Document:

EX-4.8

 Exhibit 4.8 

TYSON FOODS, INC., 
 as
Issuer, 
 TYSON FRESH MEATS, INC., 

as Guarantor, 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

(as successor to JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank, N.A.)) 

as Trustee 
 Supplemental
Indenture 
 Dated as of August 8, 2014 

Supplemental to Indenture 
 Dated
as of June 1, 1995 
 5.150% Senior Notes due 2044 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	2	  
			
	 SECTION 1.01.
	    	 Scope of Supplemental Indenture
	  	 	2	  
			
	 SECTION 1.02.
	    	 Definitions
	  	 	2	  
		
	 ARTICLE 2 THE SECURITIES
	  	 	13	  
			
	 SECTION 2.01.
	    	 Title and Terms; Payments
	  	 	13	  
			
	 SECTION 2.02.
	    	 Book-Entry Provisions for Global Notes
	  	 	14	  
			
	 SECTION 2.03.
	    	 CUSIP Numbers
	  	 	14	  
		
	 ARTICLE 3 REDEMPTION
	  	 	15	  
			
	 SECTION 3.01.
	    	 Optional Redemption
	  	 	15	  
			
	 SECTION 3.02.
	    	 Special Mandatory Redemption
	  	 	15	  
			
	 SECTION 3.03.
	    	 Selection and Notice of Redemption
	  	 	16	  
			
	 SECTION 3.04.
	    	 Mandatory Redemption or Purchase
	  	 	16	  
		
	 ARTICLE 4 ADDITIONAL COVENANTS
	  	 	16	  
			
	 SECTION 4.01.
	    	 Offer to Purchase Upon Change of Control Triggering Event
	  	 	16	  
			
	 SECTION 4.02.
	    	 Restrictions on Consolidations, Mergers and Sales of Assets
	  	 	17	  
			
	 SECTION 4.03.
	    	 SEC Reports
	  	 	18	  
			
	 SECTION 4.04.
	    	 Compliance Certificates
	  	 	19	  
		
	 ARTICLE 5 REMEDIES
	  	 	19	  
			
	 SECTION 5.01.
	    	 Events of Default
	  	 	19	  
			
	 SECTION 5.02.
	    	 Acceleration
	  	 	20	  
			
	 SECTION 5.03.
	    	 Remaining Provisions
	  	 	20	  
		
	 ARTICLE 6 SATISFACTION AND DISCHARGE
	  	 	21	  
			
	 SECTION 6.01.
	    	 Satisfaction and Discharge
	  	 	21	  
			
	 SECTION 6.02.
	    	 Legal Defeasance
	  	 	21	  
			
	 SECTION 6.03.
	    	 Covenant Defeasance
	  	 	21	  
			
	 SECTION 6.04.
	    	 Release of Subsidiary Guarantees
	  	 	21	  
			
	 SECTION 6.05.
	    	 Reinstatement
	  	 	21	  
		
	 ARTICLE 7 SUPPLEMENTAL INDENTURES
	  	 	21	  
			
	 SECTION 7.01.
	    	 Amendments or Supplements Without Consent of Holders
	  	 	21	  

  
 i 

 TABLE OF CONTENTS 

(cont.) 
  

							
	 	  	Page	 
			
	 SECTION 7.02.
	    	 Amendments, Supplements or Waivers With Consent of Holders
	  	 	22	  
			
	 SECTION 7.03.
	    	 Payment for Consent
	  	 	23	  
		
	 ARTICLE 8 SUBSIDIARY GUARANTEES
	  	 	23	  
			
	 SECTION 8.01.
	    	 Guarantees
	  	 	23	  
			
	 SECTION 8.02.
	    	 Limitation on Liability
	  	 	24	  
			
	 SECTION 8.03.
	    	 Successors and Assigns
	  	 	25	  
			
	 SECTION 8.04.
	    	 No Waiver
	  	 	25	  
			
	 SECTION 8.05.
	    	 Modification
	  	 	25	  
			
	 SECTION 8.06.
	    	 Release of Subsidiary Guarantor
	  	 	25	  
			
	 SECTION 8.07.
	    	 Contribution
	  	 	26	  
		
	 ARTICLE 9 MISCELLANEOUS
	  	 	26	  
			
	 SECTION 9.01.
	    	 Governing Law
	  	 	26	  
			
	 SECTION 9.02.
	    	 Payments on Business Days
	  	 	26	  
			
	 SECTION 9.03.
	    	 No Security Interest Created
	  	 	26	  
			
	 SECTION 9.04.
	    	 Trust Indenture Act
	  	 	26	  
			
	 SECTION 9.05.
	    	 Notices
	  	 	26	  
			
	 SECTION 9.06.
	    	 Benefits of Indenture
	  	 	27	  
			
	 SECTION 9.07.
	    	 Successors
	  	 	27	  
			
	 SECTION 9.08.
	    	 Table of Contents, Headings, Etc.
	  	 	27	  
			
	 SECTION 9.09.
	    	 Execution in Counterparts
	  	 	28	  
			
	 SECTION 9.10.
	    	 Severability
	  	 	28	  
			
	 SECTION 9.11.
	    	 The Trustee
	  	 	28	  

 EXHIBITS 

 

							
	 Exhibit A - Form of Note
	  	 	A-1	  

  
 ii 

 SUPPLEMENTAL INDENTURE, dated as of August 8, 2014, among Tyson Foods, Inc., a
Delaware corporation (the “Company”), Tyson Fresh Meats, Inc., a Delaware corporation (the “Guarantor”) and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A. (formerly The
Chase Manhattan Bank, N.A.)), as trustee (the “Trustee”) under the indenture dated as of June 1, 1995, between the Company and the Trustee (as amended or supplemented from time to time in accordance with the terms thereof, the
“Original Indenture”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered the Original Indenture to the Trustee to provide, among other things, for the future issuance of
the Company’s unsecured Securities from time to time in one or more series as might be determined by the Company under the Original Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in
the Original Indenture; 
 WHEREAS, Section 9.1 of the Original Indenture provides for various matters with respect to any series of
Securities issued under the Original Indenture to be established in an indenture supplemental to the Original Indenture; 
 WHEREAS,
Section 9.1(5) of the Original Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Original Indenture to establish the form or forms or terms of Securities of any series or of the coupons
appertaining to such series as permitted by Section 2.3 of the Original Indenture; 
 WHEREAS, the Board of Directors has duly adopted
resolutions authorizing the Company to execute and deliver this Supplemental Indenture; 
 WHEREAS, the Board of Directors of the Guarantor
has duly adopted resolutions authorizing the Guarantor to execute and deliver this Supplemental Indenture; 
 WHEREAS, pursuant to the terms
of the Original Indenture, the Company desires to provide for the establishment of a new series of its Securities to be known as its “5.150% Senior Notes due 2044” (the “Notes”), the form and substance of such Notes and the
terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and this Supplemental Indenture; 
 WHEREAS,
the Guarantor is willing to provide guarantees in respect of the Notes; 
 WHEREAS, the Form of Note is to be substantially in the form
hereinafter provided for; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and
all requirements necessary to make (i) this Supplemental Indenture a valid instrument in accordance with its terms, (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the
Company, and (iii) the Guarantees, when this Supplemental Indenture is executed by the Guarantor, the valid obligations of the Guarantor, have been performed, and the execution and delivery of this Supplemental Indenture has been duly
authorized in all respects. 

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises
and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of the parties hereto and the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE 1 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 1.01. Scope of Supplemental Indenture. The changes, modifications and
supplements to the Original Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, which may be issued from time to time, and shall not apply to any other Securities
that may be issued under the Original Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall
supersede any corresponding provisions in the Original Indenture. 
 SECTION 1.02. Definitions. For all purposes of the Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
 (i) the terms defined in this Article 1 shall have the
meanings assigned to them in this Article and include the plural as well as the singular; 
 (ii) all words, terms and phrases defined in
the Original Indenture (but not otherwise defined herein) shall have the same meaning herein as in the Original Indenture; 
 (iii) all
other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, shall have the meanings assigned to them therein; 

(iv) all accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with GAAP; and 

(v) the words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Additional
Notes” has the meaning specified in Section 2.01 hereof. 
 “Adjusted Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage amount) equal to the Comparable Treasury
Price for such redemption date. 
 “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,

  
 2 

 
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent
Members” has the meaning specified in Section 2.02 hereof. 
 “Attributable Debt” means, as to any particular
lease under which any Person is at the time liable, other than a capital lease, and at any date as of which the amount of such lease is to be determined, the total net amount of rent required to be paid by such Person under such lease during the
initial term of such lease as determined in accordance with generally accepted accounting principles, discounted from the last date of such initial term to the date of determination at a rate per annum equal to the discount rate which would be
applicable to a capital lease with like term in accordance with generally accepted accounting principles. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of rent payable by the lessee
with respect to such period after excluding amounts required to be paid on account of insurance, taxes, assessments, utility, operating and labor costs and similar charges. In the case of any lease which is terminable by the lessee upon the payment
of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. “Attributable Debt”
means, as to a capital lease under which any Person is at the time liable and at any date as of which the amount of such lease is to be determined, the capitalized amount of such lease that would appear on the face of a balance sheet of such Person
in accordance with generally accepted accounting principles. 
 “Board of Directors” means the Board of Directors of the
Company or any committee thereof duly authorized to act on behalf of such Board. 
 “Business Day” means each day which is
not a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of New York or Texas. 

“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. 

“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 Permitted Holders cease to be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of a majority in the aggregate of the total voting power of the Voting Stock of the Company, whether as a result of issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the Company,

  
 3 

 
or any direct or indirect transfer of securities of the Company by the Permitted Holders or otherwise (for purposes of this clause (1) and clause (2) below, the Permitted Holders shall
be deemed to beneficially own any Voting Stock of a Person (the “specified person”) held by any other Person (the “parent entity”) so long as the Permitted Holders beneficially own (as so defined), directly or indirectly, in the
aggregate a majority of the voting power of the Voting Stock of the parent entity); 
 (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, becomes the “beneficial
owner” (as defined in clause (1) above), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; 

(3) 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; 
 (4) 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; 
 (5) the first day on which the majority of the members of the Board of Directors cease to be Continuing Directors; or 

(6) the adoption of a plan relating to the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a transaction will not be considered to be a Change of Control if (i) the survivor or transferee is a
Person that is controlled by the Permitted Holders or (ii) a transaction following which (A) in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately
prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving
Person in such merger or consolidation transaction immediately after such transaction and (B) in the case of a sale of assets transaction, each transferee becomes an obligor in respect of the Notes and a Subsidiary of the transferor of such
assets. For the avoidance of doubt, the words “or any committee thereof duly authorized to act on behalf of such Board” in the definition of Board of Directors shall be disregarded for purposes of clause (5) above. 

“Change of Control Offer” has the meaning specified in Section 4.01(b) hereof. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding the
foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

  
 4 

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

“Commodity Price Protection Agreement” means, with respect to any Person, any forward contract, commodity swap, commodity
option or other similar agreement or arrangement entered into with respect to fluctuations in commodity prices. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury
Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such
Quotations. 
 “Continuing Director” means, as of any date of determination, any member of the Board of Directors who: 

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

(2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election. 
 “Credit Agreement” means the Credit
Agreement, dated as of August 9, 2012, as amended on June 27, 2014, among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Barclays Bank plc, CoBank, ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch, and RBC Capital Markets, as joint lead arrangers and joint bookrunners, Bank of America, N.A.
and Barclays Bank plc, as syndication agents, and CoBank, ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch, and RBC Capital Markets, as documentation agents, together with the related
documents thereto (including any guarantees and security documents), as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other
provisions) from time to time, and any agreement (and related document) governing Indebtedness Incurred to Refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding thereunder or under successor
Credit Agreements, whether by the same or any other lender or group of lenders. 
 “Currency Agreement” means any foreign
exchange contract, currency swap agreement or other similar agreement with respect to currency values. 
 “Default” means
any event which is, or after notice or passage of time or both would be, an Event of Default. 

  
 5 

 “Depositary” means The Depository Trust Company until a successor Depositary
shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Depositary” shall mean such successor Depositary. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event: 
 (1) matures
or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise; 

(2) is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock; or 

(3) is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in part; 

in each case on or prior to the first anniversary of the Stated Maturity of the Notes; provided, however, that any Capital Stock that
would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the first anniversary of the Stated Maturity of the Notes shall not constitute Disqualified Stock if: 
 (4) the
“asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Notes and set forth in Section 4.01 hereof; and

 (5) any such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any
Notes tendered pursuant thereto. 
 The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price will be
calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to the Indenture;
provided, however, that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price will be the book value of such
Disqualified Stock as reflected in the most recent financial statements of such Person. 
 “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended. 
 “Excluded Transfer” means any disposition by either New Canada Holdings,
Inc. or Tyson International Holding Company of Capital Stock of any Person held by it as of the Issue Date to any “controlled foreign corporation” (as defined in the Code). 

“Event of Default” has the meaning specified in Section 5.01 hereof. 

  
 6 

 “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. 

“Fitch” means Fitch Ratings and its successors. 

“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. 

“Global Note” means any Note that is a Registered Global Security. 

“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. 

“Guarantee Agreement” means a supplemental indenture, in a form reasonably satisfactory to the Trustee, pursuant to which a
Subsidiary Guarantor Guarantees, as required by Section 4.02 hereof, the Company’s obligations with respect to the Notes on the terms provided for in the Indenture. 

  
 7 

 “Guaranteed Obligations” has the meaning specified in Section 8.01 hereof.

 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement,
Currency Agreement or Commodity Price Protection Agreement. 
 “Hillshire Brands Acquisition” means the acquisition by the
Company and Merger Sub of The Hillshire Brands Company through the merger of Merger Sub with and into The Hillshire Brands Company, with The Hillshire Brands Company surviving as a wholly-owned Subsidiary of the Company in accordance with the Merger
Agreement. 
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for. 

“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; 

(2) all Capital Lease Obligations of such Person and all Attributable Debt in respect of all sale and lease-back transactions entered into by
such Person; 
 (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 trade 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 of other Persons 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) the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock of
such Person or, with respect to any Preferred Stock of any Subsidiary of such Person that is not 100% owned by such Person, the principal amount of such Preferred Stock to be determined in accordance with the Indenture (but excluding, in each case,
any accrued dividends); 
 (6) all obligations of the type referred to in clauses (1) through (5) of other Persons and all
dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee, other than endorsements of negotiable
instruments for collection in the ordinary course of business; 

  
 8 

 (7) all obligations of the type referred to in clauses (1) through (6) 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; and 
 (8) to the extent not otherwise included in this definition, the net obligations pursuant to any Hedging
Obligations of such Person. 
 Notwithstanding the foregoing, in connection with the purchase by the Company or any Subsidiary of any business, the term
“Indebtedness” will exclude 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; 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 60 days
thereafter. 
 The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional
obligations as described above; provided, however, that, in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time shall be the accreted value thereof at such time. Except as otherwise expressly
provided herein, the term “Indebtedness” shall not include cash interest thereon. 
 “Indenture” means the
Original Indenture, as supplemented by this Supplemental Indenture as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions
hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Supplemental Indenture and any such supplemental indenture,
respectively. 
 “Initial Notes” has the meaning specified in Section 2.01 hereof. 

“Interest Payment Date” means, with respect to the payment of interest on the Notes, each February 15 and August 15
of each year. 
 “Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement or other
financial agreement or arrangement with respect to exposure to interest rates. 
 “Investment Grade” means a rating of Baa3
or better by Moody’s (or its equivalent under any successor rating categories of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) and a rating of BBB- or better by Fitch
(or its equivalent under any successor rating categories of Fitch) and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting it to select a
replacement rating agency and in the manner for selecting a replacement rating agency, in each case as set forth in the definition of “Rating Agencies.” 

“Issue Date” means August 8, 2014. 

  
 9 

 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof). 
 “Merger
Agreement” means the agreement and plan of merger dated as of July 1, 2014 among the Company, Merger Sub and The Hillshire Brands Company. 

“Merger Sub” means MB Holdings, Inc., a Maryland corporation and wholly-owned Subsidiary of the Company. 

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

“Note” or “Notes” has the meaning specified in the sixth paragraph of the recitals of this Supplemental
Indenture, and shall include any Additional Notes issued pursuant to Section 2.01 hereof. 
 “Officer” means the Chief
Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer, the Assistant Treasurer or the Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers. 

“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 or the Trustee. 
 “Original Indenture” has the meaning specified in the first
paragraph of this Supplemental Indenture. 
 “Paying Agent” means any Person (including the Company) authorized by the
Company to pay the principal amount of or interest on any Notes on behalf of the Company. The Paying Agent shall initially be the Trustee. 

“Permitted Holders” means (1) the Tyson Limited Partnership (or any successor entity), (2) “members of the
same family” of Mr. Don Tyson as defined in Section 447(e) of the Code and (3) any entity (including, but not limited to, any partnership, corporation, trust or limited liability company) in which one or more individuals
described in clauses (1) and (2) hereof possess over 50% of the voting power or beneficial interests. 
 “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. 

  
 10 

 “principal” of a Note means the principal of the Note plus the premium, if any,
payable on the Note which is due or overdue or is to become due at the relevant time. 
 “Prospectus Supplement” means the
final prospectus supplement related to the offering and sale of the Notes dated August 5, 2014 and filed by the Company and the Guarantor with the SEC on August 6, 2014. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Rating Agencies” means (i) each of Moody’s, S&P and Fitch; and (ii) if any of Moody’s, S&P or
Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act that is selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Moody’s, S&P or Fitch, or each of them, as the case may be. 

“Rating Event” means, with respect to the Notes, (i) the rating of such Notes is lowered by two of the three Rating
Agencies on any day during the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of Control and (b) the first public notice of the Company’s intention to effect a Change of
Control, and ending 60 days following consummation of such Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies), and
(ii) such Notes are rated below Investment Grade by two of the three Rating Agencies on any day during the Trigger Period; provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and
thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the
Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred
at the time of the Rating Event). If a Rating Agency is not providing a rating for the Notes at the commencement of such period, the Notes will be deemed to have ceased to be rated as Investment Grade by such Rating Agency during such period. 

“Record Date” means, with respect to the payment of interest on the Notes, the February 1 (whether or not a Business
Day) immediately preceding an Interest Payment Date on February 15 and the August 1 (whether or not a Business Day) immediately preceding an Interest Payment Date on August 15. 

“Redemption Notice Date” has the meaning specified in Section 3.02(b) hereto. 

“Reference Treasury Dealer” means any of Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC and their
respective successors. However, if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury
Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Company, of the bid 

  
 11 

 
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30
p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Refinance” means, in respect of any
Indebtedness, to refinance, extend, renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have
correlative meanings. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“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. 
 “Special Mandatory Redemption Date” has the
meaning set forth in Section 3.02(b) hereto. 
 “Special Mandatory Redemption Event” has the meaning specified in
Section 3.02(a) hereto. 
 “Special Mandatory Redemption Price” has the meaning specified in Section 3.02(a)
hereto. 
 “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 unless such contingency has occurred). 
 “Subsidiary” means, with respect to any Person,
any corporation, association, partnership, limited liability company 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. 

“Subsidiary Guarantee” means a Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the
Notes. References in the Indenture to “any Subsidiary 

  
 12 

 
Guarantee,” “such Subsidiary Guarantee” or “the Subsidiary Guarantees” prior to the delivery of a Subsidiary Guarantee by a Subsidiary of the Company (other than the
Guarantor) with respect to the Notes shall be deemed to refer, mutatis mutandis, only to the Subsidiary Guarantee of the Guarantor, as the sole Subsidiary Guarantor of the Notes on the Issue Date. 

“Subsidiary Guarantor” means the Guarantor and each other Subsidiary of the Company, if any, that thereafter Guarantees the
Notes pursuant to the terms of this Supplemental Indenture, unless and until the Guarantor or such other Subsidiary is released from its Subsidiary Guarantee pursuant to the Indenture (it being understood that (i) only the Guarantor is
delivering a Subsidiary Guarantee with respect to the Notes on the Issue Date and (ii) nothing in the Indenture requires the Company to cause any of its Subsidiaries to deliver a Subsidiary Guarantee with respect to the Notes). References in
the Indenture to “any Subsidiary Guarantor,” “such Subsidiary Guarantor” or “the Subsidiary Guarantors” prior to the delivery of a Subsidiary Guarantee by a Subsidiary of the Company (other than the Guarantor) with
respect to the Notes shall be deemed to refer, mutatis mutandis, only to the Guarantor, as the sole Subsidiary Guarantor of the Notes on the Issue Date. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as in effect on the Issue
Date. 
 “U.S.” means the United States of America. 

“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. 

“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. 
 ARTICLE 2 

THE SECURITIES 
 SECTION
2.01. Title and Terms; Payments. There is hereby authorized a series of Securities designated the “5.150% Senior Notes due 2044” initially limited in aggregate principal amount to $500,000,000, which amount shall be as set forth in
any written order of the Company for the authentication and delivery of Notes pursuant to Section 2.2 of the Original Indenture. 
 The
principal amount of Notes then outstanding shall be payable at Stated Maturity. 
 The Company may, without the consent of the Holders of
the Notes, hereafter issue additional Notes (“Additional Notes”) under the Indenture with the same terms and with the same CUSIP numbers as the Notes issued on the date of this Supplemental Indenture (the “Initial
Notes”) in an unlimited aggregate principal amount; provided that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number. Any such
Additional Notes shall constitute a single series together with the Initial Notes for all purposes hereunder, including, without limitation, waivers, amendments and offers to purchase. 

  
 13 

 The Form of Note shall be substantially as set forth in Exhibit A hereto, which is incorporated
into and shall be deemed a part of this Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company executing such Notes, as evidenced
by their execution of the Notes. 
 The Company shall pay principal of and interest on any Global Note in immediately available funds to the
Depositary or its nominee, as the case may be, as the registered Holder of such Global Note. The Company shall pay principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose.
The Company has initially designated the Trustee as its Paying Agent and Registrar in respect of the Notes and its agency in New York, New York as a place where Notes may be presented for payment or for registration of transfer. The Company may,
however, change the Paying Agent or Registrar for the Notes without prior notice to the Holders thereof, and the Company may act as Paying Agent or Registrar. 

SECTION 2.02. Book-Entry Provisions for Global Notes. The Notes initially shall be issued in the form of one or more Global Notes
(i) registered in the name of Cede & Co., as nominee of the Depositary, and (ii) delivered to the Trustee, as custodian for the Depositary. Members of, or participants in, the Depositary (“Agent Members”) shall
have no rights under this Supplemental Indenture or the Original Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Note 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 Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the
rights of any Holder. 
 SECTION 2.03. CUSIP Numbers. In issuing the Notes, the Company may use “CUSIP” numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders of the Notes; provided that any such notice may state that no representation is made as to the
correctness of such numbers as printed on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The
Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 

  
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 ARTICLE 3 

REDEMPTION 
 SECTION 3.01.
Optional Redemption. The Company may redeem the Notes in accordance with the provisions set forth herein and in Article 3 of the Original Indenture, in whole or in part, at any time 

(a) prior to February 15, 2044 at a redemption price equal to the greater of: 

(i) 100% of the principal amount of the Notes plus accrued and unpaid interest thereon to the date fixed for redemption, or 

(ii) the sum of the remaining scheduled payments of principal of and interest on the Notes being redeemed (not including any portion of the
payments of interest accrued as of the date fixed for redemption), discounted to its present value as of the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate,
as determined by the Quotation Agent, plus 30 basis points, plus accrued and unpaid interest on the principal amount being redeemed to the date fixed for redemption, or 

(b) on or after February 15, 2044, at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid
interest thereon to the date fixed for redemption. 
 SECTION 3.02. Special Mandatory Redemption. 

(a) The Company shall redeem the Notes, in whole but not in part, at a special mandatory redemption price (the “Special Mandatory
Redemption Price”) equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest on the principal amount thereof to, but not including, the Special Mandatory Redemption Date, if the Hillshire Brands
Acquisition has not occurred on or prior to April 1, 2015, or if, prior to such date, the Merger Agreement is terminated (each, a “Special Mandatory Redemption Event”), in accordance with the provisions set forth herein and in
Article 3 of the Original Indenture. 
 (b) Upon the occurrence of a Special Mandatory Redemption Event, the Company shall promptly (but in
no event later than 5 Business Days following such Special Mandatory Redemption Event) notify the Trustee in writing of such event, and the Trustee shall, no later than 5 Business Days following receipt of such notice from the Company, notify the
Holders (such date of notification to the Holders, the “Redemption Notice Date”) that the Notes will be redeemed on the 30th day following the Redemption Notice Date (such date, the “Special Mandatory Redemption
Date”), in each case in accordance with the applicable provisions set forth herein and in Article 3 of the Original Indenture. The Trustee, upon receipt of the notice specified above, on the Redemption Notice Date shall, on behalf of the
Company, notify each Holder in accordance with the applicable provisions of the Indenture that all of the outstanding Notes shall be redeemed at the Special Mandatory Redemption Price on the Special Mandatory Redemption Date automatically and
without any further action by the Holders of any the Notes. At or prior to 12:00 p.m., New York City time, on the Business Day immediately preceding the Special Mandatory Redemption Date, the Company shall deposit with the Trustee funds sufficient
to pay the Special Mandatory 

  
 15 

 
Redemption Price for the Notes. If such deposit is made as provided above, the Notes will cease to bear interest on and after the Special Mandatory Redemption Date, unless the Company defaults in
the payment of the Special Mandatory Redemption Price. 
 SECTION 3.03. Selection and Notice of Redemption. If the Company redeems
less than all the Notes at any time, the Trustee will select the Notes to be redeemed as follows: 
 (a) if the Notes are listed on any
national securities exchange, in compliance with the requirements of such national securities exchange; or 
 (b) if the Notes are not so
listed, on a pro rata basis, by lot or by such method as the Trustee will deem fair and appropriate, 
 in each case, for the avoidance of doubt, in
accordance with applicable Depositary procedures. 
 The Company shall redeem Notes of $2,000 or less in whole and not in part. The Company shall cause
notices of redemption to be mailed by first-class mail (or otherwise in accordance with applicable Depositary procedures) at least 30 but not more than 60 days before the date fixed for redemption to each Holder of Notes to be redeemed at its
registered address. 
 SECTION 3.04. Mandatory Redemption or Purchase. The Company shall not be obligated to redeem or purchase the
Notes pursuant to any sinking fund or analogous provision, or at the option of any Holder thereof, except as provided in Section 3.02 or Section 4.01 hereof. 

ARTICLE 4 
 ADDITIONAL
COVENANTS 
 SECTION 4.01. Offer to Purchase Upon Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder shall have the right to require the Company to repurchase such
Holder’s Notes 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 due on the relevant Interest Payment Date). 
 (b) Within 30 days following the date upon which any Change of
Control Triggering Event shall have occurred, the Company shall mail a notice by first-class mail (or otherwise in accordance with applicable Depositary procedures) to each Holder with a copy to the Trustee (the “Change of Control
Offer”) or, at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, stating: 

(i) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s Notes 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); 

  
 16 

 (ii) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the
date such notice is mailed); and 
 (iii) the instructions, as determined by the Company, consistent with the covenant described hereunder,
that a Holder must follow in order to have its Notes purchased. 
 (c) The Company shall not be required to make a Change of Control Offer
following a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements herein applicable to a Change of Control Offer made by the Company and the third party
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (d) 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 has been entered into with respect to such Change of Control at the time of making of the Change of Control Offer. 

(e) 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 Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions contained in
this Article 4, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions contained in this Article 4 by virtue of its
compliance with such securities laws or regulations. 
 SECTION 4.02. Restrictions on Consolidations, Mergers and Sales of Assets.

 (a) The Company will not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of
transactions, directly or indirectly, all or substantially all its assets to, any Person, unless: 
 (i) the resulting, surviving or
transferee Person (the “Successor Company”) shall be a Person 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) shall
expressly assume, 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 Notes and the Indenture; 

(ii) immediately after giving pro forma effect to such transaction, no Default shall have occurred and be continuing; and 

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

  
 17 

 For purposes of this Section 4.02, 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 will be the successor to the Company and shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under the Indenture, and the predecessor Company, except in the case of a lease, shall be released from the obligation to pay the principal of and interest on the Notes. 

(b) The Company will not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease, in one
transaction or a series of transactions, all or substantially all of its assets to any Person (other than any Excluded Transfer) unless: 

(i) except in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another Person (other than to the
Company or an Affiliate of the Company), whether through a merger, consolidation or sale of Capital Stock or sale of all or substantially all assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to
be a Subsidiary of the Company, the resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the
United States of America, any State thereof or the District of Columbia, and such Person (unless such Person is a Subsidiary Guarantor) shall expressly assume, by a Guarantee Agreement, in a form satisfactory to the Trustee, all the obligations of
such Subsidiary, if any, under its Subsidiary Guarantee; 
 (ii) immediately after giving effect to such transaction or transactions on a
pro forma basis, no Default shall have occurred and be continuing; and 
 (iii) the Company delivers to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such Guarantee Agreement, if any, complies with the Indenture. 

SECTION 4.03. SEC Reports. Notwithstanding Section 4.6(d) of the Original Indenture, the Company shall deliver to the Trustee
within 15 days after the same is required to be filed with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports, if any, that the Company is required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), and the Company shall otherwise comply with the requirements of Trust Indenture Act Section 314(a). Any quarterly or annual report
or other information, document or other report that the Company files with the SEC pursuant to Section 13 or 15(d) of the Exchange Act on the SEC’s EDGAR system (or any successor thereto) or any other publicly available database maintained
by the SEC shall be deemed to constitute delivery of such filing to the Trustee. 

  
 18 

 Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s or any Subsidiary Guarantor’s compliance
with any of their covenants under the Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 4.04. Compliance Certificates. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of
the Company an Officers’ 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. 

ARTICLE 5 
 REMEDIES

 SECTION 5.01. Events of Default. In addition to the Events of Default specified in Sections 6.1(a) and 6.1(b) of the Original
Indenture, with respect to the Notes each of the following events shall be an “Event of Default” wherever used herein: 

(a) the Company or any Subsidiary Guarantor fails to comply with Section 4.02 hereof; 

(b) the Company fails to comply with Section 4.3 and 4.4 of the Original Indenture, Section 4.01 hereof (other than a failure to
purchase Notes when required) and such failure continues for 30 days after the notice specified below; 
 (c) the Company fails to comply
with Section 4.03 hereof or any of its other agreements contained in the Indenture (other than those referred to in clause (a) or (b) above) and such failure continues for 60 days after the notice specified below; 

(d) an involuntary case or other proceeding shall be commenced against the Company, a Subsidiary Guarantor or a Significant Subsidiary of the
Company with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of
its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against the Company, a Subsidiary Guarantor or a Significant Subsidiary of the Company
under the federal bankruptcy laws as now or hereafter in effect; 
 (e) the Company, a Subsidiary Guarantor or a Significant Subsidiary of
the Company (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company, a Subsidiary Guarantor or a Significant Subsidiary of the Company or for all or substantially all of
the property and assets of the Company, a Subsidiary Guarantor or a Significant Subsidiary of the Company or (C) effects any general assignment for the benefit of creditors; and 

  
 19 

 (f) a Subsidiary Guarantee of a Significant Subsidiary (or the Subsidiary Guarantees of any group
of Subsidiaries that, taken together, would constitute a Significant Subsidiary) ceases to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee) or any Subsidiary Guarantor denies or disaffirms its
obligations under its Subsidiary Guarantee other than by reason of the termination of the Indenture or the release of any such Subsidiary Guarantee in accordance with the Indenture. 

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. 

A Default under clauses (b) or (c) will not constitute an Event of Default until the Trustee or the Holders of at least 25% in
principal amount of the outstanding Notes 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 state
that such notice is a “Notice of Default”. 
 The Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officers’ Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default under clauses (b), (c) or (d), its status and what action the Company is
taking or proposes to take with respect thereto. 
 The Trustee shall not be charged with knowledge of any Default or Event of Default or
knowledge of any cure of any Default or Event of Default unless an authorized officer of the Trustee with direct responsibility for the administration of the Indenture has received written notice of such Default or Event of Default. 

SECTION 5.02. Acceleration. If an Event of Default (other than an Event of Default specified in Section 5.01(d) or
Section 5.01(e) hereof 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 Notes by notice to the Company and the Trustee, may declare the
principal of and accrued but unpaid interest on all the Notes 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 5.01(d) or
Section 5.01(e) hereof with respect to the Company occurs, the principal of and interest on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder. The Holders of a majority in principal amount of the Notes by notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree, if all amounts owed to the Trustee in
connection with such Event of Default have been paid 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 5.03. Remaining Provisions. Other than as provided in
Section 5.01 and Section 5.02 hereof, the provisions of Article 6 of the Original Indenture shall govern with respect to Defaults and related remedies. 

  
 20 

 ARTICLE 6 

SATISFACTION AND DISCHARGE 

SECTION 6.01. Satisfaction and Discharge. Other than as provided in Section 6.02 and Section 6.03 hereof, the provisions of
Article 8 of the Original Indenture shall govern satisfaction and discharge of the Indenture. 
 SECTION 6.02. Legal Defeasance.
Notwithstanding Section 8.2(D)(1) of the Original Indenture, the requirement under such Section shall be that 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 Supplemental Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such 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 defeasance had not occurred. 
 SECTION 6.03. Covenant Defeasance. In addition to the
certain covenants specified in Section 8.3 of the Original Indenture (being Sections 4.3 and 4.4 of the Original Indenture), the Company may also omit to comply with any term, provision or condition set forth in Section 4.01 and
Section 4.03 hereof and the operation of clauses (d) and (e) of Section 5.01 hereof with respect only to Significant Subsidiaries and Subsidiary Guarantors, and in each case such omission shall not be deemed to be an Event of
Default under clauses (b), (c), (d) or (e) of Section 5.01 hereof with respect to the Notes if the conditions of Section 8.3 of the Original Indenture are complied with. 

SECTION 6.04. Release of Subsidiary Guarantees. If the Company exercises its legal defeasance option or its covenant defeasance option
pursuant to this Article 6 and Article 8 of the Original Indenture, each Subsidiary Guarantor, if any, shall be released from all its obligations with respect to its Subsidiary Guarantee. 

SECTION 6.05. Reinstatement. Section 8.6 of the Original Indenture shall apply to the Subsidiary Guarantors’ obligations
under the Indenture and the Subsidiary Guarantees, in addition to the Company’s obligations under the Indenture and the Notes. 

ARTICLE 7 
 SUPPLEMENTAL
INDENTURES 
 SECTION 7.01. Amendments or Supplements Without Consent of Holders. In addition to any permitted amendment or
supplement to the Indenture pursuant to Section 9.1 of the Original Indenture, the Company, the Subsidiary Guarantors and the Trustee may amend or supplement the Indenture or the Notes without notice to or the consent of any Holder of the
Notes: 
 (a) to comply with Section 4.02 hereof; 

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

  
 21 

 (c) to add Guarantees with respect to the Notes, including any Subsidiary Guarantees, or to
secure the Notes; 
 (d) to add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders or surrender any
right or power conferred upon the Company or any Subsidiary Guarantor; 
 (e) to provide for the issuance of Additional Notes in accordance
with the limitations set forth in the Indenture as of the Issue Date; 
 (f) to conform the text of the Indenture, the Notes or any
Subsidiary Guarantee to the section entitled “Description of the Notes” as set forth in the Prospectus Supplement, to the extent that such provision of the of the Indenture, the Notes or such Subsidiary Guarantee was intended to be a
verbatim recitation of such provision of the “Description of the Notes”; or 
 (g) to make any amendment to the provisions of the
Indenture relating to the transfer and legending of the Notes; provided, however, that (a) compliance with the Indenture as so amended would not result in the Notes 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 the Notes. 

SECTION 7.02. Amendments, Supplements or Waivers With Consent of Holders. Subject to Section 6.4, Section 6.7 and
Section 9.2 of the Original Indenture and to the second sentence of this Section 7.02, but notwithstanding any of the provisions of Section 9.2 of the Original Indenture to the contrary, the Company, the Subsidiary Guarantors and the
Trustee may only amend the Indenture, with respect to the Notes, and the Notes with the written consent of the Holders of a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, the Notes), and only the Holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive future compliance by the Company with any
provision of the Indenture, with respect to the Notes, or the Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). Notwithstanding the foregoing provision and in
addition to the provisions of the second paragraph of Section 9.2 of the Original Indenture, without the consent of each Holder of an outstanding Note affected thereby, an amendment or waiver, including a waiver in relation to a past Event of
Default, may not: 
 (a) change the provisions applicable to the redemption of any Note contained in Article 3 hereto or in the Notes; or

 (b) make any change in, or release other than in accordance with the Indenture, any Subsidiary Guarantee that would adversely affect the
Holders. 

  
 22 

 SECTION 7.03. 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 the Indenture or
the Notes 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. 

ARTICLE 8 
 SUBSIDIARY
GUARANTEES 
 SECTION 8.01. Guarantees. Each Subsidiary Guarantor hereby unconditionally and irrevocably guarantees,
jointly and severally, to each Holder and to the Trustee and its successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and
all other monetary obligations of the Company under the Indenture and the Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company under the Indenture and the Notes (all the
foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further
assent from such Subsidiary Guarantor and that such Subsidiary Guarantor will remain bound under this Article 8 notwithstanding any extension or renewal of any Guaranteed Obligation. 

Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and
also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (1) the failure
of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person (including any Subsidiary Guarantor) under the Indenture, the Notes or any other agreement or otherwise;
(2) any extension or renewal of any thereof; (3) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes or any other agreement; (4) the release of any security held by any
Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (6) except as set forth in
Section 8.06 hereof, any change in the ownership of such Subsidiary Guarantor. 
 Each Subsidiary Guarantor further agrees that its
Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for
payment of the Guaranteed Obligations. 
 Except as expressly set forth in Section 6.04, Section 8.02 and Section 8.06
hereof, the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or 

  
 23 

 
unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or
impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under the Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Subsidiary
Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Each Subsidiary Guarantor
further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be
restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 
 In furtherance of the foregoing
and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when
and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand
by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations
(but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of the Company to the Holders and the Trustee. 

Each Subsidiary Guarantor agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the
maturity of the Guaranteed Obligations may be accelerated as provided in Article 5 hereof for the purposes of such Subsidiary Guarantor’s Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 5 hereof, such Guaranteed Obligations (whether or not due and payable) shall
forthwith become due and payable by such Subsidiary Guarantor for the purposes of this Section. 
 Each Subsidiary Guarantor also agrees to
pay any and all costs and expenses (including reasonable attorneys’ fees) Incurred by the Trustee or any Holder in enforcing any rights under this Section. 

SECTION 8.02. Limitation on Liability. Any term or provision of the Indenture to the contrary notwithstanding, the maximum aggregate
amount of the Guaranteed Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that can be hereby Guaranteed without rendering the Indenture, as it relates to such Subsidiary Guarantor, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

  
 24 

 SECTION 8.03. Successors and Assigns. This Article 8 shall be binding upon each Subsidiary
Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges
conferred upon that party in the Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of the Indenture. 

SECTION 8.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power
or privilege under this Article 8 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 8 at law, in equity, by statute or otherwise. 

SECTION 8.05. Modification. No modification, amendment or waiver of any provision of this Article 8, nor the consent to any departure
by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 8.06. Release of Subsidiary Guarantor. A Subsidiary Guarantor will be released from its obligations under this Article 8 (other
than any obligation that may have arisen under Section 8.07 hereof): 
 (a) upon the sale or other disposition (including by way of
consolidation or merger) of such Subsidiary Guarantor, including the sale or disposition of Capital Stock of such Subsidiary Guarantor following which such Subsidiary Guarantor is no longer a Subsidiary of the Company, 

(b) upon the sale or disposition of all or substantially all the assets of such Subsidiary Guarantor, 

(c) upon the release or discharge of all Guarantees and Indebtedness, as applicable, of such Subsidiary Guarantor outstanding as of the Issue
Date (i) under the Credit Agreement and (ii) in relation to any Indebtedness of the Company, 
 (d) upon defeasance of the Notes
pursuant to Article 6 hereof and Article 8 of the Original Indenture, or 
 (e) upon the full satisfaction of the Company’s obligations
under the Indenture; 
 provided, however, that in the case of clauses (a) and (b) above, (i) such sale or other disposition is
made to a Person other than the Company or an Affiliate of the Company and (ii) such sale or disposition is otherwise permitted by the Indenture. 

  
 25 

 At the request of the Company, and upon the Trustee’s receipt of an Officers’
Certificate and Opinion of Counsel meeting the requirements of Section 10.3 of the Original Indenture and stating that such release is authorized or permitted by the Indenture, the Trustee shall execute and deliver an appropriate instrument
evidencing such release. 
 SECTION 8.07. Contribution. Each Subsidiary Guarantor that makes a payment under its Subsidiary Guarantee
shall be entitled upon payment in full of all Guaranteed Obligations under the Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on
the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 
 ARTICLE 9

 MISCELLANEOUS 

SECTION 9.01. Governing Law and Jury Trial Waiver. THIS SUPPLEMENTAL INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The parties hereto hereby waive their
respective rights to trial by jury in any action or proceeding arising out of or related to the Indenture, the Notes or the transactions contemplated hereby or thereby, to the extent permitted by law. 

SECTION 9.02. Payments on Business Days. If any Interest Payment Date or the Stated Maturity of the Notes or any earlier required
repurchase date would fall on a day that is not a Business Day, the required payment shall be made on the next succeeding Business Day and no interest on such payment shall accrue in respect of the delay. 

SECTION 9.03. No Security Interest Created. Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall be
construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

SECTION 9.04. Trust Indenture Act. This Supplemental Indenture is hereby made subject to, and shall be governed by, the provisions of
the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof or the Original Indenture that is required to be
included in an indenture qualified under the Trust Indenture Act, such required provision shall control. 
 SECTION 9.05. Notices.
The addresses for notice in Section 10.2 of the Original Indenture shall be deemed to be as follows: 
 if to the Company or any
Subsidiary Guarantor: 
 Tyson Foods, Inc. 

2200 Don Tyson Parkway 

Springdale, Arkansas 72762-6999 

Attention: Chief Financial Officer 

  
 26 

 with a copy to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Richard D. Truesdell, Jr. 

if to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 601 Travis Street, 16th Floor 

Houston, Texas 77002 
 Attention:
Corporate Trust Services, re: Tyson Foods, Inc. 
 The Company, any Subsidiary Guarantor or the Trustee by notice to the others may
designate additional or different addresses for subsequent notices or communications. 
 The Trustee agrees to accept and act upon
instructions or directions pursuant to this Supplemental Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that the Trustee shall have received an
incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added
or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

SECTION 9.06. Benefits of Indenture. Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall give to any
Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Registrar and their successors hereunder or the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Supplemental
Indenture. 
 SECTION 9.07. Successors. All agreements of the Company or any Subsidiary Guarantor in the Indenture and the Notes
shall bind its successors. All agreements of the Trustee in the Indenture shall bind its successors. 
 SECTION 9.08. Table of Contents,
Headings, Etc. The table of contents and the titles and headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify
or restrict any of the terms or provisions hereof. 

  
 27 

 SECTION 9.09. Execution in Counterparts. This Supplemental Indenture may be executed in
any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

SECTION 9.10. Severability. In the event any provision of this Supplemental Indenture or in the Notes shall be invalid, illegal or
unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

SECTION 9.11. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company. In acting as Trustee under this Supplemental Indenture and with respect to the Notes, the Trustee shall be
entitled to, in addition to all rights, benefits, protections, indemnities and immunities granted to it under the Original Indenture, the benefit of the following provisions: 

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

(b) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(c) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services (it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
avoid and mitigate the effects of such occurrences and to resume performance as soon as practicable under the circumstances). 
 (d) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each
agent, custodian and other Person employed to act hereunder. 
 [Remainder of the page intentionally left blank] 

  
 28 

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

			
	TYSON FOODS, INC.
		
	By:	 	 /s/ Susan White

	Name:	 	Susan White
	Title:	 	Vice President and Treasurer
	
	TYSON FRESH MEATS, INC.
		
	By:	 	 /s/ R. Read Hudson

	Name:	 	R. Read Hudson
	Title:	 	 Vice President, Associate
 General Counsel
and Secretary

 [Trustee Signature Follows] 

  
 29 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Jonathan Glover

	Name:	 	Jonathan Glover
	Title:	 	Vice President

  
 30 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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. 

  
 A-1 

 TYSON FOODS, INC. 

5.150% Senior Note due 2044 
  

			
	 No. [     ]
	  	Initially $[        ]

 CUSIP No. 902494 AY9 

Tyson Foods, Inc., a Delaware corporation (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay CEDE & CO., or registered assigns, [                    ] Dollars
($[        ]) (or such lesser principal amount as shall be specified in the “Schedule of Exchanges of Securities” attached hereto) on August 15, 2044, and to pay interest thereon as set
forth in the manner, at the rates and to the Persons set forth in the Indenture. 
 This Note shall bear interest at a rate of 5.150% per annum
from August 8, 2014 or from the most recent date to which interest had been paid or provided to, but excluding, the next scheduled Interest Payment Date, until the principal hereof shall be repaid. Interest on this Note will be computed on the
basis of a 360-day year composed of twelve 30-day months. Interest is payable semi-annually in arrears on each February 15 and August 15, commencing on February 15, 2015, to the Person in whose name this Note (or one or more
predecessor securities) is registered at the close of business on the Record Date for such interest. 
 The Company shall pay principal of and interest on
this Note, so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. The Company shall pay principal of any Notes (other than Notes that are
Global Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Registrar in respect of the Notes and its agency in New York, New York as a place where Notes
may be presented for payment or for registration of transfer. The Company may, however, change the Paying Agent or Registrar for the Notes without prior notice to the Holders thereof, and the Company may act as Paying Agent or Registrar. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. 
 In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control.

 THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, TYSON FOODS, INC. has caused this instrument to be signed manually or by facsimile by its
duly authorized officers. 
 Dated: August 8, 2014 
  

			
	TYSON FOODS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ATTEST:
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: August 8, 2014 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-4 

 [FORM OF REVERSE OF NOTE] 

TYSON FOODS, INC. 
 5.150% Senior
Note due 2044 
 This Note is one of a duly authorized issue of Securities of the Company (herein called the “Notes”), issued under
an Indenture dated as of June 1, 1995 (herein called the “Original Indenture”) by and between the Company and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A. (formerly The Chase
Manhattan Bank, N.A.)), herein called the “Trustee”, as supplemented by the Supplemental Indenture dated as of August 8, 2014 (herein called the “Supplemental Indenture” and the Original Indenture, as
supplemented by the Supplemental Indenture, the “Indenture”) by and between the Company, the Subsidiary Guarantors party thereto and the Trustee, and reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. Additional Notes may be issued in an
unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. 
 The payment by the Company of the principal of,
and premium and interest on, the Notes is fully and unconditionally guaranteed on a joint and several senior basis by each of the Subsidiary Guarantors to the extent set forth in the Indenture. 

The Company may redeem the Notes in whole or in part, at any time (a) prior to February 15, 2044 (six months prior to Stated Maturity) at a
redemption price equal to the greater of (i) 100% of the principal amount of the Notes plus accrued and unpaid interest thereon to the date fixed for redemption, or (ii) the sum of the remaining scheduled payments of principal of and
interest on the Notes being redeemed (not including any portion of the payments of interest accrued as of the date fixed for redemption), discounted to its present value as of the date fixed for redemption on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined in the Supplemental Indenture), as determined by the Quotation Agent (as defined in the Supplemental Indenture), plus 30 basis points, plus accrued and unpaid
interest on the principal amount being redeemed to the date fixed for redemption, or (b) on or after February 15, 2044 (six months prior to Stated Maturity), at a redemption price equal to 100% of the principal amount of the Notes, plus
accrued and unpaid interest thereon to the date fixed for redemption. 
 The Company shall redeem the Notes, in whole but not in part, at a special
mandatory redemption price (the “Special Mandatory Redemption Price”) equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest on the principal amount thereof to, but not including, the Special
Mandatory Redemption Date (as defined below), if the Hillshire Brands Acquisition has not occurred on or prior to April 1, 2015, or if, prior to such date, the Merger Agreement is terminated (each, a “Special Mandatory Redemption
Event”), in accordance with the provisions set forth in the Supplemental Indenture. 

  
 A-5 

 If a Change of Control Triggering Event (as defined in the Supplemental Indenture) occurs, unless the Company has
exercised its right to redeem the Securities, Holders of the Securities will have the right to require the Company to repurchase all or a portion of their Securities pursuant to the offer described in the Supplemental Indenture at a purchase price
equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the rights of Holders of Securities on the relevant Interest Record Date to receive interest due on the relevant Interest
Payment Date. 
 Subject to certain conditions, the Company at any time shall be entitled to terminate certain of its obligations under the Notes 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 Notes to redemption or maturity, as the case may be. 

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 Notes 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 Notes. Subject
to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Subsidiary Guarantors and the Trustee shall be entitled to amend the Indenture or the Notes to: cure any ambiguity, omission, defect or
inconsistency; comply with Section 4.02 of the Supplemental Indenture; provide for uncertificated Notes in addition to or in place of certificated Notes; add guarantees with respect to the Notes, including Subsidiary Guarantees, or secure the
Notes; add additional covenants or surrender rights and powers conferred on the Company or the Subsidiary Guarantors; comply with any requirement of the SEC in connection with qualifying the Indenture under the Act; make any change that does not
adversely affect the rights of any Holder; provide for the issuance of Additional Notes; evidence and provide for the acceptance and appointment under the Indenture of a successor Trustee; conform the text of the Indenture, the Notes or any
Subsidiary Guarantee to any provision under the heading “Description of the Notes” in the Prospectus Supplement; or make amendments to provisions of the Indenture relating to the transfer and legending of the Notes. 

Under the Indenture, Events of Default include (a) default for 30 days in payment of interest on the Notes; (b) default in payment of principal on
the Notes at maturity, upon optional redemption of the Notes, upon acceleration or otherwise, or failure by the Company to redeem or purchase Notes when required; (c) failure by the Company or any Subsidiary Guarantor to comply with other
agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (d) certain events of bankruptcy or insolvency with respect to the Company, the Subsidiary Guarantors and the Significant Subsidiaries; and
(e) certain defaults with respect to Subsidiary Guarantees. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it
receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold

  
 A-6 

 
from Holders notice of any continuing Default (except a Default in payment of principal, premium, if any, or interest) if it determines in good faith that withholding notice is not opposed to the
interests of the Holders. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the time, place and rate, and in the coin and currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like
tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

All defined terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-7 

 ABBREVIATIONS 

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

					
	TEN-COM—as tenants in common	 	UNIF GIFT MIN ACT	 	Custodian
			
		 	(Cust)	 	
			
	TEN ENT—as tenants by the entireties	 		 	
			
		 	(Minor)	 	
			
	JT TEN—as joint tenants with right of survivorship and not as tenants in common	 	Uniform Gifts to Minors act	 	(State)
			
		 	Additional abbreviations may also be used though not in the above list	 	

  
 A-8 

 SCHEDULE A 

SCHEDULES OF EXCHANGES OF SECURITIES 

TYSON FOODS, INC. 
 5.150% Senior
Notes due 2044 
 The initial principal amount of this Registered Global Security is
                     ($        ). The following, exchanges, purchases or conversions of a part of this
Registered Global Security have been made: 
  

									
	 Date of Exchange
	 	Amount of
decrease in
principal amount
of this Registered
Global Security	 	Amount of increase
in principal
amount of this
Registered Global
Security	 	Principal amount
of this Registered
Global Security
following such
decrease or
increase	 	Signature of
authorized
signatory of
Trustee or
CustodianExhibit 10.1 - JefferiesCallOptionConfirmation

Exhibit 10.1

Jefferies International Limited
Vintners Place
68 Upper Thames Street
London EC4V 3BJ
England

June 17, 2014
		
	To: 
	EZCORP, Inc. 
1901 Capital Parkway 
Austin, Texas 78746 
Attention:     Chief Financial Officer 
Telephone No.:    (512) 314-3400 
Facsimile No.:    (512) 588-0855

Re:     Call Option Transaction
Ref No.: OTC-US-30075
The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction entered into between Jefferies International Limited (“Dealer”) and EZCORP, Inc. (“Counterparty”) as of the Trade Date specified below (the “Transaction”).  This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.  This Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction.
The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.  In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern.  Certain defined terms used herein are based on terms that are defined in the Offering Memorandum dated June 17, 2014 (the “Offering Memorandum”) relating to the 2.125% Cash Convertible Senior Notes due 2019 (as originally issued by Counterparty, the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty in an aggregate initial principal amount of USD 200,000,000 (as increased by up to an aggregate principal amount of USD 30,000,000 if and to the extent that the Initial Purchasers (as defined herein) exercise their option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture to be dated June 23, 2014 between Counterparty and Wells Fargo Bank, National Association, as trustee (the “Indenture”).  In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern.  The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein, in each case, will conform to the descriptions thereof in the Offering Memorandum.  If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation.  The parties further acknowledge that the Indenture section numbers used herein are based on the draft of the Indenture last reviewed by Dealer as of the date of this Confirmation, and if any such section numbers are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties.  Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture is amended or supplemented following such date, any such amendment or supplement (other than any amendment or supplement (i) pursuant to Section 10.01(g) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description of the Convertible Notes in the Offering Memorandum or (ii) subject to “Consequences of Merger Events/Tender Offers,” pursuant to Section 10.01(h) or 10.01(b) of the Indenture) will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.
Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below.

1.This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates.  This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form (but without any Schedule except for (x) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine) on the Trade Date, (y) the designation of Dealer’s ultimate parent as a Credit Support Provider and the guarantee in the form of Annex A hereto as a Credit Support Document and (z) the election that the provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer with a “Threshold Amount” of 3% of Dealer’s stockholders’ equity on the Trade Date, provided that the following language shall be added to the end of such Section 5(a)(vi): “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the party to make the payment when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”  In the event of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates.  The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.
2.    This Transaction shall be considered a “Share Option Transaction” for purposes of the Equity Definitions.  The terms of the particular Transaction to which this Confirmation relates are as follows:
General Terms.
		
	Trade Date:
	June 17, 2014

		
	Option Style:
	“Modified American”, as described under “Procedures for Modified American Exercise” below

		
	Option Type:
	Call

		
	Buyer:
	Counterparty

		
	Seller:
	Dealer

		
	Shares:
	The Class A Non-voting Common Stock of Counterparty, par value USD 0.01 per share (Exchange symbol “EZPW”)

		
	Number of Options:
	200,000.  For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no event will the Number of Options be less than zero.

		
	Applicable Percentage:
	22.5%

		
	Option Entitlement:
	Initially, a number equal to the product of the Applicable Percentage and 62.2471.

		
	Strike Price:
	Initially, USD 16.065

For the avoidance of doubt, the Option Entitlement and Strike Price shall be subject to adjustment, from time to time, upon the occurrence of any Potential Adjustment Event as set forth under “Method of Adjustment” below. 
		
	Premium: 
	USD 9,088,835.10

		
	Premium Payment Date: 
	June 23, 2014

		
	Exchange: 
	The NASDAQ Global Select Market

2
    

		
	Related Exchange(s): 
	All Exchanges

		
	Excluded Provisions:
	Section 4.03 and Section 4.04(g) of the Indenture.

Procedures for Modified American Exercise.
		
	Conversion Date:
	With respect to any conversion of a Convertible Note, the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion thereof as set forth in Section 4.02 of the Indenture; provided that if Counterparty has not delivered to Dealer a related Notice of Exercise, then in no event shall a Conversion Date be deemed to occur hereunder (and no Option shall be exercised or deemed to be exercised hereunder) with respect to any surrender of a Convertible Note for conversion in respect of which Counterparty has elected to designate a financial institution for exchange in lieu of conversion of such Convertible Note pursuant to Section 4.10 of the Indenture.  Options may only be exercised hereunder on a Conversion Date in respect of the Convertible Notes and only in an amount equal to the number of $1,000 principal amount of Convertible Notes converted on such Conversion Date.

		
	Free Convertibility Date:
	December 15, 2018

		
	Expiration Time: 
	The Valuation Time

		
	Expiration Date: 
	June 15, 2019, subject to earlier exercise.

		
	Multiple Exercise:
	Applicable, as described under “Automatic Exercise” below.

		
	Automatic Exercise: 
	Notwithstanding Section 3.4 of the Equity Definitions, a number of Options equal to the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred shall be deemed to be automatically exercised; provided that such Options shall be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below.

Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
		
	Notice of Exercise:
	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options on any Conversion Date, Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the Settlement Averaging Period for the Options being exercised of (i) the number of such Options (and the number of $1,000 principal amount of Notes being converted on such Conversion Date) and (ii) the scheduled first day of the Settlement Averaging Period and the scheduled Settlement Date; provided that in respect of any Options relating to 

3
    

Convertible Notes with a Conversion Date occurring on or after the Free Convertibility Date, such notice may be given at any time before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the Expiration Date and need only specify the number of such Options (and the number of $1,000 principal amount of Notes being converted on such Conversion Date).
Notwithstanding the foregoing, such notice (and the related exercise of Options) shall be effective if given after the relevant deadline for such notice, but prior to 5:00 p.m. (New York City time) on the fifth Exchange Business Day following the date of such deadline, in which case the Calculation Agent shall have the right to adjust the Option Cash Settlement Amount as appropriate to reflect the additional costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities (including the unwinding of any hedge position) as a result of Dealer not having received such notice on or prior to the relevant deadline.
		
	Valuation Time:
	The close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Valuation Time shall be accordingly extended to the extent reported transactions in the Shares are used to compute Relevant Price.

		
	Market Disruption Event:
	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:

“‘Market Disruption Event’ means (i) a failure by the Relevant Stock Exchange to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Shares on the Relevant Stock Exchange or in any options contracts or futures contracts relating to the Shares.”
		
	Relevant Stock Exchange:
	The Exchange, or if the Shares are not then listed on the Exchange, the principal other U.S. national or regional securities exchange on which the Shares are then listed.

Settlement Terms.  
		
	Settlement Method:
	Cash Settlement.

		
	Cash Settlement:
	In lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date, the Option Cash Settlement Amount in respect of any Option exercised or deemed exercised hereunder.  In no event will the Option Cash Settlement Amount be less than zero.

4
    

		
	Option Cash Settlement Amount:
	In respect of any Option exercised or deemed exercised, an amount in cash equal to (A) the sum of the products, for each Valid Day during the Settlement Averaging Period for such Option, of (x) the Option Entitlement on such Valid Day multiplied by (y) the Relevant Price on such Valid Day less the Strike Price, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Option Cash Settlement Amount for any Option exceed the Applicable Limit for such Option; provided further that if the calculation contained in clause (y) above results in a negative number, such number shall be replaced with the number “zero”.

		
	Applicable Limit:
	For any Option, an amount of cash equal to the Applicable Percentage multiplied by the excess of (i) the amount of cash, if any, delivered to the Holder (as defined in the Indenture) of the related Convertible Note upon conversion of such Convertible Note, over (ii) USD 1,000.

		
	Valid Day:
	A day on which (i) there is no Market Disruption Event  and (ii) trading in the Shares generally occurs on the Relevant Stock Exchange or, if the Shares are not then listed on any U.S. national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading.  If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.

		
	Scheduled Valid Day:
	A day that is scheduled to be a Valid Day on the Relevant Stock Exchange.  If the Shares are not listed or admitted for trading on any U.S. national or regional securities exchange, “Scheduled Valid Day” means a Business Day.

		
	Business Day:
	Any day other than a Saturday, a Sunday or other day on which banking institutions in New York State are authorized or required by law to close.

		
	Relevant Price:
	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “EZPW <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or, if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day determined by the Calculation Agent using a volume-weighted average method, if practicable). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

		
	Settlement Averaging Period:
	For any Option:

5
    

		
	(i)
	if the related Conversion Date occurs prior to the Free Convertibility Date, the 80 consecutive Valid Day period beginning on, and including, the third Valid Day after such Conversion Date; or

		
	(ii)
	if the related Conversion Date occurs on or after the Free Convertibility Date, the 80 consecutive Valid Day period beginning on, and including, the 82nd Scheduled Valid Day immediately preceding the Expiration Date.

		
	Settlement Date:
	For any Option, the date cash is paid under the terms of the Indenture with respect to the conversion of the Convertible Note related to such Option.

		
	Settlement Currency:
	USD

3.    Additional Terms applicable to the Transaction.
Adjustments applicable to the Transaction:
		
	Potential Adjustment Events:
	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price,” “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture).  For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to Holders (as such term is defined in the Indenture) of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which Holders (as such term is defined in the Indenture) of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of Section 4.04(c) of the Indenture or the fourth sentence of Section 4.04(d) of the Indenture).

		
	Method of Adjustment: 
	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided that, notwithstanding the foregoing, if the Calculation Agent disagrees with any adjustment to the Convertible Notes that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 4.05 of the Indenture or any supplemental indenture entered 

6
    

into pursuant to Section 10.01(h) of the Indenture or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction.
		
	Dilution Adjustment Provisions:
	Sections 4.04(a), (b), (c), (d) and (e) and Section 4.05 of the Indenture.

Extraordinary Events applicable to the Transaction:
		
	Merger Events:
	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Specified Transaction” in Section 4.06 of the Indenture.

		
	Tender Offers:
	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 4.04(e) of the Indenture.

Consequence of Merger Events /
		
	Tender Offers:
	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision; provided further that, notwithstanding the foregoing, if the Calculation Agent disagrees with any adjustment to the Convertible Notes that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 10.01(h) of the Indenture), then the Calculation Agent will determine the adjustment to be made to any one or more of the nature of the Shares, Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer will not be a corporation or will not be the Issuer following such Merger Event or Tender Offer, then Dealer, in its sole discretion, may elect for Cancellation and Payment (Calculation Agent Determination) to apply.

7
    

		
	Nationalization, Insolvency or Delisting:
	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.

Additional Disruption Events:
		
	Change in Law:
	Applicable; provided that (i) Section 12.9(a)(ii) of the Equity Definitions is hereby amended by replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute),” and (ii) Section 12.9(a)(ii)(X) of the Equity Definitions is hereby amended by replacing the word “Shares” with the phrase “Hedge Positions”.

		
	Failure to Deliver:
	Not Applicable

		
	Hedging Disruption:
	Applicable; provided that:

		
	(i)
	Section 12.9(a)(v) of the Equity Definitions is hereby amended by (a) inserting the following words at the end of clause (A) thereof:  “in the manner contemplated by the Hedging Party on the Trade Date” and (b) inserting the following two phrases at the end of such Section:

“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and
		
	(ii)
	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,  after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

		
	Increased Cost of Hedging:
	Not Applicable 

8
    

		
	Hedging Party:
	For all applicable Additional Disruption Events, Dealer.

		
	Additional Termination Event:
	 Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.

		
	Determining Party:
	For all applicable Extraordinary Events, Calculation Agent.

Non-Reliance:    Applicable
Agreements and Acknowledgments 
Regarding Hedging Activities:    Applicable
Additional Acknowledgments:    Applicable
		
	4.
	Calculation Agent.     Dealer; provided that following the occurrence and during the continuance of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter equity derivatives to replace Dealer as Calculation Agent.  All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.  In the event the Calculation Agent makes any determination or calculations pursuant to this Confirmation, the Agreement or the Equity Definitions, promptly following receipt of a written request from Counterparty, the Calculation Agent shall provide an explanation in reasonable detail of the basis for such determination or calculation and shall, to the extent permitted by applicable law, discuss and attempt to reconcile any dispute with Counterparty, it being understood that the Calculation Agent shall not be obligated to disclose any proprietary models or confidential information used by it for such determination or calculation.

5.    Account Details.
		
	(a)
	Account for payments to Counterparty:

    	
			
	Bank:
	 
	Wells Fargo Bank, NA

	ABA#:
	 
	121000248

	Acct Name:
	 
	Texas EZPawn, LP

	Acct No.:
	 
	____________

	Contact:
	 
	Karissa Sullivan

	Phone No.:
	 
	512-314-2257

		
	(b)
	Account for payments to Dealer:

9
    

    	
			
	Bank:
	 
	Bank of New York

	ABA#:
	 
	021000018

	A/C:
	 
	Jefferies LLC

	A/C:
	 
	____________

	FFC Equity Derivatives

6.    Offices.
		
	(a)
	The Office of Counterparty for the Transaction is:  Inapplicable, Counterparty is not a Multibranch Party.

		
	(b)
	The Office of Dealer for the Transaction is: Inapplicable, Dealer is not a Multibranch Party.

7.    Notices.    
(a)    Address for notices or communications to Counterparty:	
			
	To:
	 
	EZCORP, Inc.

	 
	 
	1901 Capital Parkway

	 
	 
	Austin, Texas 78746

	Attention:
	 
	Chief Financial Officer

	Telephone:
	 
	(512) 314-3400

	Email:
	 
	mark_kuchenrither@ezcorp.com

(b)    Address for notices or communications to Dealer:	
			
	To:
	 
	Jefferies International Limited

	 
	 
	c/o Jefferies LLC

	 
	 
	520 Madison Avenue

	 
	 
	New York, NY 10022

	Attention:
	 
	Corey Atwood

	Telephone:
	 
	+1 212-284-2358

	Fax:
	 
	+1 646-417-5820

	Email:
	 
	eqderiv_mo@jefferies.com

	 
	 
	 

	With copies to:
	 

	 
	 
	Jefferies International Limited

	 
	 
	520 Madison Avenue

	 
	 
	New York, NY 10022

	Attention:
	 
	Colyer Curtis

	Telephone:
	 
	+1 212-708-2734

	Email:
	 
	ccurtis@jefferies.com

	 
	 
	 

	 
	 
	and

	 
	 
	Jefferies LLC

	 
	 
	520 Madison Avenue

	 
	 
	New York, NY 10022

	Attention:
	 
	Sonia Han, General Council - Sales & Trading

	Telephone:
	 
	+1 212-284-3433

	Fax:
	 
	+1 646-786-5691

	Email:
	 
	shan@jefferies.com

10
    

8.    Representations and Warranties of Counterparty.
Counterparty hereby represents and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that:  
		
	(a)
	Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.

		
	(b)
	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by‐laws (or any equivalent documents) of Counterparty, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument filed as an exhibit to Counterparty’s Annual Report on Form 10-K for the year ended December 31, 2013, as updated by any subsequent filings, to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument.

		
	(c)
	No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws.

		
	(d)
	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required to register as an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended.

		
	(e)
	Counterparty is an “eligible contract participant,” as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended.

		
	(f)
	Counterparty is not, on the date hereof, in possession of any material non-public information with respect to Counterparty or the Shares.

		
	(g)
	No state or local (including any non-U.S. jurisdiction’s) law, rule, regulation or regulatory order applicable to the Shares as a result of the nature of Issuer’s business would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares.

		
	(h)
	Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing and (C) has total assets of at least $50 million.

9.    Other Provisions.
		
	(a)
	Opinions.  Counterparty shall deliver to Dealer, on the Premium Payment Date, an opinion of counsel, dated as of the Trade Date, with respect to the matters set forth in Sections 8(a) (other than to the 

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validity, binding effect and enforceability of the Transaction) through (c) of this Confirmation.  Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.
		
	(b)
	Repurchase Notices.  Counterparty shall, on any day on which Counterparty effects any repurchase of Shares or consummates or otherwise executes or engages in any transaction or event (a “Conversion Rate Adjustment Event”) that would lead to an increase in the Conversion Rate (as such term is defined in the Indenture), promptly give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”) on such day if following such repurchase or Conversion Rate Adjustment Event, as the case may be, the number of outstanding Shares as determined on such day is (i) less than 52.3 million (in the case of the first such notice) or (ii) thereafter more than 1.9 million less than the number of Shares included in the immediately preceding Repurchase Notice.  Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including, without limitation, losses relating to Dealer’s hedging activities with respect to the Transaction as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing.  If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding.  Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment.  Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person.  If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, 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.  The remedies provided for in this paragraph (b) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.  The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

		
	(c)
	Regulation M.  Counterparty is not on the Trade Date engaged in a distribution, as such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M.  Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective Date, engage in any such distribution.

		
	(d)
	No Manipulation.  Assuming Dealer is not, on the date hereof, in possession of any material non-public information with respect to Counterparty or the Shares and will establish a commercially 

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reasonable Hedge Position, Counterparty is not entering into the Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act.
		
	(e)
	Transfer or Assignment.  

		
	(i)
	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to the following conditions:

		
	(A)
	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 9(b) or any obligations under Section 9(l) or 9(q) of this Confirmation;

		
	(B)
	Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as defined in the Internal Revenue Code of 1986, as amended (the “Code”));

		
	(C)
	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as are requested and reasonably satisfactory to Dealer;

		
	(D)
	Dealer will not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment;

		
	(E)
	An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment;

		
	(F)
	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

		
	(G)
	Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.

		
	(ii)
	Dealer may, (A), without Counterparty’s consent, transfer or assign all or any part of its rights or obligations under the Transaction to any affiliate of Dealer whose obligations hereunder will be guaranteed, pursuant to the terms of the Credit Support Document, provided that (I) no Potential Event of Default, Event of Default or Additional Termination Event in respect of Dealer or the guarantor shall result from such transfer or assignment, (II) Counterparty will not be required, as a result of such transfer or assignment, to pay the transferee or assignee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than the amount, if any, that Counterparty would have been required to pay Dealer in the absence of such transfer or assignment, and (III) the transferee or assignee shall provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8 (as applicable) prior to becoming a party to the Transaction, or (B) with Counterparty’s consent, not to be unreasonably withheld, to any Substitute Dealer (or affiliate 

13
    

thereof) with a rating (or having a guarantor with a rating) for its long term, unsecured and unsubordinated indebtedness equal to or better than the lesser of (1) the credit rating of Credit Support Provider at the time of the transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer.  If at any time at which (A) the Section 16 Percentage exceeds 7.5% or (B) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A) or (B), an “Excess Ownership Position”), Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to a third party on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership Position exists.  In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction.  The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and each person subject to aggregation of Shares with Dealer and each “group” of which Dealer is a member or may be deemed a member, in each case, under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder, directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) and (B) the denominator of which is the number of Shares outstanding.  The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion.  The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations (other than reporting obligations under Section 13(d) of the Exchange Act) or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding. “Substitute Dealer” means a nationally recognized banking or broker-dealer financial institution with experience in over-the-counter corporate equity derivatives.
		
	(iii)
	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations.  Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance.

		
	(f)
	Ratings Decline.  If at any time the long term, unsecured and unsubordinated indebtedness of Jefferies Group LLC, the parent of Dealer, is rated Ba1 or lower by Moody’s or BB+ or lower by S&P (any such rating, a “Ratings Downgrade”), then Counterparty may, at any time following the occurrence and during the continuation of such Ratings Downgrade, provide written notice to Dealer specifying that it elects for this Section 9(f) to apply (a “Trigger Notice”).  Upon receipt by Dealer of a Trigger Notice from Counterparty, Dealer shall promptly elect that either (i) the parties shall negotiate in 

14
    

good faith terms for collateral arrangements pursuant to which Dealer is required to provide collateral (including, but not limited to, cash, short-term U.S. Treasury obligations, equity or equity-linked securities issued by Counterparty) to Counterparty in respect of the Transaction with a value equal to the full mark-to-market exposure of Counterparty under the Transaction, as determined by Dealer, or (ii) an Additional Termination Event shall occur and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, and (B) the Transaction shall be the sole Affected Transaction. The Calculation Agent will calculate any payment made in respect of the Additional Termination Event.
		
	(g)
	Role of Agent.  Jefferies LLC (“Jefferies”) is acting as agent for both parties but does not guarantee the performance of either party. (i) Neither Dealer nor Counterparty shall contact the other with respect to any matter relating to the Transaction without the direct involvement of Jefferies; (ii) Jefferies, Dealer and Counterparty each hereby acknowledges that any transactions by Dealer or Jefferies with respect to Shares will be undertaken by Dealer as principal for its own account; (iii) all of the actions to be taken by Dealer and Jefferies in connection with the Transaction shall be taken by Dealer or Jefferies independently and without any advance or subsequent consultation with Counterparty; and (iv) Jefferies is hereby authorized to act as agent for Counterparty only to the extent required to satisfy the requirements of Rule 15a-6 under the Exchange Act in respect of the Transaction. 

		
	(h)
	Additional Termination Events.  

		
	(i)
	Notwithstanding anything to the contrary in this Confirmation, if an event of default with respect to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 7.01 of the Indenture and the Convertible Notes are accelerated, then such event shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement.

		
	(ii)
	Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty, within the applicable time period set forth opposite “Notice of Exercise” in Section 2, of any Notice of Exercise in respect of Options that relate to Convertible Notes as to which additional Shares would be added to the Conversion Rate (as defined in the Indenture) pursuant to Section 4.03 of the Indenture in connection with a “Make-Whole Fundamental Change” (as defined in the Indenture) shall constitute an Additional Termination Event as provided in this Section 9(h)(ii).  Upon receipt of any such Notice of Exercise, Dealer shall designate an Exchange Business Day following such Additional Termination Event (which Exchange Business Day shall in no event be earlier than the related settlement date for such Convertible Notes) as an Early Termination Date with respect to the portion of the Transaction corresponding to a number of Options (the “Make-Whole Conversion Options”) equal to the lesser of (A) the number of such Options specified in such Notice of Exercise and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number of Make-Whole Conversion Options.  Any payment hereunder with respect to such termination (the “Make-Whole Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Make-Whole Conversion Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction (and, for the avoidance of doubt, in determining the amount payable pursuant to Section 6 of the Agreement, the Calculation Agent shall not take into account any adjustments to the Conversion Rate (as defined in the Indenture) pursuant to Section 4.03 of the Indenture); provided that the amount of cash payable in respect of such early termination by Dealer to Counterparty shall not be greater than the product of (x) the Applicable Percentage and (y) the excess of (I) (1) the 

15
    

number of Make-Whole Conversion Options, multiplied by (2) the Conversion Rate (as defined in the Indenture, and after taking into account any applicable adjustments to the Conversion Rate pursuant to Section 4.03 of the Indenture), multiplied by (3) a market price per Share determined by the Calculation Agent over (II) the aggregate principal amount of such Convertible Notes, as determined by the Calculation Agent.  The Calculation Agent will calculate any payment made in respect of the Additional Termination Event.
		
	(iii)
	In the event of a repurchase or any reacquisition of the Convertible Notes by Counterparty (for any reason, including as a result of the occurrence of a “Fundamental Change” as provided in Section 3.02 of the Indenture), Counterparty may request a termination of a number of Options underlying the repurchased Convertible Notes on a mutually agreed date that is commercially practical for such termination to occur.  Dealer shall promptly consult with Counterparty as to the timing and pricing of any such termination.  To the extent the parties cannot so agree, Counterparty shall have the right to designate an Additional Termination Event with respect to all or a portion of a number of Options corresponding to the number of Convertible Notes (in principal amount of $1,000) being repurchased or reacquired and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. The Calculation Agent will calculate any payment made in respect of the Additional Termination Event.

		
	(i)
	Amendments to Equity Definitions.  

		
	(i)
	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section.

		
	(j)
	No Setoff.  Each party waives any and all rights it may have to set off obligations arising under the Agreement and the Transaction against other obligations between the parties, whether arising under any other agreement, applicable law or otherwise.      

		
	(k)
	Waiver of Jury Trial.  Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction.  Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided herein.

		
	(l)
	Registration.  Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the Securities Act on account of (x) any termination or cancellation, in whole or in part, of the Transaction or (y) any adoption, promulgation or effectiveness of, or change in, applicable law, rules, regulations, formal or informal interpretation thereof following the Trade Date, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act and enter into an agreement, in form and substance satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered underwritten offering; provided, however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and substance satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that 

16
    

are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Dealer at the Relevant Price on such Exchange Business Days, and in such amounts, requested by Dealer.
		
	(m)
	Tax Disclosure.  Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.

		
	(n)
	Right to Extend.  Dealer may postpone or add, in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer determines that such action is reasonably necessary to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect transactions in Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements (consistently applied across all counterparties), or with related policies and procedures applicable to Dealer.

		
	(o)
	Status of Claims in Bankruptcy.  Dealer acknowledges and agrees that this Confirmation is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction other than during any such bankruptcy proceedings; provided further that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.

		
	(p)
	Securities Contract; Swap Agreement.  The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

		
	(q)
	Notice of Certain Other Events. Counterparty covenants and agrees that:

		
	(i)
	promptly following the public announcement of the results of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the types and amounts of consideration that holders of Shares have elected to receive upon consummation of such Merger Event (the date of such notification, the “Consideration Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such Merger Event is consummated; and

		
	(ii)
	promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event or Tender Offer, Counterparty shall give Dealer written notice of the details of such adjustment.

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	(r)
	Wall Street Transparency and Accountability Act.  In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in the Agreement)).

		
	(s)
	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction, (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction, (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner that may be adverse to Counterparty.

		
	(t)
	Early Unwind. In the event the sale of the “Firm Securities” (as defined in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer opinions of counsel as required pursuant to Section 9(a), in each case by 1:00 p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; provided that Counterparty shall purchase from Dealer on the Early Unwind Date all Shares purchased by Dealer or one or more of its affiliates in connection with the Transaction at the price Dealer or any such affiliate paid for such Shares.  Each of Dealer and Counterparty represents and acknowledges to the other that, subject to the proviso included in this Section 9(t), upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.

		
	(u)
	Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

		
	(v)
	FATCA:  Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. “Tax” as used in Part 2(a) of the Schedule (Payer Tax Representations) and “Indemnifiable Tax” as defined in Section 14 of the Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement.

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	(w)
	Transaction Reporting – Consent for Disclosure of Information.  Notwithstanding anything to the contrary in this Confirmation or any non-disclosure, confidentiality or other agreements entered into between the parties from time to time, each party hereby consents to the Disclosure of information (the “Reporting Consent”): 

		
	(i)
	to the extent required by, or required in order to comply with, any applicable law, rule or regulation which mandates Disclosure of transaction and similar information or to the extent required by, or required in order to comply with, any order, request or directive regarding Disclosure of transaction and similar information issued by any relevant authority or body or agency having competent jurisdiction over a party hereto (“Reporting Requirements”); or 

		
	(ii)
	to and between the other party’s head office, branches or affiliates; or to any trade data repository or any systems or services operated by any trade repository or Market, in each case, in connection with such Reporting Requirements.

Disclosure” means disclosure, reporting, retention, or any action similar or analogous to any of the aforementioned.
Disclosures made pursuant to this Reporting Consent may include, without limitation, Disclosure of information relating to disputes over transactions between the parties, a party’s identity, and certain transaction and pricing data and may result in such information becoming available to the public or recipients in a jurisdiction which may have a different level of protection for personal data from that of the relevant party’s home jurisdiction.
This Reporting Consent shall be deemed to constitute an agreement between the parties with respect to Disclosure in general and shall survive the termination of the Transaction.  No amendment to or termination of this Reporting Consent shall be effective unless such amendment or termination is made in writing between the parties and specifically refers to this Reporting Consent.        EMIR Portfolio Reconciliation and Dispute Resolution:
Subject to the below, the parties hereby agree that the provisions set out in Part I and III of the Attachment to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol  as published by the International Swaps and Derivatives Association on 19 July 2013 shall be incorporated by reference to this Confirmation, mutatis mutandis, as though such provisions  and definitions were set out in full herein, with any such conforming changes as are necessary to deal with what would otherwise be inappropriate or incorrect cross-references:
		
	(iii)
	References therein to:

		
	(A)
	the “Adherence Letter” shall be deemed to be references to this Confirmation;

		
	(B)
	the “Implementation Date” shall be deemed to be references to the date of this Agreement;

		
	(C)
	the “Protocol Covered Agreement” shall be deemed to be this Confirmation; and

		
	(D)
	the “Protocol” shall be deleted

		
	(iv)
	For the purposes of the foregoing:

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	(A)
	Portfolio reconciliation process status:

Dealer shall be a Portfolio Data Sending Entity
Counterparty shall be a Portfolio Data Receiving Entity    
		
	(B)
	Local Business Days:

Dealer specifies the following places for the purpose of the definition of Local Business Day as it applies to it: London, New York
Counterparty specifies the following place(s) for the purposes of the definition of Local Business Day as it applies to it: Austin, Texas
		
	(C)
	Contact details for Dispute Notices, Portfolio Data, and discrepancy notices:

Notices to Dealer: 

The following items may be delivered to Dealer at the contact details shown below:
Portfolio Data:
Jefferies LLC
520 Madison Avenue
New York, NY 1022
Attn: Equity Derivatives Middle Office
E-mail: Eqderiv_mo@jefferies.com

And

Jefferies International Limited
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
Attn: Equity Derivatives Middle Office
E-mail: JILeqderiv_mo@jefferies.com
Notice of a discrepancy:
Jefferies LLC
520 Madison Avenue
New York, NY 1022
Attn: Equity Derivatives Middle Office
E-mail: Eqderiv_mo@jefferies.com

And

Jefferies International Limited
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
Attn: Equity Derivatives Middle Office
E-mail: JILeqderiv_mo@jefferies.com
Dispute Notice:

20
    

Jefferies LLC
520 Madison Avenue
New York, NY 1022
Attn: Equity Derivatives Middle Office
E-mail: Eqderiv_mo@jefferies.com

And

Jefferies International Limited
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
Attn: Equity Derivatives Middle Office
E-mail: JILeqderiv_mo@jefferies.com
Notices to Counterparty:
The following items may be delivered to Counterparty at the contact details shown below:
Portfolio Data:
EZCORP, Inc.
1901 Capital Parkway
Austin, Texas 78746
Attn: Chief Financial Officer
E-mail: mark_kuchenrither@ezcorp.com

Notice of a discrepancy:

EZCORP, Inc.
1901 Capital Parkway
Austin, Texas 78746
Attn: Chief Financial Officer
E-mail: mark_kuchenrither@ezcorp.com

Dispute Notice:
EZCORP, Inc.
1901 Capital Parkway
Austin, Texas 78746
Attn: Chief Financial Officer
E-mail: mark_kuchenrither@ezcorp.com
    
		
	(D)
	Use of a third-party service provider:

(I)  Dealer may appoint a third party as its agent and/or third party service provider for the purposes of performing all or part of the actions required by the Portfolio Reconciliation Risk Mitigation Techniques; and
(II)  Counterparty may appoint a third party as its agent and/or third party service provider for the purposes of performing all or part of the actions required by the Portfolio Reconciliation Risk Mitigation Techniques.
Notwithstanding anything to the contrary as set out herein, the provisions of this section “EMIR Portfolio Reconciliation and Dispute Resolution” shall survive the termination of the Transaction.  No amendment to or termination of this section shall be effective unless such amendment or 

21
    

termination is made in writing between the parties and specifically refers to this section “EMIR Portfolio Reconciliation and Dispute Resolution”.
		
	(x)
	EMIR Classification and NFC Representation: The section entitled “NFC Representation” as set out in the Attachment to the ISDA 2013 EMIR NFC Representation Protocol as published by the International Swaps and Derivatives Association on 8 March 2013 (the “EMIR Classification Protocol”) shall be incorporated by reference to this Confirmation but with the following amendments:

		
	(i)
	References to a party adhering, a party’s adherence or a party having adhered to the EMIR Classification Protocol as a “party making the NFC Representation” will be construed as Counterparty executing this Confirmation while making the statement that it is a party which is making the NFC Representation.

References to “party which is a NFC+ Party making the NFC Representation” shall not be applicable to this Confirmation.
		
	(ii)
	Dealer confirms that it is a party that does not make the NFC Representation.

Counterparty confirms that it is a party making the NFC Representation.
		
	(iii)
	Unless otherwise specified by the relevant party, for the purposes of the definition of “effectively delivered”:

Dealer’s address details to which any Clearing Status Notice, Non-Clearing Status Notice, NFC+ Representation Notice, NFC Representation Notice or Non-representation Notice should be delivered are: Eqderiv_mo@jefferies.com and london_legal@jefferies.com.
		
	(iv)
	Counterparty’s address details to which any Clearing Status Notice, Non-Clearing Status Notice, NFC+ Representation Notice, NFC Representation Notice or Non-representation Notice should be delivered are: EZCORP, Inc., 1901 Capital Parkway, Austin, Texas 78746, Attn: Chief Financial Officer, E-mail: mark_kuchenrither@ezcorp.com.

		
	(v)
	The definition of:

		
	(A)
	“Adherence Letter” is deleted;

		
	(B)
	“effectively delivered” is amended by replacing the words “the Adherence Letter” with the words “this Confirmation”; and

		
	(C)
	“Protocol” is deleted.

		
	(y)
	Tax Representations.

		
	(i)
	Part 2(b) of the ISDA Schedule – Payee Representation:

For the purpose of Section 3(f) of the Agreement, Counterparty makes the following representation to Dealer:
Counterparty is a corporation established under the laws of the State of Delaware and is a U.S. person (as that term is defined in Section 7701(a)(30) of the Code).
For the purpose of Section 3(f) of the Agreement, Dealer makes the following representation to Counterparty:
 It is a “foreign person” (as that term is used in Section 1.6041-4(a)(4) of the United States Treasury Regulations) for United States federal income tax purposes.

22
    

		
	(ii)
	Part 3(a) of the ISDA Schedule – Tax Forms:

Party Required to Deliver Document
	
			
	 
	Form/Document/Certificate
	Date by which to be Delivered

	Counterparty
	A complete and duly executed United States Internal Revenue Service Form W-9 (or successor thereto.)
	(i) Upon execution and 
delivery of this Confirmation; 
(ii) promptly upon reasonable demand by Dealer; and 
(iii) promptly upon learning that any such Form previously provided by Counterparty has become obsolete or incorrect.

	Dealer
	A complete and duly executed United States Internal Revenue Service Form W-8BEN (or successor thereto.)
	(i) Upon execution and 
delivery of this Confirmation; 
(ii) promptly upon reasonable demand by Counterparty; and (iii) promptly upon learning that any such Form previously provided by Dealer has become obsolete or incorrect.

23
    

Please confirm that the foregoing correctly sets forth the terms of the agreement between Dealer and Counterparty with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and returning an executed copy to Dealer.

Yours faithfully,
JEFFERIES INTERNATIONAL LIMITED

	
				
	By:
	 
	/s/ Daryl McDonald

	 
	 
	Name:
	Daryl McDonald

	 
	 
	Title:
	COO Equites EMEA

JEFFERIES LLC 
as Agent

	
				
	By:
	 
	/s/ John Noonan

	 
	 
	Name:
	John Noonan

	 
	 
	Title:
	COO US Equities

    

Accepted and confirmed 
as of the Trade Date:
	
		
	EZCORP, INC.

	By:
	/s/ Mark Kuchenrither

	Name: Mark Kuchenrither 
Title:  Executive Vice President and Chief  Financial Officer

24
    

Annex A – Form of Guarantee

25

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