Document:

Form of Indenture

 Exhibit 4.1 
 France Telecom, Issuer 
 and 

The Bank of New York Mellon, Trustee 
 Indenture 
 Dated as of
                     20     
 DEBT SECURITIES 

 France Telecom 
 Debt Securities 
 Cross Reference Sheet1 

This Cross Reference Sheet shows the location in the 
 Indenture of the provisions inserted pursuant 
 to Sections 310 - 318(a), inclusive,
of the 
 Trust Indenture Act of 1939, as amended. 

 

			
	 Trust Indenture Act
	  	 Sections of Indenture

	 §310(a)(1)
	  	9.08
	 (a)(2)
	  	9.08
	 (a)(3)
	  	Inapplicable
	 (a)(4)
	  	Inapplicable
	 (a)(5)
	  	9.08
	 (b)
	  	9.07 and 9.09
	 (c)
	  	Inapplicable
	 §311(a)
	  	9.12
	 (b)
	  	9.12
	 (c)
	  	Inapplicable
	 §312(a)
	  	7.01 and 7.02
	 (b)
	  	7.02
	 (c)
	  	7.02
	 §313(a)
	  	7.03
	 (b)
	  	7.03
	 (c)
	  	7.03
	 (d)
	  	7.03
	 §314(a)(1), (2) and (3)
	  	7.04
	 (a)(4)
	  	1.01 and 6.04
	 (b)
	  	Inapplicable
	 (c)(l)
	  	14.06
	 (c)(2)
	  	14.06
	 (c)(3)
	  	Inapplicable
	 (d)
	  	Inapplicable
	 (e)
	  	14.06
	 (f)
	  	Inapplicable
	 §315(a)
	  	9.01
	 (b)
	  	8.08
	 (c)
	  	9.01
	 (d)
	  	9.01
	 (e)
	  	8.07
	 §316(a)
	  	1.01

  
  

	 	1 	 The Cross Reference Sheet is not part of the Indenture. 

			
	 (a)(l)(A)
	  	8.01 and 8.06
	 (a)(l)(B)
	  	8.01
	 (a)(2)
	  	Inapplicable
	 (b)
	  	8.09
	 (c)
	  	8.01(d) and 14.13(e)
	 §317(a)(1)
	  	8.02
	 (a)(2)
	  	8.11
	 (b)
	  	6.03
	 §318(a)
	  	14.02

  
 (2)

							
	 ARTICLE I.     DEFINITIONS
	  	 	6	  
			
	 Section 1.01
	  	Certain Terms Defined	  	 	6	  
			
	 Section 1.02
	  	Rules of Construction	  	 	16	  
		
	 ARTICLE II.     THE SECURITIES
	  	 	17	  
			
	 Section 2.01
	  	Designation and Amount of Securities	  	 	17	  
			
	 Section 2.02
	  	Form of Securities and Trustee’s Certificate of Authentication	  	 	19	  
			
	 Section 2.03
	  	Date and Denominations	  	 	19	  
			
	 Section 2.04
	  	Execution, Authentication and Delivery of Securities	  	 	19	  
			
	 Section 2.05
	  	Registration of Transfer and Exchange	  	 	20	  
			
	 Section 2.06
	  	Temporary Securities	  	 	22	  
			
	 Section 2.07
	  	Mutilated, Destroyed, Lost, and Stolen Securities	  	 	22	  
			
	 Section 2.08
	  	Cancellation of Surrendered Securities	  	 	23	  
			
	 Section 2.09
	  	Payment of Interest; Interest Rights Preserved	  	 	23	  
			
	 Section 2.10
	  	Persons Deemed Owners	  	 	24	  
			
	 Section 2.11
	  	Computation of Interest	  	 	25	  
			
	 Section 2.12
	  	CUSIP Numbers	  	 	25	  
			
	 Section 2.13
	  	Add On Securities	  	 	25	  
		
	 ARTICLE III.     REDEMPTION OF SECURITIES
	  	 	26	  
			
	 Section 3.01
	  	Applicability of Article	  	 	26	  
			
	 Section 3.02
	  	Optional Tax Redemption	  	 	26	  
			
	 Section 3.03
	  	Election to Redeem; Notice to Trustee	  	 	27	  
			
	 Section 3.04
	  	Deposit of Redemption Price	  	 	28	  
			
	 Section 3.05
	  	Securities Payable on Redemption Date	  	 	28	  
			
	 Section 3.06
	  	Securities Redeemed in Part	  	 	28	  
		
	 ARTICLE IV.     RESERVED
	  	 	29	  
		
	 ARTICLE V.     DEFEASANCE AND COVENANT DEFEASANCE
	  	 	29	  
			
	 Section 5.01
	  	Company’s Option to Effect Defeasance or Covenant Defeasance	  	 	29	  
			
	 Section 5.02
	  	Defeasance and Discharge	  	 	29	  
			
	 Section 5.03
	  	Covenant Defeasance	  	 	29	  
			
	 Section 5.04
	  	Conditions to Legal Defeasance or Covenant Defeasance	  	 	30	  
			
	 Section 5.05
	  	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	 	31	  
			
	 Section 5.06
	  	Reinstatement	  	 	32	  

  
 (i)

							
	 ARTICLE VI.     PARTICULAR COVENANTS OF THE COMPANY
	  	 	32	  
			
	 Section 6.01
	  	Payment of Principal, Premium and Interest on Securities	  	 	32	  
			
	 Section 6.02
	  	Maintenance of Office or Agency	  	 	32	  
			
	 Section 6.03
	  	Money for Securities Payments to be Held in Trust	  	 	33	  
			
	 Section 6.04
	  	Statement by Officers as to Default	  	 	34	  
			
	 Section 6.05
	  	Calculation of Original Issue Discount	  	 	34	  
			
	 Section 6.06
	  	Further Instruments and Acts	  	 	34	  
			
	 Section 6.07
	  	Waiver of Stay, Extension or Usury Laws	  	 	34	  
			
	 Section 6.08
	  	Payment of Additional Amounts	  	 	34	  
			
	 Section 6.09
	  	Other Indebtedness	  	 	35	  
			
	 Section 6.10
	  	Negative Pledge	  	 	36	  
		
	 ARTICLE VII.    
 SECURITIES HOLDERS’ LIST AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	 	36	  
			
	 Section 7.01
	  	Company to Furnish Trustee Names and Addresses of Holders	  	 	36	  
			
	 Section 7.02
	  	Preservation of Information; Communication to Holders	  	 	37	  
			
	 Section 7.03
	  	Reports by Trustee	  	 	37	  
			
	 Section 7.04
	  	Reports by Company	  	 	37	  
		
	 ARTICLE VIII.     DEFAULT
	  	 	38	  
			
	 Section 8.01
	  	Event of Default	  	 	38	  
			
	 Section 8.02
	  	Covenant of Company to Pay to Trustee Whole Amount Due on Securities on Default in Payment of Interest or Principal; Suits for Enforcement by
Trustee	  	 	40	  
			
	 Section 8.03
	  	Application of Money Collected by Trustee	  	 	41	  
			
	 Section 8.04
	  	Limitation on Suits by Holders of Securities	  	 	42	  
			
	 Section 8.05
	  	Rights and Remedies Cumulative; Delay or Omission in Exercise of Rights not a Waiver of Event of Default	  	 	43	  
			
	 Section 8.06
	  	Rights of Holders of Majority in Principal Amount of Outstanding Securities to Direct Trustee	  	 	43	  
			
	 Section 8.07
	  	Requirement of an Undertaking to Pay Costs in Certain Suits Under the Indenture or Against the Trustee	  	 	43	  
			
	 Section 8.08
	  	Notice of Defaults	  	 	43	  
			
	 Section 8.09
	  	Unconditional Right of Holders to Receive Principal, Premium, and Interest	  	 	44	  
			
	 Section 8.10
	  	Restoration of Rights and Remedies	  	 	44	  
			
	 Section 8.11
	  	Trustee May File Proofs of Claims	  	 	44	  

  
 (ii)

							
	 ARTICLE IX.     CONCERNING THE TRUSTEE
	  	 	44	  
			
	 Section 9.01
	  	Certain Duties and Responsibilities	  	 	44	  
			
	 Section 9.02
	  	Certain Rights of Trustee	  	 	46	  
			
	 Section 9.03
	  	Not Responsible for Recitals or Issuance of Securities	  	 	47	  
			
	 Section 9.04
	  	May Hold Securities	  	 	47	  
			
	 Section 9.05
	  	Money Held in Trust	  	 	47	  
			
	 Section 9.06
	  	Compensation and Reimbursement	  	 	47	  
			
	 Section 9.07
	  	Disqualification; Conflicting Interests	  	 	48	  
			
	 Section 9.08
	  	Corporate Trustee Required; Eligibility	  	 	48	  
			
	 Section 9.09
	  	Resignation and Removal; Appointment of Successor	  	 	49	  
			
	 Section 9.10
	  	Acceptance of Appointment by Successor	  	 	50	  
			
	 Section 9.11
	  	Merger, Conversion, Consolidation, or Succession to Business	  	 	51	  
			
	 Section 9.12
	  	Preferential Collection of Claims Against Company	  	 	51	  
			
	 Section 9.13
	  	Appointment of Authenticating Agent	  	 	51	  
		
	 ARTICLE X.     AMENDMENTS AND WAIVERS
	  	 	53	  
			
	 Section 10.01
	  	Without Consent of Holders	  	 	53	  
			
	 Section 10.02
	  	With Consent of Holders	  	 	54	  
			
	 Section 10.03
	  	Execution of Supplemental Indentures	  	 	55	  
			
	 Section 10.04
	  	Effect of Supplemental Indentures	  	 	55	  
			
	 Section 10.05
	  	Compliance with Trust Indenture Act	  	 	55	  
			
	 Section 10.06
	  	Reference in Securities to Supplemental Indentures	  	 	55	  
		
	 ARTICLE XI.     CONSOLIDATION, MERGER, SALE, OR
TRANSFER
	  	 	56	  
			
	 Section 11.01
	  	Consolidation, Merger and Sale of Assets	  	 	56	  
		
	 ARTICLE XII.     SATISFACTION AND DISCHARGE OF
INDENTURE
	  	 	56	  
			
	 Section 12.01
	  	Satisfaction and Discharge of Indenture	  	 	56	  
			
	 Section 12.02
	  	Application of Trust Money	  	 	57	  
		
	 ARTICLE XIII.     RESERVED
	  	 	57	  
		
	 ARTICLE XIV.     MISCELLANEOUS PROVISIONS
	  	 	57	  
			
	 Section 14.01
	  	Successors and Assigns of Company Bound by Indenture	  	 	57	  
			
	 Section 14.02
	  	Trust Indenture Act Controls	  	 	58	  
			
	 Section 14.03
	  	Service of Required Notice to Trustee and Company	  	 	58	  
			
	 Section 14.04
	  	Service of Required Notice to Holders; Waiver	  	 	58	  

  
 (iii)

							
	 Section 14.05
	  	Indenture and Securities to be Construed in Accordance with the Laws of the State of New York; submission to jurisdiction; Waiver of Jury Trial,
etc	  	 	59	  
			
	 Section 14.06
	  	Compliance Certificates and Opinions	  	 	60	  
			
	 Section 14.07
	  	Form of Documents Delivered to Trustee	  	 	60	  
			
	 Section 14.08
	  	Payments Due on Non-Business Days	  	 	60	  
			
	 Section 14.09
	  	Provisions Required by Trust Indenture Act to Control	  	 	61	  
			
	 Section 14.10
	  	Currency Indemnity	  	 	61	  
			
	 Section 14.11
	  	Invalidity of Particular Provisions	  	 	62	  
			
	 Section 14.12
	  	Indenture May be Executed In Counterparts	  	 	62	  
			
	 Section 14.13
	  	Acts of Holders; Record Dates	  	 	62	  
			
	 Section 14.14
	  	Effect of Headings and Table of Contents	  	 	64	  
			
	 Section 14.15
	  	Benefits of Indenture	  	 	64	  
			
	 Section 14.16
	  	No Waiver	  	 	64	  
			
	 Section 14.17
	  	Open Market Purchases	  	 	64	  
			
	 Section 14.18
	  	Sinking Funds	  	 	64	  
			
	 Section 14.19
	  	Force Majeure	  	 	65	  

  
 (iv)

 Indenture, dated as of
            20     between France Telecom, a société anonyme duly organized and existing under the laws of France (the
“Company”), and The Bank of New York Mellon, a New York banking corporation (herein called the “Trustee”). 

Recitals 
 A. The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time outside France of its unsecured debentures, notes, and other evidences of
indebtedness (the “Securities”), to be issued in one or more series as in this Indenture provided. 

B. The Securities of each series will be in substantially the form set forth below, or in such other form as may be
established by or pursuant to a Company Order or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted by this 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
executing such Securities, as evidenced by their execution of the Securities. 
 The Company and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the Company’s Securities issued hereunder. 
 [Form of Face of Security] 
 [Title of Security] 

CUSIP No.              

 

			
	 No. R -
	  	$            

 France Telecom, a société anonyme duly organized and existing under
the laws of France (hereinafter called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of [SPELL OUT IN WORDS]
($        ) on                      [if the Security is to bear interest prior to
Maturity, insert: ”, and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on
                     and
                     in each year, commencing on
                    , at the rate of     % per annum, until the principal hereof is paid or made available for
payment [if applicable, insert: “, and at the rate of     % per annum on any overdue principal and premium and on any overdue installment of interest”]. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which will be the                      or
                     (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will 

 forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof will be
given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture”]. 
 [If the Security is not to bear interest prior to Maturity, insert: “The principal of this Security will not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption, or at Stated Maturity, and in such case the overdue principal of this Security will bear interest at the rate of     % per annum which will accrue from the date of such default in payment to
the date payment of such principal has been made or duly provided for. Interest on any overdue principal will be payable on demand. Any such interest on any overdue principal that is not so paid on demand will bear interest at the rate of
    % per annum which will accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest will also be payable on demand.”] 

Payment of the principal of (and premium, if any) and [if applicable, insert: any such interest on this Security
will be made at the office or agency of the Company maintained for the purpose in                     , in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts [if applicable, insert: ”; provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address appears in the Security Register”]. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS SET FORTH ON THE REVERSE HEREOF. SUCH PROVISIONS WILL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE. 
 This Security will not be valid or become
obligatory for any purpose until the certificate of authentication herein has been signed manually by the Trustee under the Indenture referred to on the reverse side hereof. 

IN WITNESS WHEREOF, this instrument has been duly executed in accordance with the Indenture. 

 

			
	 FRANCE TELECOM

		
	 By:
	 	 
		
	 Name:
	 	  

		
	 Title:
	 	  

		
	 Dated:
	 	  

  
 - 2 -

 [Form of Reverse of Security] 

 
  

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”)
and is to be issued outside of France in one or more series under an Indenture, dated as of                     ,
20    (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert: “, limited in aggregate principal amount to
$            ”]. 
 [If applicable,
insert: “The Securities of this series are subject to redemption upon not less than 30 calendar days’ notice by mail, [containing the conditions and the redemption price set forth in the Company Order establishing such series of
Securities.”] [Set forth herein all such conditions and redemption prices.] 
 [If the Security is
subject to redemption of any kind, insert: “In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.”] 
 [If the Security is not subject to redemption, insert:
“This Security is not redeemable prior to Stated Maturity [except as permitted under Section 3.02 (“Optional Tax Redemption”)].”] 
 [If applicable, insert: “The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness evidenced by this Security or (b) certain covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.”] 
 [If the Security is not an Original Issue Discount Security, insert: “If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.”] 
 [If the Security is an Original Issue Discount Security, insert: “If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount will be equal to [insert formula for determining the amount]. Upon payment (a) of the amount of principal
so declared due and payable and (b) of interest on any overdue principal and overdue interest, all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series will
terminate.”] 

  
 - 3 -

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security will be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and
subject to the provisions of the Indenture, the Holder of this Security will not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such
Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time
Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request and shall have failed to institute such proceeding for 60 calendar days after receipt of such notice, request,
and offer of indemnity. The foregoing will apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 No reference herein to the Indenture and no provision of this Security or of the Indenture will 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 Security at the times, place, and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities 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. 

  
 - 4 -

 The Securities of this series are issuable only in registered form without
coupons in denominations of $[—] and integral multiples thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge will 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 Security for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to
Section 2.10 of the Indenture), whether or not this Security shall be overdue, and neither the Company, the Trustee, nor any such agent will be affected by notice to the contrary. 

The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all
obligations in respect of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust and certain
other obligations in respect of the Trustee, the Paying Agent, Authenticating Agent and Securities Registrar) or (b) need not comply with certain covenants of the Indenture, in each case if the Company deposits, in trust, with the Trustee money
or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in accordance with their terms, will provide money, in an amount sufficient to pay all the principal of, and premium, if any, and interest on, the
Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 
 All terms used in this Security that are defined in the Indenture will have the respective meanings assigned to them in the Indenture. 

This Security shall be governed by, and construed in accordance with, the laws of the State of New York, without regard
to conflicts of laws principles thereof. 
 C. The Trustee’s certificate of authentication will be in
substantially the following form: 
 [Form of Trustee’s Certificate of 

Authentication for Securities] 
 Trustee’s Certificate of Authentication 
 This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

									
		 		 		 	 The Bank of New York Mellon,
 as Trustee

					
	 Dated:
	 	
                        
	 		 	 By:
	 	  

		 		 		 		 	Authorized Signatory

  
 - 5 -

 D. Every Global Security authenticated and delivered hereunder will bear a
legend in substantially the following form: 
 [Form of Legend for Global Securities] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE
REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 E. All acts and things necessary to make the Securities,
when the Securities have been executed by the Company and authenticated by the Trustee and delivered as provided in this Indenture, the valid, binding, and legal obligations of the Company and to constitute these presents a valid indenture and
agreement according to its terms, have been done and performed, and the execution and delivery by the Company of this Indenture and the issue hereunder of the Securities have in all respects been duly authorized; and the Company, in the exercise of
legal right and power in it vested, is executing and delivering this Indenture and proposes to make, execute, issue, and deliver the Securities. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 In order to
declare the terms and conditions upon which the Securities are authenticated, issued, and delivered, and in consideration of the premises and of the purchase and acceptance of the Securities by the Holders thereof, it is mutually agreed, for the
equal and proportionate benefit of the respective Holders from time to time of the Securities or of a series thereof, as follows: 
 ARTICLE I. 
 DEFINITIONS 

Section 1.01 Certain Terms Defined. 

(a) The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context of
this Indenture otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 1.01. All other terms used in this Indenture that are defined in the Trust
Indenture 

  
 - 6 -

 
Act, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Indenture otherwise requires), have the respective meanings assigned to
such terms in the Trust Indenture Act as in force at the date of this Indenture as originally executed. 
 Act: 

The term “Act”, when used with respect to any Holder, has the meaning set forth in Section 14.13.

 Additional Amounts: 
 The term “Additional Amounts” has the meaning assigned to it in Section 6.08. 

Add On Securities: 
 The term “Add On Securities” means any Securities of any series issued pursuant to Section 2.13 after the original Issue Date, including any replacement Securities of any series as
specified in the relevant Add On Securities Company Order or Add On Securities Supplemental Indenture issued therefor in accordance with this Indenture. 
 Add On Securities Company Order: 
 The term “Add On
Securities Company Order” means a Company Order delivered to the Trustee in an Officer’s Certificate providing for the issuance of Add On Securities of any series. 
 Add On Securities Supplemental Indenture: 
 The term
“Add On Securities Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Section 2.13(a)(iii) providing for the issuance of Add On Securities of any series.

 Affiliate: 
 The term “Affiliate” means, with respect to a particular Person, any Person that, directly or indirectly through one or more intermediaries controls or is controlled by, or is under common
control with, such Person. For purposes of this definition, control of a Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 
 Authenticating
Agent: 
 The term “Authenticating Agent” means any Person authorized by the Trustee pursuant to
Section 9.13 to act on behalf of the Trustee to authenticate Securities of one or more series. 

  
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 Authorized Agent: 

The term “Authorized Agent” has the meaning assigned to it in Section 14.05(d). 

Board of Directors: 
 The term “Board of Directors” means the Board of Directors of the Company or a duly authorized committee of such Board. 
 Board Resolution: 
 The term “Board Resolution”
means a copy of a resolution certified by an Officer of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

Business Day: 
 The term “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday, and Friday which is not a day on which banking institutions in The City
of New York and Paris, France or that Place of Payment are authorized or required by law or executive order to close. 
 Calculation
Agent: 
 The term “Calculation Agent” means the calculation agent appointed by the Company, who
shall initially be The Bank of New York Mellon. 
 Code: 

The term “Code” has the meaning assigned to it in Section 6.05. 

Commission: 
 The term “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of this instrument
such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 Common Stock: 
 The term “Common Stock” means the
common stock of the Company. 
 Company: 
 The term “Company” means France Telecom, a société anonyme organized under the laws of France until a successor Person shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” will mean such successor Person. 

  
 - 8 -

 Company Request or Company Order: 

The term “Company Request” or “Company Order” means a written request or order signed in the name of
the Company by an Officer, and delivered to the Trustee. 
 Corporate Trust Office: 

The term “Corporate Trust Office” means the principal office of the Trustee in the Borough of Manhattan in The
City of New York at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, Floor 4E, New York, New York 10286, Attention: Corporate Trust Administration, in all cases
with a copy to The Bank of New York Mellon, One Canada Square, London E14 5AL, United Kingdom Attention: Corporation Trust Administration or such other address as the Trustee may designate form time to time by notice to the Holders and the Company,
or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
 Covenant Defeasance: 
 The term “Covenant
Defeasance” has the meaning set forth in Section 5.03. 
 Default: 

The term “Default” means any event which, with the giving of notice or the passage of time or both, would
constitute an Event of Default. 
 Defaulted Interest: 

The term “Defaulted Interest” has the meaning set forth in Section 2.09(b). 

Defeasible Series: 
 The term “Defeasible Series” has the meaning set forth in Section 5.01. 

Depositary: 
 The term “Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange
Act that is designated to act as Depositary for such Securities as contemplated by Section 2.01. 
 Event of Default: 

The term “Event of Default” has the meaning set forth in Section 8.01(a). 

  
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 Exchange Act: 

The term “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar Federal statute,
and the rules and regulations of the Commission thereunder, as the same may be in effect from time to time. 
 Global Security:

 The term “Global Security” means a Security that evidences all or part of the Securities of any
series and is authenticated and delivered to, and registered in the name of, the Depositary for such Securities or a nominee thereof. 

Holder: 

The term “Holder” means a person in whose name a particular Security is registered in the Security Register.

 IFRS: 
 The term “IFRS” means international financial reporting standards in the form promulgated by the International Accounting Standards Board. 

Indebtedness: 
 The term “Indebtedness” means money borrowed and premium and interest in respect thereof, liabilities in respect of any acceptance credit, note or bill discounting facility and liabilities under
any bond, note, debenture, loan stock or other security whether issued in whole or in part for cash or other consideration but excluding all such liabilities as aforesaid incurred in relation to the acquisition of goods and services or in the
ordinary course of trading. 
 Indenture: 
 The term “Indenture” means this Indenture, as this Indenture may be amended, supplemented, or otherwise modified from time to time, including, for all purposes of this Indenture and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” will also include the terms of particular
series of Securities established as contemplated by Section 2.01. 
 Interest: 

The term “interest” (i) when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest which accrues from and after and is payable after Maturity and (ii) when used with respect to any Security, means the amount of all interest accruing on such Security, including any default
interest and any interest accruing after any Event of Default that would have accrued but for the occurrence of such Event of Default, whether or not a claim for such interest would be otherwise allowable under applicable law. 

  
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 Interest Payment Date: 

The term “Interest Payment Date” when used with respect to any Security means the Stated Maturity of an
installment of interest on such Security. 
 Issue Date: 

The term “Issue Date” when used with respect to any security, means the date on which Securities of the same
series were or are initially issued as set forth in the Securities. 
 Legal Defeasance: 

The term “Legal Defeasance” has the meaning set forth in Section 5.02. 

Maturity: 

The term “Maturity” when used with respect to any Security means the date on which the principal of that
Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, or otherwise. 

Officer: 

The term “Officer,” when used in connection with any action to be taken by the Company, means the
président, directeur général, any directeur général délégué, the directeur financier or any person authorized by any of such persons to represent the Company, or
otherwise empowered by law to represent the Company. 
 Officer’s Certificate: 

The term “Officer’s Certificate” means a certificate executed on behalf of the Company by a responsible
Officer and delivered to the Trustee. 
 Opinion of Counsel: 

The term “Opinion of Counsel” means an opinion, reasonably acceptable to the Trustee, in writing signed by legal
counsel, who, subject to any express provisions hereof, may be an employee of or counsel for the Company. 
 Original Issue Discount
Security: 
 The term “Original Issue Discount Security” means any Security which provides for an
amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 8.01(b). 
 Outstanding: 
 The term “Outstanding” means, when
used with reference to Securities as of a particular time, all Securities theretofore issued by the Company and authenticated and delivered 

  
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by the Trustee under this Indenture, except (a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation, (b) Securities for the payment or
redemption of which money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company is acting as its own Paying
Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made, and
(c) Securities paid pursuant to Section 2.07 or Securities in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there
shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company and (d) solely to the extent provided in
Article V, Securities which are subject to Legal Defeasance or Covenant Defeasance as provided in Article V; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice, consent, or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that will be deemed to be Outstanding will be the amount of the principal
thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof to such date pursuant to Section 8.01(b), (ii) the principal amount of a Security denominated in one or more foreign
currencies or currency units will be the U.S. dollar equivalent, determined in the manner contemplated by Section 2.01 on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. dollar equivalent on the date of original issuance of such Security of the amount determined as provided in clause (i) above) of such Security, and (iii) Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor will be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee will be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned will be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgor establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such
other obligor. 
 Paying Agent: 
 The term “Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company, including the Company if it is
acting as its own Paying Agent. 
 Person: 
 The term “Person” means any individual, partnership, corporation, joint stock company, limited liability company, business trust, trust, unincorporated association, joint venture, or other
entity, or government or political subdivision or agency thereof. 

  
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 Place of Payment: 

The term “Place of Payment” when used with respect to the Securities of any series means the place or places
where the principal of and any premium and interest or Additional Amounts, if any, on the Securities of that series are payable as specified as contemplated by Section 2.01. 
 Predecessor Security: 
 The term “Predecessor
Security” when used with respect to any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such Security; and, for the purposes of this definition, any Security authenticated and
delivered under Section 2.07 in exchange for or in lieu of a mutilated, destroyed, lost, or stolen Security will be deemed to evidence the same debt as the mutilated, destroyed, lost, or stolen Security. 

Principal Subsidiary: 
 “Principal Subsidiary” means at any relevant time any Subsidiary of the Company: (a) whose total assets or operating income (or, where the Subsidiary in question prepares consolidated
accounts, whose total consolidated assets or consolidated operating income, as the case may be) attributable to the Company represent not less than fifteen per cent (15%) of the total consolidated assets or consolidated operating income of the
Company, all as calculated by reference to the then latest audited financial statements (or consolidated financial statements, as the case may be) of such Subsidiary and the then latest audited consolidated financial statements of the Company, and
the management and control of which is exercised by the Company; or (b) to which is transferred all or substantially all the assets and undertakings of a Subsidiary that immediately prior to such transfer was a Principal Subsidiary. 

Qualified Majority: 
 “Qualified Majority” means, with respect to a series of Securities, a meeting at which the Holders of at least two-thirds of the aggregate principal amount of Outstanding Securities of such
series are present, in person or by proxy, and a vote of two-thirds is cast with respect to those Outstanding Securities present; provided, however, if the required percentage of a particular series of Securities present, in person or
by proxy, does not reach two-thirds at an initial meeting of Holders of such Securities, a Qualified Majority will still exist if at a second meeting of Holders of such Securities a vote of the Holders of two-thirds of the Outstanding Securities
present, in person or by proxy, is cast, irrespective of the amount of Securities represented at that meeting. 
 Redemption Date:

 The term “Redemption Date” when used with respect to any Security to be redeemed means the date
fixed for such redemption by or pursuant to this Indenture. 

  
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 Redemption Price: 

The term “Redemption Price” when used with respect to any Security to be redeemed means the price (including
premium, if any) at which it is to be redeemed pursuant to this Indenture. 
 Regular Record Date: 

The term “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any
series means the date specified for that purpose as contemplated by Section 2.01. 
 Relevant Debt: 

The term “Relevant Debt” means any present or future indebtedness for borrowed money in the form of, or
represented by, bonds (obligations), notes or other securities (including titres de créances négociables) that, at the time of the issue, are being or are capable of being, or are intended to be quoted, listed or
ordinarily dealt in on any stock exchange, over-the-counter market or other securities market but excluding present or future indebtedness for borrowed money in the form of such other securities issued by the Company or a Principal Subsidiary in
private placements that the Company or such Principal Subsidiary shall have required in writing not to be so quoted, listed or ordinarily dealt in. 
 Responsible Officer: 
 “Responsible Officer” when
used with respect to the Trustee, means any vice president, any assistant vice president, any trust officer, or any other officer associated with the corporate trust department of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture. 
 Securities: 

The term “Securities” has the meaning set forth in the first recital of this Indenture and more particularly
means any Securities authenticated and delivered under this Indenture, including any Add On Securities. 
 Securities Act: 

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

Security Interest: 
 The term “Security Interest” has the meaning assigned to it in Section 6.10. 

  
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 Security Register and Security Registrar: 

The terms “Security Register” and “Security Registrar” have the respective meanings set forth in
Section 2.05. 
 Special Record Date: 
 The term “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.09. 

Stated Maturity: 
 The term “Stated Maturity” when used with respect to any Security, any installment of the principal thereof or interest thereon, or any other amount payable under this Indenture or the
Securities means the date specified in this Indenture or such Security as the regularly scheduled date on which the principal of such Security, such installment of interest, or such other amount, is due and payable. 

Subsidiary: 
 The term “Subsidiary” means, in relation to any person or entity at any time, which this Indenture refers to as an entity, any other person or entity (whether or not now existing) more than 50
percent of the capital of which is held by the entity (as set out in Article L.233-1 of the French Code de Commerce (the French Commercial Code)) or any other person or entity controlled directly or indirectly within the meaning of
Article L.233-3 of the French Commercial Code or other applicable law or regulation in the jurisdiction of incorporation of the Company by the entity. (For information purposes only, Article L.233-3 provides that an Entity would be
considered to control such person or entity if it (a) holds directly or indirectly a percentage of the share capital that confers upon it a majority of the voting rights; (b) holds alone the majority of voting rights by virtue of an
agreement (which is not contrary to the interests of such person or entity) made with the other shareholders of such person or entity, (c) de facto, by virtue of the voting rights it holds, makes decisions at shareholders’ meetings, or
(d) it is a shareholder of such person or entity and has the power to appoint or dismiss the majority of the members of the board of directors, or of the supervisory or of the control board (in the case of a company having a supervisory and
control board). It is presumed to exercise control if it holds, directly or indirectly, more than 40 percent of the voting rights and no other shareholder holds a larger percentage of the voting rights than it.) 

Successor Corporation: 
 The term “Successor Corporation” has the meaning assigned to it in Section 11.01. 

Trust Indenture Act or TIA: 
 The term “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in force upon the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

  
 - 15 -

 Trustee: 
 The term “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Trustee” will mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of
any series will mean each Trustee with respect to Securities of that series. 
 U.S. Government Obligation: 

The term “U.S. Government Obligation” means (a) any security that is (i) a direct obligation of the
United States of America for the payment of which full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof and
(b) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any U.S. Government Obligation specified in clause (a), which U.S. Government
Obligation is held by such custodian for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any such U.S. Government Obligation, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal
or interest evidenced by such depositary receipt. 
 All TIA terms used in this Indenture that are defined by
the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 The words “Article” and “Section” refer to an Article and Section, respectively, of this Indenture. The words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular Article, Section, or other subdivision. Certain terms used principally in Articles V, VI, and IX are defined in those Articles. Terms in the singular include the
plural and terms in the plural include the singular. 
 Section 1.02 Rules of
Construction. 
 Unless the context otherwise requires: 

(i) a term has the meaning assigned to it in this Indenture; 

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

  
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 (iii) “or” is not exclusive; 

(iv) “including” means including without limitation; 

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

(vi) references to the payment of principal of any Security shall include applicable premium, if any;

 (vii) references to payments on any Security shall include Additional Amounts payable pursuant
to Section 6.08 and Defaulted Interest pursuant to Section 2.09, if any; and 
 (viii)
references to the Republic of France or to French law shall be deemed to be a reference to the jurisdiction of incorporation of the Company or the law of the jurisdiction of incorporation of the Company in the event the Company changes its
jurisdiction of incorporation. 
 ARTICLE II. 

THE SECURITIES 

Section 2.01 Designation and Amount of Securities. 

(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
unlimited. 
 (b) The Securities may be issued outside France in one or more series. There will be established
in or pursuant to a Company Order and, subject to Section 2.04, set forth or determined in the manner provided in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any
series: (i) the title of the Securities of the series (which will distinguish the Securities of the series from Securities of any other series); (ii) any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in the exchange for, or in lieu of, other Securities of the series pursuant to Section 2.05, 2.06, 2.07, 3.06,
or 10.06 and except for any Securities which, pursuant to Section 2.04, are deemed never to have been authenticated and delivered hereunder); (iii) the Person to whom any interest on a Security of the series will be payable, if other than the Person
in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; (iv) the date or dates on which the principal of the Securities of the series is payable; (v)
the rate or rates at which the Securities of the series will bear interest, if any, the date or dates from which such interest will accrue, the Interest Payment Dates on which any such interest will be payable, and the Regular Record Date for any
interest payable on any Interest Payment Date; (vi) the place or places where the principal of and any premium and interest on Securities of the series will be payable; (vii) the period or periods within which, the price or prices at which, and the
terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at 

  
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the option of the Company; (viii) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option
of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series will be redeemed or purchased, in whole or in part, pursuant to such obligation; (ix) if
other than denominations of $1,000 and integral multiples thereof, the denominations in which Securities of the series will be issuable; (x) the currency, currencies, or currency units in which payment of the principal of and any premium and
interest on any Securities of the series will be payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the definition
of “Outstanding” in Section 1.01; (xi) if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index, based upon a formula, or in some other
manner, the manner in which such amounts will be determined; (xii) if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies or
currency units other than that or those in which the Securities are stated to be payable, the currency, currencies, or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such
election is made will be payable, and the periods within which and the terms and conditions upon which such election is to be made; (xiii) if other than the principal amount thereof, the portion of the principal amount of Securities of the
series which will be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 8.01(b); (xiv) that the Securities of the series will be subject to either or both of Legal Defeasance or Covenant Defeasance as
provided in Article V; (xv) if and as applicable, that the Securities of the series will be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or
Global Securities and any circumstances other than those set forth in Section 2.05 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the
Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered; and (xvi) any other terms of, or provisions, covenants, rights or other matters applicable to, the series. 

(c) All Securities of any one series will be substantially identical except as to denomination and except as may
otherwise be provided in or pursuant to the Company Order referred to below and (subject to Section 2.04) set forth or determined in the manner provided in the Officer’s Certificate referred to above or in any such indenture supplemental
hereto. 
 (d) If any of the terms of the series are established by action taken pursuant to a Company Order, a
copy of an appropriate record of such action will be certified by the Company and delivered to the Trustee concurrently with or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 

Notwithstanding Section 2.01(b)(ii) herein and unless otherwise expressly provided with respect to a series of
Securities, the aggregate principal amount of a series of Securities may be increased and Add On Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased, as provided in
Section 2.13. 

  
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 Section 2.02 Form of Securities and Trustee’s
Certificate of Authentication. 
 (a) The Securities of each series will be in substantially the form set
forth in or otherwise contemplated by the recitals to this Indenture, with appropriate variations to reflect the specific terms of such series. If the form of Securities of any series is established by action taken pursuant to a Company Order, a
copy of an appropriate record of such action will be certified by the Company and delivered to the Trustee concurrently with or prior to the delivery of the Company Order contemplated by Section 2.04 for the authentication and delivery of such
Securities. 
 (b) The definitive Securities will be printed, lithographed, or engraved on steel engraved
borders or may be produced in any other manner permitted by the rules of any securities exchange on which the Securities may be listed, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.

 (c) The Trustee’s certificate of authentication will be in substantially the form set forth in the
recitals to this Indenture. 
 (d) Every Global Security authenticated and delivered hereunder will bear a
legend in substantially the form set forth in the recitals to this Indenture. 
 Section 2.03
Date and Denominations. 
 Each Security will be dated the date of its authentication. The Securities of
each series will be issuable only in registered form without coupons in such denominations as may be specified as contemplated by Section 2.01. In the absence of any such specified denomination with respect to the Securities of any series, the
Securities of such series will be issuable in denominations of $1,000 and integral multiples thereof. 
 
Section 2.04 Execution, Authentication and Delivery of Securities. 
 (a) The Securities will be
executed on behalf of the Company by any Officer of the Company. The signature of any Officer on the Securities may be manual or facsimile. 
 (b) Only such Securities bearing the Trustee’s certificate of authentication, signed manually by the Trustee, will be entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. Such execution of the certificate of authentication by the Trustee upon any Securities executed by the Company will be conclusive evidence that the Securities so authenticated have been duly authenticated and delivered hereunder.
Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 2.08, for all purposes of this Indenture such Security will be deemed never to have been authenticated and delivered hereunder and will never be entitled to the benefits of this Indenture. 

(c) Securities bearing the manual or facsimile signatures of individuals who were at any time the proper Officers of the
Company will bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

  
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 (d) At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the
Company Order will authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Company Orders as permitted by Sections 2.01 and 2.02, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 9.01) will be fully protected in relying upon, an Opinion of Counsel stating that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company
enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, or other similar laws of general applicability relating to or affecting
creditors’ rights and by general principles of equity and such other qualifications as such counsel shall conclude are customary. 
 The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or
if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders. 
 (e) Notwithstanding the provisions of Sections 2.01 and 2.04(d), if all Securities of a series are not to be originally issued at one time, it will not be necessary to deliver the Officer’s
Certificate otherwise required pursuant to Section 2.01 or the Company Order and Opinion of Counsel otherwise required pursuant to Section 2.04(d) at or prior to the time of authentication of each Security of such series if such documents
are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 
 
Section 2.05 Registration of Transfer and Exchange. 
 (a) The Company will cause to be kept at
the Corporate Trust Office a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company will provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided. 
 (b) Upon surrender for registration of transfer of
any Security of any series at the office or agency in a Place of Payment for that series, the Company will execute, and the Trustee will authenticate and deliver in the name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 

  
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 (c) At the option of the Holder, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for
exchange, the Company will execute, and the Trustee will authenticate and deliver the Securities which the Holder making the exchange is entitled to receive. 
 (d) Every Security presented or surrendered for registration of transfer or exchange will (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument or
instruments of transfer, in form reasonably satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. No service charge will be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax, assessment, fee or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 2.06, 3.06, or 10.06 not involving any transfer. The Company will not be required (i) to issue, register the transfer of, or exchange Securities of any series during a period beginning at the opening of
business 15 calendar days before the mailing of a notice of redemption of Securities of that series selected for redemption under Section 3.03(c) and ending at the close of business on the day of such mailing or (ii) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except, in the case of any Securities to be redeemed in part, the portion thereof not being redeemed. 

(e) All Securities issued upon any registration of transfer or exchange of Securities will be valid obligations of the
Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

(f) Notwithstanding any other provision in this Indenture, no Global Security may be transferred to, or registered or
exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security or any nominee thereof, and no such transfer may be registered, unless (i) such Depositary (A) notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or (B) ceases to be a clearing agency registered under the Exchange Act, (ii) the Company executes and delivers to the Trustee a Company Order that such Global
Security shall be so transferable, registrable, and exchangeable, and such transfers shall be registrable, (iii) there shall have occurred and be continuing an Event of Default with respect to the Securities evidenced by such Global Security,
or (iv) there shall exist such other circumstances, if any, as have been specified for this purpose as contemplated by Section 2.01. Notwithstanding any other provision in this Indenture, a Global Security to which the restriction set
forth in the preceding sentence shall have ceased to apply may be transferred only to, and may be registered and exchanged for Securities registered only in the name or names of, such Person or Persons as the Depositary for such Global Security
shall have directed and no transfer thereof other than such a transfer may be registered. Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security to which the restriction set
forth in the first sentence of this Section 2.05(f) shall apply, whether pursuant to this Section 2.05, Sections 2.06, 2.07, 3.06, or 10.06 or otherwise, will be authenticated and delivered in the form of, and will be, a Global
Security. 

  
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 (g) Each Holder of a Security agrees to indemnify the Company and the
Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States Federal or state securities law, and any other law
applicable to such Holder, the transferee or the transaction. 
 Section 2.06 Temporary
Securities. 
 Pending the preparation of definitive Securities of any series, the Company may execute and
register and upon Company Order the Trustee will authenticate and deliver temporary Securities (printed, lithographed, or typewritten) of any authorized denomination, and substantially in the form of the definitive Securities but with such
omissions, insertions, and variations as may be appropriate for temporary Securities (but which do not affect the rights or duties of the Trustee), all as may be determined by the officers executing such Securities as evidenced by their execution of
such Securities; provided, however that the Company will use reasonable efforts to have definitive Securities of that series available at the times of any issuance of Securities under this Indenture. Every temporary Security will be
executed and registered by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. The Company will execute and register and furnish
definitive Securities of such series as soon as practicable and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor at the office or agency of the Company in the Place of Payment for that series, and the
Trustee will authenticate and deliver in exchange for such temporary Securities of such series one or more definitive Securities of the same series, of any authorized denominations, and of a like aggregate principal amount and tenor. Such exchange
will be made by the Company at its own expense and without any charge to the Holder therefor. Until so exchanged, the temporary Securities of any series will be entitled to the same benefits under this Indenture as definitive Securities of the same
series authenticated and delivered hereunder. 
 Section 2.07 Mutilated, Destroyed, Lost,
and Stolen Securities. 
 (a) If any mutilated Security is surrendered to the Trustee, the Company will
execute and the Trustee will authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b) If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the
destruction, loss, or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company will execute and the Trustee will authenticate and deliver, in lieu of any such destroyed, lost, or stolen Security, a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding. 

  
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 (c) In case any such mutilated, destroyed, lost, or stolen Security has
become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 (d) Upon the issuance of any new Security under this Section 2.07, the Company may require the payment of a sum sufficient to cover any tax, assessment, fee or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 (e) Every new Security of any series issued pursuant to this Section 2.07 in lieu of any destroyed, lost, or stolen Security will constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost, or stolen Security shall be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly
issued hereunder. 
 (f) The provisions of this Section 2.07 are exclusive and will preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Securities. 
 Section 2.08 Cancellation of Surrendered Securities. 
 All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any sinking fund payment will, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and will be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered will be
promptly cancelled by the Trustee. No Securities will be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.08, except as expressly permitted by this Indenture. The Trustee shall dispose of all
cancelled Securities in accordance with its customary procedures. 
 Section 2.09 Payment
of Interest; Interest Rights Preserved. 
 (a) Except as otherwise provided as contemplated by
Section 2.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date will be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 

(b) Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) will forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company at
its election in each case, as provided in clause (i) or (ii) below: 

  
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                (i) The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which will be fixed in the following manner. The Company will promptly notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed
payment, and at the same time the Company will deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or will make arrangements satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause (i) provided. Thereupon the Trustee will fix a Special Record Date for
the payment of such Defaulted Interest which will be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment and not less than 10 calendar days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee will promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, will cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
to be mailed, first class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 calendar days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest will be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close
of business on such Special Record Date and will no longer be payable pursuant to the following clause (ii). 
                 (ii) The Company may make payment of any Defaulted Interest on the Securities of any series in any other
lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause (ii), such manner of payment shall be deemed practicable by the Trustee. 
                 (c) Subject to the foregoing provisions of this Section 2.09, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security will carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 2.10 Persons Deemed Owners. 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, and any agent of the
Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 2.09) any interest on such Security
and for all other purposes whatsoever, whether or not such Security shall be overdue, and neither the Company, the Trustees nor any agent of the Company or the Trustee will be affected by notice to the contrary. 

  
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 No holder of any beneficial interest in any Global Security held on its
behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary or its nominee shall be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such
Global Security for all purposes whatsoever. 
 Section 2.11 Computation of Interest.

 Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on
the Securities of each series will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 
Section 2.12 CUSIP Numbers. 
 The Company in issuing any series of the Securities may use CUSIP
numbers, if then generally in use, and thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption or exchange with respect to such series; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP numbers. 

Section 2.13 Add On Securities. 

(a) The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture,
without the consent of the Holders, create and issue pursuant to this Indenture additional Securities (“Add On Securities”) of one or more series having terms and conditions identical to those of one or more series of Outstanding
Securities, except that Add On Securities: 
 (i) may have a different issue date from other
Outstanding Securities of the series; 
 (ii) may have a different amount of interest payable on
the first Interest Payment Date after issuance than is payable on other Outstanding Securities of the series; and 
 (iii) may have terms specified in the Add On Securities Company Order or Add On Securities Supplemental Indenture for such Add On Securities making appropriate adjustments to this Article II (and
related definitions) applicable to such Add On Securities in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) applicable to such Add On Securities, which are not adverse in any material respect
to the Holder of any Outstanding Securities (other than such Add On Securities) and which shall not adversely affect the rights or duties of the Trustee. 
 (b) In authenticating any Add On Securities, and accepting the additional responsibilities under this Indenture in relation to such Add On Securities, the Trustee shall

  
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receive, and shall be fully protected in relying upon, mutatis mutandis, the documents set forth in Section 2.04(d), and shall have the right to decline to authenticate and deliver any such
Add On Securities, as provided for by Section 2.04(d). 
 Notwithstanding anything in this
Section 
2.13, the Company may not issue Add On Securities if an Event of Default shall have occurred and be continuing. 
 
ARTICLE III. 
 REDEMPTION OF SECURITIES 
 Section 3.01 Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity will be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.01 for
Securities of any series) in accordance with this Article III. 
 Section 3.02
Optional Tax Redemption. 
 The Company shall be entitled to redeem the Securities of any series, as and
to the extent described in the Company Order with respect to such series, if: 
 (a) on the occasion of the next
payment due under such Securities, the Company has or will become obliged to pay Additional Amounts as a result of any change in, or amendment to, the laws or regulations of France or other jurisdiction of incorporation of the Company, or any
political subdivision or any authority therein or thereof having power to tax, or any change in the application or official interpretation of such laws or regulations, or as a result of any change in, or amendment to, or any change in the
application or official interpretation of, the law or regulations of any jurisdiction in which a successor to, or substitute obligor, of the Company is incorporated or is a resident for tax purposes subsequent to the date of succession, the Company
would be required to pay Additional Amounts as described in Section 6.08 (an “Optional Tax Redemption”); provided that no notice of Optional Tax Redemption shall be given earlier than 90 days prior to the earliest date on which
the Company would be obliged to pay such Additional Amounts were a payment in respect of such Securities then due; and 
 (b) the Company cannot avoid this obligation by taking reasonable measures available to it. 
 Securities redeemed pursuant to an Optional Tax Redemption will be redeemed in whole but not in part at an amount equal to the principal amount thereof together with Additional Amounts, if any, and
interest accrued to (but excluding) the Redemption Date. 
 In addition, upon the occurrence of any change in,
or any change in the official application or interpretation of the law or regulations of France or any jurisdiction in which the successor to, or substitute obligor, of the Company is incorporated or is a resident for tax purposes, becoming
effective after the issuance date of the Securities (or in the case of a successor or substitute person of the Company, the date on which such person assumed the Company’s obligations under the Securities), the Company has suffered or will
suffer a non-

  
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deductibility of interest and other revenues because a Holder is located or payments are made in a Non-cooperative State (as defined in Section 6.08) with respect to any payment, the Company
may redeem the Securities held by such Holder in whole but not in part, at the option of the Company, on the occasion of the next Interest Payment Date under the Securities, at an amount equal to the principal amount thereof together with Additional
Amounts, if any, together with interest accrued to (but excluding) the Redemption Date. 

Section 3.03 Election to Redeem; Notice to Trustee. 

(a) The election of the Company to redeem any Securities will be evidenced by a Company Order. In case of any redemption
at the election of the Company, the Company will, at least 45 calendar days prior to the Redemption Date fixed by the Company and, in any event, not fewer that two Business Days prior to sending the notice set forth in Subsection (b) of this
Section 3.03. (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior
to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company will furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction.

 (b) Notice of redemption of Securities to be redeemed at the election of the Company will be given by the
Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and will be irrevocable. Notice of redemption will be given by mail, first class postage prepaid, not less than 30 or more than 60 calendar days
prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. All notices of redemption will include the CUSIP number assigned to such Securities provided, however, that such notice may
state that no representation is made as to the correctness of CUSIP numbers, in which case none of the Company, the Trustee or any agent of the Company or the Trustee shall have any liability in respect of the use of any CUSIP number or numbers on
such notices, and the redemption of such Securities shall not be affected by any defect in or omission of such numbers and will state (i) the Redemption Date, (ii) the Redemption Price or, if not then ascertainable, the manner of
calculation thereof, (iii) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be
redeemed, (iv) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon (and/or principal, as applicable, in the case of an Original Issue
Discount Security) will cease to accrue on and after said date, (v) the place or places where such Securities are to be surrendered for payment of the Redemption Price, (vi) that the redemption is for a sinking fund, if such is the case,
and (vii) the specific provision of this Indenture pursuant to which such Securities are to be redeemed. 

(c) If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed will be
selected not more than 60 calendar days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee may deem appropriate and which may provide for
the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal 

  
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amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. The Trustee will promptly notify the Company in writing of the
Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 (d) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities will relate, in the case of any Securities redeemed or to be redeemed
only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
 
Section 3.04 Deposit of Redemption Price. 
 Prior to 10:00 a.m. (local time at the Place of
Payment) on the Redemption Date specified in the notice of redemption given as provided in Section 3.03, the Company will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 6.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) any accrued interest on, all of the Securities that are to be redeemed on
that date. 
 Section 3.05 Securities Payable on Redemption Date. 

(a) Notice of redemption having been given as aforesaid, the Securities so to be redeemed will, on the Redemption Date,
become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company defaults in the payment of the Redemption Price and accrued interest) such Securities will cease to accrue interest and will be
redeemed. Upon surrender of any such Security for redemption in accordance with said notice, such Security will be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that unless
otherwise specified as contemplated by Section 2.01, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Regular Record Date or Special Record Date in accordance with their terms and the provisions of Section 2.09. 

(b) If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and
any premium will, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 
Section 3.06 Securities Redeemed in Part. 
 Any Security that is to be redeemed only in part
will be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
his attorney duly authorized in writing), and the Company will execute, and the Trustee will authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any
authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

  
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 ARTICLE IV. 

RESERVED 
 
ARTICLE V. 
 DEFEASANCE AND COVENANT DEFEASANCE 
 Section 5.01 Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may elect, at its option by Company Order at any time, to have either Section 5.02 or Section 5.03
applied to the Outstanding Securities of any series designated pursuant to Section 2.01 as being defeasible pursuant to this Article V (hereinafter called “Defeasible Series”), upon compliance with the conditions set forth below
in this Article V. 
 Section 5.02 Defeasance and Discharge. 

Upon the Company’s exercise of the option provided in Section 5.01 to have this Section 5.02 applied to the
Outstanding Securities of any Defeasible Series and subject to the proviso to Section 5.01, the Company will be deemed to have been discharged from its obligations with respect to the Outstanding Securities of such series as provided in this
Section 5.02 on and after the date the conditions set forth in Section 5.04 are satisfied (hereinafter called “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company will be deemed to have paid and
discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series are concerned
(and the Trustee, at the expense of the Company, will execute proper instruments acknowledging the same), subject to the following which will survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Securities of
such series to receive, solely from the trust fund described in Section 5.04 and as more fully set forth in Section 5.04, payments in respect of the principal of and any premium and interest on such Securities of such series when payments
are due, (b) the Company’s obligations with respect to the Securities of such series under Sections 2.05, 2.06, 2.07, 6.02, 6.03, and 10.03, (c) the rights, powers, trusts, duties, and immunities of the Trustee hereunder,
including without limitation those in Section 9.06 hereof and (d) this Article V. Subject to compliance with this Article V, the Company may exercise its option provided in Section 5.01 to have this Section 5.02 applied to
the Outstanding Securities of any Defeasible Series notwithstanding the prior exercise of its option provided in Section 5.01 to have Section 5.03 applied to the Outstanding Securities of such series. 

Section 5.03 Covenant Defeasance. 

Upon the Company’s exercise of the option provided in Section 5.01 to have this Section 5.03 applied to the
Outstanding Securities of any Defeasible Series, (a) the Company will be released from its obligations under Section 11.01, and the provisions of any Supplemental Indenture specified in such Supplemental Indenture, and (b) the
occurrence of any event specified in Sections 8.01(a)(ii), 8.01(a)(iii) (with respect to Section 11.01, and the provisions of any Supplemental Indenture specified in such Supplemental Indenture), 8.01(a)(iv), and

  
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 8.01(a)(vii) will be deemed not to be or result in an Event of Default, in each case with
respect to the Outstanding Securities of such series as provided in this Section on and after the date the conditions set forth in Section 5.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant
Defeasance means that the Company may omit to comply with and will have no liability in respect of any term, condition, or limitation set forth in any such specified Section (to the extent so specified in the case of Section 8.01(a)(iii)),
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and the
Securities of such series will be unaffected thereby. 
 Section 5.04 Conditions to Legal
Defeasance or Covenant Defeasance. 
 The following will be the conditions to application of either
Section 5.02 or Section 5.03 to the Outstanding Securities of any Defeasible Series: 
 (a) The Company
shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee that satisfies the requirements contemplated by Section 9.08 and agrees to comply with the provisions of this Article V applicable to it) as
trust funds in trust for the benefit of the Holders of Outstanding Securities of such series (i) money in an amount, or (ii) U.S. Government Obligations that through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, without reinvestment, not later than the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient in the opinion of an independent firm of certified public
accountants (which opinion shall set forth the calculations forming the basis of such opinion), to pay and discharge, and which will be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any
premium and interest on the Securities of such series on the respective Stated Maturities or on any earlier date or dates on which the Securities of such series shall be subject to redemption, as the case may be, and the Company shall have given the
Trustee irrevocable instructions satisfactory to the Trustee to give notice to the Holders of the redemption of the Securities of such series, all in accordance with the terms of this Indenture and the Securities of such series. 

(b) In the case of an election under Section 5.02, the Company shall have delivered to the Trustee an Opinion of
Counsel (from a counsel who shall not be an employee of the Company) to the effect that the Holders of the Outstanding Securities of such series will not recognize gain or loss for U.S. Federal income tax purposes as a result of the deposit, Legal
Defeasance, and discharge to be effected with respect to the Securities of such series and will be subject to U.S. Federal income tax on the same amount, in the same manner, and at the same times as would be the case if such deposit, Legal
Defeasance, and discharge were not to occur. 
 (c) In the case of an election under Section 5.03, the
Company shall have delivered to the Trustee an Opinion of Counsel (from a counsel who shall not be an employee of the Company) to the effect that the Holders of the Outstanding Securities of such series will not recognize gain or loss for U.S.
Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to the Securities of such series and will be subject to U.S. Federal income tax on the same amount, in the same manner, and at the same times
as would be the case if such deposit and Covenant Defeasance were not to occur. 

  
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 (d) The Company shall have delivered to the Trustee an Officer’s
Certificate to the effect that the Securities of such series, if then listed by the Company on any securities exchange, will not be delisted solely as a result of such deposit. 

(e) Such Legal Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting interest within the
meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 

(f) Such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which it is bound. 
 (g) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent with respect to such Legal Defeasance or Covenant
Defeasance have been complied with. 
 (h) Such Legal Defeasance or Covenant Defeasance will not result in the
trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust will be registered under such Act or exempt from registration thereunder. 

Section 5.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other
Miscellaneous Provisions. 
 (a) Subject to the provisions of Section 6.03(e), all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 5.05 and Section 5.06, the Trustee and any such other trustee are referred to collectively
as the “Trustee”) pursuant to Section 5.04 in respect of the Securities of any Defeasible Series will be held in trust and applied by the Trustee, in accordance with the provisions of the Securities of such series and this Indenture,
to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of Securities of such series, of all sums due and to become due thereon in respect
of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 
 (b) The Company will pay and indemnify the Trustee against any tax, fee, or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 5.04 or the
principal and interest received in respect thereof other than any such tax, fee, or other charge that by law is for the account of the Holders of Outstanding Securities. 

(c) Notwithstanding anything in this Article V to the contrary, the Trustee will deliver or pay to the Company from time
to time upon a Company Request any money or U.S. Government Obligations held by it as provided in Section 5.04 with respect to Securities of any Defeasible Series that are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance with respect to the Securities of such series. 

  
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 Section 5.06 Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article V with respect to the
Securities of any series by reason of any order or judgment of any court or governmental authority enjoining, restraining, or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Securities of such
series will be revived and reinstated as though no deposit had occurred pursuant to this Article V with respect to Securities of such series until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant
to Section 5.05 with respect to Securities of such series in accordance with this Article V; provided, however, that if the Company makes any payment of principal of or any premium or interest on any Security of such series
following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of Securities of such series to receive such payment from the money so held in trust. 

ARTICLE VI. 
 PARTICULAR COVENANTS OF THE COMPANY 

Section 6.01 Payment of Principal, Premium and Interest on Securities. 

The Company, for the benefit of each series of Securities, will duly and punctually pay the principal of and any premium
and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
 
Section 6.02 Maintenance of Office or Agency. 
 (a) The Company will maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices, and demands may be made or served at the Corporate Trust Office,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices, and demands. 
 (b) The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of
any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 Section 6.03 Money for Securities Payments to be Held
in Trust. 
 (a) If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, prior to 10:00 a.m. (local time at the Place of Payment) on the due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or
failure so to act. 
 (b) Whenever the Company shall have one or more Paying Agents for any series of
Securities, it will, prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act,
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 (c) The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent will agree with the Trustee,
subject to the provisions of this Section 6.03, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Company (or
any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, and upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series. 
 (d) The Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent will be released from all further liability with respect to such
money. 
 (e) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, or interest has become due and payable will be paid to the Company upon a Company
Request (or, if then held by the Company, will be discharged from such trust); and the Holder of such Security will thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
shall, at the expense of the Company within such aforementioned two-year period, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of
Manhattan, The City of New York, notice, to be prepared by the Company, that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 calendar days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Company. 

  
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 Section 6.04 Statement by Officers as to Default.

 The Company will deliver to the Trustee, within 180 calendar days after the end of each fiscal year of the
Company ending after the date hereof, an Officer’s Certificate stating whether or not to the best knowledge of the signer thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this
Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. 

Section 6.05 Calculation of Original Issue Discount. 

The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the
amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant
under the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

Section 6.06 Further Instruments and Acts. 

The Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture. 
 Section 6.07 Waiver
of Stay, Extension or Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law, wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture. The Company hereby expressly waives (to the extent that it may lawfully do so) all benefit or advantage of any such law, and covenants that it will not, by resort to such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 6.08 Payment of Additional Amounts. 
 The Company shall make no withholding or deduction of Taxes with respect to payments of interest on the Securities; provided, however, that if the law or regulations of France, or other
jurisdiction of incorporation of the Company, should require that any payment of principal and interest in respect of any Security is subject to withholding or deduction with respect to any present or future taxes, duties, assessments or
governmental charges of whatsoever nature (“Taxes”) imposed or levied by, or on behalf of, such jurisdiction or any political subdivision or any authority therein or thereof having power to tax, the Company shall, to the fullest extent
then permitted by law, pay such additional amounts as may be necessary in order 

  
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that the net amounts received by the Holders of the Securities after such withholding or deduction shall equal the respective amounts of principal and interest that would otherwise have been
receivable in respect of the Securities in the absence of such withholding or deduction (the “Additional Amounts”); except that no such Additional Amounts shall be payable with respect to any Security: 

(a) presented for payment by or on behalf of a Holder of a Security (including a beneficial owner (ayant droit))
who is liable for such Taxes in respect of such Security by reason of such Holder having some connection with France, or other jurisdiction of incorporation of the Company other than the mere holding of (or beneficial ownership with respect to) such
Security; 
 (b) presented for payment for, or on behalf of a Holder of a Security (including a beneficial owner
(ayant droit)) that is established or domiciled in a non-cooperative State or territory within the meaning of Article 238-0 A of the French General Tax Code (Code général des impôts) (a “Non-cooperative
State”) or which would have been able to avoid such Taxes by receiving payments under such Security in a bank account opened in a financial institution that is not located in any Non-cooperative State; 

(c) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to
European Council Directive 2003/48/EC, as amended, supplemented or replaced from time to time (the “Directive”), or any law implementing or complying with, or introduced in order to conform to, such Directive; 

(d) presented for payment by or on behalf of a Holder of any Security who would have been able to avoid such withholding
or deduction by presenting the relevant Security to another paying agent in a member state of the European Union; 
 (e) where presentation of the Security is required for payment, more than 30 days after the Relevant Date except to the extent that the Holder thereof would have been entitled to such Additional Amounts,
if any, on presenting the same for payment on such thirtieth day; or 
 (f) where the Tax is on account of an
estate, inheritance, gift, sale, transfer, personal property or similar tax. 
 For the purpose of the payment
of Additional Amounts, “Relevant Date” in respect of any Security means the date on which such payment first becomes due or, if any amount of money payable is improperly withheld or refused, the date on which payment in full of the amount
outstanding is made or where presentation for payment is required, if earlier, the date seven days after that on which notice is duly given to the Holders that, upon further presentation of the Security being made in accordance with the terms and
conditions of the Security, such payment will be made, provided that payment is in fact made upon such presentation. 
 
Section 6.09 Other Indebtedness. 
 The Company covenants and agrees for the benefit of the
Holders of Securities of each series that in the event that the Company fails to pay when due, which includes, if 

  
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applicable, at the expiry of any grace period, any monies in excess of EUR 200,000,000 or its equivalent in any other currencies, in respect of any of the Indebtedness of the Company, other than
the Securities, or in the event that any required payment in excess of EUR 200,000,000 or its equivalent in any other currencies in respect of any guarantee the Company gives in respect of monies borrowed is not honored, such occurrence shall
constitute a Default hereunder, unless the Company is contesting in good faith that such debt is due or that such guarantee is callable so long as the dispute is being defended and has not been fully adjudicated or unless such non-payment arose due
to a technical failure or administrative error and is remedied within the shorter of the applicable grace period and eight (8) business days next following the service on the Company by any Holder of a Security or a beneficial interest therein
of notice requiring repayment thereof. For the purposes of this Section 6.09 only, “business day” means a day on which commercial banks and foreign exchange markets settle payment in The City of New York and Paris, France. 

Section 6.10 Negative Pledge. 

As long as any of the Securities remains Outstanding, the Company will not, and will ensure that none of its Principal
Subsidiaries will, create or permit to subsist any mortgage, charge, pledge, lien (other than a lien arising by operation of law) or other form of encumbrance or security interest (each a “Security Interest”) upon the whole or any part of
its or their respective undertakings, assets or revenues of whatever nature, present or future, to secure any Relevant Debt or any guarantee of or indemnity in respect of any Relevant Debt, unless at the same time or prior thereto the Company’s
obligations under the Securities are (A) equally and ratably secured therewith or (B) benefit from a Security Interest or other arrangement, to the extent permitted by French or other applicable law or regulation as shall be approved by an
act of the Holders holding at least a majority of the principal amount of the outstanding Securities of an affected series. 
 
ARTICLE VII. 
 SECURITIES HOLDERS’ LIST AND 
 REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 7.01 Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee (a) semi-annually, not more than 15 calendar days
after the applicable Regular Record Date, a list for each series of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date and (b) at
such other times as the Trustee may request in writing, within 30 calendar days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 calendar days prior to the time such list is
furnished; excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 

  
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 Section 7.02 Preservation of Information; Communication
to Holders. 
 (a) The Trustee will preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any
list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 
 (b) The rights
of the Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, will be as provided by the Trust Indenture Act. 

(c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee nor any agent of either of them will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

Section 7.03 Reports by Trustee. 

(a) The Trustee will transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each December 31 following the
date of this Indenture deliver to Holders a brief report, dated as of such, which complies with the provisions of such Section 313(a). 
 (b) A copy of each such report will, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission, and with the
Company. The Company will promptly notify the Trustee in writing when any Securities are listed on any stock exchange or of any delisting thereof. 
 Section 7.04 Reports by Company. 
 The Company will file with the Trustee and the Commission, and transmit to Holders, only such information, documents, and other reports, and such summaries thereof, as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant to such Act. Any information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall also be filed with the
Trustee within 15 days after the same is filed with the Commission. The Company shall have no other obligation to provide information, documents or other reports. 

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 compliance with any of its covenants hereunder (as to which
the Trustee is entitled to conclusively rely exclusively on Officer’s Certificates). 

  
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 ARTICLE VIII. 

DEFAULT 
 
Section 8.01 Event of Default. 
 (a) An “Event of Default”, wherever used herein with
respect to Securities of any series, occurs if any one of the following events (whatever the reason for such Event of Default and whether it may be voluntary or involuntary or be 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) shall occur: 
 (i) if the Company defaults in the payment of any interest or Additional Amounts, if any, in respect of any Security of that series when it becomes due and payable, and such default continues for a period
of 15 calendar days next following the service on the Company by the Trustee or any Holder of any Security of written notice requiring the same to be remedied; 

(ii) if the Company defaults in the payment of the principal of (or premium, if any, on) any Security of
that series when it becomes due and payable; 
 (iii) if the Company fails to perform or observe
any of its other obligations under this Indenture or the Securities (other than a covenant or warranty, a default in the performance or breach of which is elsewhere in this Section 8.01 specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of one or more series of Securities other than that series), and (except in any case where the failure is incapable of remedy when no continuation or notice as is hereinafter mentioned will be
required) such failure continues for the period of 30 calendar days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of
the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(iv) prior to redemption in full of the Securities, the Company or any of its Principal Subsidiaries is
dissolved, wound up or reorganized (either by court order or otherwise) or consolidates with, merges into, or conveys, transfers or leases its assets substantially as an entirety to any company other than any consolidation, merger, conveyance,
transfer or lease undertaken in accordance with the provisions described in Section 11.01; or 
 (v) if the Company or any of its Principal Subsidiaries makes any proposal for a general moratorium in relation to its debt or that of any such Principal Subsidiary or applies for the appointment of a
conciliator (conciliateur) or a mandataire ad hoc enters into a conciliation agreement (protocole de conciliation) with its creditors or a judgment is issued for judicial liquidation (liquidation judiciaire) or for a judicial
transfer of the whole of the business (cession totale de l’entreprise à la suite d’un plan de cession) of the Company or, to the extent permitted by applicable law, if the Company makes any conveyance, assignment or
other arrangement for the benefit of its creditors or enters into a composition with its creditors; or 

  
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 (vi) if the Company or any of its Principal Subsidiaries
ceases to carry on all or substantially all of its telecommunications business (which represents a substantial part of the telecommunications business of the Company and its Subsidiaries taken as a whole) carried on by it prior to such cessation,
resulting in a reduction of the value of the assets of the Company on a consolidated basis; or 

(vii) the Company or any of its Principal Subsidiaries stops or threatens to stop payment of, or is unable
to, or admits inability to, pay its debts (or any class of its debts) as they fall due, or is adjudicated or found bankrupt or insolvent; or 
 (viii) if proceedings (other than under the laws of the Republic of France) are initiated against the Company or any of its Principal Subsidiaries under any applicable liquidation, insolvency,
composition, reorganization or any other similar laws, or an application (other than under the laws of the Republic of France) is made for the appointment of an administrative or other receiver, manager or administrator, or any such or other similar
official is appointed, in relation to the Company or, as the case may be, in relation to the whole or a part of the undertakings or assets (which are material in the context of the issue of the Securities) of the Company, or a distress, execution,
attachment, sequestration or other process is levied, enforced upon, sued out or put in force against the whole or a part of the undertakings or assets (which are material in the context of the issue of the Securities of the Company); and in any
case (other than the appointment of an administrator) are not discharged within 28 days; provided that this paragraph (viii) shall not apply to any proceedings against the Company or a Principal Subsidiary brought by a third party other
than an administrative or judicial authority where the Company can demonstrate that any such proceedings are being contested by the Company or the Principal Subsidiary in good faith, diligently and by appropriate proceedings in a competent court; or

 (ix) any other Event of Default provided with respect to Securities of that series.

 Any of the foregoing will constitute an Event 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. 

(b) If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing,
then in every case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if any of the Securities of that series are Original Issue Discount Securities,
such portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Securities of that series to be due and payable immediately, together with accrued and unpaid interest and Additional Amounts, if any, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount, together with accrued and unpaid interest and Additional Amounts, if any, (or specified amount) will become immediately
due and payable. 

  
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 (c) At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article VIII provided, the Holders of a majority in principal amount of the outstanding
Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay (A) all overdue
interest on all Securities of that series, (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon and Additional Amounts, if
any, at the rate or rates prescribed therefor in such Securities, (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor (if so prescribed) in such Securities, and
(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel in relation to such default and (ii) all Events of Default with respect
to Securities of that series, other than the nonpayment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 8.01(d). No such rescission
will affect any subsequent default or impair any right consequent thereon. 
 (d) The Holders of not less than a
Qualified Majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series of Securities and its consequences,
except a default (i) in the payment of the principal of or any premium or interest and Additional Amounts, if any, on any Security of such series or (ii) in respect of a covenant or provision hereof which under Article X cannot be modified
or amended without the consent of the Holder of each Outstanding Security of such series affected. Upon any such waiver, such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, for every
purpose of this Indenture, but no such waiver will extend to any subsequent or other default or impair any right consequent thereon. 
 Section 8.02 Covenant of Company to Pay to Trustee Whole Amount Due on Securities on Default in Payment of Interest or Principal; Suits for Enforcement by Trustee.

 (a) The Company covenants that if (i) default is made in the payment of any interest, including
Additional Amounts, if any, on any Security when such interest becomes due and payable and such default continues for a period of 15 calendar days or (ii) default is made in the payment of the principal of (or premium, if any, on) any Security
when it becomes due and payable, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest at the
rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements, and advances of
the Trustee and its agents and counsel. 

  
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 (b) If an Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

(c) In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property
or its creditors, the Trustee will be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any
such proceeding. In particular, the Trustee will be authorized to collect and receive any money or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator,
sequestrator, or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee consents to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel, and any other amounts due to the Trustee under Section 9.06. 

(d) No provision of this Indenture will be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment, or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

(e) All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee
without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee will be brought in its own name as trustee of an express trust, and any recovery of
judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered. 
 Section 8.03 Application of Money Collected by Trustee.

 Any money collected by the Trustee pursuant to this Article VIII will be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
  

			
	 FIRST:
	  	 To the payment of all amounts due to the Trustee under Section 9.06;

  
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	 SECOND:
	  	 To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and

		
	 THIRD:
	  	 To the Company.

 Section 8.04 Limitation on Suits by Holders of Securities.

 No Holder of any Security of any series will have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series, (b) the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder,
(c) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the reasonable costs, expenses, and liabilities to be incurred in compliance with such request, including those of its agents and counsel
(d) the Trustee for 60 calendar days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding, and (e) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series, it being understood and intended that no one or more of such Holders will have any right in any manner whatever by virtue of, or
by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all of such Holders. 
 Except as provided in the foregoing paragraph, no Holder of any Security will have
any right to institute any proceeding with respect to this Indenture or for any remedy hereunder, except: 
 A
Holder of a Security may institute suit for enforcement of payment of principal of and premium, if any, or interest on such Security on or after the respective due dates expressed in such Security, or 

For the institution of any proceeding with respect to this Indenture or any remedy thereunder, including, without
limitation, acceleration, by the Holders of a majority in principal amount of the relevant series of Outstanding Securities; provided, that upon institution of any proceeding or exercise of any remedy, such Holder or Holders provide the
Trustee with prompt written notice thereof. 

  
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 Section 8.05 Rights and Remedies Cumulative; Delay or
Omission in Exercise of Rights not a Waiver of Event of Default. 
 (a) Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost, or stolen Securities in Section 2.07(f), no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 (b) No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of
any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VIII or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be. 
 Section 8.06 Rights of Holders of Majority in Principal
Amount of Outstanding Securities to Direct Trustee. 
 The Holders of a majority in principal amount of the
Outstanding Securities of any series will have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series, provided that (a) such direction will not be in conflict with any rule of law or with this Indenture and (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with such direction. 
 Section 8.07 Requirement of an Undertaking to Pay Costs in Certain
Suits Under the Indenture or Against the Trustee. 
 In any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken, suffered, or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs,
including attorney’s fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that this Section 8.07 will not be deemed to authorize any court to require such
an undertaking or to make such an assessment in any suit in respect of this Indenture. 

Section 8.08 Notice of Defaults. 

If a Default or Event of Default occurs hereunder with respect to Securities of any series, the Trustee will give the
Holders of Securities of such series notice of such Default or Event of Default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any Default of the character specified in Section 8.01(a)(iii) with
respect to Securities of such series no such notice to Holders will be given until at least 15 calendar days after the occurrence thereof. 

  
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 Section 8.09 Unconditional Right of Holders to Receive
Principal, Premium, and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any
Security will have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 2.09) interest and Additional Amounts, if any, on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights may not be impaired without the consent of such Holder. 

Section 8.10 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination or order in such proceeding, the Company, the Trustee, and the
Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted. 

Section 8.11 Trustee May File Proofs of Claims. 

The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceeding relative to the Company or any
Subsidiary of the Company (or any other obligor upon the Securities), their respective creditors or their respective property and shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such
claim and to distribute the same in accordance with this Indenture, and any custodian, receiver, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceedings is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements, and advances of the Trustee,
its agents and counsel, and any other amounts due to the Trustee hereunder. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

ARTICLE IX. 
 CONCERNING THE TRUSTEE 
 Section 9.01 Certain
Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Default, 

  
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 (i) the Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein). 
 (b) In case a Default or an Event of
Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
 (c) No provision of this Indenture shall be construed
to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 
 (i) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section 9.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the
Outstanding Securities of any series, determined as provided in Sections 1.01 and 8.06, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon
the Trustee, under this Indenture with respect to the Securities of such series; and 
 (iv) no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk of liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 9.01. 

  
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 Section 9.02 Certain Rights of Trustee. 

Subject to the provisions of Section 9.01: 

(a) the Trustee may conclusively rely and will be protected in acting or refraining from acting upon, whether in its
original or facsimile form, any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties; 
 (b) any request or direction of
the Company mentioned herein will be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board will be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering, or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate;

 (d) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of
Counsel will be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee indemnity satisfactory to the Trustee against the reasonable costs, expenses, and liabilities which might be incurred by it
in compliance with such request or direction including those of its agents and counsel; 
 (f) the Trustee will
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or
other paper or document, but the Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it will be entitled to examine,
with prior notice of no less than five Business Days, and during normal business hours, the books, records, and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation; 
 (g) the Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys or independent contractors and the Trustee will not be responsible for any misconduct or negligence on the part of any agent, attorney or
independent contractor appointed with due care by it hereunder; 
 (h) the Trustee shall not be liable for any
action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; provided, however, that the
Trustee’s conduct does not constitute willful misconduct or negligence (as finally determined by a court of competent jurisdiction); 

  
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 (i) the Trustee shall not be deemed to have notice of any Default or Event
of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities and this Indenture; 
 (j) 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; and 
 (k) the Trustee may request that the Company deliver a certificate setting
forth the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section 9.03 Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, may be taken as the statements of the Company, and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent will not be accountable for the use or
application by the Company of Securities or the proceeds thereof. 
 Section 9.04 May
Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar, or any
other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 9.07 and 9.12, may otherwise deal with the Company with the same rights it would have if it were not
Trustee, Authenticating Agent, Paying Agent, Security Registrar, or such other agent. 

Section 9.05 Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required herein
or by law. The Trustee will be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
 Section 9.06 Compensation and Reimbursement. 
 The Company will (a) pay to the Trustee from time to time such compensation for all services rendered by it hereunder as the parties shall agree from time to time (which compensation will not be
limited to any provision of law in regard to the compensation of a trustee of an express trust); (b) except as otherwise expressly provided herein, reimburse the 

  
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Trustee upon its request for all reasonable expenses, disbursements, and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of agents and counsel), except any such expense, disbursement, or advance that shall have been caused by its negligence or willful misconduct; and (c) indemnify each of the Trustee and any
predecessor Trustee for, and hold them harmless against, any and all loss, liability, claim, damage or expense incurred without negligence or willful misconduct on its part arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder or in connection with enforcing the provisions of this Section 9.06. 
 The Trustee shall
have a lien prior to the Securities as to all property and funds held by it hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 9.06, except with respect to funds held in trust for the benefit of the Holders of
particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 8.01(a)(v) or Section 8.01(a)(vi), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under
any applicable Federal or state bankruptcy, insolvency or other similar law. 
 The provisions of this
Section 
9.06 shall survive the termination of this Indenture and resignation or removal of the Trustee. 
 Section 9.07
 Disqualification; Conflicting Interests. 
 If the Trustee has or acquires a conflicting interest within
the meaning of the Trust Indenture Act, the Trustee will either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 

Section 9.08 Corporate Trustee Required; Eligibility. 

There will at all times be one and only one Trustee hereunder with respect to the Securities of each series. Each Trustee
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000 and its Corporate Trust Office or principal office in New York City, or any other major city in the
United States that is acceptable to the Company. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of a supervising or examining state or Federal authority, then for the purposes of this
Section 9.08, and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 9.08, it will resign immediately in the manner and with the effect hereinafter specified in this Article IX. 

  
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 Section 9.09 Resignation and Removal; Appointment of
Successor. 
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant
to this Article IX will become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 9.10. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 9.10 shall not have been delivered to the Trustee within 30 calendar days after the giving of such notice of resignation, the resigning Trustee
or the Company may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to
the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 9.10 shall not have been delivered to the Trustee within 30 calendar days after the giving of such notice of removal, the Trustee or the
Company may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (d) If, at any time, (i) the Trustee fails to comply with Section 9.07 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least
six months, or (ii) the Trustee ceases to be eligible under Section 9.08 and fails to resign after written request therefor by the Company or by any such Holder, or (iii) the Trustee becomes incapable of acting or is adjudged bankrupt
or insolvent or a receiver of the Trustee or of its property is appointed or any public officer takes charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation, or liquidation, then, in any such
case, (A) the Company may remove the Trustee with respect to all Securities or (B) subject to Section 8.07, any Holder who has been a bona fide Holder of a Security for at least six months may, subject to the requirements of the Trust
Indenture Act, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(e) If the Trustee resigns, is removed, or becomes incapable of acting, or if a vacancy occurs in the office of Trustee
for any cause, with respect to the Securities of one or more series, the Company will promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there will be only one Trustee with respect to the Securities of any particular series) and will comply with the applicable requirements of
Section 9.10. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series is appointed by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed will, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of
Section 9.10, become the 

  
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successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 9.10, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(f) The Company will give notice of each resignation and each removal of the Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series to all holders of Securities of such series. Each notice will include the name of the successor Trustee with respect to the Securities of such series
and the address of its Corporate Trust Office. 
 Section 9.10 Acceptance of Appointment by
Successor. 
 (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities,
such successor Trustee so appointed will execute, acknowledge, and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee will become effective
and such successor Trustee, without any further act, deed, or conveyance, will become vested with all the rights, powers, trusts, and duties of the retiring Trustee, but, on the request of the Company or the successor Trustee, such retiring Trustee
will, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers, and duties of the retiring Trustee and will duly assign, transfer, and deliver to such Trustee all property and money
held by such retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor Trustee or
Trustees with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee, and each successor Trustee with respect to the Securities of one or more series will execute and deliver an indenture supplemental hereto
wherein such successor Trustee will accept such appointment and which (i) will contain such provisions as may be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts, and
duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, will contain such
provisions as may be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring will
continue to be vested in the retiring Trustee, and (iii) will add to or change any of the provisions of this Indenture as may be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture will constitute such Trustees co-trustees of the same trust and that each such Trustee will be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustees and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee will become effective to the extent provided therein and each such successor
Trustee, without any further act, deed, or conveyance, will become vested with all the rights, powers, trusts, and duties of the 

  
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retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but on request of the Company or any successor Trustee, such
retiring Trustee will duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates. 
 (c) Upon request of any such successor Trustee, the Company will execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all applicable rights, powers, and trusts referred to in the preceding paragraphs of this Section 9.10. 

(d) No successor Trustee will accept its appointment unless at the time of such acceptance such successor Trustee is
qualified and eligible under the Trust Indenture Act. 
 Section 9.11 Merger, Conversion,
Consolidation, or Succession to Business. 
 Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting from any merger, conversion, or consolidation to which the Trustee may be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee, will be the successor of the Trustee hereunder, provided such corporation is otherwise qualified under the Trust Indenture Act and eligible under this Article IX, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
 Section 9.12 Preferential Collection of Claims Against Company. 
 If and when the Trustee is or becomes a creditor of the Company (or any other obligor upon the Securities), the Trustee will be subject to the provisions of the Trust Indenture Act regarding the
collection of claims against the Company (or any such other obligor). 
 Section 9.13
Appointment of Authenticating Agent. 
 (a) The Trustee may appoint an Authenticating Agent or Agents with
respect to one or more series of Securities which will be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer, or partial redemption thereof or
pursuant to Section 2.07, and Securities so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference will be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any state thereof, or the District of 

  
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Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or
state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 9.13, the combined capital
and surplus of such Authenticating Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 9.13, such Authenticating Agent will resign immediately in the manner and with the effect specified in this Section 9.13. 
 (b) Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion, or consolidation to which
such Authenticating Agent may be a party, or any corporation succeeding to all or substantially all the corporate agency or corporate trust business of an Authenticating Agent, will continue to be an Authenticating Agent, provided such corporation
is otherwise eligible under this Section 9.13, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

(c) An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 9.13, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and will mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder will become vested with all the rights, powers, and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent will be
appointed unless eligible under the provisions of this Section 9.13. 
 (d) The Company agrees to pay to
each Authenticating Agent from time to time reasonable compensation for its services under this Section 9.13. 
 (e) If an appointment with respect to one or more series of Securities is made pursuant to this Section 9.13, the Securities of such series may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative form of certificate of authentication in the following form: 
 This is one of the Securities of the series designated therein referred to in the within mentioned Indenture. 
  

									
		 		 		 	 The Bank of New York Mellon, as Trustee

					
	 Dated:
	 	  
	 		 	By:	 	  

		 		 		 		 	Authorized Signatory
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signatory

  
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 ARTICLE X. 

AMENDMENTS AND WAIVERS 
 Section 10.01 Without Consent of Holders. 
 (a) The Company and the Trustee may amend this Indenture or the Securities by entering into a supplemental indenture or by delivery of a Company Order, as applicable, without notice to or consent of any
Holder: 
 (i) to cure any ambiguity, omission, defect or inconsistency, provided that
such action shall not adversely affect the interests of the Holders in any material respect or to conform the provisions of this indenture to the description thereof in any prospectus included in a registration statement filed by the Company with
and declared effective by, or deemed effective upon filing with, the Commission; 
 (ii) to
comply with Article XI in respect of the assumption by a Successor Corporation of the obligation of the Company under the Securities and this Indenture; 

(iii) to provide for uncertificated Securities in addition to or in place of certificated Securities;
provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code; 

(iv) to add guarantees with respect to the Securities or to secure the Securities; 

(v) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or
power herein conferred upon the Company; 
 (vi) to add any additional Events of Default for the
benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely
for the benefit of the Holders of Securities of such series); 
 (vii) to comply with any
requirements of the SEC in connection with qualifying this Indenture under the TIA; 
 (viii) to
provide for the issuance of Add On Securities as permitted by Section 2.13, which will have terms substantially identical to the other Outstanding Securities of the same series except as specified in Section 2.13, and which will be
treated, together with any other Outstanding Securities of such series, as a single issue of securities; 

  
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 (ix) to make any change that does not adversely affect the
rights of any Holder in any material respect; 
 After an amendment under this Section 10.01 becomes
effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 10.01;

 (x) to establish the form or terms of Securities of any series as permitted by Sections 2.01
and 2.02; or 
 (xi) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as may be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 9.10. 
 Section 10.02 With Consent
of Holders. 
 (a) The Company and the Trustee may amend this Indenture with respect to any series of
Securities or the Securities of such series by entering into a supplemental indenture or by delivery of a Company Order, as applicable, without notice to any Holder but with the written consent of the Holders of at least a Qualified Majority in
principal amount of the Outstanding Securities of such series (including, without limitation, consents obtained in a connection with a purchase of, or tender offer or exchange offer for, Securities), which consent(s) shall be delivered to the
Company and the Trustee. However, without the consent of each Holder affected, an amendment may not: 
 (i) change the stated maturity of the principal or interest on a security; 
 (ii) reduce the principal amount of, or the rate of interest or any premium payable on, a Security; 
 (iii) change any obligation to pay Additional Amounts; 
 (iv) reduce the amount of principal payable upon acceleration of the maturity of a Security following a default; 

(v) change the place or currency of payment on a Security; 

(vi) impair your right to sue for payment of principal, interest, premium or any Additional Amount that
has not been paid once it has become due; 
 (vii) reduce the percentage of Holders of Securities
whose consent is needed to modify or amend the Indenture; 

  
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 (viii) reduce the percentage of Holders of Securities whose
consent is needed to waive compliance with various provisions of this Indenture or to waive various defaults; and 
 (ix) modify any other aspect of the provisions dealing with modification and waiver of this Indenture. 
 (b) It shall not be necessary for the consent of the Holders of any series of Securities under this Section 10.02 to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent approves the substance thereof. 
 (c) After an amendment under this Section 10.02 becomes
effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 10.02.

 Section 10.03 Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article X
or the modifications thereby of the trusts created by this Indenture, the Trustee will receive, and (subject to Section 9.01) will be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but will not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, or immunities under
this Indenture or otherwise. 
 Section 10.04 Effect of Supplemental Indentures.

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

Section 10.05 Compliance with Trust Indenture Act. 

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

Section 10.06 Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article X may, and will if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

  
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 ARTICLE XI. 

CONSOLIDATION, MERGER, SALE, OR TRANSFER 
 Section 11.01 Consolidation, Merger and Sale of Assets. 
 (a) The Company or any Principal Subsidiary, without the consent of the Holders of the Securities may consolidate with, or merge into, or convey, transfer or lease its assets substantially as an entirety
to any corporation duly incorporated under the laws of any jurisdiction (a “Successor Corporation”), provided that (1) the Company or another of its subsidiaries is the successor corporation; or (2) such merger,
conveyance, transfer or lease occurs between the Company and a Principal Subsidiary or between Principal Subsidiaries; or (3) (A) the creditworthiness of the Successor Corporation is not materially weaker than the Company’s
creditworthiness or the creditworthiness of the applicable Principal Subsidiary, as the case may be, immediately prior to such merger, consolidation, conveyance, transfer or lease; (B) any Successor Corporation assumes the Company’s
obligations under the Securities and this Indenture (including the obligation to pay Additional Amounts); (C) after giving effect to the transaction, no event that, after notice or lapse of time, would become an Event of Default, shall have
occurred and be continuing; (D) the Securities will be valid and binding obligations of the Successor Corporation entitling the Holders thereof, as against the Successor Corporation, to all rights of Holders of Securities under Indenture and
the Securities; (E) the Successor Corporation agrees to indemnify each Holder against (i) any Taxes imposed on any such Holder or required to be withheld or deducted as a consequence of such merger, consolidation, conveyance, transfer or
lease and (ii) any costs or expenses in relation to the Securities, that are imposed upon the Holders as a result of the act of such merger, consolidation conveyance, transfer or lease; and (F) such consolidation, merger, conveyance,
transfer or lease complies with the applicable provisions of this Indenture, and the Trustee with respect to each series of Securities shall have received an Opinion of Counsel and an Officer’s Certificate to that effect. 

ARTICLE XII. 
 SATISFACTION AND DISCHARGE OF INDENTURE 

Section 12.01 Satisfaction and Discharge of Indenture. 

This Indenture will upon a Company Request cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Company, will execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: (a) either
(i) all Securities theretofore authenticated and delivered (other than (A) Securities which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 2.07 and (B) Securities for the payment
of which money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 6.03) have been delivered to the Trustee for
cancellation or (ii) all such Securities not theretofore delivered to the Trustee for cancellation (A) have become due and payable, (B) will become due and payable at their Stated Maturity within one year, or (C) are to be called
for redemption within one year under arrangements satisfactory to 

  
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the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of clause (A), (B), or (C) above, has
deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; (b) the Company has paid or caused to be paid all
other sums payable hereunder by the Company; and (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 9.06, the obligations of the Company to any Authenticating Agent
under Section 9.13, and, if money shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 12.01, the obligations of the Trustee under Sections 6.03(e) and 12.02, will survive such
satisfaction and discharge. 
 Section 12.02 Application of Trust Money. 

Subject to provisions of Section 6.03(e), all money deposited with the Trustee pursuant to Section 12.01 will be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as
provided in Article V with respect to any Securities that, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect the Discharge, Legal Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 
 ARTICLE XIII. 
 RESERVED 

ARTICLE XIV. 
 MISCELLANEOUS PROVISIONS 
 Section 14.01
Successors and Assigns of Company Bound by Indenture. 
 All the covenants, stipulations, promises, and
agreements in this Indenture contained by or on behalf of the Company will bind its successors and assigns, whether so expressed or not. 

  
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 Section 14.02 Trust Indenture Act Controls.

 If any provision of this Indenture limits, qualifies or conflicts with another provision which is required or
deemed to be included in this Indenture by the TIA, the required or deemed provision shall control. 

Section 14.03 Service of Required Notice to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver, Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with (a) the Trustee by any Holder or by the Company will be sufficient for every purpose hereunder if made, given, furnished, or filed in writing and delivered in
person, mailed by first-class mail or sent by a courier delivery service, return receipt requested, and shall be deemed received by such party on the day of deliver, if delivered in personal or when received, if sent by first-class mail, or upon
issuance of the return receipt, in case of delivery by a courier delivery service to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration or (b) the Company by the Trustee or by any Holder will be
sufficient for every purpose hereunder (unless otherwise herein expressly provided) to the Company addressed to it at 6 place d’Alleray, 75505 Paris Cedex, 15, France, Attention: Direction du Financement et de la Trésorerie, Group
Treasurer, or at any other address previously furnished in writing to the Trustee by the Company. 
 The
Company, the Trustee or any Paying Agent by notice to the others may designate additional or different addresses for subsequent notices or communications. Such notices or communications may also be given by any Holder of Securities of any series to
the Trustee with respect to such series of Securities or any Paying Agent in such manner that such Trustee or such Paying Agent, as the case may be, may approve for such purpose. 

Section 14.04 Service of Required Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice will be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any, and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder will affect the sufficiency of
such notice with respect to other Holders. 
 For so long as the Securities of any series are represented by a
Global Security, such notice will be sufficiently given (unless otherwise herein expressly provided) if such notice is delivered to the appropriate clearing system for posting in accordance with its normal procedures. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Holders will be filed with the Trustee, but such filing will not be a condition precedent to the validity of any
action taken in reliance upon such waiver. In case by reason of the suspension of regular mail service or by reason of any other cause it will be impracticable to give such notice by mail, then such notification as may be made with the approval of
the Trustee will constitute a sufficient notification for every purpose hereunder. 

  
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 Section 14.05 Indenture and Securities to be Construed
in Accordance with the Laws of the State of New York; submission to jurisdiction; Waiver of Jury Trial, etc. 

(a) This Indenture and the Securities will be deemed to be a contract made under the laws of the State of New York, and
for all purposes will be construed in accordance with the laws of said State without giving effect to principles of conflicts of laws of such State. 
 (b) EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THE INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (c) Each of the Company and the
Trustee hereby: 
 (i) agrees that any suit, action or proceeding against it arising out of or
relating to this Indenture or the Securities, as the case may be, may be instituted in any Federal or state court sitting in the Borough of Manhattan, the City of New York, 

(ii) waives, to the extent permitted by applicable law, any objection which it may now or hereafter have
to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum. 

(iii) irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or
proceeding, 
 (iv) agrees that final judgment in any such suit, action or proceeding brought in
such a court shall be conclusive and binding and may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment, and 

(v) agrees that service of process by mail to the Authorized Agent specified herein shall constitute
personal service of such process on it in any such suit, action or proceeding. 
 (d) The Company has appointed
C T Corporation System as its authorized agent (the “Authorized Agent”), with an office at 111 Eighth Avenue, New York, New York 1001 upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of
or relating to this Indenture or the Securities which may be instituted in any state or federal court in the borough of Manhattan, the city of New York, New York. The Company hereby represents and warrants that the Authorized Agent has accepted such
appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents, that may be necessary to continue such appointment in full force and effect as
aforesaid so long as any Securities remain 

  
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Outstanding. The Company agrees that the appointment of the Authorized Agent shall be irrevocable so long as any of the Securities remain Outstanding or until the irrevocable appointment by the
Company of a successor agent in the Borough of Manhattan, the city of New York, New York as its authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed,
in every respect, effective service of process upon the Company. 
 (e) Nothing in this Section 14.05 shall
affect the right of the Trustee or any Holder of the Securities to serve process in any other manner permitted by law. 
 
Section 14.06 Compliance Certificates and Opinions. 
 Upon any application or demand by the
Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing
of such document is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 Section 14.07 Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it
is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Where any Person is required to make, give, or execute two or more applications, requests,
consents, certificates, statements, opinions, or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 14.08 Payments Due on Non-Business Days. 
 In any case where any Interest Payment Date, Redemption Date, or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities (other than a provision 

  
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of the Securities of any series which specifically states that such provision will apply in lieu of this Section 14.08)) payment of interest or principal (and premium, if any) need not be
made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided that no interest will accrue for the period from and after such Interest Payment Date, Redemption Date, or Stated Maturity, as the case may be. 
 Section 14.09 Provisions Required by Trust Indenture Act to Control. 
 If any provision of this Indenture limits, qualifies, or conflicts with the duties imposed on any Person by Sections 310 to and including 317 of the Trust Indenture Act (including provisions automatically
deemed included in this Indenture pursuant to the Trust Indenture Act unless this Indenture provides that such provisions are excluded), which are deemed to be a part of and govern this Indenture, whether or not contained herein, then such imposed
duties will control. 
 Section 14.10 Currency Indemnity. 

(a) The Payment currency with respect to a series of Securities is the sole currency of account and payment for all sums
payable by the Company under or in connection with the Securities of such series or this Indenture with respect to Securities of such series, including damages. Any amount received or recovered in currency other than the Payment currency in respect
of the Securities of such series (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Company, any Subsidiary or otherwise) by any Holder of the Securities of
such series in respect of any sum expressed to be due to it from the Company shall only constitute a discharge of them under the Securities of such series and this Indenture with respect to such Securities only to the extent of the Payment Currency
amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is
practicable to do so). If that Payment Currency amount is less than the Payment Currency amount expressed to be due to the recipient under the Securities or this Indenture with respect to such Securities, the Company shall indemnify and hold
harmless the recipient against any loss or cost sustained by it in making any such purchase. For the purposes of this Section 14.10, it will be sufficient for the Holder of a Security to certify that it would have suffered a loss had an actual
purchase of Payment currency been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of Payment currency on such date had not been practicable, on the first date on which it would have been
practicable). 
 (b) The indemnities of the Company contained in this Section 14.10, to the extent
permitted by law: (i) constitute a separate and independent obligation from the other obligation of the Company under the Securities of any series and this Indenture with respect to such series of Securities; (ii) shall give rise to a
separate and independent cause of action against the Company, (iii) shall apply irrespective of any waiver granted by any Holder of the Securities or the Trustee with respect to such Securities from time to time; and (iv) shall continue in
full force and effect notwithstanding any other judgment, order, claim or proof of claim for a liquidated amount in respect of any sum due under the Securities or this Indenture with respect to such Securities or any other judgment or order.

  
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 Section 14.11 Invalidity of Particular Provisions.

 In case any one or more of the provisions contained in this Indenture or in the Securities is for any reason
held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision of this Indenture or of the Securities, but this Indenture and such Securities will be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 14.12 Indenture May be Executed In Counterparts. 

This instrument may be executed in any number of counterparts, each of which will be an original, but such counterparts
will together constitute but one and the same instrument. 
 Section 14.13 Acts of
Holders; Record Dates. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver, or
other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action will become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent will be
sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 14.13. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit will also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient. 
 (c) The ownership of Securities will be proved by the Security
Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver, or other Act of the
Holder of any Security will bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange thereof or in lieu thereof in respect of anything done, omitted, or suffered
to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

  
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 (e) The Company may, in the circumstances permitted by the Trust Indenture
Act, set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver, or other action provided or
permitted by this Indenture to be given or taken by Holders of Securities of such series. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly
appointed agents), and only such Persons, will be entitled to give or take the relevant action, whether or not such Holders remain Holders after such record date. With regard to any action that may be given or taken hereunder only by Holders of a
requisite principal amount of Outstanding Securities of any series (or their duly appointed agents) and for which a record date is set pursuant to this paragraph, the Company may, at its option, set an expiration date after which no such action
purported to be given or taken by any Holder will be effective hereunder unless given or taken on or prior to such expiration date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date (or their
duly appointed agents). On or prior to any expiration date set pursuant to this paragraph, the Company may, on one or more occasions at its option, extend such date to any later date. Nothing in this paragraph will prevent any Holder (or any duly
appointed agent thereof) from giving or taking, after any such expiration date, any action identical to, or, at any time, contrary to or different from, the action or purported action to which such expiration date relates, in which event the Company
may set a record date in respect thereof pursuant to this paragraph. Nothing in this Section 14.13(e) will be construed to render ineffective any action taken at any time by the Holders (or their duly appointed agents) of the requisite
principal amount of Outstanding Securities of the relevant series on the date such action is so taken. Notwithstanding the foregoing or the Trust Indenture Act, the Company will not set a record date for, and the provisions of this
Section 14.13(e) will not apply with respect to, any notice, declaration, or direction referred to in the next paragraph. 
 (f) Upon receipt by the Trustee from any Holder of Securities of a particular series of (a) any notice of default or breach referred to in Section 8.01(a)(iii) or 8.01(a)(iv) with respect to
Securities of such series, if such default or breach has occurred and is continuing and the Trustee shall not have given such notice to the Company, (b) any declaration of acceleration referred to in Section 8.01(b), if an Event of Default
with respect to Securities of such series has occurred and is continuing and the Trustee shall not have given such a declaration to the Company, or (c) any direction referred to in Section 8.06 with respect to Securities of such series, if
the Trustee shall not have taken the action specified in such direction, then a record date will automatically and without any action by the Company or the Trustee be set for determining the Holders of Outstanding Securities of such series entitled
to join in such notice, declaration, or direction, which record date will be the close of business on the tenth
(10th) calendar day following the day on which the
Trustee receives such notice, declaration, or direction. Promptly after such receipt by the Trustee, and in any case not later than the fifth (5th) calendar day thereafter, the Trustee will notify the Company and the Holders of Outstanding Securities of such
series of any such record date so fixed. The Holders of Outstanding Securities of such series on such record date (or their duly appointed agents), and only such Persons, will be entitled to join in such notice, declaration, or direction, whether or
not such Holders remain Holders after such record date; provided that, unless such notice, declaration, or direction shall have become effective by virtue of Holders of the requisite principal amount of Outstanding Securities of such series
on such record date (or their duly appointed agents) having joined 

  
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therein on or prior to the 90th calendar day after such record date, such notice, declaration, or direction will automatically and without any action by any Person be cancelled and of no further
effect. Nothing in this Section 14.13(f) will be construed to prevent a Holder (or a duly appointed agent thereof) from giving, before or after the expiration of such 90-day period, a notice, declaration, or direction contrary to or different
from, or, after the expiration of such period, identical to, the notice, declaration, or direction to which such record date relates, in which event a new record date in respect thereof will be set pursuant to this Section 14.13(f). Nothing in
this Section 14.13(f) will be construed to render ineffective any notice, declaration, or direction of the type referred to in this Section 14.13(f) given at any time to the Trustee and the Company by Holders (or their duly appointed
agents) of the requisite principal amount of Outstanding Securities of the relevant series on the date such notice, declaration, or direction is so given. 
 (g) Without limiting the foregoing, a Holder entitled hereunder to give or take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount
of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal amount. 

Section 14.14 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and will not affect the
construction hereof. 
 Section 14.15 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, will give to any Person, other than the parties hereto
and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy, or claim under this Indenture. 
 Section 14.16 No Waiver. 

No delay or omission of in exercising any right or remedy hereunder will impair any such right or remedy or constitute a
waiver of any such right or remedy or an acquiescence therein. 
 Section 14.17 Open
Market Purchases. 
 Notwithstanding any other provision of this Indenture or the Securities, the Company or
its Affiliates may, from time to time, purchase any Securities either in the open market at prevailing prices for such Securities at such time or in private transactions at a negotiated price with the Holder or Holders thereof. 

Section 14.18 Sinking Funds. 

The Company is not required to make sinking fund payments with respect to the Securities. 

  
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 Section 14.19 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder caused by forces beyond its control, including, without limitation acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of public utilities, it
being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to avoid any such failure or delay and to resume performance as soon as practicable under the circumstances.

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

			
	 FRANCE TELECOM

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 THE BANK OF NEW YORK MELLON, AS

TRUSTEE

		
	 By:
	 	  

	 Name:
	 	  

	 Title:Patrick McDonald's Severance Agreement

 EXHIBIT 10.28 
 SEVERANCE AGREEMENT AND RELEASE 
 This Severance Agreement and
Release (the “Agreement”) is entered into by and between Patrick L. McDonald (“Executive”) and Powell Industries, Inc. on behalf of itself and each of its subsidiaries and affiliates (the “Company”) as follows:

 1. Termination of Employment. Executive and the Company acknowledge that Executive resigned his employment with the
Company on September 14, 2011 (the “Termination Date”). Further, effective on the Termination Date, Executive and the Company acknowledge that Executive resigned from any and all positions he held as a director, officer and employee
of all subsidiaries and affiliates, both domestic and foreign, of the Company (such resignation including a resignation from any and all committees, benefit plans, or other fiduciary positions within or related to any of the foregoing entities).
Except as expressly set forth below, Executive is entitled to no payment, compensation or other benefits after the Termination Date. 
 2. Payments After Termination. Provided that: (i) Executive signs this Agreement; (ii) Executive does not revoke this Agreement as provided below; (iii) Executive furnishes to the
Company a written acknowledgment that Executive has not exercised Executive’s right to revoke this Agreement dated not less than eight days after the date on which Executive signs this Agreement, and (iv) Executive complies with the terms
of this Agreement, including the provisions for cooperation, confidentiality and non competition, the Company agrees to pay to Executive a severance benefit (the “Severance Benefit”), all as set forth on Exhibit “A” attached
hereto and made a part hereof. Upon the death of Executive, any portion of the Severance Benefit that remains owed to Executive under this Agreement shall be paid in accordance with the terms of this Agreement to Executive’s estate or to the
executor of his estate. 
 3. Cooperation. During the time that Executive is entitled to receive the Severance Benefit
(the “Benefit Period”), Executive shall make himself available to the Company at times mutually and reasonably agreed upon by Executive and the Company’s officers or directors to answer questions, provide information and assist in the
transition of Executive’s duties to other individuals. Executive shall not be entitled to additional compensation for these services, and any reasonable expenses incurred by Executive to perform such services shall be promptly reimbursed by
Company. All of such services shall be performed during reasonable working hours, and after reasonable notice to Executive. 

4. Indemnity. The Company shall defend, indemnify and hold harmless Executive in accordance with the terms and conditions of the
indemnification agreement previously entered into between Executive and the Company on February 27, 2009, a copy of which is attached hereto as Exhibit B (the “Indemnification Agreement”). 

5. Releases. 
 a. In consideration of the promises and covenants made herein, Executive, for Executive, Executive’s heirs, executors, administrators and assigns, does hereby RELEASE, ACQUIT AND FOREVER DISCHARGE
the Company, and each of its parent, subsidiary, related and affiliated corporations or other entities, and each of their 

  

 
respective present or former officers, directors, shareholders, executives, agents, representatives, successors and assigns (all of whom are hereinafter collectively referred to as
“Releasees”) from any and all claims, demands, causes of action and liabilities of any kind or character, accrued or to accrue hereafter, which Executive ever had, now has or may hereafter have against Releasees, caused by, arising out of
or relating to acts or omissions occurring through the date of this Agreement, arising out of any act, omission, statement, representation, transaction or occurrence, including, without limitation, those related to Executive’s employment by the
Company or the termination thereof. Without limiting the generality of the foregoing, it is understood and agreed that this Release constitutes a release of any claim or cause of action for breach of any employment, commission or other agreement
existing between Executive and the Company (all of which are hereby acknowledged to have terminated) or otherwise related, in any way, to Executive’s employment by the Company, including claims under Title VII of the Civil Rights Act of
1964 (and all of its amendments); the Americans with Disabilities Act of 1990, as amended; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Anti-Retaliation provision of the Texas Workers Compensation Act; the
Texas Commission on Human Rights Act; the Fair Labor Standards Act; the Texas Pay Day Law; the Texas Labor Code; the Family and Medical Leave Act; the National Labor Relations Act; the Fair Credit Reporting Act, as amended; the Rehabilitation Act;
the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA); the Sarbanes-Oxley Act of 2002; the Executive Polygraph Protection Act; the Financial Institutions Reform, Recovery and Enforcement Act (and any other employment-related banking or
statute regulation); the Uniform Services Employment and Reemployment Rights Act of 1994; and any other state or federal statute or regulation governing the employment relationship or Executive’s rights, or the Company’s obligations, in
connection therewith. This release also constitutes a release of any claim or cause of action for invasion of privacy, intentional or negligent infliction of emotional distress, wrongful termination, promissory estoppel, false imprisonment,
defamation, negligence, gross negligence, breach of contract, libel or slander, tortious interference with contract or business relationship, misrepresentation, deceptive trade practices, fraud, and any other employment-related claims, or for any
personal injuries, however characterized, or by virtue of any fact(s), act(s) or event(s) occurring prior to the date of this Agreement. 
 b. EXECUTIVE UNDERSTANDS THAT BY SIGNING AND NOT REVOKING THIS RELEASE, EXECUTIVE IS WAIVING ANY AND ALL RIGHTS OR CLAIMS WHICH EXECUTIVE MAY HAVE UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT
AND/OR THE OLDER WORKERS’ BENEFIT PROTECTION ACT FOR AGE DISCRIMINATION ARISING FROM EMPLOYMENT WITH THE COMPANY, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO SUE THE COMPANY IN FEDERAL OR STATE COURT FOR AGE DISCRIMINATION. EXECUTIVE FURTHER
ACKNOWLEDGES THAT EXECUTIVE (1) DOES NOT WAIVE ANY CLAIMS OR RIGHTS THAT MAY ARISE AFTER THE DATE THE AGREEMENT IS EXECUTED; (2) WAIVES CLAIMS OR RIGHTS ONLY IN EXCHANGE FOR CONSIDERATION IN ADDITION TO ANYTHING OF VALUE TO WHICH EXECUTIVE
IS ALREADY ENTITLED; (3) HAS BEEN ADVISED BY THE 

  
 2 

 
COMPANY TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE; AND (4) AGREES THAT THIS AGREEMENT IS WRITTEN IN A MANNER CALCULATED TO BE UNDERSTOOD BY EXECUTIVE AND EXECUTIVE, IN FACT,
UNDERSTANDS THE TERMS, CONTENTS, CONDITIONS AND EFFECTS OF THIS AGREEMENT AND HAS ENTERED INTO THIS AGREEMENT KNOWINGLY AND VOLUNTARILY. 
 c. Anything herein to the contrary notwithstanding, this Agreement does not constitute a release nor a waiver of Executive’s right to file a charge or participate in an investigation or proceeding
conducted by the Equal Employment Opportunity Commission, the Texas Commission on Human Rights, or any other governmental agency with jurisdiction to regulate employment conditions or regulations; provided further, that Executive does release and
relinquish any right to receive any money, property, or any other thing of value, or any other financial benefit or award, as a result of any proceeding of any kind or character initiated by any such governmental agencies or organizations.

 d. Anything herein to the contrary notwithstanding, this Agreement does not release any of Executive’s
rights under the Indemnification Agreement heretofore entered into between Executive and the Company, including any obligation of the Company to obtain and maintain insurance pursuant to the Indemnification Agreement. 

6. Legal Proceedings. Executive represents that Executive has not filed any claim, notice or any other document describing or
naming Company with any governmental agency. 
 7. Return of the Company’s Property. Executive represents that
Executive: 
 a. Has not taken, altered, destroyed, or deleted any files, documents, electronically stored
information or other materials belonging to, or created by or on behalf of the Company, whether or not containing any trade secrets or confidential information. 
 b. Has returned to the Company all of the Company’s property in Executive’s possession, including, but not limited to all access cards, notes, data, forms, reference and training materials,
applications, memoranda, computer programs, print-outs, disks and the information contained in any computer, and any other records which contain, reflect or describe any confidential or proprietary information or trade secrets belonging exclusively
to the Company. Executive shall promptly deliver such materials and all copies thereof to the Company on the Effective Date of this Agreement. 
 8. Confidentiality and Confidential Information. 
 a.
Executive acknowledges that by reason of Executive’s position as a Director and Chief Executive Officer of the Company, Executive has been given access to virtually all of the Company’s trade secrets and confidential information regarding
its business affairs. Executive shall not use or disclose any of the Company’s Confidential Information or Trade Secrets (as defined herein) in any way or in any format, including 

  
 3 

 
written information, information stored by electronic means, information retained in Executive’s memory, and any and all copies of these materials. In any event, Executive shall hold in
confidence all non-public information which Executive has regarding the Company’s marketing, business development, budgets, financial projections, pending contracts, proposals or solicitations. Executive acknowledges that all confidentiality,
nondisclosure or other agreements, and the Company’s Confidentiality and Non-Disclosure Policy, relating to the Company’s confidential information or trade secrets, and any non-compete or other agreement containing post-employment
obligations shall remain in full force and effect, and nothing contained in this Agreement constitutes a release, modification or waiver of any of Executive’s obligations under any such prior agreement. Executive represents that Executive has
complied with all of such agreements, and agrees to continue to comply with such agreements after the date hereof. Executive further agrees that Executive shall not use nor disclose any of the Company’s Confidential Information or Trade Secrets
as those terms are defined herein, for the benefit of Executive or any person or entity by or with which Executive is employed or associated. 
 b. For purposes of this agreement, Executive agrees that Confidential Information and Trade Secrets, as used in this Agreement, includes, but is not limited to, written, electronic, oral and visual
information relating to: 
 (1) Lists of, and all information about, each person or entity to which Company has
sold, or made a proposal to sell any products, goods, services or equipment which comprise any part of the Company’s Business (all of which are hereinafter collectively referred to as “Customers”), except that such list will not
include those names who have been released through either written or oral declarations by the Company into the media or common market; 
 (2) Lists of, and all information about, each person or entity from which the Company has acquired equipment, inventory, components, products or services used by the Company to design, manufacture,
fabricate, sell or deliver any of the products or services which comprise the Company’s Business (all of which are hereinafter collectively referred to as Supplier, except that such list will not include suppliers who are common to the
electrical industry and were known to Executive in his previous experience in the electrical industry; 
 (3) All
Customer or Supplier contact information, excepting those known to Executive prior to his employment by the Company, which includes information about the identity and location of individuals with decision-making authority and the particular
preferences, needs or requirements of the Customer or Supplier, or such individual, with respect to any of the products, goods, services or equipment which comprise any part of the Company’s Business, and all information about the particular
needs or requirements of Customers or Suppliers based on geographical, economic or other factors; 

  
 4 

 (4) Financial information of any kind about Customers or Suppliers,
including sales and purchase histories, trend information about the growth or shrinking of a particular Customer’s or Supplier’s needs, purchases or requirements; profit margins or markups, as well as all information about the costs and
expenses which the Company incurs to provide products or services to its Customers, or obtain products or services from Suppliers; 
 (5) The Company’s procedures, forms, methods, and systems for marketing to Customers and potential customers including all of its Customer development techniques and procedures, including training
and other internal manuals, forms and documents; 
 (6) All of the Company’s non-public business, expansion,
marketing, development, financial or budgeting plans, strategies, forecasts or proposals; 
 (7) All of the
Company’s pricing and methodologies, practices and systems, including those based upon particular Customers, quantities, or geographic, seasonal, economic or other factors, including all information about the price, terms, quantities or
conditions of any products or services sold or furnished by the Company to its Customers; 
 (8) Technical
information about the Company, including designs, drawings, engineering and information regarding the configuration, assembly or contents of any of the Company’s products or any of its hardware, equipment, tools, machinery or other
manufacturing, fabrication or assembly devices or processes, or those of any of its Customers, consultants, vendors, suppliers, or any person or entity which provides manufacturing or fabrication services to the Company, except those that have been
used in any and all technical publications or common manufacturing processes that Executive had actual knowledge of prior to joining the Company; 
 (9) Any non-public financial information of any kind about the Company or its operations; 
 (10) Information disclosed to the Company by third parties, concerning the Company’s products, goods or services, bids or bidding processes, product or manufacturing specifications (except to the
extent such information is publicly disclosed), contracts, procedures, or business practices; 
 (11) Employee
lists, phone numbers and addresses, pay rates, benefits and compensation packages, training programs and manuals, and other confidential information regarding the Company’s personnel, including their evaluations and performance histories.

 c. In exchange for the consideration set forth in Exhibit A, including the accelerated vesting of restricted
stock awards contained therein, and in order to protect the goodwill of the Company and its relationships with customers, employees, vendors and suppliers, Executive agrees that during the Benefit Period, Executive will not, whether on
Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly:

  
 5 

 (1) call upon, communicate with, solicit or assist in soliciting any
Customer or Supplier, or any agent or employer of either, using any Confidential Information and Trade Secrets about the Company that Executive may have obtained during the course of his employment with the Company in any way; 

(2) participate in, work on or otherwise be involved in or with any project, contract, proposal, work, sale, bid or other
undertaking (collectively “Project”), if Executive worked on, participated in, was involved, or communicated with other employees of the Company, Customers, Suppliers or other third parties, with regard to any such Project during the
twelve (12) months prior to the date of the termination of Executive’s employment. 
 d. The foregoing
provisions relating to non-competition and non-solicitation of customers, are a condition precedent to the Company’s agreement to pay the Severance Benefit. If, for any reason, such provisions in this Agreement are deemed by any judicial or
administrative agency to be unenforceable, in whole or in part, then within 45 days of such judicial or administrative agency finding or conclusion on the issue of non-competition and/or non-solicitation (assuming such finding or conclusion on such
issue has not been appealed to a higher court, and if appealed then within 45 days of such finding or conclusion on appeal) the Executive and Company agree to submit to binding mediation the sole issue of whether Executive has breached the foregoing
non-competition and/or non-solicitation provisions. The Parties agree that, in the event mediation is necessitated under this paragraph, the mediation will be: (i) final, exclusive, and binding on the Parties, with no right of appeal;
(ii) the mediator must assume, for purposes of resolving the dispute, that the non-competition and non-solicitation provisions contained herein are, in accordance with the stated agreement of the Parties, reasonable and enforceable and, to the
extent necessary, apply Texas law; (iii) the mediator will be chosen by the Parties (through a ranking process) from a panel of qualified mediators possessing a minimum of fifteen (15) years employment law experience, which will be
requested from the American Arbitration Association (“AAA”) in accordance with its Employment Mediation Procedures; (iv) the mediation will be held in Houston, Texas; (v) the Parties shall bear equally the mediator’s fees
and expenses, as well as any administrative costs assessed by the AAA; (v) each Party to the mediation shall be solely responsible for his/its own costs and attorneys’ fees, if any, relating to the mediation; (vi) the mediator shall
have the authority to allow limited discovery in accordance with the Federal Rules of Civil Procedure; and (vii) in the event the mediator determines that Executive breached the non-competition and/or non-solicitation provisions contained
herein, in whole or in part, the Parties agree that the Company’s obligation to pay or to continue to pay or provide the Severance Benefit or any portion thereof shall immediately cease and Executive shall repay to the Company all of the
Severance Benefits (excepting restricted stock awards that vest pursuant to this Agreement) theretofore paid or provided to Executive. For avoidance of doubt, the restricted stock awards set forth in Exhibit A shall not be subject to any obligation
of Executive to repay Severance Benefits. 

  
 6 

 e. Executive shall not disclose the terms, conditions or considerations of
this Agreement, and shall maintain all of the same in strict confidence, except to the extent that disclosure is required by applicable law or court order, and except that Executive may disclose this Agreement to Executive’s attorneys,
financial advisors, and tax consultants in connection with the preparation of appropriate tax returns. 
 9. Judicial
Modification; Severability. Except as provided in paragraph 8d of this Agreement, the provisions of this Agreement are severable, and, if any provision of this Agreement or application thereof is determined by a court of competent jurisdiction
to be invalid, illegal or otherwise unenforceable, in whole or in part, the validity, legality or enforceability of all other applications of that provision, and of all provisions and applications of this Agreement, will not in any way be affected,
and such invalid, illegal or unenforceable provision or application will be deemed not to be a part of this Agreement, and this Agreement will then be enforced to the maximum extent allowed by the applicable law. If any provision of this Agreement
is invalid in part or in whole, it will be deemed to have been amended, whether as to time, area covered or otherwise, as and to the extent required for its validity under applicable law and, as so amended, will be enforceable. For avoidance of
doubt, this paragraph shall not apply to paragraph 8d of this Agreement. 
 10. No Reemployment. Executive expressly
waives and disclaims any right to reinstatement or reemployment with the Company at any time in the future unless requested to do so by the Company. 
 11. Tax Liability. The Company will deduct from the Severance Payment all applicable withholdings and deductions as required by federal or state law and the Company will pay its required portion
under applicable federal and state laws. Executive will be solely responsible for his share of federal and state taxes for the Severance Benefit received hereunder. 
 12. Mutual Nondisparagement. Neither the Company nor Executive will make any verbal or written statement that criticizes, disparages or discredits the other party or any of such party’s
business practices, its officers, directors or employees, or any of its properties, products or services. Executive authorizes the Company to confirm to any subsequent employer the facts and dates of Executive’s employment with the Company, but
the Company shall not be obligated to provide any other or additional information regarding Executive. 
 13. No
Admission. Neither the execution of this Agreement, nor the payment or performance of the consideration hereof shall constitute nor be deemed to be an admission of liability on the part of any party, all of which is expressly denied. 

14. Acknowledgments. 
 a. Executive represents and acknowledges that in executing this Agreement, Executive does not rely and has not relied upon any representation or statement made by the Company, or its agents,
representatives, or attorneys with regarding to the subject matter, basis or effect of this Agreement or otherwise. Executive acknowledges that Executive has been advised by the Company to consult with counsel of Executive’s choosing with
regard to the negotiation and execution of this Release, and has had an opportunity to do so. 

  
 7 

 b. Executive acknowledges that Executive has been fully compensated for all
labor and services performed for the Company and has been reimbursed for all business expenses incurred on behalf of the Company through the Termination Date, and that the Company does not owe Executive any expense reimbursement amounts, or wages,
including vacation pay or paid time-off benefits. 
 15. Governing Law/Venue. This Agreement is made and entered into in
the State of Texas and shall in all respects be interpreted, enforced, and governed under the laws of the State of Texas. All obligations hereunder shall be payable and performable in Houston, Harris County, Texas, and any interpretation or dispute
regarding this Agreement shall be in the state or federal courts in Houston, Harris County, Texas. Both the Company and Executive irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for
any such suit, action or proceeding brought in such above court. If any one or more provisions of this Section 15 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be
modified to the minimum extent necessary to make it or its application valid and enforceable. 
 16. Savings Clause.
Except as provided in paragraph 8d above, should any provision of this Agreement be declared to be determined by any court to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected thereby and said
illegal or invalid part, term, or provision shall be deemed not to be a part of this Agreement. 
 17. Entirety of
Agreement. This Agreement sets forth the entire Agreement between the parties hereto, and fully supersedes any and all prior agreements or understandings between the parties hereto pertaining to the subject matter hereof, except that this
Agreement does not in any way supersede or alter covenants not to compete, non-disclosure or non-solicitation agreements, or confidentiality agreements that may exist between Executive and the Company. 

18. Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto, their successors and
permitted assigns; provided, however, that Executive may not assign nor transfer to any person or entity any of Executive’s rights or benefits hereunder, and any such purported assignment shall be void. Executive warrants and represents to the
Company that Executive has not conveyed nor assigned, nor attempted to convey or assign, any interest in or to any of the claims being released herein to any other person or entity. 

19. Time Period for Enforceability/Revocation of Agreement. The Company’s obligation to pay the Severance Payment described
in Paragraph 2 is contingent upon Executive executing and returning this Agreement to the Company. Executive may take up to twenty-one (21) days to consider this Agreement prior to executing it. Executive may sign this Agreement at any time
during this twenty-one (21) day period. Any changes made to this Agreement after presentation to Executive will not restart the running of the twenty-one (21) day period. After executing this Agreement, Executive shall have seven
(7) days during which time Executive may revoke Executive’s consent to this Agreement by given written notification of the decision to revoke to the Company. This Agreement will not become effective or enforceable, and the

  
 8 

 
payment described in Paragraph 2 shall not become due, until such revocation period has expired and Executive has delivered a written waiver of Executive’s right to revoke this Agreement
(such written waiver attached and incorporated into this Agreement as Exhibit C) which is dated not less than eight (8) days after the date on which this Agreement is executed. 

20. Notices. 
 a. Any notice of revocation to be given pursuant to the foregoing paragraph shall be sent by email transmission to: Robert B. Callahan at bob.callahan@powellind.com and to Ross Margraves at
rmargraves@winstead.com. Executive understands and acknowledges that Executive will not receive any monies or benefits pursuant to this Agreement except upon the execution and non-revocation of this Agreement, and the fulfillment of the
promises contained herein. 
 b. Any other notice permitted or required hereunder shall be effective on the
earlier of the date on which it is physically received or the next business day after being transmitted by email or by facsimile transmission to the following addresses, or to any changed addresses which either party has given notice: 

 

					
		  	If to the Company:	  	 Robert B. Callahan
 8550
Mosley Road
 Houston, Texas 77075

bob.callahan@powellind.com

(713) 947-4435 (fax)

			
		  	With a copy to:	  	 Ross D. Margraves, Jr.

Winstead PC
 600 Travis, Suite 1100

Houston, Texas 77002

rmargraves@winstead.com

(713) 650-2400 (fax)

			
		  	If to Executive:	  	 Patrick L. McDonald
 7165
Wild Blackberry Trail
 Winter Garden, FL 34787
 mcdonaldpat@yahoo.com

			
		  	With a copy to:	  	 Jaime Ramon
 K&L
Gates
 1717 Main Street, Suite 2800

Dallas, Texas 75201

Jaime.ramon@klgates.com
 (214)
939-5849

  
 9 

 21. Effective Date. The Effective Date of this Agreement shall be
the 10th day after the date on which it is signed by the
Executive, provided that it is also signed by the Company and provided that Executive does not revoke this Agreement in accordance with the provisions hereof. 
 22. Section 409A. It is intended that the payments made under this Severance Agreement shall be structured and administered to be exempt from Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”). For purposes of this Agreement, each amount to be paid or benefit to be provided will be construed as a separate indentified payment for purposes of Section 409A of the Code (“Section 409A”),
and any payments that are due within the “short-term deferral period” as defined in Section 409A or are paid in a manner covered by Treas. Reg. Section 1.409A-1(b)(9)(iii) will not be treated as deferred compensation unless
applicable law requires otherwise. Neither the Company nor Executive will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. The Company
makes no representations or warranty and will have no liability to Executive or any other person, other than with respect to payments made by the Company in violation of the provisions of this Agreement, if any provisions of or payments under this
Agreement are determined to constitute deferred compensation subjection to Section 409A but not to satisfy the conditions of that section. By Executive’s signature below, Executive attests that (i) Executive has reviewed this
agreement with Executive’s own tax advisors, (ii) Executive is relying solely on the advice of such advisors as to whether 409A applies to any payments made under this letter, and (iii) Executive has not relied upon any
statements or representations of Employer or any of its agents. 
 EXECUTIVE’S SIGNATURE BELOW MEANS THAT EXECUTIVE HAS READ THIS
AGREEMENT AND AGREES AND CONSENTS TO ALL THE TERMS AND CONDITIONS CONTAINED HEREIN. 

  
 10 

 SIGNED by Executive this 7th day of October, 2011. 

 

	
	EXECUTIVE:
	
	/s/    Patrick L. McDonald
	PATRICK L. McDONALD

  

			
	POWELL INDUSTRIES, INC.:
	
	 
		
	By:	 	/s/    Don R. Madison
	Name:	 	Don R. Madison
	Title:	 	EUP

  
 11 

 SEVERANCE BENEFIT 

EXHIBIT “A” 
 The Severance Benefit as defined in paragraph 2 of this Agreement shall be paid by the Company to Executive as follows: 
  

	1.	One million, two hundred twenty thousand dollars ($1,220,000) shall be paid by Company to Executive on the Effective Date of the Agreement. 

 

	2.	One million, one hundred seventy thousand dollars ($1,170,000) shall be paid by the Company to Executive in forty-eight (48) equal bi-monthly installments of
twenty-four thousand three hundred seventy-five dollars ($24,375), with the first such installation to be due and payable within thirty (30) days from the Effective Date and on the same days of each consecutive bi-monthly thereafter until paid
in full. 

  

	3.	Unvested Restricted Stock Award of 8,000 shares granted to Executive on October 1, 2009 and Unvested Restricted Stock Award of 7,601 granted to Executive on
October 1, 2010 (collectively, 15,601 shares) issued under the terms of the Company’s 2006 Equity Incentive Plan shall fully vest on the Effective Date. 

 

	4.	Executive shall continue to receive medical benefits under the Company’s Health Plans through September 30, 2011. 

 

	5.	The Company will deduct from all payments made to Employee as a part of the Severance Benefit all applicable payments and deductions as required by federal or
applicable state law. All taxes relating to the payments to Executive hereunder and the Company Stock received or to be received by Executive shall be paid by and be the sole responsibility of Executive. 

 

	6.	No amounts due hereunder shall bear interest. 

  
 12 

 INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into this 27th day of February, 2009 between Powell
Industries, Inc., a Delaware corporation (the “Company”) and Patrick L. McDonald (“Indemnitee”). 
 WITNESSETH THAT: 
 WHEREAS, Indemnitee performs a valuable service for the Company;
and 
 WHEREAS, the Board of Directors of the Company has adopted bylaws (the “Bylaws”) providing for the
indemnification of the directors, executive officers and other key employees of the Company to the maximum extent authorized by Section 145 of the Delaware General Corporation Law, as amended (the “DGCL”); and 

WHEREAS, the Board of Directors has determined that for purposes of indemnification protection afforded by the Company, including as
specifically used in this Agreement, the term “director” shall refer to members of the Board of Directors and any advisory director serving by appointment of the Board; and 

WHEREAS, the Bylaws and the DGCL by their nonexclusive nature, permit contracts between the Company and the directors and officers of the
Company with respect to indemnification of such directors and officers; and 
 WHEREAS, in accordance with the authorization as
provided by the Bylaws and the DGCL, the Company may purchase and maintain a policy or policies of director’s and officer’s liability insurance (“D & O Insurance”), covering certain liabilities which may be
incurred by its directors and/or officers in the performance of their obligations as directors and/or officers of the Company; and 
 WHEREAS, as a result of developments affecting the terms, scope and availability of D & O Insurance, there exists general uncertainty as to the extent of protection afforded Company
directors and officers by such D & O Insurance and said uncertainty also exists under statutory and bylaw indemnification provisions; and 
 WHEREAS, in recognition of past services and in order to induce Indemnitee to continue to serve as a director and/or officer of the Company, the Company has determined and agreed to enter into this
contract with Indemnitee; 
 NOW, THEREFORE, in consideration of Indemnitee’s service as a director and/or officer after
the date hereof, the parties hereto agree as follows; 
 1. INDEMNITY OF INDEMNITEE. The Company hereby agrees to hold harmless and indemnify
Indemnitee to the full extent authorized or permitted by the provisions of the DGCL, as such may be amended from time to time, and the Bylaws, as such may be amended; provided that the parties hereto acknowledge that it is their intent that
Indemnitee shall enjoy the greater of (i) the advancement and indemnification rights in place for directors and officers as of the date hereof or (ii) the benefits so afforded by such amendments. In furtherance of the foregoing
indemnification, and without limiting the generality thereof: 

  
 13 

 (a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter
defined) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful. 
 (b)
Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or
participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on his
behalf in connection with such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that, if applicable law so provides, no indemnification
against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware,
or the court in which such Proceeding shall have been brought or is pending, shall determine that such indemnification may be made. 
 (c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate
Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 1 and without limitation, the termination of any claim, issue or matter in such
a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 2.
ADDITIONAL INDEMNITY. 
 (a) Subject only to the exclusions set forth in Section 2(b) hereof, the Company hereby further
agrees to hold harmless and indemnify Indemnitee against any and all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with any Proceeding (including an action by or on behalf of
the Company) to which Indemnitee is, was or at any time becomes a party, or is threatened to be made a party, by reason of his Corporate Status; provided, however, that with respect to actions by or on behalf of the Company, indemnification of
Indemnitee against any judgments shall be made by the Company only as authorized in the specific case upon a determination that Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of
the Company; and 

  
 14 

	 	(b)	No indemnity pursuant to this Section 2 shall be paid by the Company: 

 (i) In respect to remuneration paid to Indemnitee if it shall be determined by a final judgment or other final adjudication that such remuneration was in violation of law; 

(ii) On account of any suit in which judgment is rendered against Indemnitee for an accounting of profits made from the purchase or sale
by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any federal, state or local statutory law; 

(iii) On account of Indemnitee’s conduct which is finally adjudged to have been knowingly fraudulent or deliberately dishonest, or to
constitute willful misconduct; or 
 (iv) If a final decision by a court having jurisdiction in the matter shall determine that
such indemnification is not lawful. 
 3. CONTRIBUTION. If the indemnification provided in Sections 1 and 2 is unavailable and may not be
paid to Indemnitee for any reason other than those set forth in paragraphs (i), (ii), (iii) and (iv) of Section 2(b), then in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect
(i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the
Indemnitee on the other hand in connection with the events which resulted in such Expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the
Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments,
fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 3 were determined by pro rata allocation or any other method of allocation which does not take account of the
foregoing equitable considerations. 
 4. INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith. 
 5. ADVANCEMENT OF EXPENSES. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection
with any Proceeding by reason of Indemnitee’s Corporate Status within ten (10) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or
after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any
Expenses advanced 

  
 15 

 
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be
unsecured and interest free. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this Section 5 shall be subject to the condition that, if, when and to the extent that the Company determines that
Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby agrees to reimburse the Company) for all such
amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any
determination made by the Company that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). 
  

	 	6.	PROCEDURE FOR DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION. 

 (a) To obtain indemnification (including, but not limited to, the advancement of Expenses and contribution by the Company) under this Agreement, Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company
shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in the specific case: (i) if a Change in Control (as hereinafter defined) shall have occurred, by Independent Counsel (as hereinafter defined) in a written opinion to the Board of Directors, a copy of which
shall be delivered to Indemnitee (unless Indemnitee shall request that such determination be made by the Board of Directors or the stockholders, in which case the determination shall be made in the manner provided in Clause (ii) below), or
(ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting
of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so
directed by said Disinterested Directors, by the stockholders of the Company; and, if it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board of Directors, or stockholder of
the Company shall act reasonably and in good faith in making a determination under the 

  
 16 

 
Agreement of the Indemnitee’s entitlement to indemnification. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the
person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom. 
 (c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board of Directors, and the Company shall
give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such
selection be made by the Board of Directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee
or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 14(f) of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to
Section 6(a) hereof, no Independent Counsel shall have been selected, or Independent Counsel has been selected and objected to, and such objection has not been resolved, either the Company or Indemnitee may petition the Court of Chancery of the
State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof.
The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses
incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 8 of this
Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

(d) The Company shall not be required to obtain the consent of the Indemnitee to the settlement of any Proceeding which the Company has
undertaken to defend if the Company assumes full and sole responsibility for such settlement and the settlement grants the Indemnitee a complete and unqualified release in respect of the potential liability. 

  
 17 

 7. PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS. 

(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 6(a) of this Agreement, and the Company shall have the burden
of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. 
 (b) If the person, persons or entity empowered or selected under Section 6 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within
thirty (30) days after receipt by the Company of the request therefore, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee sha1l be entitled to such indemnification, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to
entitlement to indemnification in good faith requires such additional time for obtaining or evaluating documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 7(b) shall not apply
(i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such
determination the Board of Directors or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after
such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) of this Agreement.

 (c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or
without court approval), conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a
presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that his conduct was unlawful. 
 (d) For purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith if a majority of Disinterested Directors, the stockholders, or Independent Counsel through a written opinion determines that such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the Company, and in the case of a criminal proceeding, such person had no reasonable cause to believe his conduct was unlawful. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or
employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section 7(d) shall not be deemed to be exclusive or to limit in any way the
other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

  
 18 

 8. REMEDIES OF INDEMNITEE. 
 (a) In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of
Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 6(b) of this Agreement within ninety (90) days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 3 or 4 of this Agreement within ten (10) days after receipt by the Company of a written request therefore, or
(v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 or 7 of this
Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification. Alternatively, Indemnitee, at his option, may
seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration
within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 8(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 (b) In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 8 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason
of that adverse determination. 
 (c) If a determination shall have been made pursuant to Section 6(b) of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 8, absent (i) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) In the event that Indemnitee, pursuant to this Section 8, seeks a judicial adjudication of or an award in arbitration to enforce
his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the types described in the definition of
“Expenses” in Section 14(e) of this Agreement) actually and reasonably incurred by him in such judicial adjudication or arbitration, but only if he prevails therein. If it shall be determined in said judicial adjudication or
arbitration that Indemnitee is entitled to receive part but not all of the indemnification sought, the expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. The Company shall
indemnify Indemnitee against any and all expenses and, if requested by Indemnitee, shall (within 

  
 19 

 
ten (10) days after receipt by the Company of a written request therefore) advance such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by
Indemnitee to recover under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or
insurance recovery, as the case may be. 
 (e) The Company shall be precluded from asserting in any judicial proceeding or
arbitration commenced pursuant to this Section 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all
the provisions of this Agreement. 
 9. NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION. 

(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
at any time be entitled under applicable law, the certificate of incorporation of the Company, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement, the
certificate of incorporation of the Company, the Bylaws or of any respective provision thereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status
prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy. 
 (b) To the extent that the Company maintains an insurance policy or
policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. 
 (c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required
and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment
under any insurance policy, contract, agreement or otherwise. 

  
 20 

 10. EXCEPTION TO RIGHT OF INDEMNIFICATION AND EXPENSE ADVANCEMENT. Notwithstanding any other provision of
this Agreement, Indemnitee shall only be entitled to indemnification or advancement of expenses under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, if (a) the bringing of such Proceeding or making of
such claim shall have been approved by the Board of Directors; or (b) such Proceeding is being brought by the Indemnitee to assert his rights under this Agreement; provided, however, that Indemnitee shall in no event be entitled to the
advancement of expenses under the Agreement if a determination has been made by a judicial authority or governmental entity or agency or, absent such determination, any such authority, entity or agency has taken a postion or issued any guidance
stating, that the advancement of expenses to an Indemnitee in a manner similar to that contemplated in Section 5 of the Agreement constitutes a personal loan in contravention of Section 402 of the United States Sarbanes-Oxley Act of 2002,
to the extent then applicable, or any similar law or regulation. 
 11. DURATION OF AGREEMENT. All agreements and obligations of the Company
contained herein shall apply to the period Indemnitee is or was a director or officer of the Company, including any such period prior to this Agreement, (or the period Indemnitee is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other Enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 8
hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director or officer of the Company or any other
Enterprise at the Company’s request. 
 12. SECURITY. To the extent requested by the Indemnitee and approved by the Board of Directors, the
Company may at any time and from time to time provide security to the Indennitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to the
Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 
 13. ENFORCEMENT. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in
order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

  
 21 

 14. DEFINITIONS. For purposes of this Agreement: 

(a) “Change in Control” means a change in control of the Company occurring after the date of this Agreement of a nature
that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or in response to any similar
item on any similar schedule or form under the equivalent laws of another jurisdiction, whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed
to have occurred if after the date of this Agreement (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities (other than any such person or any affiliate
thereof that is such a 20% beneficial owner as of the date hereof) without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person attaining such percentage interest;
(ii) there occurs a proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization, as a consequence of which members of the Board of Directors in office immediately prior to
such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) during any period of two consecutive years, other than as a result of an event described in clause (a)(ii) of this Section 14,
individuals who at the beginning of such period constituted the Board of Directors (including for this purpose any new director whose election or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board of Directors. A Change in Control shall not be deemed to have occurred under
item (i) above if the “person” described under item (i) is entitled to report its ownership on Schedule 13G promulgated under the Exchange Act and such person is able to represent that it acquired such securities in the
ordinary course of its business and not with the purpose nor with the effect of changing or influencing the control of the Company, nor in connection with or as a participant in any transaction having such purpose or effect. If the
“person” referred to in the previous sentence would at any time not be entitled to continue to report such ownership on Schedule 13G pursuant to Rule 13d-1(b)(3)(i)(B) of the Exchange Act, then a Change in Control shall be deemed
to have occurred at such time. 
 (b) “Corporate Status” describes the status of a person who is or was a
director, officer, employee or agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the express written request of the
Company, provided that the approval by the Board of Directors of such person to such position in a resolution adopted by the Board of Directors shall for all purposes qualify as such a written requirement. 

(c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect
of which indemnification is sought by Indemnitee. 

  
 22 

 (d) “Enterprise” shall mean the Company and any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary provided that the approval by the
Board of Directors of such position in a resolution adopted by the Board of Directors shall for all purposes qualify as such a written requirement. 
 (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or
being or preparing to be a witness in a Proceeding. 
 (f) “Independent Counsel” means a law firm, or a member
of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent the Company or Indemnitee in any matter material to either such party (other than with respect to
matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements) or any other party to the Proceeding giving rise to a claim for indemnification hereunder, or otherwise has any substantial
business or personal relationship with the Company or Indemnitee or any other party to the Proceeding giving rise to a claim for indemnification hereunder that could reasonably be considered to influence the independent judgment of the Independent
Counsel. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all
expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (g)
“Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of Indemnitee’s Corporate Status, by
reason of any action taken by him or of any inaction on his part while acting as a director or officer of the Company, or by reason of the fact that he is or was serving as a director, officer, employee or agent of another Enterprise at the request
of the Company, in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of
this Agreement and excluding one initiated by an Indemnitee pursuant to Section 8 of this Agreement to enforce his rights under this Agreement. 
 15. SEVERABILITY. If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; and (b) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any section of 

  
 23 

 
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the
intent manifested thereby. 
 16. MODIFICATION AND WAIVER. No supplement, modification, termination, waiver or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver. 
 17. NOTICE BY INDEMNITEE. Indemnitee agrees promptly to notify the company in writing upon being served with
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this Agreement or otherwise. 
 18. NOTICES. All notices, requests, demands and
other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee, to: 

 At the last address of Indemnitee in the records of the Company. 
  

	 	(b)	If to the Company, to: 

 Powell Industries, Inc. 
 8550 Mosley Drive 

Houston, TX 77075-1180 
 Attention: President and Chief Executive Officer 
 or to such other address as may have been
furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
 19. IDENTICAL COUNTERPARTS. This Agreement may be
executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement. 
 20. HEADINGS. The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

  
 24 

 21. GOVERNING LAW. The parties agree that this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Delaware, without application of the conflict of laws principles thereof. 
 22. GENDER. Use of the
masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 
 [Signature page follows.]

  
 25 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written. 
  

			
	POWELL INDUSTRIES, INC.
		
	By:	 	/s/    Don R. Madison
	Name:	 	Don R. Madison
	Title:	 	Executive Vice President

  

			
	INDEMNITEE
		
	By:	 	/s/    Patrick L. McDonald
	Name:	 	Patrick L. McDonald
	Title:	 	Director, Chief Executive Officer and President

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