financial Industry Regulatory Authority, Inc.

 “Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities
Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 

“Holders” shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of
their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that, for purposes of Sections 4 and 5 of this Agreement, the term “Holders” shall include
Participating Broker-Dealers. 
 “Indemnified Person” shall have the meaning set forth in Section 5(c)
hereof. “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall mean the Indenture relating to the Securities, dated as of May 15, 2017 between the
Company and U.S. Bank National Association, as trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiii) hereof. 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding
Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its
affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the
Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as
one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 

“Notice and Questionnaire” shall mean a notice of registration statement and selling security holder
questionnaire distributed to a Holder by the Company upon receipt of a Shelf Request from such Holder. 

“Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 

“Participating Holders” shall mean the Holders participating in a given registration relating to Registrable
Securities. 
 “Person” shall mean an individual, partnership, limited liability company, corporation, trust
or unincorporated organization, or a government or agency or political subdivision thereof. 
 “Prospectus”
shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any
prospectus 

  
 -2- 

 
supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other
amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be
Registrable Securities upon the earliest to occur of the following: (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant
to such Registration Statement; (ii) when such Securities are eligible to be sold pursuant to Rule 144 under the Securities Act without compliance with any volume or manner of sale restrictions (or any similar provision then in force, but not
Rule 144A); and (iii) when such Securities cease to be outstanding. 
 “Registration Expenses” shall
mean any and all expenses incident to performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange and FINRA registration and filing fees, (ii) all fees and expenses incurred in
connection with compliance with state securities or blue sky laws and comparable non-U.S. laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue
sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus and any
amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees,
(v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the reasonable and documented
out-of-pocket fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and, in the case of a Shelf
Registration Statement, the fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected by the Participating Holders holding a majority of the aggregate principal amount of Registrable Securities held by such
Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent public accountants of the Company, including the expenses of any special audits or
“comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the
Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Company that covers any of the Exchange
Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or
deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“Representative” shall have the meaning set forth in the preamble. 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Securities” shall have the meaning set forth in the preamble. 

  
 -3- 

 “Securities Act” shall mean the Securities Act of 1933, as
amended from time to time. 
 “Shelf Additional Interest Date” shall have the meaning set forth in Section
2(d) hereof. 
 “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company that
covers all or a portion of the Registrable Securities (but no other securities unless approved by the Participating Holders holding a majority in aggregate principal amount of the Registrable Securities covered by such Shelf Registration Statement)
on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the
Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“Shelf Request” shall have the meaning set forth in Section 2(b) hereof. 

“Staff” shall mean the staff of the SEC. 

“Suspension Actions” shall have the meaning set forth in Section 2(e) hereof. 

“Target Registration Date” shall mean May 15, 2018. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for
reoffering to the public. 
 2. Registration Under the Securities Act. 

(a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Company shall use commercially
reasonable efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities and (ii) have such Registration Statement become
effective on or before the Target Registration Date and remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers. The Company shall commence the Exchange Offer promptly after the Exchange Offer
Registration Statement is declared effective by the SEC and use commercially reasonable efforts to complete the Exchange Offer not later than 60 days after such effective date. 

After the Exchange Offer Registration Statement has become effective, the Company shall commence the Exchange Offer for Registrable Securities
by mailing, or delivering in compliance with the applicable procedures of the Depositary and applicable law the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law, substantially the following: 

  
 -4- 

 (i) that such Exchange Offer is being made pursuant to this Agreement and that
all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; 
 (ii) the dates of
acceptance for exchange of Securities (which shall be a period of at least 20 Business Days from the date such notice is disseminated) (each, an “Exchange Date”); 

(iii) that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain
any rights under this Agreement, except as otherwise specified herein; 
 (iv) that any Holder electing to have a Registrable
Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the
notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the Depositary, in each case prior to the close of business on the last Exchange Date; and 

(v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date,
by (A) sending to the institution and at the address specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the Depositary. 

As a condition to participating in an Exchange Offer, a Holder will be required to represent to the Company that (i) any Exchange
Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of such Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Company and
(iv) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a
Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 

As soon as practicable after the last Exchange Date, the Company shall: 

(i) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the
Exchange Offer; and 
 (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or
portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities
tendered by such Holder. 
 The Company shall use commercially reasonable efforts to complete the Exchange Offer as provided above and shall
comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. No Exchange Offer shall be subject to any conditions, other than that the Exchange Offer
does not violate any applicable law or applicable interpretations of the Staff. 

  
 -5- 

 (b) In the event that (i) the Company determines that the Exchange Offer provided for in
Section 2(a) above is not available or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other
reason completed by the Target Registration Date or (iii) the Company receives a written request (a “Shelf Request”) from any Holder representing that it holds Registrable Securities that are or were ineligible to be exchanged
in the Exchange Offer, the Company shall use commercially reasonable efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of
all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective; provided that (a) no Holder will be entitled to have any Registrable Securities included in any Shelf Registration
Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the
Company as is contemplated by Section 3(b) hereof, and (b) the Company shall be under no obligation to file any such Shelf Registration Statement before the Target Registration Date. 

In the event that the Company is required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the
Company shall use commercially reasonable efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which
may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Holders after completion of the Exchange Offer. 

The Company agrees to use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the Securities
covered thereby cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Company further agrees to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Participating Holder
of Registrable Securities with respect to information relating to such Participating Holder, and to use commercially reasonable efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement and
Prospectus to become usable as soon as practicable thereafter. The Company agrees to furnish to the Participating Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC, as
requested by the Participating Holders. 
 (c) The Company shall pay all Registration Expenses in connection with any registration pursuant
to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to
the Shelf Registration Statement. 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have
become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically
effective upon filing with the SEC as provided by Rule 462 under the Securities Act. 
 In the event that either the Exchange Offer is not
completed or a Shelf Registration Statement, if required pursuant to Section 2(b)(i) or 2(b)(ii) hereof, does not become effective on or prior to the Target Registration Date, the interest rate on the Registrable Securities will be increased by (i)
0.25% per annum for the first 90-day period following the Target Registration Date and (ii) an additional 0.25% per annum 

  
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thereafter until the applicable Exchange Offer is completed, the Shelf Registration Statement, if required hereby, becomes effective or the Securities become freely tradable under the Securities
Act. In the event that the Company receives a Shelf Request pursuant to Section 2(b)(iii), and the Shelf Registration Statement required to be filed thereby does not become effective by the later of (x) the Target Registration Date and (y) 90
days after the delivery of such Shelf Request (such later date, the “Shelf Additional Interest Date”), then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period following the Shelf Additional Interest Date and (ii) an additional 0.25% per annum thereafter until the Shelf Registration Statement becomes effective or the Securities become freely tradable
under the Securities Act. 
 If the Shelf Registration Statement, if required hereby, has become effective and thereafter either ceases to
be effective or the Prospectus contained therein ceases to be usable for resales of Registrable Securities, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain
effective or be usable continues for more than 30 consecutive days in any 12-month period, then the interest rate on the Registrable Securities will be increased by 0.25% per annum commencing on the 31st day
of the second such 30 consecutive day period and ending on such date that the Shelf Registration Statement has again become effective or the Prospectus again becomes usable. 

(e) The Company shall be entitled to suspend its obligation to file any amendment to a Shelf Registration Statement, furnish any supplement or
amendment to a Prospectus included in a Shelf Registration Statement, make any other filing with the SEC that would be incorporated by reference into a Shelf Registration Statement, cause a Shelf Registration Statement to remain effective or the
Prospectus usable or take any similar action (collectively, “Suspension Actions”) if there is a possible acquisition or business combination or other transaction, business development or event involving the Company or its
subsidiaries that may require disclosure in the Shelf Registration Statement or Prospectus and the Company determines that such disclosure is not in the best interest of the Company and its stockholders or obtaining any financial statements relating
to any such acquisition or business combination required to be included in the Shelf Registration Statement or Prospectus would be impracticable. Upon the occurrence of any of the conditions described in the foregoing sentence, the Company shall
give prompt notice of the delay or suspension (but not the basis thereof) to the Participating Holders. Upon the termination of such condition, the Company shall promptly proceed with all Suspension Actions that were delayed or suspended and, if
required, shall give prompt notice to the Participating Holders of the cessation of the delay or suspension (but not the basis thereof). 

(f) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company acknowledges that any failure by the Company
to comply with its obligations under Section 2(a) or Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages
for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Section 2(a) and Section 2(b) hereof.

 3. Registration Procedures. 

(a) In connection with its obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company shall: 

(i) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form
(x) shall be selected by the Company, (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Participating 

  
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Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include or, if permitted by applicable law, incorporate by reference
all financial statements required by the SEC to be filed therewith; and use commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2
hereof; 
 (ii) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as
may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed
pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of, and Rule 174 under, the Securities Act that is applicable to transactions by brokers or dealers with respect to the
Registrable Securities or Exchange Securities; 
 (iii) to the extent any Free Writing Prospectus is used, file with the SEC
any Free Writing Prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and to retain a copy of any Free Writing Prospectus not required to be filed; 

(iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for the Initial Purchasers, to
counsel for such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus or preliminary prospectus, and any amendment or supplement thereto, as
such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company consents to the use of such Prospectus, preliminary prospectus
and any amendment or supplement thereto in accordance with applicable law by each of the Participating Holders and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in
such Prospectus, preliminary prospectus or any amendment or supplement thereto in accordance with applicable law; 
 (v) use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities, blue sky laws or comparable non-U.S. laws of such jurisdictions as any Participating
Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Participating Holders in connection with any filings required to be made with FINRA; and do any and all other acts
and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Participating Holder; provided that the Company
shall not be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process
in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not otherwise so subject; 

(vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Participating Holder and
counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such notice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has
been filed and becomes effective and when any amendment or supplement to the Prospectus has been filed, (2) of any request by the SEC or any other securities authority for amendments and supplements to a Registration Statement or Prospectus or
for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any other 

  
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securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any
notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration
Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an
offering of such Registrable Securities cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction
or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus untrue in any
material respect or that requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company that a post-effective amendment to a
Registration Statement or any amendment or supplement to the Prospectus would be appropriate; 
 (vii) use commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities
Act, including by filing an amendment to such Shelf Registration Statement on the proper form, as soon as reasonably practicable and provide prompt notice to each Holder of the withdrawal of any such order or such resolution; 

(viii) in the case of a Shelf Registration, furnish to each Participating Holder, without charge, upon request, at least one
conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested), if such documents are not available via the SEC’s EDGAR
system; 
 (ix) in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and, in the case of certificated securities,
registered in such names (consistent with the provisions of the Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

(x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, subject to Section 2(e) hereof, use
commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify the Participating Holders (in the case of a Shelf
Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to suspend use of the Prospectus as promptly as practicable after the occurrence
of such an event, and such Participating Holders, Participating Broker-Dealers and Initial Purchasers, as applicable, hereby agree to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such
misstatement or omission and expressly agree to maintain the information contained in such notice confidential (except that such information may be disclosed to its counsel) until it has been publicly disclosed by the Company; 

  
 -9- 

 (xi) subject to (xiv) below in the case of a Shelf Registration Statement, a
reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or of any document that is to be incorporated by reference into a Registration
Statement or a Prospectus after initial filing of a Registration Statement, provide copies of such document to the Representative and its counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel)
and make the representatives of the Company available for discussion of such document as reasonably requested by the Representative or its counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel); and
the Company shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus, or any document that is to be incorporated by reference into
a Registration Statement or a Prospectus, of which the Representative and its counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to
which the Representative or its counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) shall reasonably object in writing on a timely basis, except for any document that is to be incorporated by
reference into a Registration Statement or a Prospectus (a copy of which has been previously furnished as provided in the preceding sentence) which counsel to the Company has advised in writing is required to be filed in order to comply with
applicable law; 
 (xii) utilize the CUSIP numbers obtained and made eligible with the Depositary prior to the closing of the
initial offering of the Securities and provided to the Company for the Exchange Securities or Registrable Securities, as the case may be; 

(xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange
Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture
Act; and execute, and use commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so
qualified in a timely manner; 
 (xiv) in the case of a Shelf Registration, make available for inspection upon written
request by a representative of the Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, one firm of attorneys and one firm of accountants designated
by Holders of a majority in aggregate principal amount of the Registrable Securities to be included in such Shelf Registration and one firm of attorneys and one firm of accountants designated by such Underwriter, at reasonable times and in a
reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries reasonably requested by any such Inspector, Underwriter, attorney or accountant, and cause the respective officers and
employees of the Company to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement, subject to such confidentiality agreements as the Company may
reasonably require and to any applicable privilege; provided that if any such information is identified by the Company as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably
necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Participating Holder or Underwriter); 

  
 -10- 

 (xv) in the case of a Shelf Registration, use commercially reasonable efforts to
cause all Registrable Securities covered thereby to be listed on any securities exchange or any automated quotation system on which similar senior unconvertible debt securities issued or guaranteed by the Company are then listed if requested by the
Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement, to the extent such Registrable Securities satisfy applicable listing requirements; 

(xvi) if reasonably requested by any Participating Holder, promptly include or, if permitted by applicable law, incorporate by
reference, in a Prospectus supplement or post-effective amendment such information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required filings of such Prospectus
supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be so included in such filing; and 

(xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection
therewith (including those requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities,
including, but not limited to, through an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Participating Holders and any Underwriters of such Registrable Securities with
respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily
made by issuers to underwriters in underwritten offerings and consistent with the applicable representations and warranties in the Purchase Agreement and confirm the same if and when requested, (2) in connection with an Underwritten Offering,
obtain opinions of counsel to the Company (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating
Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings and consistent with the opinions delivered pursuant to the Purchase Agreement, (3) in connection with an
Underwritten Offering, obtain “comfort” letters from the independent registered public accountants of the Company (and, if necessary, any other registered public accountant of any subsidiary of the Company, or of any business acquired or
to be acquired by the Company for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each Participating Holder (to the extent permitted by applicable professional standards)
and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial
information contained in any preliminary prospectus or Prospectus and (4) in connection with an Underwritten Offering, deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of
the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company made pursuant to clause (1) above
and to evidence compliance with any customary conditions contained in an underwriting agreement. 

  
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 (b) In the case of a Shelf Registration Statement, the Company may require each Holder of
Registrable Securities to furnish to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing and require such
Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. The Company may exclude from such registration the Registrable Securities of any Holder so long as such Holder fails to furnish such information or
fails to agree in writing to be bound by all provisions of this Agreement within a reasonable time after receiving such request. No Holder of Registrable Securities shall be entitled to additional interest pursuant to Section 2(d) hereof in
connection with a Shelf Registration Statement unless and until such Holder shall have provided all such information and have agreed in writing to be bound by all provisions of this Agreement if requested by the Company. Each Holder of Registrable
Securities as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all information required to be disclosed so that the information previously furnished to the Company by such Holder is not materially
misleading and does not omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made. 

(c) In the case of a Shelf Registration Statement, each Participating Holder of Registrable Securities covered in such Shelf Registration
Statement agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(a)(vi)(3) or 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of Registrable
Securities pursuant to the Shelf Registration Statement until such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company, such
Participating Holder will deliver to the Company all copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus covering such Registrable Securities that is current at the time
of receipt of such notice. 
 (d) If the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a
Registration Statement, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such
notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. 

(e) The Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities
included in such offering, subject in each case to consent by the Company (which shall not be unreasonably withheld or delayed). 
 (f) No
Holder of Registrable Securities may participate in any Underwritten Offering hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the
Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

  
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 4. Participation of Broker-Dealers in Exchange Offer. 

(a) The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in
exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the
Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities. 

The Company understands that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with
resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company agrees to amend or supplement the Prospectus
contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) of this Agreement), if requested by one or more Participating Broker-Dealer,
in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company further agrees that Participating Broker-Dealers
shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4. 

(c) The Initial Purchasers shall have no liability to the Company or any Holder with respect to any request that they may make pursuant to
Section 4(b) above. 
 5. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and
officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages or
liabilities (including, without limitation, reasonable and documented out-of-pocket legal fees and other expenses incurred in connection with investigating or defending
any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or
any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims,
damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information relating
to any Participating Holder furnished to the Company in writing through the Representative or any Participating Holder expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company will also
indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities
Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in writing in advance by a selling Holder in connection with any Registration Statement, any Prospectus, any Free Writing
Prospectus or any Issuer Information. 

  
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 (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
the Initial Purchasers and the other selling Holders, the directors of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company, any Initial Purchaser and any other selling
Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages, liabilities or
actions that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such
Holder expressly for use in any Registration Statement and any Prospectus. 
 (c) If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified
Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have under this Section 5 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to
notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section 5. If any such suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, upon request of the Indemnified Person, the Indemnifying Person shall retain counsel reasonably satisfactory to
the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the reasonable and documented out-of-pocket fees and expenses of such proceeding and shall pay the reasonable and documented
out-of-pocket fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different
from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm
(x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by the Representative, (y) for any Holder, its directors and officers and any control
Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement
or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the

  
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Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the
Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written
consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified
Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such
proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

(d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company from the offering of the Securities and the Exchange Securities, on the one
hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Holders and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. 
 (e) The Company and the Holders agree that it would not be just and
equitable if contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include,
subject to the limitations set forth above, any documented out-of-pocket legal or other expenses incurred by such Indemnified Person in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange
Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this
Section 5 are several and not joint. 
 (f) The remedies provided for in this Section 5 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution
provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any
Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the officers or directors of or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to a Shelf Registration Statement. 

  
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 6. General. 

(a) No Inconsistent Agreements. The Company represents, warrants and agrees that (i) the rights granted to the Holders hereunder do
not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company under any other agreement and (ii) the Company has not entered into, and on or
after the date of this Agreement will not enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or consent other than any Registrable Securities owned directly or indirectly by the Company or any of its affiliates; provided that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements,
waivers or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. Each Holder of Registrable Securities outstanding at the time of any such amendment modification, supplement, waiver or consent
thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 6(b), whether or not any notice, writing or marking indicating such amendment, modification, supplement waiver or consent
appears on the Registrable Securities or is delivered to such Holder. Each Holder may waive compliance with respect to any obligation of the Company under this Agreement as it may apply or be enforced by such particular Holder. 

(c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of
this Section 6(c), which address initially is, with respect to the Representative, the address set forth in the Purchase Agreement; (ii) if to the Company, initially at the Company’s address set forth in the Purchase Agreement and
thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other
address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three Business Days after
being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all
such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of
each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire 

  
 -16- 

 
Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial
Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this
Agreement. 
 (e) Third Party Beneficiaries. Each Holder shall be a third-party beneficiary to the agreements made hereunder between
the Company and the Initial Purchasers, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit
or otherwise affect the meaning hereof. 
 (h) Governing Law. This Agreement and any claim, controversy or dispute arising under or
related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to applicable principles of conflicts of laws to the extent the laws of another jurisdiction would be required
thereby. 
 (i) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUIT OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (j) Entire Agreement; Severability. This Agreement contains the entire agreement
between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. The Company and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the
invalid, void or unenforceable provisions. 

  
 -17- 

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

  

					
	CDK GLOBAL, INC.
		
	By:	 	 /s/ Alfred A. Nietzel

		 	Name:	 	Alfred A. Nietzel
		 	Title:	 	EVP and Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 Confirmed and accepted as of the date first written above: 

MERRILL LYNCH, PIERCE, FENNER & SMITH 

INCORPORATED 
 For itself and on behalf of the

 several Initial Purchasers 
  

			
	 By:
	 	 /s/ Scott Tolchin

		 	 Name: Scott Tolchin

		 	 Title: Managing Director

  
 [Signature Page to
Registration Rights Agreement]

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